N-CSR 1 filing7128.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES



Investment Company Act file number   811-04008



Fidelity Investment Trust

 (Exact name of registrant as specified in charter)



245 Summer St., Boston, Massachusetts 02210

 (Address of principal executive offices)       (Zip code)



Margaret Carey, 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:

October 31, 2023







Item 1.

Reports to Stockholders







Fidelity's Targeted International Equity Funds®
 
Fidelity® Canada Fund
Fidelity® China Region Fund
Fidelity® Emerging Asia Fund
Fidelity® Emerging Markets Fund
Fidelity® Europe Fund
Fidelity® Japan Fund
Fidelity® Japan Smaller Companies Fund
Fidelity® Latin America Fund
Fidelity® Nordic Fund
Fidelity® Pacific Basin Fund
 
 
Annual Report
October 31, 2023
Includes Fidelity and Fidelity Advisor share classes

Contents

Fidelity® Canada Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® China Region Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Emerging Asia Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Emerging Markets Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Europe Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Japan Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Japan Smaller Companies Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Latin America Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Nordic Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Pacific Basin Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2023 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Class A  (incl. 5.75% sales charge)  
-4.92%
6.30%
3.57%
Class M  (incl. 3.50% sales charge)  
-2.90%
6.51%
3.52%
Class C  
(incl. contingent deferred sales charge)
 
-0.88%
6.75%
3.57%
Fidelity® Canada Fund
1.18%
7.90%
4.51%
Class I
1.20%
7.95%
4.54%
Class Z
1.33%
8.06%
4.60%
 
 
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Canada Fund, a class of the fund, on October 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the S&P/TSX Composite Index performed over the same period.
 
Fidelity® Canada Fund
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Portfolio Manager Ryan Oldham:
For the fiscal year ending October 31, 2023, the fund's share classes (excluding sales charges, if applicable) returned about 0% to 1%, versus -1.32% for the benchmark S&P/TSX Composite Index. By sector, the biggest contributor to performance versus the benchmark was stock selection in energy. An underweight in utilities also boosted relative performance. Further helping our relative result were stock picking and an overweight in consumer staples, primarily within the consumer staples distribution & retail industry. The top individual relative contributor was an overweight in Alimentation Couche-Tard (+22%). The stock was among the portfolio's biggest holdings. The second-largest relative contributor was an overweight in Constellation Software (+41%), which was also among the fund's largest holdings. An overweight and timely positioning in Brookfield Asset Management (-11%) also helped. This was an investment we established this period. In contrast, the biggest detractor by sector from performance versus the benchmark was stock selection in materials. Security selection in information technology, primarily within the software & services industry, also hampered the fund's result. Further detracting from our result were stock selection and a modest overweight in health care, primarily within the health care equipment & services industry. The biggest individual relative detractor was an underweight in Brookfield Corporation, the parent company of Brookfield Asset Management, which returned roughly -26% for the fund. A second notable relative detractor was an overweight in Nutrien (-35%), a top-20 fund holding this period. Avoiding Fairfax Financial, a benchmark component that gained about 72%, also hurt. By sector, meaningful changes in positioning the past 12 months include a higher allocation to information technology.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
 
Fidelity® Canada Fund
Top Holdings (% of Fund's net assets)
 
Royal Bank of Canada  (Banks)
7.1
 
The Toronto-Dominion Bank  (Banks)
7.0
 
Canadian Pacific Kansas City Ltd.  (Ground Transportation)
6.6
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)  (Consumer Staples Distribution & Retail)
6.5
 
Canadian Natural Resources Ltd.  (Oil, Gas & Consumable Fuels)
5.6
 
Constellation Software, Inc.  (Software)
4.7
 
Suncor Energy, Inc.  (Oil, Gas & Consumable Fuels)
4.3
 
PrairieSky Royalty Ltd.  (Oil, Gas & Consumable Fuels)
4.0
 
Franco-Nevada Corp.  (Metals & Mining)
3.8
 
Dollarama, Inc.  (Broadline Retail)
3.2
 
 
52.8
 
 
Market Sectors (% of Fund's net assets)
 
Financials
25.9
 
Energy
18.8
 
Industrials
14.3
 
Materials
11.4
 
Consumer Staples
9.9
 
Information Technology
8.3
 
Consumer Discretionary
6.8
 
Communication Services
3.7
 
Health Care
0.7
 
Utilities
0.2
 
 
Market Sectors may include more than one industry category.
The Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Canadian market. As of October 31, 2023, the Fund did not have more than 25% of its total assets invested in any one industry.
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Canada Fund
Showing Percentage of Net Assets     
Common Stocks - 99.6%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 3.4%
 
 
 
Diversified Telecommunication Services - 2.1%
 
 
 
Quebecor, Inc.:
 
 
 
 Class A
 
352,400
7,689,651
 Class B (sub. vtg.)
 
171,000
3,527,896
TELUS Corp.
 
354,700
5,719,194
 
 
 
16,936,741
Wireless Telecommunication Services - 1.3%
 
 
 
Rogers Communications, Inc. Class B (non-vtg.)
 
292,100
10,822,497
TOTAL COMMUNICATION SERVICES
 
 
27,759,238
CONSUMER DISCRETIONARY - 6.8%
 
 
 
Automobile Components - 0.7%
 
 
 
Magna International, Inc. Class A (sub. vtg.)
 
118,400
5,689,689
Broadline Retail - 3.2%
 
 
 
Dollarama, Inc.
 
384,000
26,223,039
Hotels, Restaurants & Leisure - 2.3%
 
 
 
Restaurant Brands International, Inc.
 
281,700
18,922,196
Specialty Retail - 0.4%
 
 
 
Aritzia, Inc. (a)
 
159,800
2,485,586
Diversified Royalty Corp. (b)
 
817,400
1,432,329
 
 
 
3,917,915
Textiles, Apparel & Luxury Goods - 0.2%
 
 
 
Canada Goose Holdings, Inc. (a)(b)
 
140,876
1,562,411
TOTAL CONSUMER DISCRETIONARY
 
 
56,315,250
CONSUMER STAPLES - 9.9%
 
 
 
Beverages - 0.1%
 
 
 
GURU Organic Energy Corp. (a)(b)
 
322,600
521,092
Consumer Staples Distribution & Retail - 9.5%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
979,700
53,331,569
Metro, Inc.
 
351,195
17,838,959
North West Co., Inc. (b)
 
277,500
7,075,825
 
 
 
78,246,353
Personal Care Products - 0.3%
 
 
 
Jamieson Wellness, Inc. (c)
 
160,800
2,640,286
TOTAL CONSUMER STAPLES
 
 
81,407,731
ENERGY - 18.8%
 
 
 
Energy Equipment & Services - 0.7%
 
 
 
Pason Systems, Inc.
 
605,200
5,799,970
Oil, Gas & Consumable Fuels - 18.1%
 
 
 
Cameco Corp.
 
184,100
7,531,273
Canadian Natural Resources Ltd.
 
732,098
46,488,949
Enbridge, Inc.
 
385,800
12,363,405
Parkland Corp.
 
491,600
14,878,278
PrairieSky Royalty Ltd. (b)
 
1,855,318
32,577,605
Suncor Energy, Inc.
 
1,095,600
35,481,086
 
 
 
149,320,596
TOTAL ENERGY
 
 
155,120,566
FINANCIALS - 25.9%
 
 
 
Banks - 14.1%
 
 
 
Royal Bank of Canada (b)
 
730,900
58,377,128
The Toronto-Dominion Bank
 
1,030,600
57,566,451
 
 
 
115,943,579
Capital Markets - 4.9%
 
 
 
Brookfield Asset Management Ltd. Class A
 
441,201
12,646,648
Brookfield Corp. (Canada) Class A
 
537,406
15,656,176
TMX Group Ltd.
 
569,500
11,860,220
 
 
 
40,163,044
Insurance - 6.9%
 
 
 
Definity Financial Corp. (b)
 
486,213
13,442,514
Intact Financial Corp.
 
139,025
19,533,175
Sun Life Financial, Inc.
 
526,800
24,061,664
 
 
 
57,037,353
TOTAL FINANCIALS
 
 
213,143,976
HEALTH CARE - 0.7%
 
 
 
Health Care Providers & Services - 0.7%
 
 
 
Andlauer Healthcare Group, Inc.
 
179,000
5,013,420
dentalcorp Holdings Ltd. (a)(b)
 
223,500
886,425
 
 
 
5,899,845
INDUSTRIALS - 14.3%
 
 
 
Commercial Services & Supplies - 2.4%
 
 
 
GFL Environmental, Inc.
 
693,300
19,972,839
Ground Transportation - 9.1%
 
 
 
Canadian National Railway Co.
 
196,250
20,764,927
Canadian Pacific Kansas City Ltd.
 
764,362
54,270,115
 
 
 
75,035,042
Professional Services - 2.8%
 
 
 
Thomson Reuters Corp.
 
187,600
22,471,416
TOTAL INDUSTRIALS
 
 
117,479,297
INFORMATION TECHNOLOGY - 8.2%
 
 
 
IT Services - 2.5%
 
 
 
Shopify, Inc. Class A (a)
 
428,400
20,231,416
Software - 5.7%
 
 
 
ApplyBoard, Inc. (a)(d)(e)
 
1,677
95,136
ApplyBoard, Inc. (non-vtg.) (a)(d)(e)
 
414
23,486
Computer Modelling Group Ltd.
 
513,400
3,391,198
Constellation Software, Inc.
 
19,100
38,289,664
Constellation Software, Inc. warrants 8/22/28 (a)(e)
 
19,300
1
Dye & Durham Ltd.
 
717,900
4,188,074
Lumine Group, Inc.
 
86,107
1,082,896
 
 
 
47,070,455
TOTAL INFORMATION TECHNOLOGY
 
 
67,301,871
MATERIALS - 11.4%
 
 
 
Chemicals - 2.5%
 
 
 
Nutrien Ltd.
 
384,481
20,649,825
Containers & Packaging - 1.1%
 
 
 
CCL Industries, Inc.:
 
 
 
 Class A
 
25,900
1,017,697
 Class B
 
209,600
8,195,069
 
 
 
9,212,766
Metals & Mining - 7.1%
 
 
 
Franco-Nevada Corp.
 
255,100
31,033,258
Lundin Mining Corp.
 
947,900
5,919,462
Triple Flag Precious Metals Corp.
 
180,900
2,299,814
Wheaton Precious Metals Corp.
 
447,700
18,908,808
 
 
 
58,161,342
Paper & Forest Products - 0.7%
 
 
 
Stella-Jones, Inc.
 
112,723
5,904,596
Western Forest Products, Inc.
 
416,270
216,127
 
 
 
6,120,723
TOTAL MATERIALS
 
 
94,144,656
UTILITIES - 0.2%
 
 
 
Independent Power and Renewable Electricity Producers - 0.2%
 
 
 
Brookfield Renewable Corp.
 
66,500
1,513,540
 
TOTAL COMMON STOCKS
 (Cost $498,096,392)
 
 
 
820,085,970
 
 
 
 
Nonconvertible Preferred Stocks - 0.1%
 
 
Shares
Value ($)
 
INFORMATION TECHNOLOGY - 0.1%
 
 
 
Software - 0.1%
 
 
 
ApplyBoard, Inc.:
 
 
 
 Series A1 (a)(d)(e)
 
2,063
117,034
 Series A2 (a)(d)(e)
 
1,615
91,619
 Series A3 (a)(d)(e)
 
92
5,219
 Series D (a)(d)(e)
 
4,504
255,512
 Series Seed (a)(d)(e)
 
617
35,002
(Cost $770,130)
 
 
504,386
 
 
 
 
Convertible Bonds - 0.3%
 
 
Principal
Amount (f)
 
Value ($)
 
COMMUNICATION SERVICES - 0.3%
 
 
 
Entertainment - 0.3%
 
 
 
Cineplex, Inc. 5.75% 9/30/25 (c)
 
  (Cost $2,375,263)
 
CAD
3,203,000
2,286,620
 
 
 
 
Money Market Funds - 2.8%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (g)
 
373,266
373,341
Fidelity Securities Lending Cash Central Fund 5.40% (g)(h)
 
22,378,257
22,380,495
 
TOTAL MONEY MARKET FUNDS
 (Cost $22,753,836)
 
 
22,753,836
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.8%
 (Cost $523,995,621)
 
 
 
845,630,812
NET OTHER ASSETS (LIABILITIES) - (2.8)%  
(22,658,043)
NET ASSETS - 100.0%
822,972,769
 
 
 
 
Currency Abbreviations
         CAD
-
Canadian dollar
 
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 $4,926,906 or 0.6% of net assets.
 
(d)
Restricted securities (including private placements) - 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 $623,008 or 0.1% of net assets.
 
(e)
Level 3 security
 
(f)
Amount is stated in United States dollars unless otherwise noted.
 
(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, 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.
 
(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 ($)
 
ApplyBoard, Inc.
6/04/21 - 6/30/21
85,688
 
 
 
ApplyBoard, Inc. (non-vtg.)
6/30/21
44,290
 
 
 
ApplyBoard, Inc. Series A1
6/04/21
133,582
 
 
 
ApplyBoard, Inc. Series A2
6/04/21
104,573
 
 
 
ApplyBoard, Inc. Series A3
6/04/21
5,957
 
 
 
ApplyBoard, Inc. Series D
6/04/21
486,066
 
 
 
ApplyBoard, Inc. Series Seed
6/04/21
39,952
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
505,538
30,470,111
30,602,308
17,196
-
-
373,341
0.0%
Fidelity Securities Lending Cash Central Fund 5.40%
29,353,183
893,587,576
900,560,264
166,086
-
-
22,380,495
0.1%
Total
29,858,721
924,057,687
931,162,572
183,282
-
-
22,753,836
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
27,759,238
27,759,238
-
-
Consumer Discretionary
56,315,250
56,315,250
-
-
Consumer Staples
81,407,731
81,407,731
-
-
Energy
155,120,566
155,120,566
-
-
Financials
213,143,976
213,143,976
-
-
Health Care
5,899,845
5,899,845
-
-
Industrials
117,479,297
117,479,297
-
-
Information Technology
67,806,257
67,183,248
-
623,009
Materials
94,144,656
94,144,656
-
-
Utilities
1,513,540
1,513,540
-
-
 Corporate Bonds
2,286,620
-
2,286,620
-
  Money Market Funds
22,753,836
22,753,836
-
-
 Total Investments in Securities:
845,630,812
842,721,183
2,286,620
623,009
Fidelity® Canada Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $21,296,454) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $501,241,785)
$
822,876,976
 
 
Fidelity Central Funds (cost $22,753,836)
22,753,836
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $523,995,621)
 
 
$
845,630,812
Receivable for investments sold
 
 
133,877
Receivable for fund shares sold
 
 
79,039
Dividends receivable
 
 
1,326,980
Interest receivable
 
 
11,644
Distributions receivable from Fidelity Central Funds
 
 
24,064
Prepaid expenses
 
 
1,243
  Total assets
 
 
847,207,659
Liabilities
 
 
 
 
Payable to custodian bank
$
630,407
 
 
Payable for investments purchased
43,978
 
 
Payable for fund shares redeemed
327,516
 
 
Accrued management fee
623,556
 
 
Distribution and service plan fees payable
9,602
 
 
Other affiliated payables
161,114
 
 
Other payables and accrued expenses
61,796
 
 
Collateral on securities loaned
22,376,921
 
 
  Total Liabilities
 
 
 
24,234,890
Net Assets  
 
 
$
822,972,769
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
476,382,574
Total accumulated earnings (loss)
 
 
 
346,590,195
Net Assets
 
 
$
822,972,769
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($28,547,580 ÷ 493,896 shares)(a)
 
 
$
57.80
Maximum offering price per share (100/94.25 of $57.80)
 
 
$
61.33
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($6,254,821 ÷ 108,807 shares)(a)
 
 
$
57.49
Maximum offering price per share (100/96.50 of $57.49)
 
 
$
59.58
Class C :
 
 
 
 
Net Asset Value and offering price per share ($844,278 ÷ 14,835 shares)(a)
 
 
$
56.91
Canada :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($774,062,446 ÷ 13,312,880 shares)
 
 
$
58.14
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($10,571,236 ÷ 181,653 shares)
 
 
$
58.19
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($2,692,408 ÷ 46,413 shares)
 
 
$
58.01
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
23,871,296
Interest  
 
 
213,515
Income from Fidelity Central Funds (including $166,086 from security lending)
 
 
183,282
 Income before foreign taxes withheld
 
 
$
24,268,093
Less foreign taxes withheld
 
 
(3,592,804)
 Total Income
 
 
 
20,675,289
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
6,094,294
 
 
 Performance adjustment
1,226,787
 
 
Transfer agent fees
1,575,938
 
 
Distribution and service plan fees
123,826
 
 
Accounting fees
408,208
 
 
Custodian fees and expenses
20,923
 
 
Independent trustees' fees and expenses
5,098
 
 
Registration fees
84,922
 
 
Audit
64,953
 
 
Legal
1,817
 
 
Miscellaneous
4,257
 
 
 Total expenses before reductions
 
9,611,023
 
 
 Expense reductions
 
(55,182)
 
 
 Total expenses after reductions
 
 
 
9,555,841
Net Investment income (loss)
 
 
 
11,119,448
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
21,012,530
 
 
 Foreign currency transactions
 
(97,192)
 
 
Total net realized gain (loss)
 
 
 
20,915,338
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(17,871,260)
 
 
 Assets and liabilities in foreign currencies
 
(2,428)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(17,873,688)
Net gain (loss)
 
 
 
3,041,650
Net increase (decrease) in net assets resulting from operations
 
 
$
14,161,098
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
11,119,448
$
11,825,119
Net realized gain (loss)
 
20,915,338
 
 
24,520,329
 
Change in net unrealized appreciation (depreciation)
 
(17,873,688)
 
(104,988,178)
 
Net increase (decrease) in net assets resulting from operations
 
14,161,098
 
 
(68,642,730)
 
Distributions to shareholders
 
(34,966,270)
 
 
(44,124,388)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
(43,174,882)
 
 
99,770,958
 
 
 
 
 
 
Total increase (decrease) in net assets
 
(63,980,054)
 
 
(12,996,160)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
886,952,823
 
899,948,983
 
End of period
$
822,972,769
$
886,952,823
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Canada Fund Class A
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
59.44
$
67.23
$
46.01
$
51.95
$
49.75
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.57
 
.63
 
.55
 
.61
 
.66
     Net realized and unrealized gain (loss)
 
(.01) C
 
(5.30)
 
21.89
 
(4.38)
 
4.56
  Total from investment operations
 
.56  
 
(4.67)  
 
22.44  
 
(3.77)  
 
5.22
  Distributions from net investment income
 
(.68)
 
(.61)
 
(.63)
 
(.77)
 
(.39)
  Distributions from net realized gain
 
(1.52)
 
(2.51)
 
(.59)
 
(1.40)
 
(2.63)
     Total distributions
 
(2.20)
 
(3.12)
 
(1.22)
 
(2.17)
 
(3.02)
  Net asset value, end of period
$
57.80
$
59.44
$
67.23
$
46.01
$
51.95
 Total Return D,E
 
.88%
 
(7.06)%
 
49.45%
 
(7.70)%
 
11.34%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.36%
 
1.20%
 
1.12%
 
1.20%
 
1.20%
    Expenses net of fee waivers, if any
 
1.36%
 
1.20%
 
1.12%
 
1.20%
 
1.20%
    Expenses net of all reductions
 
1.35%
 
1.20%
 
1.12%
 
1.19%
 
1.19%
    Net investment income (loss)
 
.94%
 
1.00%
 
.92%
 
1.27%
 
1.32%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
28,548
$
31,707
$
33,087
$
23,395
$
30,598
    Portfolio turnover rate H
 
9%
 
13%
 
7%
 
11%
 
8% I
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
ETotal returns do not include the effect of the sales charges.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
IPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Canada Fund Class M
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
59.09
$
66.84
$
45.74
$
51.67
$
49.46
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.41
 
.45
 
.38
 
.47
 
.51
     Net realized and unrealized gain (loss)
 
- C
 
(5.26)
 
21.78
 
(4.36)
 
4.55
  Total from investment operations
 
.41  
 
(4.81)  
 
22.16  
 
(3.89)  
 
5.06
  Distributions from net investment income
 
(.49)
 
(.42)
 
(.47)
 
(.64)
 
(.22)
  Distributions from net realized gain
 
(1.52)
 
(2.51)
 
(.59)
 
(1.40)
 
(2.63)
     Total distributions
 
(2.01)
 
(2.94) D
 
(1.06)
 
(2.04)
 
(2.85)
  Net asset value, end of period
$
57.49
$
59.09
$
66.84
$
45.74
$
51.67
 Total Return E,F
 
.62%
 
(7.32)%
 
49.04%
 
(7.95)%
 
11.02%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.63%
 
1.48%
 
1.40%
 
1.47%
 
1.49%
    Expenses net of fee waivers, if any
 
1.63%
 
1.48%
 
1.39%
 
1.47%
 
1.48%
    Expenses net of all reductions
 
1.62%
 
1.48%
 
1.39%
 
1.47%
 
1.48%
    Net investment income (loss)
 
.68%
 
.72%
 
.64%
 
.99%
 
1.03%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
6,255
$
6,641
$
7,829
$
5,911
$
8,589
    Portfolio turnover rate I
 
9%
 
13%
 
7%
 
11%
 
8% J
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CAmount represents less than $.005 per share.
 
DTotal distributions per share do not sum due to rounding.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FTotal returns do not include the effect of the sales charges.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
JPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Canada Fund Class C
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
58.39
$
65.76
$
44.96
$
50.61
$
48.48
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.10
 
.14
 
.08
 
.24
 
.29
     Net realized and unrealized gain (loss)
 
- C
 
(5.19)
 
21.46
 
(4.31)
 
4.47
  Total from investment operations
 
.10  
 
(5.05)  
 
21.54  
 
(4.07)  
 
4.76
  Distributions from net investment income
 
(.05)
 
-
 
(.15)
 
(.18)
 
-
  Distributions from net realized gain
 
(1.52)
 
(2.32)
 
(.59)
 
(1.40)
 
(2.63)
     Total distributions
 
(1.58) D
 
(2.32)
 
(.74)
 
(1.58)
 
(2.63)
  Net asset value, end of period
$
56.91
$
58.39
$
65.76
$
44.96
$
50.61
 Total Return E,F
 
.10%
 
(7.79)%
 
48.31%
 
(8.39)%
 
10.53%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.14%
 
1.99%
 
1.90%
 
1.95%
 
1.92%
    Expenses net of fee waivers, if any
 
2.13%
 
1.98%
 
1.90%
 
1.95%
 
1.92%
    Expenses net of all reductions
 
2.13%
 
1.98%
 
1.90%
 
1.95%
 
1.91%
    Net investment income (loss)
 
.16%
 
.22%
 
.14%
 
.51%
 
.60%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
844
$
1,109
$
1,683
$
3,151
$
6,226
    Portfolio turnover rate I
 
9%
 
13%
 
7%
 
11%
 
8% J
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CAmount represents less than $.005 per share.
 
DTotal distributions per share do not sum due to rounding.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FTotal returns do not include the effect of the contingent deferred sales charge.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
JPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity® Canada Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
59.79
$
67.62
$
46.26
$
52.21
$
50.02
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.77
 
.83
 
.74
 
.76
 
.82
     Net realized and unrealized gain (loss)
 
(.03) C
 
(5.33)
 
21.99
 
(4.38)
 
4.58
  Total from investment operations
 
.74  
 
(4.50)  
 
22.73  
 
(3.62)  
 
5.40
  Distributions from net investment income
 
(.87)
 
(.82)
 
(.78)
 
(.92)
 
(.58)
  Distributions from net realized gain
 
(1.52)
 
(2.51)
 
(.59)
 
(1.40)
 
(2.63)
     Total distributions
 
(2.39)
 
(3.33)
 
(1.37)
 
(2.33) D
 
(3.21)
  Net asset value, end of period
$
58.14
$
59.79
$
67.62
$
46.26
$
52.21
 Total Return E
 
1.18%
 
(6.77)%
 
49.91%
 
(7.40)%
 
11.70%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.05%
 
.89%
 
.80%
 
.88%
 
.88%
    Expenses net of fee waivers, if any
 
1.04%
 
.88%
 
.80%
 
.88%
 
.88%
    Expenses net of all reductions
 
1.04%
 
.88%
 
.80%
 
.88%
 
.87%
    Net investment income (loss)
 
1.25%
 
1.32%
 
1.24%
 
1.58%
 
1.64%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
774,062
$
825,488
$
821,617
$
612,716
$
803,629
    Portfolio turnover rate H
 
9%
 
13%
 
7%
 
11%
 
8% I
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
 
DTotal distributions per share do not sum due to rounding.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
IPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Canada Fund Class I
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
59.84
$
67.70
$
46.24
$
52.11
$
49.93
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.78
 
.85
 
.78
 
.79
 
.85
     Net realized and unrealized gain (loss)
 
(.03) C
 
(5.34)
 
22.00
 
(4.39)
 
4.55
  Total from investment operations
 
.75  
 
(4.49)  
 
22.78  
 
(3.60)  
 
5.40
  Distributions from net investment income
 
(.88)
 
(.86)
 
(.73)
 
(.87)
 
(.59)
  Distributions from net realized gain
 
(1.52)
 
(2.51)
 
(.59)
 
(1.40)
 
(2.63)
     Total distributions
 
(2.40)
 
(3.37)
 
(1.32)
 
(2.27)
 
(3.22)
  Net asset value, end of period
$
58.19
$
59.84
$
67.70
$
46.24
$
52.11
 Total Return D
 
1.20%
 
(6.74)%
 
50.02%
 
(7.35)%
 
11.74%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.03%
 
.86%
 
.74%
 
.81%
 
.84%
    Expenses net of fee waivers, if any
 
1.03%
 
.86%
 
.74%
 
.81%
 
.84%
    Expenses net of all reductions
 
1.03%
 
.86%
 
.74%
 
.81%
 
.83%
    Net investment income (loss)
 
1.27%
 
1.34%
 
1.29%
 
1.65%
 
1.68%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
10,571
$
16,165
$
13,724
$
8,392
$
14,507
    Portfolio turnover rate G
 
9%
 
13%
 
7%
 
11%
 
8% H
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
HPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Canada Fund Class Z
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
59.55
$
67.38
$
46.11
$
52.07
$
49.94
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.85
 
.92
 
.82
 
.84
 
.92
     Net realized and unrealized gain (loss)
 
(.03) C
 
(5.33)
 
21.91
 
(4.37)
 
4.53
  Total from investment operations
 
.82  
 
(4.41)  
 
22.73  
 
(3.53)  
 
5.45
  Distributions from net investment income
 
(.84)
 
(.91)
 
(.87)
 
(1.03)
 
(.69)
  Distributions from net realized gain
 
(1.52)
 
(2.51)
 
(.59)
 
(1.40)
 
(2.63)
     Total distributions
 
(2.36)
 
(3.42)
 
(1.46)
 
(2.43)
 
(3.32)
  Net asset value, end of period
$
58.01
$
59.55
$
67.38
$
46.11
$
52.07
 Total Return D
 
1.33%
 
(6.66)%
 
50.13%
 
(7.24)%
 
11.87%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.92%
 
.75%
 
.66%
 
.72%
 
.72%
    Expenses net of fee waivers, if any
 
.91%
 
.75%
 
.66%
 
.72%
 
.72%
    Expenses net of all reductions
 
.91%
 
.75%
 
.66%
 
.72%
 
.71%
    Net investment income (loss)
 
1.38%
 
1.45%
 
1.38%
 
1.74%
 
1.80%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,692
$
5,843
$
22,010
$
15,221
$
20,496
    Portfolio turnover rate G
 
9%
 
13%
 
7%
 
11%
 
8% H
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
HPortfolio turnover rate excludes securities received or delivered in-kind.
 
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity Canada Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Canada, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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, 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. 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 services or from brokers who make markets in such securities. Corporate bonds are valued by pricing services 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 services. 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC) and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$347,459,833
Gross unrealized depreciation
(28,846,274)
Net unrealized appreciation (depreciation)
$318,613,559
Tax Cost
$527,017,253
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$9,640,053
Undistributed long-term capital gain
$18,340,438
Net unrealized appreciation (depreciation) on securities and other investments
$318,609,706
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$12,611,012
$13,229,283
Long-term Capital Gains
22,355,258
30,895,105
Total
$34,966,270
$44,124,388
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and  in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Canada Fund
78,095,772
139,775,458
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Canada as compared to its benchmark index, the S&P/TSX Composite Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .81% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees
Retained by FDC
Class A
 - %
 .25%
$79,642
$380
Class M
 .25%
 .25%
 34,004
 102
Class C
 .75%
 .25%
10,180
                      958
 
 
 
$123,826
$1,440
 
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
 
For the period, sales charge amounts retained by FDC were as follows:
 
 
Retained by FDC
Class A
$4,416
Class M
 418
Class CA
                      107
 
$4,941
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Class A
$74,400
.23
Class M
 17,403
.26
Class C
 2,608
.26
Canada
 1,458,610
.17
Class I
 21,450
.16
Class Z
1,467
.04
 
$1,575,938
 
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
 
 
% of Class-Level Average Net Assets
Class A
0.2000
Class M
0.2000
Class C
0.2000
Canada
0.1694
Class I
0.1500
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity Canada Fund
.05
 
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
 
 
% of Average Net Assets
Fidelity Canada Fund
0.0450
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Canada Fund
 441,130
 3,356,574
 (112,725)
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity Canada Fund
$1,645
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Canada Fund
$17,938
$-
$-
8. Expense Reductions.
Through arrangements with each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction
Class A
$104
Class M
 793
Class C
11
 
$908
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $54,274.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2023
Year ended
October 31, 2022
Fidelity Canada Fund
 
 
Distributions to shareholders
 
 
Class A
$ 1,149,850
 $1,521,087
Class M
 223,562
 339,044
Class C
 28,556
 58,947
Canada
 32,768,937
 40,254,541
Class I
 643,345
 818,871
Class Z
             152,020
          1,131,898
Total  
$34,966,270
$44,124,388
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended
 October 31, 2023
Year ended
 October 31, 2022
Year ended
 October 31, 2023
Year ended
 October 31, 2022
Fidelity Canada Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
21,447
91,502
$1,305,304
$5,737,202
Reinvestment of distributions
18,742
23,772
1,102,198
1,449,851
Shares redeemed
(79,708)
(73,975)
(4,871,865)
(4,692,234)
Net increase (decrease)
(39,519)
41,299
$(2,464,363)
$2,494,819
Class M
 
 
 
 
Shares sold
3,145
6,970
$189,947
$443,908
Reinvestment of distributions
3,795
5,557
222,444
337,743
Shares redeemed
(10,510)
(17,269)
(631,738)
(1,094,130)
Net increase (decrease)
(3,570)
(4,742)
$(219,347)
$(312,479)
Class C
 
 
 
 
Shares sold
1,809
3,877
$108,691
$245,296
Reinvestment of distributions
490
977
28,556
58,947
Shares redeemed
(6,450)
(11,456)
(390,489)
(711,381)
Net increase (decrease)
(4,151)
(6,602)
$(253,242)
$(407,138)
Canada
 
 
 
 
Shares sold
602,311
2,660,313
$36,851,268
$168,972,527
Reinvestment of distributions
524,933
619,960
30,971,047
37,922,967
Shares redeemed
(1,620,750)
(1,624,197)
(99,399,772)
(101,772,732)
Net increase (decrease)
(493,506)
1,656,076
$(31,577,457)
$105,122,762
Class I
 
 
 
 
Shares sold
65,023
238,697
$3,953,919
$15,537,489
Reinvestment of distributions
10,141
12,737
598,723
779,507
Shares redeemed
(163,668)
(183,998)
(10,006,385)
(11,689,703)
Net increase (decrease)
(88,504)
67,436
$(5,453,743)
$4,627,293
Class Z
 
 
 
 
Shares sold
28,551
156,264
$1,711,374
$10,087,519
Reinvestment of distributions
2,264
18,285
133,088
1,112,618
Shares redeemed
(82,521)
(403,081)
(5,051,192)
(22,954,436)
Net increase (decrease)
(51,706)
(228,532)
$(3,206,730)
$(11,754,299)
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Class A  (incl. 5.75% sales charge)  
16.85%
3.46%
3.55%
Class M  (incl. 3.50% sales charge)  
19.31%
3.63%
3.47%
Class C  
(incl. contingent deferred sales charge)
 
22.06%
3.92%
3.55%
Fidelity® China Region Fund
24.34%
5.01%
4.49%
Class I
24.40%
5.01%
4.49%
Class Z
24.55%
5.15%
4.56%
 
 
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® China Region Fund, a class of the fund, on October 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI Golden Dragon Index performed over the same period.
 
Fidelity® China Region Fund
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuation also helped bolster non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Co-Managers Peifang Sun and Ivan Xie:
For the fiscal year ending October 31, 2023, the fund's share classes (excluding sales charges, if applicable) gained about 23% to 25%, versus 21.06% for both the Fidelity China Region Fund Linked Index and the broad-based MSCI Golden Dragon Net MA Index. From a country standpoint, security selection in China and Taiwan, along with stock picking and an underweight in Hong Kong, contributed to the fund's performance versus the benchmark. By sector, the biggest relative contributor was security selection in communication services. Stock picks and an overweight in information technology, primarily within the semiconductors & semiconductor equipment industry, and stock selection in consumer discretionary also boosted relative performance. The top individual relative contributor was an overweight in Zijin Mining (+66%), a stock that was among the fund's biggest holdings this period. The second-largest relative contributor was an overweight in Taiwan Semiconductor (+37%), the fund's top holding. An overweight in NetEase (+102%), the portfolio's sixth-largest holding at period end, also helped. In contrast, from a regional standpoint, a non-benchmark allocation to the U.K. detracted modestly from the fund's relative result. By sector, the biggest detractor was security selection in financials. Positioning in the health care and energy sectors also hurt our relative result. Lastly, the fund's position in cash was a notable detractor. The biggest individual relative detractors were overweight positions in Shenzhen YUTO Packaging Technology (-17%) and Meituan (-11%). Meituan was one of the fund's largest holdings. Untimely positioning in MediaTek (+51%) also detracted, as we decreased our stake during the period. Notable changes in positioning include decreased exposure to cash and Hong Kong. By sector, meaningful changes include increased exposure to communication services and a lower allocation to materials.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
 
Fidelity® China Region Fund
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Semiconductors & Semiconductor Equipment)
20.4
 
Tencent Holdings Ltd.  (Interactive Media & Services)
9.9
 
Alibaba Group Holding Ltd.  (Broadline Retail)
6.5
 
AIA Group Ltd.  (Insurance)
4.6
 
Meituan Class B (Hotels, Restaurants & Leisure)
3.4
 
NetEase, Inc.  (Entertainment)
2.8
 
China Construction Bank Corp. (H Shares)  (Banks)
2.7
 
Industrial & Commercial Bank of China Ltd. (H Shares)  (Banks)
2.6
 
PDD Holdings, Inc. ADR  (Broadline Retail)
2.5
 
Kweichow Moutai Co. Ltd. (A Shares)  (Beverages)
2.2
 
 
57.6
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
27.1
 
Consumer Discretionary
21.8
 
Financials
14.5
 
Communication Services
14.4
 
Health Care
5.6
 
Industrials
4.6
 
Consumer Staples
4.3
 
Materials
3.0
 
Energy
1.8
 
Real Estate
1.4
 
 
Market Sectors may include more than one industry category.
The Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Hong Kong, Taiwanese and Chinese markets. As of  October 31, 2023, the Fund did not have more than 25% of its total assets invested in any one industry.
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® China Region Fund
Showing Percentage of Net Assets     
Common Stocks - 95.9%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 13.4%
 
 
 
Entertainment - 3.1%
 
 
 
NetEase, Inc.
 
1,190,900
25,487,107
Sea Ltd. ADR (a)
 
62,600
2,610,420
 
 
 
28,097,527
Interactive Media & Services - 10.3%
 
 
 
JOYY, Inc. ADR
 
94,531
3,679,147
Tencent Holdings Ltd.
 
2,387,700
88,365,807
 
 
 
92,044,954
TOTAL COMMUNICATION SERVICES
 
 
120,142,481
CONSUMER DISCRETIONARY - 21.8%
 
 
 
Automobile Components - 0.6%
 
 
 
Fuyao Glass Industries Group Co. Ltd. (H Shares) (b)
 
1,255,200
5,722,572
Automobiles - 2.7%
 
 
 
BYD Co. Ltd. (H Shares)
 
290,000
8,818,937
Guangzhou Automobile Group Co. Ltd. (H Shares)
 
9,646,000
4,519,132
Li Auto, Inc. ADR (a)
 
309,700
10,470,957
 
 
 
23,809,026
Broadline Retail - 9.0%
 
 
 
Alibaba Group Holding Ltd. (a)
 
5,675,200
58,426,633
PDD Holdings, Inc. ADR (a)
 
220,105
22,323,049
 
 
 
80,749,682
Diversified Consumer Services - 0.5%
 
 
 
New Oriental Education & Technology Group, Inc. sponsored ADR (a)
 
69,100
4,525,359
Hotels, Restaurants & Leisure - 6.1%
 
 
 
Galaxy Entertainment Group Ltd.
 
1,317,000
7,403,471
Meituan Class B (a)(b)
 
2,163,358
30,665,630
Trip.com Group Ltd. (a)
 
144,000
4,907,754
Trip.com Group Ltd. ADR (a)
 
330,400
11,233,600
 
 
 
54,210,455
Household Durables - 1.0%
 
 
 
Haier Smart Home Co. Ltd. (A Shares)
 
2,981,127
9,059,627
Textiles, Apparel & Luxury Goods - 1.9%
 
 
 
Li Ning Co. Ltd.
 
1,458,000
4,467,901
LVMH Moet Hennessy Louis Vuitton SE
 
9,600
6,872,933
Shenzhou International Group Holdings Ltd.
 
555,300
5,454,419
 
 
 
16,795,253
TOTAL CONSUMER DISCRETIONARY
 
 
194,871,974
CONSUMER STAPLES - 4.3%
 
 
 
Beverages - 2.7%
 
 
 
Kweichow Moutai Co. Ltd. (A Shares)
 
84,845
19,544,405
Wuliangye Yibin Co. Ltd. (A Shares)
 
232,360
4,954,170
 
 
 
24,498,575
Food Products - 0.8%
 
 
 
Uni-President Enterprises Corp.
 
3,562,000
7,467,137
Personal Care Products - 0.8%
 
 
 
Proya Cosmetics Co. Ltd.:
 
 
 
 (A Shares)
 
374,164
5,313,792
 (A Shares)
 
109,100
1,549,414
 
 
 
6,863,206
TOTAL CONSUMER STAPLES
 
 
38,828,918
ENERGY - 1.8%
 
 
 
Energy Equipment & Services - 1.6%
 
 
 
China Oilfield Services Ltd. (H Shares)
 
12,112,000
14,320,256
Oil, Gas & Consumable Fuels - 0.2%
 
 
 
PetroChina Co. Ltd. (H Shares)
 
3,152,000
2,057,360
TOTAL ENERGY
 
 
16,377,616
FINANCIALS - 14.5%
 
 
 
Banks - 6.2%
 
 
 
China Construction Bank Corp. (H Shares)
 
42,977,610
24,306,335
E.SUN Financial Holdings Co. Ltd.
 
11,208,185
8,252,271
Industrial & Commercial Bank of China Ltd. (H Shares)
 
48,698,000
23,338,262
 
 
 
55,896,868
Capital Markets - 0.9%
 
 
 
Hong Kong Exchanges and Clearing Ltd.
 
227,000
7,941,062
Financial Services - 1.0%
 
 
 
Far East Horizon Ltd.
 
13,122,500
9,233,472
Insurance - 6.4%
 
 
 
AIA Group Ltd.
 
4,747,000
41,222,037
China Pacific Insurance (Group) Co. Ltd. (H Shares)
 
2,937,000
7,234,918
Ping An Insurance Group Co. of China Ltd. (H Shares)
 
955,500
4,846,751
Prudential PLC
 
359,500
3,759,072
 
 
 
57,062,778
TOTAL FINANCIALS
 
 
130,134,180
HEALTH CARE - 5.4%
 
 
 
Biotechnology - 1.5%
 
 
 
Innovent Biologics, Inc. (a)(b)
 
1,021,000
6,016,920
Zai Lab Ltd. (a)
 
986,000
2,516,327
Zai Lab Ltd. ADR (a)(c)
 
182,900
4,609,080
 
 
 
13,142,327
Health Care Equipment & Supplies - 1.4%
 
 
 
MicroTech Medical (Hangzhou) Co. Ltd. (H Shares) (a)(b)
 
2,176,600
1,176,411
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) (a)
 
281,510
11,005,191
 
 
 
12,181,602
Life Sciences Tools & Services - 1.8%
 
 
 
Pharmaron Beijing Co. Ltd. (H Shares) (b)
 
922,350
2,201,769
WuXi AppTec Co. Ltd. (H Shares) (b)(c)
 
346,500
4,163,733
Wuxi Biologics (Cayman), Inc. (a)(b)
 
1,622,500
10,088,286
 
 
 
16,453,788
Pharmaceuticals - 0.7%
 
 
 
Asymchem Laboratories Tianjin Co. Ltd. (H Shares) (b)(c)
 
481,440
6,260,803
TOTAL HEALTH CARE
 
 
48,038,520
INDUSTRIALS - 4.6%
 
 
 
Aerospace & Defense - 0.1%
 
 
 
Space Exploration Technologies Corp. Class A (a)(d)(e)
 
10,000
810,000
Air Freight & Logistics - 0.9%
 
 
 
Milkyway Chemical Supply Chain Service Co. Ltd. (A Shares)
 
308,329
2,741,086
ZTO Express, Inc. sponsored ADR
 
220,200
5,190,114
 
 
 
7,931,200
Construction & Engineering - 0.6%
 
 
 
China State Construction International Holdings Ltd.
 
5,064,000
5,424,254
Electrical Equipment - 0.3%
 
 
 
Sungrow Power Supply Co. Ltd. (A Shares)
 
191,634
2,208,808
Machinery - 2.2%
 
 
 
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
546,613
4,519,294
Sinotruk Hong Kong Ltd.
 
2,086,000
3,928,988
Techtronic Industries Co. Ltd.
 
454,500
4,149,369
Weichai Power Co. Ltd. (H Shares)
 
3,298,000
4,936,519
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares)
 
693,784
2,539,719
 
 
 
20,073,889
Professional Services - 0.5%
 
 
 
Centre Testing International Group Co. Ltd. (A Shares)
 
2,100,000
4,345,951
TOTAL INDUSTRIALS
 
 
40,794,102
INFORMATION TECHNOLOGY - 25.9%
 
 
 
Electronic Equipment, Instruments & Components - 1.2%
 
 
 
E Ink Holdings, Inc.
 
366,000
1,902,877
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
2,213,000
6,600,085
Yageo Corp.
 
130,000
2,117,828
 
 
 
10,620,790
IT Services - 0.3%
 
 
 
Vnet Group, Inc. ADR (a)
 
913,783
2,937,812
Semiconductors & Semiconductor Equipment - 24.2%
 
 
 
Advanced Micro-Fabrication Equipment, Inc., China (A Shares)
 
213,991
5,013,260
eMemory Technology, Inc.
 
159,481
9,984,020
MediaTek, Inc.
 
197,000
5,137,614
Micron Technology, Inc.
 
102,100
6,827,427
NAURA Technology Group Co. Ltd.
 
80,500
2,823,838
Parade Technologies Ltd.
 
113,000
3,702,065
Taiwan Semiconductor Manufacturing Co. Ltd.
 
11,192,000
182,652,773
 
 
 
216,140,997
Software - 0.2%
 
 
 
LongShine Technology Group Co. Ltd. (A Shares)
 
808,100
2,066,456
TOTAL INFORMATION TECHNOLOGY
 
 
231,766,055
MATERIALS - 3.0%
 
 
 
Chemicals - 0.1%
 
 
 
Weihai Guangwei Composites Co. Ltd. (A Shares)
 
169,692
594,432
Construction Materials - 0.2%
 
 
 
West China Cement Ltd.
 
24,942,000
2,265,783
Containers & Packaging - 0.6%
 
 
 
Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares)
 
1,464,571
5,258,507
Metals & Mining - 2.1%
 
 
 
Zijin Mining Group Co. Ltd. (H Shares)
 
12,278,000
18,992,984
TOTAL MATERIALS
 
 
27,111,706
REAL ESTATE - 1.2%
 
 
 
Real Estate Management & Development - 1.2%
 
 
 
China Resources Mixc Lifestyle Services Ltd. (b)
 
1,142,000
4,455,420
KE Holdings, Inc. ADR
 
402,170
5,915,921
 
 
 
10,371,341
 
TOTAL COMMON STOCKS
 (Cost $782,014,049)
 
 
 
858,436,893
 
 
 
 
Preferred Stocks - 2.6%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 1.4%
 
 
 
COMMUNICATION SERVICES - 1.0%
 
 
 
Interactive Media & Services - 1.0%
 
 
 
ByteDance Ltd. Series E1 (a)(d)(e)
 
38,752
9,054,405
 
 
 
 
HEALTH CARE - 0.2%
 
 
 
Health Care Providers & Services - 0.2%
 
 
 
dMed Biopharmaceutical Co. Ltd. Series C (a)(d)(e)
 
275,211
1,620,993
 
 
 
 
REAL ESTATE - 0.2%
 
 
 
Real Estate Management & Development - 0.2%
 
 
 
ZKH Group Ltd. Series F (d)(e)
 
3,131,343
1,158,597
 
 
 
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
11,833,995
Nonconvertible Preferred Stocks - 1.2%
 
 
 
INFORMATION TECHNOLOGY - 1.2%
 
 
 
Technology Hardware, Storage & Peripherals - 1.2%
 
 
 
Samsung Electronics Co. Ltd.
 
273,930
10,920,368
 
 
 
 
 
TOTAL PREFERRED STOCKS
 (Cost $21,962,567)
 
 
 
22,754,363
 
 
 
 
Money Market Funds - 2.2%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (f)
 
13,691,212
13,693,950
Fidelity Securities Lending Cash Central Fund 5.40% (f)(g)
 
6,127,021
6,127,633
 
TOTAL MONEY MARKET FUNDS
 (Cost $19,821,583)
 
 
19,821,583
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.7%
 (Cost $823,798,199)
 
 
 
901,012,839
NET OTHER ASSETS (LIABILITIES) - (0.7)%  
(6,054,296)
NET ASSETS - 100.0%
894,958,543
 
 
 
 
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 $70,751,544 or 7.9% of net assets.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Restricted securities (including private placements) - 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 $12,643,995 or 1.4% of net assets.
 
(e)
Level 3 security
 
(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, 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.
 
(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 ($)
 
ByteDance Ltd. Series E1
11/18/20
4,246,219
 
 
 
dMed Biopharmaceutical Co. Ltd. Series C
12/01/20
3,908,863
 
 
 
Space Exploration Technologies Corp. Class A
2/16/21
419,990
 
 
 
ZKH Group Ltd. Series F
2/24/22
1,771,978
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
31,370,924
231,802,061
249,479,035
1,088,531
-
-
13,693,950
0.0%
Fidelity Securities Lending Cash Central Fund 5.40%
4,494,305
121,208,651
119,575,323
87,862
-
-
6,127,633
0.0%
Total
35,865,229
353,010,712
369,054,358
1,176,393
-
-
19,821,583
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
129,196,886
6,289,567
113,852,914
9,054,405
Consumer Discretionary
194,871,974
48,552,965
146,319,009
-
Consumer Staples
38,828,918
-
38,828,918
-
Energy
16,377,616
-
16,377,616
-
Financials
130,134,180
-
130,134,180
-
Health Care
49,659,513
4,609,080
43,429,440
1,620,993
Industrials
40,794,102
5,190,114
34,793,988
810,000
Information Technology
242,686,423
9,765,239
232,921,184
-
Materials
27,111,706
-
27,111,706
-
Real Estate
11,529,938
5,915,921
4,455,420
1,158,597
  Money Market Funds
19,821,583
19,821,583
-
-
 Total Investments in Securities:
901,012,839
100,144,469
788,224,375
12,643,995
 
The following is a reconciliation of  Investments in Securities for which Level 3 inputs were used in determining value:
 
 
Investments in Securities:
 
Communication Services
 
 
 
  Beginning Balance
$
6,084,839
 
  Net Realized Gain (Loss) on Investment Securities
 
-
 
  Net Unrealized Gain (Loss) on Investment Securities
 
2,969,566
 
  Cost of Purchases
 
-
 
  Proceeds of Sales
 
-
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
-
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
9,054,405
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2023
$
2,969,566
 
Other Investments in Securities
 
 
 
  Beginning Balance
$
4,940,670
 
  Net Realized Gain (Loss) on Investment Securities
 
-
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(1,351,080)
 
  Cost of Purchases
 
-
 
  Proceeds of Sales
 
-
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
-
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
3,589,590
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2023
$
(1,351,080)
 
 
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. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's  Statement of Operations.
 
 
Fidelity® China Region Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $5,912,829) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $803,976,616)
$
881,191,256
 
 
Fidelity Central Funds (cost $19,821,583)
19,821,583
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $823,798,199)
 
 
$
901,012,839
Foreign currency held at value (cost $5,836)
 
 
5,836
Receivable for investments sold
 
 
1,682,981
Receivable for fund shares sold
 
 
174,815
Dividends receivable
 
 
162,953
Distributions receivable from Fidelity Central Funds
 
 
116,159
Prepaid expenses
 
 
1,422
Other receivables
 
 
16,920
  Total assets
 
 
903,173,925
Liabilities
 
 
 
 
Payable for investments purchased
$
356,168
 
 
Payable for fund shares redeemed
855,302
 
 
Accrued management fee
513,219
 
 
Distribution and service plan fees payable
11,506
 
 
Other affiliated payables
181,997
 
 
Other payables and accrued expenses
169,557
 
 
Collateral on securities loaned
6,127,633
 
 
  Total Liabilities
 
 
 
8,215,382
Net Assets  
 
 
$
894,958,543
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,004,828,771
Total accumulated earnings (loss)
 
 
 
(109,870,228)
Net Assets
 
 
$
894,958,543
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($21,354,002 ÷ 697,241 shares)(a)
 
 
$
30.63
Maximum offering price per share (100/94.25 of $30.63)
 
 
$
32.50
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($6,610,115 ÷ 217,841 shares)(a)
 
 
$
30.34
Maximum offering price per share (100/96.50 of $30.34)
 
 
$
31.44
Class C :
 
 
 
 
Net Asset Value and offering price per share ($4,833,564 ÷ 166,480 shares)(a)
 
 
$
29.03
China Region :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($809,282,920 ÷ 26,014,646 shares)
 
 
$
31.11
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($26,682,737 ÷ 864,487 shares)
 
 
$
30.87
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($26,195,205 ÷ 847,738 shares)
 
 
$
30.90
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
20,920,374
Income from Fidelity Central Funds (including $87,862 from security lending)
 
 
1,176,393
 Income before foreign taxes withheld
 
 
$
22,096,767
Less foreign taxes withheld
 
 
(2,231,765)
 Total Income
 
 
 
19,865,002
Expenses
 
 
 
 
Management fee
$
7,033,238
 
 
Transfer agent fees
1,926,839
 
 
Distribution and service plan fees
175,795
 
 
Accounting fees
463,145
 
 
Custodian fees and expenses
266,823
 
 
Independent trustees' fees and expenses
6,157
 
 
Registration fees
105,870
 
 
Audit
87,948
 
 
Legal
1,997
 
 
Miscellaneous
5,308
 
 
 Total expenses before reductions
 
10,073,120
 
 
 Expense reductions
 
(64,762)
 
 
 Total expenses after reductions
 
 
 
10,008,358
Net Investment income (loss)
 
 
 
9,856,644
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(42,448,916)
 
 
 Foreign currency transactions
 
123,639
 
 
Total net realized gain (loss)
 
 
 
(42,325,277)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
222,679,469
 
 
 Assets and liabilities in foreign currencies
 
316,485
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
222,995,954
Net gain (loss)
 
 
 
180,670,677
Net increase (decrease) in net assets resulting from operations
 
 
$
190,527,321
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
9,856,644
$
8,621,218
Net realized gain (loss)
 
(42,325,277)
 
 
(142,874,829)
 
Change in net unrealized appreciation (depreciation)
 
222,995,954
 
(593,880,795)
 
Net increase (decrease) in net assets resulting from operations
 
190,527,321
 
 
(728,134,406)
 
Distributions to shareholders
 
(10,463,693)
 
 
(163,021,571)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
(76,688,681)
 
 
(137,715,540)
 
 
 
 
 
 
Total increase (decrease) in net assets
 
103,374,947
 
 
(1,028,871,517)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
791,583,596
 
1,820,455,113
 
End of period
$
894,958,543
$
791,583,596
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® China Region Fund Class A
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
24.85
$
50.32
$
50.90
$
35.86
$
28.73
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.22
 
.14
 
.06
 
.08
 
.15
     Net realized and unrealized gain (loss)
 
5.75 C
 
(20.99)
 
1.95
 
15.11
 
7.10
  Total from investment operations
 
5.97  
 
(20.85)  
 
2.01  
 
15.19  
 
7.25
  Distributions from net investment income
 
(.19)
 
-
 
(.44)
 
(.15)
 
(.12)
  Distributions from net realized gain
 
-
 
(4.62)
 
(2.16)
 
-
 
-
     Total distributions
 
(.19)
 
(4.62)
 
(2.59) D
 
(.15)
 
(.12)
  Net asset value, end of period
$
30.63
$
24.85
$
50.32
$
50.90
$
35.86
 Total Return E,F
 
23.98% C
 
(45.20)%
 
3.65%
 
42.52%
 
25.30%
 Ratios to Average Net Assets A,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.25%
 
1.23%
 
1.21%
 
1.24%
 
1.27%
    Expenses net of fee waivers, if any
 
1.25%
 
1.22%
 
1.21%
 
1.24%
 
1.26%
    Expenses net of all reductions
 
1.25%
 
1.22%
 
1.21%
 
1.22%
 
1.26%
    Net investment income (loss)
 
.66%
 
.38%
 
.11%
 
.18%
 
.44%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
21,354
$
19,362
$
45,301
$
39,303
$
29,963
    Portfolio turnover rate I
 
24%
 
20%
 
60%
 
60%
 
80%
 
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
BCalculated based on average shares outstanding during the period.
 
CAmount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 23.96%.
 
DTotal distributions per share do not sum due to rounding.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FTotal returns do not include the effect of the sales charges.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® China Region Fund Class M
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
24.61
$
50.02
$
50.64
$
35.66
$
28.55
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.13
 
.03
 
(.10)
 
(.05)
 
.04
     Net realized and unrealized gain (loss)
 
5.69 C
 
(20.82)
 
1.96
 
15.04
 
7.07
  Total from investment operations
 
5.82  
 
(20.79)  
 
1.86  
 
14.99  
 
7.11
  Distributions from net investment income
 
(.09)
 
-
 
(.32)
 
(.01)
 
-
  Distributions from net realized gain
 
-
 
(4.62)
 
(2.16)
 
-
 
-
     Total distributions
 
(.09)
 
(4.62)
 
(2.48)
 
(.01)
 
-
  Net asset value, end of period
$
30.34
$
24.61
$
50.02
$
50.64
$
35.66
 Total Return D,E
 
23.64% C
 
(45.37)%
 
3.36%
 
42.04%
 
24.90%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.52%
 
1.53%
 
1.50%
 
1.56%
 
1.59%
    Expenses net of fee waivers, if any
 
1.52%
 
1.53%
 
1.50%
 
1.56%
 
1.59%
    Expenses net of all reductions
 
1.51%
 
1.53%
 
1.50%
 
1.53%
 
1.58%
    Net investment income (loss)
 
.40%
 
.08%
 
(.18)%
 
(.13)%
 
.12%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
6,610
$
5,803
$
12,623
$
12,028
$
9,251
    Portfolio turnover rate H
 
24%
 
20%
 
60%
 
60%
 
80%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CAmount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 23.62%.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
ETotal returns do not include the effect of the sales charges.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® China Region Fund Class C
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
23.59
$
48.34
$
49.10
$
34.71
$
27.90
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.02)
 
(.13)
 
(.35)
 
(.22)
 
(.09)
     Net realized and unrealized gain (loss)
 
5.46 C
 
(20.00)
 
1.92
 
14.61
 
6.90
  Total from investment operations
 
5.44  
 
(20.13)  
 
1.57  
 
14.39  
 
6.81
  Distributions from net investment income
 
-
 
-
 
(.17)
 
-
 
-
  Distributions from net realized gain
 
-
 
(4.62)
 
(2.16)
 
-
 
-
     Total distributions
 
-
 
(4.62)
 
(2.33)
 
-
 
-
  Net asset value, end of period
$
29.03
$
23.59
$
48.34
$
49.10
$
34.71
 Total Return D,E
 
23.06% C
 
(45.60)%
 
2.89%
 
41.46%
 
24.41%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.97%
 
1.96%
 
1.96%
 
1.98%
 
2.00%
    Expenses net of fee waivers, if any
 
1.96%
 
1.96%
 
1.96%
 
1.98%
 
2.00%
    Expenses net of all reductions
 
1.96%
 
1.96%
 
1.96%
 
1.96%
 
1.99%
    Net investment income (loss)
 
(.05)%
 
(.36)%
 
(.65)%
 
(.55)%
 
(.29)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,834
$
5,784
$
13,168
$
11,308
$
9,437
    Portfolio turnover rate H
 
24%
 
20%
 
60%
 
60%
 
80%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CAmount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 23.04%.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
ETotal returns do not include the effect of the contingent deferred sales charge.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity® China Region Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
25.28
$
51.03
$
51.53
$
36.30
$
29.11
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.32
 
.25
 
.23
 
.21
 
.25
     Net realized and unrealized gain (loss)
 
5.85 C
 
(21.32)
 
1.97
 
15.28
 
7.19
  Total from investment operations
 
6.17  
 
(21.07)  
 
2.20  
 
15.49  
 
7.44
  Distributions from net investment income
 
(.34)
 
(.06)
 
(.54)
 
(.26)
 
(.25)
  Distributions from net realized gain
 
-
 
(4.62)
 
(2.16)
 
-
 
-
     Total distributions
 
(.34)
 
(4.68)
 
(2.70)
 
(.26)
 
(.25)
  Net asset value, end of period
$
31.11
$
25.28
$
51.03
$
51.53
$
36.30
 Total Return D
 
24.34% C
 
(45.04)%
 
3.97%
 
42.95%
 
25.72%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.95%
 
.94%
 
.91%
 
.93%
 
.95%
    Expenses net of fee waivers, if any
 
.95%
 
.93%
 
.91%
 
.93%
 
.95%
    Expenses net of all reductions
 
.95%
 
.93%
 
.91%
 
.91%
 
.95%
    Net investment income (loss)
 
.96%
 
.67%
 
.41%
 
.49%
 
.76%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
809,283
$
736,185
$
1,609,326
$
1,518,404
$
1,093,827
    Portfolio turnover rate G
 
24%
 
20%
 
60%
 
60%
 
80%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CAmount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 24.32%.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® China Region Fund Class I
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
25.07
$
50.63
$
51.16
$
36.05
$
28.90
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.32
 
.25
 
.22
 
.20
 
.25
     Net realized and unrealized gain (loss)
 
5.82 C
 
(21.15)
 
1.96
 
15.17
 
7.13
  Total from investment operations
 
6.14  
 
(20.90)  
 
2.18  
 
15.37  
 
7.38
  Distributions from net investment income
 
(.34)
 
(.04)
 
(.55)
 
(.26)
 
(.23)
  Distributions from net realized gain
 
-
 
(4.62)
 
(2.16)
 
-
 
-
     Total distributions
 
(.34)
 
(4.66)
 
(2.71)
 
(.26)
 
(.23)
  Net asset value, end of period
$
30.87
$
25.07
$
50.63
$
51.16
$
36.05
 Total Return D
 
24.40% C
 
(45.05)%
 
3.96%
 
42.91%
 
25.71%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.94%
 
.93%
 
.93%
 
.95%
 
.97%
    Expenses net of fee waivers, if any
 
.93%
 
.93%
 
.93%
 
.95%
 
.96%
    Expenses net of all reductions
 
.93%
 
.93%
 
.93%
 
.93%
 
.96%
    Net investment income (loss)
 
.98%
 
.68%
 
.39%
 
.48%
 
.74%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
26,683
$
20,509
$
68,464
$
47,688
$
27,410
    Portfolio turnover rate G
 
24%
 
20%
 
60%
 
60%
 
80%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CAmount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 24.38%.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® China Region Fund Class Z
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
25.02
$
50.57
$
51.07
$
36.00
$
28.91
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.36
 
.30
 
.29
 
.26
 
.30
     Net realized and unrealized gain (loss)
 
5.80 C
 
(21.10)
 
1.95
 
15.14
 
7.11
  Total from investment operations
 
6.16  
 
(20.80)  
 
2.24  
 
15.40  
 
7.41
  Distributions from net investment income
 
(.28)
 
(.12)
 
(.59)
 
(.33)
 
(.32)
  Distributions from net realized gain
 
-
 
(4.62)
 
(2.16)
 
-
 
-
     Total distributions
 
(.28)
 
(4.75) D
 
(2.74) D
 
(.33)
 
(.32)
  Net asset value, end of period
$
30.90
$
25.02
$
50.57
$
51.07
$
36.00
 Total Return E
 
24.55% C
 
(44.97)%
 
4.09%
 
43.13%
 
25.86%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.81%
 
.80%
 
.80%
 
.81%
 
.82%
    Expenses net of fee waivers, if any
 
.80%
 
.80%
 
.80%
 
.81%
 
.82%
    Expenses net of all reductions
 
.80%
 
.80%
 
.80%
 
.79%
 
.81%
    Net investment income (loss)
 
1.11%
 
.81%
 
.52%
 
.61%
 
.89%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
26,195
$
3,940
$
71,573
$
71,121
$
46,861
    Portfolio turnover rate H
 
24%
 
20%
 
60%
 
60%
 
80%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CAmount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been 24.53%.
 
DTotal distributions per share do not sum due to rounding.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity China Region Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, China Region, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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, 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. 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. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
 
Asset Type
Fair Value
Valuation Technique(s)
Unobservable Input
Amount or Range/Weighted Average
Impact to Valuation from an Increase in InputA
Equities
$12,643,995
Market comparable
Enterprise value/EBITDA multiple (EV/EBITDA)
13.1
Increase
 
 
 
Enterprise value/Revenue multiple (EV/R)
1.2 - 4.0 / 3.6
Increase
 
 
Black scholes
Discount rate
4.9%
Increase
 
 
 
Volatility
60.0%
Increase
 
 
 
Term
3.0
Increase
 
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards, certain corporate actions and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$221,938,876
Gross unrealized depreciation
(169,580,274)
Net unrealized appreciation (depreciation)
$52,358,602
Tax Cost
$848,654,237
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$16,609,616
Capital loss carryforward
$(178,833,304)
Net unrealized appreciation (depreciation) on securities and other investments
$52,353,460
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 Short-term
$(114,807,939)
 Long-term
(64,025,365)
Total capital loss carryforward
$(178,833,304)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$10,463,693
$1,969,102
Long-term Capital Gains
-
161,052,469
Total
$10,463,693
$163,021,571
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncement. In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. They also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. They also require additional disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the potential impact of ASU 2022-03 to the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity China Region Fund
237,817,118
289,360,955
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .68% of the Fund's average net assets.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees
Retained by FDC
Class A
 - %
 .25%
$64,515
$1,799
Class M
 .25%
 .25%
 40,584
 119
Class C
 .75%
 .25%
70,696
                11,664
 
 
 
$175,795
$13,582
 
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
 
 
Retained by FDC
Class A
$4,917
Class M
 1,200
Class CA
75
 
$6,192
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Class A
$61,296
.24
Class M
 20,662
.26
Class C
 14,059
.20
China Region
 1,765,751
.19
Class I
 60,215
.17
Class Z
4,856
.04
 
$1,926,839
 
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
 
 
% of Class-Level Average Net Assets
Class A
0.2000
Class M
0.2000
Class C
0.2000
China Region
0.1844
Class I
0.1762
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity China Region Fund
.04
 
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
 
 
% of Average Net Assets
Fidelity China Region Fund
0.0445
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity China Region Fund
$1,898
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity China Region Fund
 8,857,783
 7,416,141
 2,011,677
 
Other. During the period, FMR reimbursed the Fund $254,190 for an operational error which is included in Net Realized Gain (Loss) in the accompanying Statement of Operations.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity China Region Fund
$1,906
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity China Region Fund
$9,129
$-
$-
8. Expense Reductions.
Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $1,236. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction
Class A
$497
Class M
 674
Class C
60
 
$1,231
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $62,295.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2023
Year ended
October 31, 2022
Fidelity China Region Fund
 
 
Distributions to shareholders
 
 
Class A
$147,676
 $4,134,709
Class M
 22,086
 1,142,842
Class C
 -
 1,227,041
China Region
 9,963,708
 144,410,750
Class I
 287,558
 5,718,145
Class Z
                42,665
          6,388,084
Total  
$10,463,693
$163,021,571
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended
 October 31, 2023
Year ended
 October 31, 2022
Year ended
 October 31, 2023
Year ended
 October 31, 2022
Fidelity China Region Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
213,022
167,076
$7,300,449
$6,290,832
Reinvestment of distributions
4,346
93,787
141,383
3,954,050
Shares redeemed
(299,344)
(381,933)
(9,796,907)
(12,663,126)
Net increase (decrease)
(81,976)
(121,070)
$(2,355,075)
$(2,418,244)
Class M
 
 
 
 
Shares sold
55,083
14,193
$1,982,190
$518,243
Reinvestment of distributions
682
27,154
22,023
1,136,944
Shares redeemed
(73,707)
(57,927)
(2,410,361)
(2,269,682)
Net increase (decrease)
(17,942)
(16,580)
$(406,148)
$(614,495)
Class C
 
 
 
 
Shares sold
85,870
52,147
$2,816,391
$1,830,320
Reinvestment of distributions
-
28,637
-
1,153,507
Shares redeemed
(164,625)
(107,986)
(5,078,761)
(4,068,826)
Net increase (decrease)
(78,755)
(27,202)
$(2,262,370)
$(1,084,999)
China Region
 
 
 
 
Shares sold
4,425,610
4,318,983
$152,711,723
$163,821,858
Reinvestment of distributions
285,364
3,187,084
9,405,600
136,311,566
Shares redeemed
(7,820,514)
(9,920,317)
(259,958,996)
(380,571,112)
Net increase (decrease)
(3,109,540)
(2,414,250)
$(97,841,673)
$(80,437,688)
Class I
 
 
 
 
Shares sold
909,474
518,992
$31,717,017
$19,260,467
Reinvestment of distributions
7,396
117,730
241,861
4,994,105
Shares redeemed
(870,332)
(1,171,014)
(29,080,141)
(44,285,642)
Net increase (decrease)
46,538
(534,292)
$2,878,737
$(20,031,070)
Class Z
 
 
 
 
Shares sold
915,990
625,286
$30,707,964
$23,658,178
Reinvestment of distributions
1,256
148,353
41,047
6,272,360
Shares redeemed
(226,966)
(2,031,604)
(7,451,163)
(63,059,582)
Net increase (decrease)
690,280
(1,257,965)
$23,297,848
$(33,129,044)
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® Emerging Asia Fund
18.99%
7.20%
5.82%
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Emerging Asia Fund on October 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI AC (All Country) Asia ex Japan Index performed over the same period.
 
Fidelity® Emerging Asia Fund
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuation also helped bolster non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Portfolio Manager Xiaoting Zhao:
For the fiscal year ending October 31, 2023, the fund gained 18.99%, versus 13.52% for both the Fidelity Emerging Asia Fund Linked Index and the broad-based MSCI AC Asia Ex Japan (Net Mass) Linked Index. From a regional standpoint, positioning in emerging markets, primarily in India and South Korea, and a non-benchmark allocation to the United States meaningfully contributed to the fund's performance versus the benchmark. By sector, the biggest contributor to relative performance was stock selection in consumer discretionary, primarily within the consumer discretionary distribution & retail industry. Not holding any utilities stocks, the weakest-performing benchmark sector, also boosted relative performance. Further lifting the fund's relative result were stock selection and an overweight in information technology, primarily within the semiconductors & semiconductor equipment industry. The top individual relative contributor was an overweight in PDD Holdings (+87%), a stock that was among the fund's biggest positions. The second-largest relative contributor was an overweight in Zomato (+66%), also among our largest holdings. A non-benchmark stake in Nvidia gained about 205% and notably helped as well. We decreased our position in Nvidia during the 12-month period. In contrast, from a regional standpoint, non-benchmark allocations to Europe ex-U.K., primarily in Netherlands and Switzerland, detracted from the fund's relative result. By sector, the biggest detractors from performance versus the benchmark were stock picks and an underweight in communication services. Picks in industrials and materials also hurt. The biggest individual relative detractor was an underweight in Tencent Holdings (+50%), a stock that was not held at period end. The second-largest relative detractor was our non-benchmark stake in Adyen (-61%). This was a stake we established this period. Our overweight stake in Sungrow Power Supply (-21%) also hurt. The stock was not held at period end. Notable changes in positioning include decreased exposure to Japan and a higher allocation to South Korea. By sector, meaningful positioning changes include decreased exposure to the industrials sector and a higher allocation to health care.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
 
Fidelity® Emerging Asia Fund
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
8.9
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
5.7
 
PDD Holdings, Inc. ADR  (China, Broadline Retail)
5.3
 
Zomato Ltd.  (India, Hotels, Restaurants & Leisure)
4.2
 
Alibaba Group Holding Ltd.  (China, Broadline Retail)
3.9
 
MakeMyTrip Ltd.  (India, Hotels, Restaurants & Leisure)
3.0
 
Reliance Industries Ltd.  (India, Oil, Gas & Consumable Fuels)
2.8
 
Sea Ltd. ADR  (Singapore, Entertainment)
2.7
 
HDFC Bank Ltd.  (India, Banks)
2.4
 
One97 Communications Ltd.  (India, Financial Services)
2.4
 
 
41.3
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
29.3
 
Consumer Discretionary
25.1
 
Financials
14.3
 
Health Care
13.0
 
Communication Services
6.4
 
Industrials
5.3
 
Energy
2.8
 
Materials
1.2
 
Consumer Staples
0.8
 
Real Estate
0.4
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Emerging Asia Fund
Showing Percentage of Net Assets     
Common Stocks - 96.6%
 
 
Shares
Value ($)
 
China - 32.4%
 
 
 
Advanced Micro-Fabrication Equipment, Inc., China (A Shares)
 
260,300
6,098,161
AK Medical Holdings Ltd. (a)
 
2,834,000
2,758,943
Akeso, Inc. (a)(b)
 
612,697
3,440,634
Alibaba Group Holding Ltd. (b)
 
2,916,218
30,022,695
Alibaba Group Holding Ltd. sponsored ADR (b)
 
50,635
4,179,413
Asymchem Laboratories Tianjin Co. Ltd.:
 
 
 
 (A Shares)
 
217,600
4,491,399
 (H Shares) (a)
 
208,200
2,707,501
Baidu, Inc. Class A (b)
 
103,600
1,360,145
BC Technology Group Ltd. (b)
 
1,490,217
668,882
Beijing Chunlizhengda Medical Instruments Co. Ltd.
 
742,200
3,068,601
Beijing Sinohytec Co. Ltd. (A Shares)
 
589,232
3,967,443
BYD Co. Ltd.:
 
 
 
 (A Shares)
 
94,500
3,084,159
 (H Shares)
 
624,244
18,983,341
Empyrean Technology Co. Ltd. (A Shares)
 
220,400
3,115,605
Estun Automation Co. Ltd. (A Shares)
 
3,160,900
8,131,187
Glodon Co. Ltd. (A Shares)
 
1,160,040
2,923,963
GRG Metrology & Test Co. Ltd. (A Shares)
 
1,041,390
2,002,888
Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares)
 
529,932
4,485,646
Hangzhou Tigermed Consulting Co. Ltd. (A Shares)
 
445,297
4,063,452
Hundsun Technologies, Inc. (A Shares)
 
1,103,786
4,701,245
Innovent Biologics, Inc. (a)(b)
 
675,585
3,981,333
Joinn Laboratories China Co. Ltd. (A Shares)
 
831,860
3,048,381
JOYY, Inc. ADR
 
15,100
587,692
Kangji Medical Holdings Ltd. (c)
 
1,511,945
1,241,892
Kindstar Globalgene Technology, Inc. (a)(b)
 
6,775,265
1,342,698
Maxscend Microelectronics Co. Ltd. (A Shares)
 
160,800
3,318,168
Meituan Class B (a)(b)
 
1,043,900
14,797,297
Microport Cardioflow Medtech Corp. (a)(b)(c)
 
12,173,311
2,864,872
MicroTech Medical (Hangzhou) Co. Ltd. (H Shares) (a)(b)
 
1,296,269
700,609
Ming Yuan Cloud Group Holdings Ltd. (b)(c)
 
7,847,504
3,281,311
NAURA Technology Group Co. Ltd.
 
82,297
2,886,874
NXP Semiconductors NV
 
38,562
6,649,246
PDD Holdings, Inc. ADR (b)
 
454,538
46,099,244
RLX Technology, Inc. ADR (b)(c)
 
746,592
1,269,206
SG Micro Corp. (A Shares)
 
88,340
1,083,438
Shandong Weigao Orthopaedic Device Co. Ltd. (A Shares)
 
375,000
2,122,285
Shanghai Aohua Photoelectricity Endoscope Co. Ltd. (A Shares) (b)
 
179,400
1,624,992
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) (b)
 
393,789
15,394,562
Silergy Corp.
 
250,000
2,232,739
Smoore International Holdings Ltd. (a)(c)
 
2,133,176
1,643,949
SonoScape Medical Corp.
 
227,900
1,502,999
Tofflon Science & Technology Group Co. Ltd. (A Shares)
 
1,291,500
3,349,147
Venus MedTech Hangzhou, Inc. (H Shares) (a)(b)
 
2,490,882
1,412,971
Weihai Guangwei Composites Co. Ltd. (A Shares)
 
1,026,336
3,595,260
WuXi AppTec Co. Ltd. (H Shares) (a)(c)
 
1,410,110
16,944,652
Wuxi Biologics (Cayman), Inc. (a)(b)
 
3,280,843
20,399,435
Zai Lab Ltd. ADR (b)
 
121,950
3,073,140
TOTAL CHINA
 
 
280,703,695
Hong Kong - 2.1%
 
 
 
AIA Group Ltd.
 
1,865,975
16,203,769
Huanxi Media Group Ltd. (b)(c)
 
19,829,015
1,823,531
TOTAL HONG KONG
 
 
18,027,300
India - 26.0%
 
 
 
Amber Enterprises India Ltd. (b)
 
79,174
2,791,576
Aster DM Healthcare Ltd. (a)(b)
 
663,051
2,627,155
Bajaj Finance Ltd.
 
95,102
8,558,489
Campus Activewear Ltd. (b)
 
460,245
1,470,857
Computer Age Management Services Private Ltd.
 
381,639
10,298,533
Delhivery Private Ltd. (b)
 
1,590,016
7,890,825
Devyani International Ltd. (b)
 
1,617,292
3,492,707
HDFC Asset Management Co. Ltd. (a)
 
341,088
11,200,460
HDFC Bank Ltd.
 
1,192,274
21,150,065
HDFC Standard Life Insurance Co. Ltd. (a)
 
1,191,089
8,845,580
Hindustan Aeronautics Ltd.
 
326,067
7,133,775
Kotak Mahindra Bank Ltd.
 
198,506
4,148,501
Larsen & Toubro Ltd.
 
137,800
4,847,865
MakeMyTrip Ltd. (b)
 
667,045
25,834,653
One97 Communications Ltd. (b)
 
1,857,407
20,549,951
Page Industries Ltd.
 
5,450
2,475,661
Reliance Industries Ltd.
 
878,996
24,163,263
Sapphire Foods India Ltd. (b)
 
304,805
4,744,878
SRF Ltd.
 
130,364
3,436,511
Tata Motors Ltd.
 
1,092,284
8,247,585
Ultratech Cement Ltd.
 
35,600
3,601,793
Vijaya Diagnostic Centre Pvt Ltd.
 
196,617
1,385,075
Zomato Ltd. (b)
 
29,037,091
36,715,929
TOTAL INDIA
 
 
225,611,687
Indonesia - 1.8%
 
 
 
PT Bank Central Asia Tbk
 
16,247,993
8,951,355
PT Bank Rakyat Indonesia (Persero) Tbk
 
20,258,698
6,334,569
TOTAL INDONESIA
 
 
15,285,924
Japan - 0.6%
 
 
 
Money Forward, Inc. (b)
 
215,186
5,435,175
Korea (South) - 12.1%
 
 
 
ASICLAND Co. Ltd. (d)
 
700
12,938
Coupang, Inc. Class A (b)
 
292,368
4,970,256
Delivery Hero AG (a)(b)
 
292,551
7,419,871
Gabia, Inc.
 
128,155
1,382,639
Kakao Corp.
 
119,168
3,353,870
Kakao Pay Corp. (b)
 
181,764
4,626,942
Kia Corp.
 
50,188
2,863,063
LG Energy Solution (b)
 
3,400
973,229
NAVER Corp.
 
97,111
13,556,301
Samsung Electronics Co. Ltd.
 
995,267
49,465,857
SK Hynix, Inc.
 
192,535
16,695,363
TOTAL KOREA (SOUTH)
 
 
105,320,329
Netherlands - 0.9%
 
 
 
Adyen BV (a)(b)
 
5,547
3,741,374
ASML Holding NV (Netherlands)
 
7,402
4,449,493
TOTAL NETHERLANDS
 
 
8,190,867
Russia - 0.2%
 
 
 
Yandex NV Series A (b)(c)(e)
 
153,309
1,671,068
Singapore - 3.7%
 
 
 
Oversea-Chinese Banking Corp. Ltd.
 
528,017
4,895,307
Sea Ltd. ADR (b)
 
554,842
23,136,911
United Overseas Bank Ltd.
 
192,400
3,795,032
TOTAL SINGAPORE
 
 
31,827,250
Switzerland - 0.6%
 
 
 
Yunnan Botanee Bio-Technology Group Co. Ltd. ELS (UBS AG London Branch Bank Warrant Programme) Class A warrants 3/10/25 (a)(b)
 
179,025
1,948,940
Zwsoft Co. Ltd. Guangzhou ELS (UBS AG London Branch Bank Warrant Programme) Class A warrants 9/25/25 (a)(b)
 
202,088
2,999,589
TOTAL SWITZERLAND
 
 
4,948,529
Taiwan - 9.8%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
4,268,892
69,668,064
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
91,553
7,901,939
Unimicron Technology Corp.
 
1,731,000
7,714,166
TOTAL TAIWAN
 
 
85,284,169
United Kingdom - 0.8%
 
 
 
Endava PLC ADR (b)
 
143,872
7,216,620
United States of America - 5.3%
 
 
 
EPAM Systems, Inc. (b)
 
32,273
7,021,637
Frontage Holdings Corp. (a)(b)
 
16,890,490
4,202,779
Micron Technology, Inc.
 
192,817
12,893,673
NVIDIA Corp.
 
19,929
8,127,046
ON Semiconductor Corp. (b)
 
92,724
5,808,231
Snap, Inc. Class A (b)
 
379,823
3,802,028
Space Exploration Technologies Corp. Class A (b)(e)(f)
 
11,000
891,000
Teradyne, Inc.
 
42,388
3,529,649
TOTAL UNITED STATES OF AMERICA
 
 
46,276,043
Vietnam - 0.3%
 
 
 
Vietnam Dairy Products Corp.
 
1,043,400
2,889,818
 
TOTAL COMMON STOCKS
 (Cost $819,957,479)
 
 
 
838,688,474
 
 
 
 
Preferred Stocks - 2.0%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 1.1%
 
 
 
China - 1.1%
 
 
 
ByteDance Ltd. Series E1 (b)(e)(f)
 
23,366
5,459,466
dMed Biopharmaceutical Co. Ltd. Series C (b)(e)(f)
 
128,423
756,411
ZKH Group Ltd. Series F (e)(f)
 
8,603,093
3,183,144
 
 
 
9,399,021
Nonconvertible Preferred Stocks - 0.9%
 
 
 
Korea (South) - 0.9%
 
 
 
Samsung Electronics Co. Ltd.
 
191,205
7,622,491
 
TOTAL PREFERRED STOCKS
 (Cost $15,761,699)
 
 
 
17,021,512
 
 
 
 
Money Market Funds - 3.0%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (g)
 
8,973,390
8,975,185
Fidelity Securities Lending Cash Central Fund 5.40% (g)(h)
 
16,832,852
16,834,536
 
TOTAL MONEY MARKET FUNDS
 (Cost $25,809,720)
 
 
25,809,721
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.6%
 (Cost $861,528,898)
 
 
 
881,519,707
NET OTHER ASSETS (LIABILITIES) - (1.6)%  
(13,866,231)
NET ASSETS - 100.0%
867,653,476
 
 
 
 
Security Type Abbreviations
ELS
-
EQUITY-LINKED SECURITY
 
Legend
 
(a)
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 $115,980,642 or 13.4% of net assets.
 
(b)
Non-income producing
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(e)
Level 3 security
 
(f)
Restricted securities (including private placements) - 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 $10,290,021 or 1.2% of net assets.
 
(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, 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.
 
(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 ($)
 
ByteDance Ltd. Series E1
11/18/20
2,560,310
 
 
 
dMed Biopharmaceutical Co. Ltd. Series C
12/01/20
1,824,011
 
 
 
Space Exploration Technologies Corp. Class A
2/16/21
461,989
 
 
 
ZKH Group Ltd. Series F
2/24/22
4,868,356
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
180,369
297,117,599
288,322,783
528,614
-
-
8,975,185
0.0%
Fidelity Securities Lending Cash Central Fund 5.40%
32,545,160
253,143,357
268,853,982
701,320
-
1
16,834,536
0.1%
Total
32,725,529
550,260,956
557,176,765
1,229,934
-
1
25,809,721
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
54,751,012
27,526,631
20,093,847
7,130,534
Consumer Discretionary
218,193,185
88,503,437
129,689,748
-
Consumer Staples
7,751,913
1,269,206
6,482,707
-
Energy
24,163,263
-
24,163,263
-
Financials
123,670,276
-
123,670,276
-
Health Care
112,991,564
3,073,140
109,162,013
756,411
Industrials
46,136,745
-
45,245,745
891,000
Information Technology
254,235,320
59,148,041
195,087,279
-
Materials
10,633,564
-
10,633,564
-
Real Estate
3,183,144
-
-
3,183,144
  Money Market Funds
25,809,721
25,809,721
-
-
 Total Investments in Securities:
881,519,707
205,330,176
664,228,442
11,961,089
 
The following is a reconciliation of  Investments in Securities for which Level 3 inputs were used in determining value:
 
 
Investments in Securities:
 
  Beginning Balance
$
12,231,826
 
  Net Realized Gain (Loss) on Investment Securities
 
(8,816,223)
 
  Net Unrealized Gain (Loss) on Investment Securities
 
9,439,600
 
  Cost of Purchases
 
-
 
  Proceeds of Sales
 
(894,114)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
-
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
11,961,089
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2023
$
975,891
 
 
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. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's  Statement of Operations.
 
 
Fidelity® Emerging Asia Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $15,153,432) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $835,719,178)
$
855,709,986
 
 
Fidelity Central Funds (cost $25,809,720)
25,809,721
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $861,528,898)
 
 
$
881,519,707
Foreign currency held at value (cost $3,404,442)
 
 
3,403,995
Receivable for investments sold
 
 
5,997,886
Receivable for fund shares sold
 
 
124,971
Dividends receivable
 
 
461,745
Distributions receivable from Fidelity Central Funds
 
 
111,952
Prepaid expenses
 
 
1,341
Other receivables
 
 
697,946
  Total assets
 
 
892,319,543
Liabilities
 
 
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
$
944,069
 
 
Delayed delivery
13,068
 
 
Payable for fund shares redeemed
225,039
 
 
Accrued management fee
242,397
 
 
Other affiliated payables
182,849
 
 
Deferred taxes
5,555,982
 
 
Other payables and accrued expenses
666,898
 
 
Collateral on securities loaned
16,835,765
 
 
  Total Liabilities
 
 
 
24,666,067
Net Assets  
 
 
$
867,653,476
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,162,849,855
Total accumulated earnings (loss)
 
 
 
(295,196,379)
Net Assets
 
 
$
867,653,476
Net Asset Value, offering price and redemption price per share ($867,653,476 ÷ 24,122,845 shares)
 
 
$
35.97
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
9,730,846
Income from Fidelity Central Funds (including $701,320 from security lending)
 
 
1,229,934
 Income before foreign taxes withheld
 
 
$
10,960,780
Less foreign taxes withheld
 
 
(1,338,023)
 Total Income
 
 
 
9,622,757
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
6,519,766
 
 
 Performance adjustment
(799,155)
 
 
Transfer agent fees
1,881,724
 
 
Accounting fees
433,106
 
 
Custodian fees and expenses
214,696
 
 
Independent trustees' fees and expenses
5,692
 
 
Registration fees
24,952
 
 
Audit
116,948
 
 
Legal
2,334
 
 
Interest
4,608
 
 
Miscellaneous
4,829
 
 
 Total expenses before reductions
 
8,409,500
 
 
 Expense reductions
 
(58,122)
 
 
 Total expenses after reductions
 
 
 
8,351,378
Net Investment income (loss)
 
 
 
1,271,379
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $1,673,299)
 
(172,544,781)
 
 
 Foreign currency transactions
 
(112,695)
 
 
Total net realized gain (loss)
 
 
 
(172,657,476)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $2,109,859)  
 
329,086,174
 
 
   Fidelity Central Funds
 
1
 
 
 Assets and liabilities in foreign currencies
 
135,392
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
329,221,567
Net gain (loss)
 
 
 
156,564,091
Net increase (decrease) in net assets resulting from operations
 
 
$
157,835,470
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
1,271,379
$
(6,406,902)
Net realized gain (loss)
 
(172,657,476)
 
 
(135,551,761)
 
Change in net unrealized appreciation (depreciation)
 
329,221,567
 
(672,888,572)
 
Net increase (decrease) in net assets resulting from operations
 
157,835,470
 
 
(814,847,235)
 
Distributions to shareholders
 
-
 
 
(218,312,620)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
89,917,598
 
116,575,535
  Reinvestment of distributions
 
-
 
 
202,673,713
 
Cost of shares redeemed
 
(203,626,450)
 
(462,682,896)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(113,708,852)
 
 
(143,433,648)
 
Total increase (decrease) in net assets
 
44,126,618
 
 
(1,176,593,503)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
823,526,858
 
2,000,120,361
 
End of period
$
867,653,476
$
823,526,858
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
2,379,648
 
2,698,029
  Issued in reinvestment of distributions
 
-
 
 
3,879,665
 
Redeemed
 
(5,497,734)
 
(10,270,869)
Net increase (decrease)
 
(3,118,086)
 
(3,693,175)
 
 
 
 
 
 
Financial Highlights
Fidelity® Emerging Asia Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
30.23
$
64.66
$
63.60
$
45.03
$
36.69
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.05
 
(.22)
 
(.31) C
 
(.12)
 
.34
     Net realized and unrealized gain (loss)
 
5.69
 
(26.97)
 
11.00
 
21.49
 
9.27
  Total from investment operations
 
5.74  
 
(27.19)  
 
10.69  
 
21.37  
 
9.61
  Distributions from net investment income
 
-
 
(.09)
 
-
 
(.29) D
 
(.39)
  Distributions from net realized gain
 
-
 
(7.15)
 
(9.63)
 
(2.51) D
 
(.88)
     Total distributions
 
-
 
(7.24)
 
(9.63)
 
(2.80)
 
(1.27)
  Net asset value, end of period
$
35.97
$
30.23
$
64.66
$
63.60
$
45.03
 Total Return E
 
18.99%
 
(46.77)%
 
17.02%
 
50.46%
 
26.95%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.87%
 
1.18%
 
1.02%
 
1.13%
 
1.11%
    Expenses net of fee waivers, if any
 
.87%
 
1.17%
 
1.02%
 
1.13%
 
1.11%
    Expenses net of all reductions
 
.87%
 
1.17%
 
1.02%
 
1.10%
 
1.11%
    Net investment income (loss)
 
.13%
 
(.51)%
 
(.45)% C
 
(.24)%
 
.82%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
867,653
$
823,527
$
2,000,120
$
1,578,782
$
993,620
    Portfolio turnover rate H
 
50%
 
44%
 
85%
 
114%
 
61% I
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.54)%.
 
DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
IPortfolio turnover rate excludes securities received or delivered in-kind.
 
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity Emerging Asia Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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, 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. 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. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
 
Asset Type
Fair Value
Valuation Technique(s)
Unobservable Input
Amount or Range/Weighted Average
Impact to Valuation from an Increase in InputA
Equities
$11,961,089
Market comparable
Enterprise value/EBITDA multiple (EV/EBITDA)
13.1
Increase
 
 
 
Enterprise value/Revenue multiple (EV/R)
1.2 - 4.0 / 2.9
Increase
 
 
Market approach
Discount rate
20.0%
Decrease
 
 
Black scholes
Discount rate
4.9%
Increase
 
 
 
Volatility
60.0%
Increase
 
 
 
Term
3.0
Increase
 
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), net operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$219,872,867
Gross unrealized depreciation
(201,029,120)
Net unrealized appreciation (depreciation)
$18,843,747
Tax Cost
$862,675,960
 
The tax-based components of distributable earnings as of period end were as follows:
 
Capital loss carryforward
$(307,955,975)
Net unrealized appreciation (depreciation) on securities and other investments
$18,315,578
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 Short-term
$(114,943,944)
 Long-term
(193,012,031)
Total capital loss carryforward
$(307,955,975)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$-
$2,682,937
Long-term Capital Gains
-
215,629,683
Total
$-
$218,312,620
 
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncement. In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. They also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. They also require additional disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the potential impact of ASU 2022-03 to the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Emerging Asia Fund
468,155,515
601,552,046
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the MSCI All Country Asia ex Japan Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .59% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .20% of average net assets.
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of 0.1908% of average net assets.
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity Emerging Asia Fund
.04
 
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
 
 
% of Average Net Assets
Fidelity Emerging Asia Fund
0.0447
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity Emerging Asia Fund
$5,145
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity Emerging Asia Fund
 Borrower
$4,093,875
5.07%
$4,608
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Emerging Asia Fund
 3,456,202
 13,435,211
 (8,327,375)
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity Emerging Asia Fund
$1,757
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Emerging Asia Fund
$75,023
$-
$-
8. Expense Reductions.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $58,122.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Class A  (incl. 5.75% sales charge)  
8.56%
4.53%
3.39%
Class M  (incl. 3.50% sales charge)  
10.87%
4.88%
3.57%
Class C  
(incl. contingent deferred sales charge)
 
13.32%
5.37%
3.81%
Fidelity® Emerging Markets Fund
15.56%
5.94%
4.09%
Class K
15.69%
6.07%
4.25%
Class I
15.54%
5.94%
4.09%
Class Z
15.67%
6.00%
4.12%
 
 
Class A shares bear a 0.25% 12b-1 fee. The initial offering of Class A shares took place on May 11, 2021. Returns prior to May 11, 2021, are those of Fidelity® Emerging Markets Fund, the original class of the fund, which has no 12b-1 fee. Had Class A's 12b-1 fee been reflected, returns prior to May 11, 2021, would have been lower.
Class M shares bear a 0.50% 12b-1 fee. The initial offering of Class M shares took place on May 11, 2021. Returns prior to May 11, 2021, are those of Fidelity® Emerging Markets Fund, the original class of the fund, which has no 12b-1 fee. Had Class M's 12b-1 fee been reflected, returns prior to May 11, 2021, would have been lower.
Class C shares bear a 1.00% 12b-1 fee. The initial offering of Class C shares took place on May 11, 2021. Returns prior to May 11, 2021, are those of Fidelity® Emerging Markets Fund, the original class of the fund, which has no 12b-1 fee. Had Class C's 12b-1 fee been reflected, returns prior to May 11, 2021, would have been lower.
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class I shares took place on May 11, 2021. Returns prior to May 11, 2021, are those of Fidelity® Emerging Markets Fund, the original class of the fund.
The initial offering of Class Z shares took place on May 11, 2021. Returns prior to May 11, 2021, are those of Fidelity® Emerging Markets Fund, the original class of the fund.
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Emerging Markets Fund, a class of the fund, on October 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets Index performed over the same period.
 
Fidelity® Emerging Markets Fund
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuation also helped bolster non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Portfolio Manager John Dance:
For the fiscal year ending October 31, 2023, the fund's share classes (excluding sales charges, if applicable) gained about 14% to 16%, versus 10.84% for the benchmark MSCI Emerging Markets (Net MA) Index. From a regional standpoint, non-benchmark exposure to the U.S. and Europe ex-U.K. - primarily the Netherlands - contributed to the fund's performance versus the benchmark. Within the benchmark, stock picking in Taiwan and China stood out. By sector, picks among information technology companies led the way, where our investment choices in semiconductors & semiconductor equipment helped most. Stock picks and an underweight in communication services also proved beneficial. Security selection and an underweight in utilities further boosted relative performance. The fund's non-benchmark stake in Nvidia gained 202% and was the top individual relative contributor. The stock was one of our largest holdings on October 31. A second notable relative contributor was an overweight in PDD Holdings (+85%), another of the portfolio's more sizable holdings. A non-benchmark stake in BE Semiconductor Industries (+113%) aided the fund's relative result as well. In contrast, stock selection in Brazil, as well as non-benchmark exposure to Kenya and Uruguay, detracted from the portfolio's relative return this period. Sector-wise, the biggest detractor from performance versus the benchmark was stock picking in financials, particularly among banks. Security selection in industrials and energy also hurt. The fund's non-benchmark stake in Safaricom returned -58% and was the largest individual relative detractor. A smaller-than-benchmark position in Alibaba (+31%), one of our largest holdings at period end after adding significantly to the position, also pressured relative performance. Another notable relative detractor was our non-benchmark stake in DLocal (-49%), though it was no longer held at period end. Notable changes in positioning include higher allocations to equity markets in Mexico and the U.S. By sector, meaningful shifts include increased exposure to the consumer staples sector and a lower allocation to health care stocks.
 
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
 
Fidelity® Emerging Markets Fund
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
8.6
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
5.2
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
4.7
 
NVIDIA Corp.  (United States of America, Semiconductors & Semiconductor Equipment)
4.4
 
HDFC Bank Ltd.  (India, Banks)
3.7
 
PDD Holdings, Inc. ADR  (China, Broadline Retail)
3.4
 
Alibaba Group Holding Ltd.  (China, Broadline Retail)
3.3
 
PT Bank Central Asia Tbk  (Indonesia, Banks)
2.9
 
Reliance Industries Ltd.  (India, Oil, Gas & Consumable Fuels)
2.8
 
Kweichow Moutai Co. Ltd. (A Shares)  (China, Beverages)
2.6
 
 
41.6
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
25.7
 
Financials
19.0
 
Consumer Discretionary
13.3
 
Communication Services
9.2
 
Consumer Staples
7.4
 
Industrials
6.3
 
Health Care
5.8
 
Energy
5.7
 
Materials
4.9
 
Utilities
2.5
 
Real Estate
0.2
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Emerging Markets Fund
Showing Percentage of Net Assets     
Common Stocks - 98.5%
 
 
Shares
Value ($)
 
Australia - 0.4%
 
 
 
Lynas Rare Earths Ltd. (a)
 
5,885,228
26,474,049
Brazil - 5.1%
 
 
 
Hapvida Participacoes e Investimentos SA (a)(b)
 
59,733,900
43,718,568
Localiza Rent a Car SA
 
8,641,710
87,192,699
Localiza Rent a Car SA rights 11/10/23 (a)
 
63,367
87,979
Nu Holdings Ltd. (a)
 
8,684,900
71,216,180
Raia Drogasil SA
 
10,313,600
52,777,484
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA
 
17,010,284
26,417,518
XP, Inc. Class A
 
3,322,700
66,454,000
TOTAL BRAZIL
 
 
347,864,428
China - 23.5%
 
 
 
Alibaba Group Holding Ltd. (a)
 
22,001,932
226,511,630
Bank of Chengdu Co. Ltd. (A Shares)
 
17,931,644
30,312,263
Chervon Holdings Ltd.
 
9,903,337
24,392,412
JOYY, Inc. ADR
 
827,200
32,194,624
Kweichow Moutai Co. Ltd. (A Shares)
 
775,715
178,689,234
Meituan Class B (a)(b)
 
8,800,310
124,744,519
NetEase, Inc. ADR
 
465,100
49,728,492
PDD Holdings, Inc. ADR (a)
 
2,280,800
231,318,736
Shandong Sinocera Functional Material Co. Ltd. (A Shares)
 
8,804,849
29,708,290
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) (a)
 
2,897,154
113,259,681
Sinopharm Group Co. Ltd. (H Shares)
 
21,850,899
52,251,687
Tencent Holdings Ltd.
 
9,641,800
356,831,025
Wuliangye Yibin Co. Ltd. (A Shares)
 
4,075,771
86,899,907
Wuxi Biologics (Cayman), Inc. (a)(b)
 
11,281,000
70,142,346
TOTAL CHINA
 
 
1,606,984,846
France - 2.7%
 
 
 
Gaztransport et Technigaz SA
 
527,141
67,322,584
Hermes International SCA
 
41,119
76,556,701
LVMH Moet Hennessy Louis Vuitton SE
 
58,199
41,666,443
TOTAL FRANCE
 
 
185,545,728
Greece - 0.5%
 
 
 
OPAP SA
 
1,849,000
31,302,830
Hong Kong - 1.3%
 
 
 
AIA Group Ltd.
 
10,430,600
90,577,329
Hungary - 0.8%
 
 
 
Richter Gedeon PLC
 
2,267,800
53,173,650
India - 19.6%
 
 
 
360 ONE WAM Ltd.
 
5,887,472
37,140,404
Asian Paints Ltd.
 
2,042,300
73,544,285
Computer Age Management Services Private Ltd.
 
1,410,500
38,062,359
HDFC Bank Ltd.
 
14,374,567
254,994,260
HDFC Standard Life Insurance Co. Ltd. (b)
 
8,040,600
59,713,228
Kotak Mahindra Bank Ltd.
 
4,413,348
92,232,866
Larsen & Toubro Ltd.
 
3,305,632
116,293,608
Mankind Pharma Ltd.
 
77,402
1,621,120
One97 Communications Ltd. (a)
 
6,013,431
66,531,306
Petronet LNG Ltd.
 
17,050,477
40,857,189
Power Grid Corp. of India Ltd.
 
70,127,033
170,269,530
Reliance Industries Ltd.
 
7,001,618
192,471,797
Restaurant Brands Asia Ltd. (a)(c)
 
25,702,456
34,411,680
Tata Consultancy Services Ltd.
 
2,013,600
81,493,544
Ultratech Cement Ltd.
 
759,700
76,861,867
TOTAL INDIA
 
 
1,336,499,043
Indonesia - 2.9%
 
 
 
PT Bank Central Asia Tbk
 
355,664,170
195,942,738
Italy - 1.2%
 
 
 
Ferrari NV
 
277,100
83,584,444
Kazakhstan - 1.1%
 
 
 
Kaspi.KZ JSC GDR (Reg. S)
 
861,034
77,837,474
Kenya - 0.3%
 
 
 
Safaricom Ltd.
 
233,129,100
19,279,026
Korea (South) - 6.1%
 
 
 
JYP Entertainment Corp.
 
369,500
28,084,551
NAVER Corp.
 
464,590
64,854,875
Samsung Electronics Co. Ltd.
 
6,522,917
324,196,103
TOTAL KOREA (SOUTH)
 
 
417,135,529
Mexico - 4.1%
 
 
 
Banco del Bajio SA (b)
 
19,132,722
58,558,079
Becle S.A.B. de CV
 
26,172,396
46,149,008
GCC S.A.B. de CV
 
5,310,400
47,283,738
Grupo Aeroportuario Norte S.A.B. de CV
 
8,538,587
65,181,970
Wal-Mart de Mexico SA de CV Series V
 
17,778,500
63,633,402
TOTAL MEXICO
 
 
280,806,197
Netherlands - 2.6%
 
 
 
ASML Holding NV (Netherlands)
 
188,700
113,431,422
BE Semiconductor Industries NV
 
590,400
60,783,528
TOTAL NETHERLANDS
 
 
174,214,950
Philippines - 0.4%
 
 
 
TaskUs, Inc. (a)(d)
 
2,981,872
27,671,772
Poland - 1.1%
 
 
 
Dino Polska SA (a)(b)
 
823,481
77,909,137
Russia - 0.2%
 
 
 
LUKOIL PJSC sponsored ADR (a)(e)
 
802,595
227,046
Sberbank of Russia (e)
 
25,741,060
158,304
Yandex NV Series A (a)(e)
 
1,084,187
11,817,638
TOTAL RUSSIA
 
 
12,202,988
Saudi Arabia - 4.8%
 
 
 
Al Rajhi Bank
 
6,092,020
108,960,055
Arabian Internet and Communications Services Co. Ltd.
 
503,800
42,005,715
Dr Sulaiman Al Habib Medical Services Group Co.
 
903,000
60,655,720
Sabic Agriculture-Nutrients Co.
 
1,652,500
58,936,054
Saudi Arabian Oil Co. (b)
 
6,533,010
57,988,387
TOTAL SAUDI ARABIA
 
 
328,545,931
Sweden - 0.2%
 
 
 
VEF AB (a)(c)
 
95,309,129
15,223,914
Taiwan - 12.9%
 
 
 
ASPEED Tech, Inc.
 
1,041,000
83,130,257
Chailease Holding Co. Ltd.
 
7,770,168
42,117,202
eMemory Technology, Inc.
 
1,292,000
80,883,327
International Games Systems Co. Ltd.
 
2,221,036
42,777,330
Taiwan Semiconductor Manufacturing Co. Ltd.
 
35,980,000
587,191,441
Voltronic Power Technology Corp.
 
1,114,868
44,676,151
TOTAL TAIWAN
 
 
880,775,708
United Arab Emirates - 0.5%
 
 
 
Adnoc Gas PLC
 
37,888,100
33,112,116
United States of America - 5.9%
 
 
 
Energy Recovery, Inc. (a)
 
1,513,300
23,002,160
Globant SA (a)(d)
 
330,100
56,212,729
Lattice Semiconductor Corp. (a)
 
427,700
23,784,397
NVIDIA Corp.
 
726,408
296,229,182
TOTAL UNITED STATES OF AMERICA
 
 
399,228,468
Zambia - 0.3%
 
 
 
First Quantum Minerals Ltd.
 
1,970,400
22,833,480
 
TOTAL COMMON STOCKS
 (Cost $5,849,490,685)
 
 
 
6,724,725,775
 
 
 
 
Preferred Stocks - 1.0%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.5%
 
 
 
China - 0.5%
 
 
 
ByteDance Ltd. Series E1 (a)(e)(f)
 
85,253
19,919,363
ZKH Group Ltd. Series F (e)(f)
 
37,926,244
14,032,710
 
 
 
33,952,073
Nonconvertible Preferred Stocks - 0.5%
 
 
 
Brazil - 0.5%
 
 
 
Alpargatas SA (PN)
 
21,970,500
35,951,133
 
TOTAL PREFERRED STOCKS
 (Cost $78,165,745)
 
 
 
69,903,206
 
 
 
 
Convertible Bonds - 0.5%
 
 
Principal
Amount (g)
 
Value ($)
 
Brazil - 0.5%
 
 
 
Creditas Financial Solutions Ltd. 5% 7/28/27 (e)(f)
  (Cost $30,523,684)
 
30,523,684
30,508,423
 
 
 
 
Money Market Funds - 1.2%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (h)
 
53,168,517
53,179,150
Fidelity Securities Lending Cash Central Fund 5.40% (h)(i)
 
27,681,476
27,684,244
 
TOTAL MONEY MARKET FUNDS
 (Cost $80,863,394)
 
 
80,863,394
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.2%
 (Cost $6,039,043,508)
 
 
 
6,906,000,798
NET OTHER ASSETS (LIABILITIES) - (1.2)%  
(78,657,350)
NET ASSETS - 100.0%
6,827,343,448
 
 
 
 
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 $492,774,264 or 7.2% of net assets.
 
(c)
Affiliated company
 
(d)
Security or a portion of the security is on loan at period end.
 
(e)
Level 3 security
 
(f)
Restricted securities (including private placements) - 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 $64,460,496 or 0.9% of net assets.
 
(g)
Amount is stated in United States dollars unless otherwise noted.
 
(h)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, 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.
 
(i)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
ByteDance Ltd. Series E1
11/18/20
9,341,528
 
 
 
Creditas Financial Solutions Ltd. 5% 7/28/27
1/28/22 - 7/28/23
30,523,684
 
 
 
ZKH Group Ltd. Series F
2/24/22
21,461,870
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
67,633,060
1,539,642,842
1,554,096,752
4,545,354
-
-
53,179,150
0.1%
Fidelity Securities Lending Cash Central Fund 5.40%
93,754,025
752,027,828
818,097,609
348,005
-
-
27,684,244
0.1%
Total
161,387,085
2,291,670,670
2,372,194,361
4,893,359
-
-
80,863,394
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
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 presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Restaurant Brands Asia Ltd.
38,433,791
-
645,685
-
(345,077)
(3,031,349)
34,411,680
VEF AB
18,957,451
3,112,504
-
-
-
(6,846,041)
15,223,914
Total
57,391,242
3,112,504
645,685
-
(345,077)
(9,877,390)
49,635,594
 
 
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
625,486,924
101,202,142
492,547,781
31,737,001
Consumer Discretionary
910,440,528
458,713,844
451,726,684
-
Consumer Staples
506,058,172
240,469,031
265,589,141
-
Energy
391,979,119
158,423,087
233,328,986
227,046
Financials
1,267,969,602
398,249,702
869,561,596
158,304
Health Care
394,822,772
157,547,938
237,274,834
-
Industrials
428,586,216
229,554,098
199,032,118
-
Information Technology
1,749,341,645
479,015,551
1,270,326,094
-
Materials
335,641,763
129,053,272
206,588,491
-
Real Estate
14,032,710
-
-
14,032,710
Utilities
170,269,530
-
170,269,530
-
 Corporate Bonds
30,508,423
-
-
30,508,423
  Money Market Funds
80,863,394
80,863,394
-
-
 Total Investments in Securities:
6,906,000,798
2,433,092,059
4,396,245,255
76,663,484
 
The following is a reconciliation of  Investments in Securities for which Level 3 inputs were used in determining value:
 
 
Investments in Securities:
 
  Beginning Balance
$
60,064,977
 
  Net Realized Gain (Loss) on Investment Securities
 
-
 
  Net Unrealized Gain (Loss) on Investment Securities
 
6,423,946
 
  Cost of Purchases
 
10,174,561
 
  Proceeds of Sales
 
-
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
-
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
76,663,484
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2023
$
7,107,947
 
 
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. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's  Statement of Operations.
 
 
Fidelity® Emerging Markets Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $27,386,387) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $5,877,922,836)
$
6,775,501,810
 
 
Fidelity Central Funds (cost $80,863,394)
80,863,394
 
 
Other affiliated issuers (cost $80,257,278)
49,635,594
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $6,039,043,508)
 
 
$
6,906,000,798
Foreign currency held at value (cost $2,045,199)
 
 
1,245,023
Receivable for investments sold
 
 
48,495,241
Receivable for fund shares sold
 
 
5,472,834
Dividends receivable
 
 
3,322,439
Interest receivable
 
 
401,407
Distributions receivable from Fidelity Central Funds
 
 
78,372
Prepaid expenses
 
 
10,107
Other receivables
 
 
1,733,969
  Total assets
 
 
6,966,760,190
Liabilities
 
 
 
 
Payable for investments purchased
$
67,040,434
 
 
Payable for fund shares redeemed
6,535,868
 
 
Accrued management fee
3,940,950
 
 
Distribution and service plan fees payable
6,133
 
 
Other affiliated payables
876,128
 
 
Deferred taxes
31,771,600
 
 
Other payables and accrued expenses
1,561,385
 
 
Collateral on securities loaned
27,684,244
 
 
  Total Liabilities
 
 
 
139,416,742
Net Assets  
 
 
$
6,827,343,448
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
6,670,477,389
Total accumulated earnings (loss)
 
 
 
156,866,059
Net Assets
 
 
$
6,827,343,448
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($15,288,422 ÷ 480,762 shares)(a)
 
 
$
31.80
Maximum offering price per share (100/94.25 of $31.80)
 
 
$
33.74
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($3,069,981 ÷ 96,535 shares)(a)
 
 
$
31.80
Maximum offering price per share (100/96.50 of $31.80)
 
 
$
32.95
Class C :
 
 
 
 
Net Asset Value and offering price per share ($1,767,549 ÷ 56,043 shares)(a)
 
 
$
31.54
Emerging Markets :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($3,985,433,297 ÷ 124,665,297 shares)
 
 
$
31.97
Class K :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,095,216,818 ÷ 34,222,779 shares)
 
 
$
32.00
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($114,991,934 ÷ 3,606,015 shares)
 
 
$
31.89
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,611,575,447 ÷ 50,418,561 shares)
 
 
$
31.96
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
123,836,805
Non-Cash dividends
 
 
23,096,816
Interest  
 
 
407,397
Income from Fidelity Central Funds (including $348,005 from security lending)
 
 
4,893,359
 Income before foreign taxes withheld
 
 
$
152,234,377
Less foreign taxes withheld
 
 
(15,464,172)
 Total Income
 
 
 
136,770,205
Expenses
 
 
 
 
Management fee
$
46,939,063
 
 
Transfer agent fees
8,593,759
 
 
Distribution and service plan fees
68,092
 
 
Accounting fees
1,575,719
 
 
Custodian fees and expenses
1,644,669
 
 
Independent trustees' fees and expenses
38,769
 
 
Registration fees
236,458
 
 
Audit
132,980
 
 
Legal
7,290
 
 
Interest
857
 
 
Miscellaneous
48,574
 
 
 Total expenses before reductions
 
59,286,230
 
 
 Expense reductions
 
(432,476)
 
 
 Total expenses after reductions
 
 
 
58,853,754
Net Investment income (loss)
 
 
 
77,916,451
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $6,985,844)
 
(415,723,368)
 
 
   Affiliated issuers
 
(345,077)
 
 
 Foreign currency transactions
 
(2,046,150)
 
 
Total net realized gain (loss)
 
 
 
(418,114,595)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $2,434,555)  
 
1,179,611,495
 
 
   Affiliated issuers
 
(9,877,390)
 
 
 Assets and liabilities in foreign currencies
 
(691,956)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
1,169,042,149
Net gain (loss)
 
 
 
750,927,554
Net increase (decrease) in net assets resulting from operations
 
 
$
828,844,005
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
77,916,451
$
57,338,565
Net realized gain (loss)
 
(418,114,595)
 
 
(249,065,256)
 
Change in net unrealized appreciation (depreciation)
 
1,169,042,149
 
(3,129,085,535)
 
Net increase (decrease) in net assets resulting from operations
 
828,844,005
 
 
(3,320,812,226)
 
Distributions to shareholders
 
(50,450,464)
 
 
(481,791,574)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
524,409,567
 
 
787,871,888
 
 
 
 
 
 
Total increase (decrease) in net assets
 
1,302,803,108
 
 
(3,014,731,912)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
5,524,540,340
 
8,539,272,252
 
End of period
$
6,827,343,448
$
5,524,540,340
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Emerging Markets Fund Class A
 
Years ended October 31,
 
2023  
 
2022 
 
2021 A
  Selected Per-Share Data 
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.73
$
47.48
$
46.83
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.26 D
 
.16 E
 
(.04)
     Net realized and unrealized gain (loss)
 
3.95
 
(17.27)
 
.69
  Total from investment operations
 
4.21  
 
(17.11)  
 
.65  
  Distributions from net investment income
 
(.14)
 
(.48)
 
-
  Distributions from net realized gain
 
-
 
(2.16)
 
-
     Total distributions
 
(.14)
 
(2.64)
 
-
  Net asset value, end of period
$
31.80
$
27.73
$
47.48
 Total Return F,G,H
 
15.18%
 
(38.00)%
 
1.39%
 Ratios to Average Net Assets C,I,J
 
 
 
 
 
 
    Expenses before reductions
 
1.20%
 
1.21%
 
1.25% K
    Expenses net of fee waivers, if any
 
1.20%
 
1.21%
 
1.25% K
    Expenses net of all reductions
 
1.20%
 
1.21%
 
1.25% K
    Net investment income (loss)
 
.77% D
 
.45% E
 
(.17)% K
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
15,288
$
10,046
$
6,248
    Portfolio turnover rate L
 
23%
 
34%
 
38% K,M
 
AFor the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .44%.
 
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .22%.
 
FTotal returns for periods of less than one year are not annualized.
 
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
HTotal returns do not include the effect of the sales charges.
 
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
KAnnualized.
 
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
MThe portfolio turnover rate does not include the assets acquired in the merger.
 
Fidelity Advisor® Emerging Markets Fund Class M
 
Years ended October 31,
 
2023  
 
2022 
 
2021 A
  Selected Per-Share Data 
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.71
$
47.42
$
46.83
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.17 D
 
.05 E
 
(.09)
     Net realized and unrealized gain (loss)
 
3.96
 
(17.29)
 
.68
  Total from investment operations
 
4.13  
 
(17.24)  
 
.59  
  Distributions from net investment income
 
(.04)
 
(.32)
 
-
  Distributions from net realized gain
 
-
 
(2.16)
 
-
     Total distributions
 
(.04)
 
(2.47) F
 
-
  Net asset value, end of period
$
31.80
$
27.71
$
47.42
 Total Return G,H,I
 
14.90%
 
(38.20)%
 
1.26%
 Ratios to Average Net Assets C,J,K
 
 
 
 
 
 
    Expenses before reductions
 
1.48%
 
1.51%
 
1.52% L
    Expenses net of fee waivers, if any
 
1.47%
 
1.50%
 
1.51% L
    Expenses net of all reductions
 
1.47%
 
1.50%
 
1.51% L
    Net investment income (loss)
 
.50% D
 
.15% E
 
(.39)% L
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,070
$
1,392
$
2,234
    Portfolio turnover rate M
 
23%
 
34%
 
38% L,N
 
AFor the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .17%.
 
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.08)%.
 
FTotal distributions per share do not sum due to rounding.
 
GTotal returns for periods of less than one year are not annualized.
 
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
ITotal returns do not include the effect of the sales charges.
 
JFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
KExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
LAnnualized.
 
MAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
NThe portfolio turnover rate does not include the assets acquired in the merger.
 
Fidelity Advisor® Emerging Markets Fund Class C
 
Years ended October 31,
 
2023  
 
2022 
 
2021 A
  Selected Per-Share Data 
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.59
$
47.31
$
46.83
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
- D,E
 
(.12) F
 
(.19)
     Net realized and unrealized gain (loss)
 
3.95
 
(17.26)
 
.67
  Total from investment operations
 
3.95  
 
(17.38)  
 
.48  
  Distributions from net investment income
 
-
 
(.18)
 
-
  Distributions from net realized gain
 
-
 
(2.16)
 
-
     Total distributions
 
-
 
(2.34)
 
-
  Net asset value, end of period
$
31.54
$
27.59
$
47.31
 Total Return G,H,I
 
14.32%
 
(38.50)%
 
1.02%
 Ratios to Average Net Assets C,J,K
 
 
 
 
 
 
    Expenses before reductions
 
1.98%
 
2.00%
 
2.01% L
    Expenses net of fee waivers, if any
 
1.98%
 
2.00%
 
2.01% L
    Expenses net of all reductions
 
1.97%
 
2.00%
 
2.01% L
    Net investment income (loss)
 
(.01)% D
 
(.34)% F
 
(.86)% L
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,768
$
1,377
$
1,587
    Portfolio turnover rate M
 
23%
 
34%
 
38% L,N
 
AFor the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.34)%.
 
EAmount represents less than $.005 per share.
 
FNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.57)%.
 
GTotal returns for periods of less than one year are not annualized.
 
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
ITotal returns do not include the effect of the contingent deferred sales charge.
 
JFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
KExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
LAnnualized.
 
MAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
NThe portfolio turnover rate does not include the assets acquired in the merger.
 
Fidelity® Emerging Markets Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.87
$
47.56
$
40.26
$
33.03
$
26.66
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.36 C
 
.28 D
 
.12
 
.15
 
.61 E
     Net realized and unrealized gain (loss)
 
3.98
 
(17.35)
 
7.81
 
7.68
 
5.98
  Total from investment operations
 
4.34  
 
(17.07)  
 
7.93  
 
7.83  
 
6.59
  Distributions from net investment income
 
(.24)
 
(.46)
 
(.09)
 
(.60)
 
(.22)
  Distributions from net realized gain
 
-
 
(2.16)
 
(.54)
 
-
 
-
     Total distributions
 
(.24)
 
(2.62)
 
(.63)
 
(.60)
 
(.22)
  Net asset value, end of period
$
31.97
$
27.87
$
47.56
$
40.26
$
33.03
 Total Return F
 
15.56%
 
(37.83)%
 
19.83%
 
24.09%
 
24.91%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.90%
 
.90%
 
.88%
 
.92%
 
.94%
    Expenses net of fee waivers, if any
 
.90%
 
.90%
 
.88%
 
.92%
 
.94%
    Expenses net of all reductions
 
.90%
 
.90%
 
.88%
 
.91%
 
.92%
    Net investment income (loss)
 
1.07% C
 
.76% D
 
.26%
 
.43%
 
2.02% E
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,985,433
$
3,330,900
$
5,016,159
$
4,526,531
$
3,104,887
    Portfolio turnover rate I
 
23%
 
34%
 
38% J
 
34%
 
85% K
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .74%.
 
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .53%.
 
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.34 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .88%.
 
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
JThe portfolio turnover rate does not include the assets acquired in the merger.
 
KPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity® Emerging Markets Fund Class K
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.90
$
47.62
$
40.30
$
33.07
$
26.70
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.40 C
 
.33 D
 
.16
 
.19
 
.65 E
     Net realized and unrealized gain (loss)
 
3.98
 
(17.35)
 
7.83
 
7.69
 
5.99
  Total from investment operations
 
4.38  
 
(17.02)  
 
7.99  
 
7.88  
 
6.64
  Distributions from net investment income
 
(.28)
 
(.54)
 
(.12)
 
(.65)
 
(.26)
  Distributions from net realized gain
 
-
 
(2.16)
 
(.54)
 
-
 
- F
     Total distributions
 
(.28)
 
(2.70)
 
(.67) G
 
(.65)
 
(.27) G
  Net asset value, end of period
$
32.00
$
27.90
$
47.62
$
40.30
$
33.07
 Total Return H
 
15.69%
 
(37.73)%
 
19.94%
 
24.24%
 
25.08%
 Ratios to Average Net Assets B,I,J
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.77%
 
.77%
 
.77%
 
.80%
 
.80%
    Expenses net of fee waivers, if any
 
.76%
 
.77%
 
.77%
 
.80%
 
.80%
    Expenses net of all reductions
 
.76%
 
.77%
 
.77%
 
.79%
 
.79%
    Net investment income (loss)
 
1.20% C
 
.88% D
 
.34%
 
.55%
 
2.15% E
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,095,217
$
826,468
$
1,689,454
$
1,227,097
$
1,018,765
    Portfolio turnover rate K
 
23%
 
34%
 
38% L
 
34%
 
85% M
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .87%.
 
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .66%.
 
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.34 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.02%.
 
FAmount represents less than $.005 per share.
 
GTotal distributions per share do not sum due to rounding.
 
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
LThe portfolio turnover rate does not include the assets acquired in the merger.
 
MPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Emerging Markets Fund Class I
 
Years ended October 31,
 
2023  
 
2022 
 
2021 A
  Selected Per-Share Data 
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.83
$
47.55
$
46.83
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.36 D
 
.26 E
 
.04
     Net realized and unrealized gain (loss)
 
3.97
 
(17.29)
 
.68
  Total from investment operations
 
4.33  
 
(17.03)  
 
.72  
  Distributions from net investment income
 
(.27)
 
(.53)
 
-
  Distributions from net realized gain
 
-
 
(2.16)
 
-
     Total distributions
 
(.27)
 
(2.69)
 
-
  Net asset value, end of period
$
31.89
$
27.83
$
47.55
 Total Return F,G
 
15.54%
 
(37.81)%
 
1.54%
 Ratios to Average Net Assets C,H,I
 
 
 
 
 
 
    Expenses before reductions
 
.91%
 
.89%
 
.94% J
    Expenses net of fee waivers, if any
 
.90%
 
.89%
 
.93% J
    Expenses net of all reductions
 
.90%
 
.89%
 
.93% J
    Net investment income (loss)
 
1.06% D
 
.76% E
 
.17% J
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
114,992
$
47,819
$
25,824
    Portfolio turnover rate K
 
23%
 
34%
 
38% J,L
 
AFor the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .73%.
 
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .53%.
 
FTotal returns for periods of less than one year are not annualized.
 
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
JAnnualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
LThe portfolio turnover rate does not include the assets acquired in the merger.
 
Fidelity Advisor® Emerging Markets Fund Class Z
 
Years ended October 31,
 
2023  
 
2022 
 
2021 A
  Selected Per-Share Data 
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.87
$
47.59
$
46.83
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.40 D
 
.32 E
 
(.03)
     Net realized and unrealized gain (loss)
 
3.97
 
(17.33)
 
.79
  Total from investment operations
 
4.37  
 
(17.01)  
 
.76  
  Distributions from net investment income
 
(.28)
 
(.55)
 
-
  Distributions from net realized gain
 
-
 
(2.16)
 
-
     Total distributions
 
(.28)
 
(2.71)
 
-
  Net asset value, end of period
$
31.96
$
27.87
$
47.59
 Total Return F,G
 
15.67%
 
(37.74)%
 
1.62%
 Ratios to Average Net Assets C,H,I
 
 
 
 
 
 
    Expenses before reductions
 
.77%
 
.77%
 
.78% J
    Expenses net of fee waivers, if any
 
.76%
 
.77%
 
.78% J
    Expenses net of all reductions
 
.76%
 
.77%
 
.78% J
    Net investment income (loss)
 
1.20% D
 
.88% E
 
(.13)% J
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,611,575
$
1,306,539
$
1,797,766
    Portfolio turnover rate K
 
23%
 
34%
 
38% J,L
 
AFor the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .87%.
 
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .66%.
 
FTotal returns for periods of less than one year are not annualized.
 
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
JAnnualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
LThe portfolio turnover rate does not include the assets acquired in the merger.
 
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity Emerging Markets Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Emerging Markets, Class K, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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, 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. 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 services or from brokers who make markets in such securities. Corporate bonds are valued by pricing services 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 services. 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
 
Asset Type
Fair Value
Valuation Technique(s)
Unobservable Input
Amount or Range/Weighted Average
Impact to Valuation from an Increase in InputA
Equities
$46,155,061
Market comparable
Enterprise value/Revenue multiple (EV/R)
1.2 - 4.0 / 2.8
Increase
 
 
Market approach
Discount rate
20.0% - 50.0% / 20.9%
Decrease
Corporate Bonds
$30,508,423
Market comparable
Enterprise value/Revenue multiple (EV/R)
6.0
Increase
 
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations in "Non-cash dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$1,857,134,486
Gross unrealized depreciation
(1,044,194,786)
Net unrealized appreciation (depreciation)
$812,939,700
Tax Cost
$6,093,061,098
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$69,710,466
Capital loss carryforward
$(692,207,341)
Net unrealized appreciation (depreciation) on securities and other investments
$811,134,535
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 Short-term
$(370,826,960)
 Long-term
(321,380,381)
Total capital loss carryforward
$(692,207,341)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$50,450,464
$90,092,233
Long-term Capital Gains
-
391,699,341
Total
$50,450,464
$481,791,574
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncement. In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. They also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. They also require additional disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the potential impact of ASU 2022-03 to the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Emerging Markets Fund
2,127,648,208
1,536,002,003
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .67% of the Fund's average net assets.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees
Retained by FDC
Class A
 - %
 .25%
$38,020
$4,048
Class M
 .25%
 .25%
 12,072
 -
Class C
 .75%
 .25%
18,000
                  8,831
 
 
 
$68,092
$12,879
 
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
 
For the period, sales charge amounts retained by FDC were as follows:
 
 
Retained by FDC
Class A
$26,654
Class M
 1,072
Class CA
                        84
 
$27,810
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class K and Class Z. FIIOC receives an asset-based fee of Class K's and Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Class A
$34,377
.23
Class M
 6,140
.25
Class C
 4,599
.26
Emerging Markets
 7,243,375
.17
Class K
 445,481
.04
Class I
 186,774
.18
Class Z
673,013
.04
 
$8,593,759
 
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
 
 
% of Class-Level Average Net Assets
Class A
0.2000
Class M
0.2000
Class C
0.2000
Emerging Markets
0.1718
Class I
0.1894
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity Emerging Markets Fund
.02
 
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
 
 
% of Average Net Assets
Fidelity Emerging Markets Fund
0.0211
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity Emerging Markets Fund
$20,934
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity Emerging Markets Fund
 Borrower
$ 2,768,500
5.57%
$857
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Emerging Markets Fund
 21,504,562
 32,997,546
 (10,074,019)
 
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
 
 
Amount ($)
Fidelity Emerging Markets Fund
 67,156
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity Emerging Markets Fund
$12,380
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Emerging Markets Fund
$37,490
$ 38,413
$-
8. Expense Reductions.
Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $7,635. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction
Class A
$45
Class M
 140
Class C
26
 
$211
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $424,630.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2023
Year ended
October 31, 2022
Fidelity Emerging Markets Fund
 
 
Distributions to shareholders
 
 
Class A
$53,539
 $625,889
Class M
 1,926
 114,309
Class C
 -
 82,608
Emerging Markets
 28,390,916
 277,953,427
Class K
 8,364,511
 95,062,813
Class I
 674,976
 1,596,371
Class Z
       12,964,596
     106,356,157
Total  
$50,450,464
$481,791,574
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended
 October 31, 2023
Year ended
 October 31, 2022
Year ended
 October 31, 2023
Year ended
 October 31, 2022
Fidelity Emerging Markets Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
311,663
405,334
$10,362,526
$16,326,133
Reinvestment of distributions
1,632
14,217
52,760
609,645
Shares redeemed
(194,860)
(188,821)
(6,441,724)
(6,470,572)
Net increase (decrease)
118,435
230,730
$3,973,562
$10,465,206
Class M
 
 
 
 
Shares sold
53,614
9,094
$1,831,527
$331,845
Reinvestment of distributions
60
2,657
1,926
114,195
Shares redeemed
(7,386)
(8,614)
(241,523)
(305,492)
Net increase (decrease)
46,288
3,137
$1,591,930
$140,548
Class C
 
 
 
 
Shares sold
28,408
27,888
$941,354
$1,033,697
Reinvestment of distributions
-
1,916
-
82,366
Shares redeemed
(22,275)
(13,429)
(725,503)
(473,302)
Net increase (decrease)
6,133
16,375
$215,851
$642,761
Emerging Markets
 
 
 
 
Shares sold
32,842,894
90,211,588
$1,091,041,239
$3,178,493,756
Reinvestment of distributions
705,770
4,752,444
22,902,138
204,307,548
Shares redeemed
(28,385,896)
(80,932,071)
(937,069,628)
(2,841,698,156)
Net increase (decrease)
5,162,768
14,031,961
$176,873,749
$541,103,148
Class K
 
 
 
 
Shares sold
13,987,503
8,137,924
$471,747,111
$295,826,108
Reinvestment of distributions
257,656
2,211,734
8,363,213
95,060,337
Shares redeemed
(9,646,138)
(16,201,876)
(321,986,003)
(567,669,911)
Net increase (decrease)
4,599,021
(5,852,218)
$158,124,321
$(176,783,466)
Class I
 
 
 
 
Shares sold
3,147,089
2,413,035
$103,953,662
$83,439,062
Reinvestment of distributions
19,449
35,220
629,629
1,511,652
Shares redeemed
(1,278,880)
(1,272,970)
(41,874,106)
(42,317,885)
Net increase (decrease)
1,887,658
1,175,285
$62,709,185
$42,632,829
Class Z
 
 
 
 
Shares sold
6,017,620
8,050,253
$203,435,458
$312,633,669
Reinvestment of distributions
395,803
2,468,777
12,830,167
105,984,590
Shares redeemed
(2,879,543)
(1,412,722)
(95,344,656)
(48,947,397)
Net increase (decrease)
3,533,880
9,106,308
$120,920,969
$369,670,862
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity Emerging Markets Fund
Fidelity Emerging Markets Fund
14%
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity Emerging Markets Fund
32%
 
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Class A  (incl. 5.75% sales charge)  
4.23%
1.41%
1.46%
Class M  (incl. 3.50% sales charge)  
6.45%
1.59%
1.41%
Class C  
(incl. contingent deferred sales charge)
 
8.76%
1.81%
1.42%
Fidelity® Europe Fund
10.92%
2.94%
2.38%
Class I
10.96%
2.95%
2.40%
Class Z
11.10%
3.07%
2.46%
 
 
Class A shares bear a 0.25% 12b-1 fee. The initial offering of Class A shares took place on March 18, 2014. Returns prior to March 18, 2014, are those of Fidelity® Europe Fund, the original class of the fund, which has no 12b-1 fee. Had Class A's 12b-1 fee been reflected, returns prior to March 18, 2014, would have been lower.
Class M shares bear a 0.50% 12b-1 fee. The initial offering of Class M shares took place on March 18, 2014. Returns prior to March 18, 2014, are those of Fidelity® Europe Fund, the original class of the fund, which has no 12b-1 fee. Had Class M's 12b-1 fee been reflected, returns prior to March 18, 2014, would have been lower.
Class C shares bear a 1.00% 12b-1 fee. The initial offering of Class C shares took place on March 18, 2014. Returns prior to March 18, 2014, are those of Fidelity® Europe Fund, the original class of the fund, which has no 12b-1 fee. Had Class C's 12b-1 fee been reflected, returns prior to March 18, 2014, would have been lower.
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class I shares took place on March 18, 2014. Returns prior to March 18, 2014, are those of Fidelity® Europe Fund, the original class of the fund.
The initial offering of Class Z shares took place on October 2, 2018. Returns between March 18, 2014 and October 2, 2018, are those of Class I. Returns prior to March 18, 2014 are those of Fidelity® Europe Fund, the original class of the fund.
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Europe Fund, a class of the fund, on October 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI Europe Index performed over the same period.
 
Fidelity® Europe Fund
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Co-Lead-Managers Allyson Ke and Faris Rahman:
For the fiscal year ending October 31, 2023, the fund's share classes (excluding sales charges, if applicable) gained about 10% to 11%, versus 16.05% for the benchmark MSCI Europe Index (Net MA). From a regional standpoint, stock picks in Europe ex U.K. and in the U.K. detracted from the fund's relative result. By sector, security selection was the primary detractor, especially within financials, where our stock selection in insurance hurt most. Security selection in industrials, primarily within the capital goods industry, also hurt. Also hurting our result were picks in consumer staples and utilities. The biggest individual relative detractor was our stake in Sartorius Stedim Biotech (-26%). Sartorius Stedim Biotech was not held at period end. A non-benchmark stake in Resmed returned approximately -34% and was a second notable relative detractor. Resmed was not held at period end. Not owning HSBC Holdings, a benchmark component that gained roughly 48%, was another notable relative detractor. In contrast, security selection and an overweight in the consumer discretionary sector, primarily within the consumer discretionary distribution & retail industry, notably contributed to the fund's relative performance. An underweight in communication services and materials also modestly boosted the fund's relative result. The top individual relative contributor was an overweight in Novo-Nordisk (+78%). Novo-Nordisk was the fund's top holding as of period end. This period we increased our stake in Novo-Nordisk. Not owning British American Tobacco, a benchmark component that returned roughly -18%, was a second notable relative contributor. A non-benchmark stake in B&M European Value Retail gained approximately 57% and notably helped. This was a position we established this period. Notable changes in positioning include increased exposure to the information technology sector and a lower allocation to materials.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
 
Fidelity® Europe Fund
Top Holdings (% of Fund's net assets)
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
6.1
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
4.5
 
Nestle SA (Reg. S)  (United States of America, Food Products)
4.1
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
4.1
 
TotalEnergies SE  (France, Oil, Gas & Consumable Fuels)
3.9
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
3.6
 
Air Liquide SA  (France, Chemicals)
2.6
 
SAP SE  (Germany, Software)
2.5
 
RELX PLC (London Stock Exchange)  (United Kingdom, Professional Services)
2.4
 
L'Oreal SA  (France, Personal Care Products)
2.4
 
 
36.2
 
 
Market Sectors (% of Fund's net assets)
 
Health Care
17.0
 
Financials
16.6
 
Industrials
14.1
 
Consumer Discretionary
12.2
 
Consumer Staples
11.7
 
Information Technology
10.5
 
Energy
5.6
 
Materials
5.0
 
Communication Services
3.1
 
Utilities
1.1
 
Real Estate
1.0
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Europe Fund
Showing Percentage of Net Assets     
Common Stocks - 97.8%
 
 
Shares
Value ($)
 
Australia - 1.3%
 
 
 
Glencore PLC
 
1,373,900
7,277,316
Belgium - 1.6%
 
 
 
Azelis Group NV
 
1,200
20,442
KBC Group NV
 
53,000
2,910,516
UCB SA
 
75,900
5,546,194
TOTAL BELGIUM
 
 
8,477,152
China - 0.7%
 
 
 
Prosus NV
 
129,053
3,609,042
Denmark - 8.3%
 
 
 
DSV A/S
 
17,300
2,580,131
Novo Nordisk A/S Series B
 
345,700
33,351,833
Tryg A/S
 
328,400
6,408,543
Vestas Wind Systems A/S (a)
 
154,000
3,337,917
TOTAL DENMARK
 
 
45,678,424
Finland - 2.5%
 
 
 
Elisa Corp. (A Shares)
 
125,900
5,339,249
Nordea Bank Abp
 
768,000
8,070,486
TOTAL FINLAND
 
 
13,409,735
France - 22.7%
 
 
 
Air Liquide SA
 
82,880
14,201,675
Airbus Group NV
 
62,200
8,339,541
AXA SA
 
272,500
8,074,291
BNP Paribas SA
 
128,200
7,372,016
Capgemini SA
 
40,600
7,175,189
Dassault Aviation SA
 
51,300
10,177,599
Dassault Systemes SA
 
90,600
3,732,119
Edenred SA
 
85,100
4,523,826
L'Oreal SA
 
30,800
12,946,186
LVMH Moet Hennessy Louis Vuitton SE
 
27,600
19,759,684
Pernod Ricard SA
 
37,100
6,575,298
TotalEnergies SE
 
324,007
21,662,292
TOTAL FRANCE
 
 
124,539,716
Germany - 10.4%
 
 
 
Deutsche Borse AG
 
35,700
5,876,094
DHL Group
 
90,300
3,512,287
Gerresheimer AG
 
30,300
2,818,112
Merck KGaA
 
31,900
4,804,795
MTU Aero Engines AG
 
23,100
4,326,253
Rheinmetall AG
 
13,900
3,976,932
RWE AG
 
162,800
6,223,706
SAP SE
 
103,500
13,882,696
SCHOTT Pharma AG & Co. KGaA
 
65,000
1,884,476
Scout24 AG (b)
 
87,100
5,347,153
Siemens Healthineers AG (b)
 
85,600
4,195,358
TOTAL GERMANY
 
 
56,847,862
Hong Kong - 1.0%
 
 
 
Prudential PLC
 
514,355
5,378,296
Ireland - 1.0%
 
 
 
Bank of Ireland Group PLC
 
589,400
5,269,793
Italy - 5.8%
 
 
 
Coca-Cola HBC AG
 
97,600
2,529,147
Davide Campari Milano NV
 
346,200
3,820,657
Ferrari NV (Italy)
 
21,900
6,615,717
FinecoBank SpA
 
291,635
3,429,856
Industrie de Nora SpA
 
120,000
1,692,537
Prada SpA
 
587,600
3,539,736
Recordati SpA
 
148,000
6,827,708
UniCredit SpA
 
140,800
3,529,802
TOTAL ITALY
 
 
31,985,160
Netherlands - 5.2%
 
 
 
ASML Holding NV (Netherlands)
 
41,200
24,766,161
Heineken NV (Bearer)
 
42,800
3,845,300
TOTAL NETHERLANDS
 
 
28,611,461
Norway - 2.3%
 
 
 
Equinor ASA
 
215,800
7,234,310
Kongsberg Gruppen ASA
 
72,700
2,967,626
TGS ASA
 
176,583
2,405,877
TOTAL NORWAY
 
 
12,607,813
Spain - 0.7%
 
 
 
CaixaBank SA
 
985,100
4,004,965
Sweden - 6.5%
 
 
 
ASSA ABLOY AB (B Shares)
 
186,000
3,964,604
Evolution AB (b)
 
38,700
3,438,898
Haypp Group (a)
 
399,824
1,608,258
Hemnet Group AB
 
336,300
5,835,754
HEXPOL AB (B Shares)
 
238,100
2,105,315
Indutrade AB
 
203,400
3,592,429
Investor AB (B Shares)
 
360,200
6,595,763
Kry International AB (a)(c)(d)
 
406
14,902
Nordnet AB
 
233,200
3,290,407
Sandvik AB
 
294,100
5,009,411
TOTAL SWEDEN
 
 
35,455,741
Switzerland - 2.2%
 
 
 
Compagnie Financiere Richemont SA Series A
 
71,470
8,431,710
Sika AG
 
16,240
3,872,320
TOTAL SWITZERLAND
 
 
12,304,030
United Kingdom - 18.9%
 
 
 
3i Group PLC
 
152,841
3,603,622
AstraZeneca PLC (United Kingdom)
 
177,600
22,236,186
B&M European Value Retail SA
 
795,200
5,110,989
Beazley PLC
 
351,600
2,198,727
Bunzl PLC
 
156,717
5,584,923
Compass Group PLC
 
336,313
8,478,917
Diageo PLC
 
300,280
11,355,396
Direct Line Insurance Group PLC (a)
 
500,250
919,948
Games Workshop Group PLC
 
6,900
828,177
Grainger Trust PLC
 
875,148
2,418,851
Hiscox Ltd.
 
306,417
3,493,436
JD Sports Fashion PLC
 
2,768,700
4,290,651
Judges Scientific PLC
 
10,868
1,077,896
London Stock Exchange Group PLC
 
58,500
5,902,363
Londonmetric Properity PLC
 
926,341
1,862,274
RELX PLC (London Stock Exchange)
 
382,218
13,350,002
Safestore Holdings PLC
 
211,769
1,759,292
Sage Group PLC
 
636,200
7,505,352
Vistry Group PLC
 
202,300
1,738,411
TOTAL UNITED KINGDOM
 
 
103,715,413
United States of America - 6.7%
 
 
 
Experian PLC
 
119,157
3,607,700
Nestle SA (Reg. S)
 
209,490
22,591,146
Sanofi SA
 
113,300
10,288,345
TOTAL UNITED STATES OF AMERICA
 
 
36,487,191
 
TOTAL COMMON STOCKS
 (Cost $505,814,288)
 
 
 
535,659,110
 
 
 
 
Preferred Stocks - 0.1%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.1%
 
 
 
Estonia - 0.1%
 
 
 
Bolt Technology OU Series E (a)(c)(d)
 
3,852
454,941
Nonconvertible Preferred Stocks - 0.0%
 
 
 
Sweden - 0.0%
 
 
 
Kry International AB Series E (a)(c)(d)
 
2,345
86,074
 
TOTAL PREFERRED STOCKS
 (Cost $2,072,807)
 
 
 
541,015
 
 
 
 
Money Market Funds - 1.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (e)
 
4,562,325
4,563,237
Fidelity Securities Lending Cash Central Fund 5.40% (e)(f)
 
2,636,593
2,636,857
 
TOTAL MONEY MARKET FUNDS
 (Cost $7,200,094)
 
 
7,200,094
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.2%
 (Cost $515,087,189)
 
 
 
543,400,219
NET OTHER ASSETS (LIABILITIES) - 0.8%  
4,235,722
NET ASSETS - 100.0%
547,635,941
 
 
 
 
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 $12,981,409 or 2.4% of net assets.
 
(c)
Restricted securities (including private placements) - 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 $555,917 or 0.1% of net assets.
 
(d)
Level 3 security
 
(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, 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.
 
(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 ($)
 
Bolt Technology OU Series E
1/03/22
1,000,736
 
 
 
Kry International AB
5/14/21
176,328
 
 
 
Kry International AB Series E
5/14/21
1,072,071
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
-
120,607,794
116,044,557
263,605
-
-
4,563,237
0.0%
Fidelity Securities Lending Cash Central Fund 5.40%
3,435,000
78,810,746
79,608,889
87,188
-
-
2,636,857
0.0%
Total
3,435,000
199,418,540
195,653,446
350,793
-
-
7,200,094
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
16,522,156
16,522,156
-
-
Consumer Discretionary
67,450,190
27,240,143
40,210,047
-
Consumer Staples
63,663,130
12,925,102
50,738,028
-
Energy
31,302,479
2,405,877
28,896,602
-
Financials
90,852,750
47,111,301
43,741,449
-
Health Care
91,953,007
26,076,643
65,876,364
-
Industrials
77,118,230
43,116,755
34,001,475
-
Information Technology
57,617,434
7,505,352
49,556,165
555,917
Materials
27,456,626
5,977,635
21,478,991
-
Real Estate
6,040,417
6,040,417
-
-
Utilities
6,223,706
6,223,706
-
-
  Money Market Funds
7,200,094
7,200,094
-
-
 Total Investments in Securities:
543,400,219
208,345,181
334,499,121
555,917
Fidelity® Europe Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $2,683,615) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $507,887,095)
$
536,200,125
 
 
Fidelity Central Funds (cost $7,200,094)
7,200,094
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $515,087,189)
 
 
$
543,400,219
Cash
 
 
631,917
Receivable for investments sold
 
 
3,365,165
Receivable for fund shares sold
 
 
24,988
Reclaims receivable
 
 
3,484,850
Distributions receivable from Fidelity Central Funds
 
 
7,173
Prepaid expenses
 
 
866
  Total assets
 
 
550,915,178
Liabilities
 
 
 
 
Payable for investments purchased
$
15,547
 
 
Payable for fund shares redeemed
258,677
 
 
Accrued management fee
180,501
 
 
Distribution and service plan fees payable
6,781
 
 
Other affiliated payables
105,736
 
 
Other payables and accrued expenses
75,138
 
 
Collateral on securities loaned
2,636,857
 
 
  Total Liabilities
 
 
 
3,279,237
Net Assets  
 
 
$
547,635,941
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
611,327,841
Total accumulated earnings (loss)
 
 
 
(63,691,900)
Net Assets
 
 
$
547,635,941
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($15,324,998 ÷ 502,421 shares)(a)
 
 
$
30.50
Maximum offering price per share (100/94.25 of $30.50)
 
 
$
32.36
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($4,247,575 ÷ 139,270 shares)(a)
 
 
$
30.50
Maximum offering price per share (100/96.50 of $30.50)
 
 
$
31.61
Class C :
 
 
 
 
Net Asset Value and offering price per share ($2,024,633 ÷ 67,425 shares)(a)
 
 
$
30.03
Europe :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($519,010,343 ÷ 16,971,479 shares)
 
 
$
30.58
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($4,806,367 ÷ 157,148 shares)
 
 
$
30.58
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($2,222,025 ÷ 72,782 shares)
 
 
$
30.53
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
15,776,445
Foreign Tax Reclaims
 
 
1,681,827
Income from Fidelity Central Funds (including $87,188 from security lending)
 
 
350,793
 Income before foreign taxes withheld
 
 
$
17,809,065
Less foreign taxes withheld
 
 
(2,819,871)
 Total Income
 
 
 
14,989,194
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
4,153,398
 
 
 Performance adjustment
(1,427,604)
 
 
Transfer agent fees
1,048,507
 
 
Distribution and service plan fees
91,571
 
 
Accounting fees
294,606
 
 
Custodian fees and expenses
50,095
 
 
Independent trustees' fees and expenses
3,574
 
 
Registration fees
83,267
 
 
Audit
93,823
 
 
Legal
618
 
 
Miscellaneous
3,022
 
 
 Total expenses before reductions
 
4,394,877
 
 
 Expense reductions
 
(37,253)
 
 
 Total expenses after reductions
 
 
 
4,357,624
Net Investment income (loss)
 
 
 
10,631,570
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(2,036,144)
 
 
 Foreign currency transactions
 
370,023
 
 
Total net realized gain (loss)
 
 
 
(1,666,121)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
54,190,120
 
 
 Assets and liabilities in foreign currencies
 
210,531
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
54,400,651
Net gain (loss)
 
 
 
52,734,530
Net increase (decrease) in net assets resulting from operations
 
 
$
63,366,100
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
10,631,570
$
12,412,102
Net realized gain (loss)
 
(1,666,121)
 
 
(97,543,049)
 
Change in net unrealized appreciation (depreciation)
 
54,400,651
 
(184,315,984)
 
Net increase (decrease) in net assets resulting from operations
 
63,366,100
 
 
(269,446,931)
 
Distributions to shareholders
 
-
 
 
(133,487,366)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
(68,214,872)
 
 
(44,868,451)
 
 
 
 
 
 
Total increase (decrease) in net assets
 
(4,848,772)
 
 
(447,802,748)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
552,484,713
 
1,000,287,461
 
End of period
$
547,635,941
$
552,484,713
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Europe Fund Class A
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.58
$
46.12
$
35.37
$
36.30
$
37.61
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.46
 
.47
 
.41
 
.19
 
1.41 C
     Net realized and unrealized gain (loss)
 
2.46
 
(12.91)
 
10.72
 
1.46
 
.82
  Total from investment operations
 
2.92  
 
(12.44)  
 
11.13  
 
1.65  
 
2.23
  Distributions from net investment income
 
-
 
(.99)
 
(.38)
 
(1.50)
 
(.11)
  Distributions from net realized gain
 
-
 
(5.12)
 
-
 
(1.08)
 
(3.43)
     Total distributions
 
-
 
(6.10) D
 
(.38)
 
(2.58)
 
(3.54)
  Net asset value, end of period
$
30.50
$
27.58
$
46.12
$
35.37
$
36.30
 Total Return E,F
 
10.59%
 
(30.29)%
 
31.60%
 
4.62%
 
7.21%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.02%
 
1.18%
 
1.36%
 
1.34%
 
1.09%
    Expenses net of fee waivers, if any
 
1.01%
 
1.18%
 
1.36%
 
1.34%
 
1.09%
    Expenses net of all reductions
 
1.01%
 
1.18%
 
1.36%
 
1.33%
 
1.07%
    Net investment income (loss)
 
1.43%
 
1.42%
 
.92%
 
.56%
 
4.02% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
15,325
$
16,495
$
32,148
$
23,189
$
20,819
    Portfolio turnover rate I
 
37%
 
55%
 
52%
 
39%
 
45%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.20 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 3.44%.
 
DTotal distributions per share do not sum due to rounding.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FTotal returns do not include the effect of the sales charges.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Europe Fund Class M
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.65
$
46.18
$
35.42
$
36.32
$
37.57
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.38
 
.37
 
.27
 
.09
 
1.30 C
     Net realized and unrealized gain (loss)
 
2.47
 
(12.95)
 
10.75
 
1.45
 
.83
  Total from investment operations
 
2.85  
 
(12.58)  
 
11.02  
 
1.54  
 
2.13
  Distributions from net investment income
 
-
 
(.83)
 
(.26)
 
(1.36)
 
-
  Distributions from net realized gain
 
-
 
(5.12)
 
-
 
(1.08)
 
(3.38)
     Total distributions
 
-
 
(5.95)
 
(.26)
 
(2.44)
 
(3.38)
  Net asset value, end of period
$
30.50
$
27.65
$
46.18
$
35.42
$
36.32
 Total Return D,E
 
10.31%
 
(30.51)%
 
31.20%
 
4.30%
 
6.88%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.29%
 
1.49%
 
1.68%
 
1.65%
 
1.41%
    Expenses net of fee waivers, if any
 
1.28%
 
1.48%
 
1.68%
 
1.65%
 
1.40%
    Expenses net of all reductions
 
1.28%
 
1.48%
 
1.68%
 
1.64%
 
1.38%
    Net investment income (loss)
 
1.16%
 
1.12%
 
.59%
 
.25%
 
3.70% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,248
$
4,066
$
6,937
$
5,204
$
5,782
    Portfolio turnover rate H
 
37%
 
55%
 
52%
 
39%
 
45%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.20 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 3.12%.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
ETotal returns do not include the effect of the sales charges.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Europe Fund Class C
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.36
$
45.63
$
35.01
$
35.87
$
37.23
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.21
 
.21
 
.04
 
(.09)
 
1.12 C
     Net realized and unrealized gain (loss)
 
2.46
 
(12.84)
 
10.64
 
1.45
 
.82
  Total from investment operations
 
2.67  
 
(12.63)  
 
10.68  
 
1.36  
 
1.94
  Distributions from net investment income
 
-
 
(.52)
 
(.06)
 
(1.14)
 
-
  Distributions from net realized gain
 
-
 
(5.12)
 
-
 
(1.08)
 
(3.30)
     Total distributions
 
-
 
(5.64)
 
(.06)
 
(2.22)
 
(3.30)
  Net asset value, end of period
$
30.03
$
27.36
$
45.63
$
35.01
$
35.87
 Total Return D,E
 
9.76%
 
(30.85)%
 
30.53%
 
3.81%
 
6.35%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.79%
 
1.99%
 
2.19%
 
2.15%
 
1.90%
    Expenses net of fee waivers, if any
 
1.78%
 
1.98%
 
2.18%
 
2.15%
 
1.90%
    Expenses net of all reductions
 
1.78%
 
1.98%
 
2.18%
 
2.14%
 
1.87%
    Net investment income (loss)
 
.65%
 
.62%
 
.09%
 
(.25)%
 
3.21% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,025
$
2,496
$
5,255
$
5,242
$
6,145
    Portfolio turnover rate H
 
37%
 
55%
 
52%
 
39%
 
45%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.20 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.63%.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
ETotal returns do not include the effect of the contingent deferred sales charge.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity® Europe Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.57
$
46.11
$
35.35
$
36.28
$
37.70
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.57
 
.57
 
.54
 
.30
 
1.52 C
     Net realized and unrealized gain (loss)
 
2.44
 
(12.88)
 
10.71
 
1.46
 
.81
  Total from investment operations
 
3.01  
 
(12.31)  
 
11.25  
 
1.76  
 
2.33
  Distributions from net investment income
 
-
 
(1.11)
 
(.49)
 
(1.61)
 
(.32)
  Distributions from net realized gain
 
-
 
(5.12)
 
-
 
(1.08)
 
(3.43)
     Total distributions
 
-
 
(6.23)
 
(.49)
 
(2.69)
 
(3.75)
  Net asset value, end of period
$
30.58
$
27.57
$
46.11
$
35.35
$
36.28
 Total Return D
 
10.92%
 
(30.07)%
 
31.99%
 
4.95%
 
7.56%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.70%
 
.88%
 
1.06%
 
1.03%
 
.78%
    Expenses net of fee waivers, if any
 
.69%
 
.88%
 
1.06%
 
1.03%
 
.77%
    Expenses net of all reductions
 
.69%
 
.88%
 
1.06%
 
1.02%
 
.75%
    Net investment income (loss)
 
1.75%
 
1.73%
 
1.21%
 
.86%
 
4.33% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
519,010
$
523,685
$
913,296
$
755,125
$
836,373
    Portfolio turnover rate G
 
37%
 
55%
 
52%
 
39%
 
45%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.20 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 3.75%.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Europe Fund Class I
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.56
$
46.07
$
35.34
$
36.27
$
37.69
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.57
 
.60
 
.54
 
.31
 
1.53 C
     Net realized and unrealized gain (loss)
 
2.45
 
(12.91)
 
10.70
 
1.46
 
.80
  Total from investment operations
 
3.02  
 
(12.31)  
 
11.24  
 
1.77  
 
2.33
  Distributions from net investment income
 
-
 
(1.08)
 
(.51)
 
(1.62)
 
(.32)
  Distributions from net realized gain
 
-
 
(5.12)
 
-
 
(1.08)
 
(3.43)
     Total distributions
 
-
 
(6.20)
 
(.51)
 
(2.70)
 
(3.75)
  Net asset value, end of period
$
30.58
$
27.56
$
46.07
$
35.34
$
36.27
 Total Return D
 
10.96%
 
(30.08)%
 
31.99%
 
4.99%
 
7.58%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.68%
 
.86%
 
1.06%
 
1.00%
 
.75%
    Expenses net of fee waivers, if any
 
.67%
 
.86%
 
1.06%
 
1.00%
 
.74%
    Expenses net of all reductions
 
.67%
 
.86%
 
1.06%
 
.99%
 
.72%
    Net investment income (loss)
 
1.77%
 
1.74%
 
1.22%
 
.90%
 
4.36% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,806
$
4,283
$
14,401
$
14,733
$
6,686
    Portfolio turnover rate G
 
37%
 
55%
 
52%
 
39%
 
45%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.20 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 3.78%.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Europe Fund Class Z
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.48
$
46.00
$
35.27
$
36.21
$
37.69
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.61
 
.62
 
.59
 
.34
 
1.53 C
     Net realized and unrealized gain (loss)
 
2.44
 
(12.86)
 
10.67
 
1.47
 
.82
  Total from investment operations
 
3.05  
 
(12.24)  
 
11.26  
 
1.81  
 
2.35
  Distributions from net investment income
 
-
 
(1.17)
 
(.53)
 
(1.67)
 
(.41)
  Distributions from net realized gain
 
-
 
(5.12)
 
-
 
(1.08)
 
(3.43)
     Total distributions
 
-
 
(6.28) D
 
(.53)
 
(2.75)
 
(3.83) D
  Net asset value, end of period
$
30.53
$
27.48
$
46.00
$
35.27
$
36.21
 Total Return E
 
11.10%
 
(30.00)%
 
32.13%
 
5.11%
 
7.71%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.57%
 
.76%
 
.95%
 
.91%
 
.65%
    Expenses net of fee waivers, if any
 
.56%
 
.75%
 
.95%
 
.90%
 
.64%
    Expenses net of all reductions
 
.56%
 
.75%
 
.95%
 
.90%
 
.62%
    Net investment income (loss)
 
1.87%
 
1.85%
 
1.33%
 
.99%
 
4.46% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,222
$
1,461
$
28,249
$
19,479
$
21,838
    Portfolio turnover rate H
 
37%
 
55%
 
52%
 
39%
 
45%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.20 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 3.88%.
 
DTotal distributions per share do not sum due to rounding.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity Europe Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Europe, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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, 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. 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$63,078,882
Gross unrealized depreciation
(35,059,719)
Net unrealized appreciation (depreciation)
$28,019,163
Tax Cost
$515,381,056
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$9,350,980
Capital loss carryforward
$(100,926,653)
Net unrealized appreciation (depreciation) on securities and other investments
$27,883,771
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 Short-term
$(56,749,290)
 Long-term
(44,177,363)
Total capital loss carryforward
$(100,926,653)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$-
$58,772,480
Long-term Capital Gains
-
74,714,886
Total
$-
$133,487,366
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Europe Fund
220,059,208
275,819,288
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Europe as compared to its benchmark index, the MSCI Europe Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .44% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees
Retained by FDC
Class A
 - %
 .25%
$43,213
$194
Class M
 .25%
 .25%
 23,224
 191
Class C
 .75%
 .25%
25,134
                  1,342
 
 
 
$91,571
$1,727
 
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
 
For the period, sales charge amounts retained by FDC were as follows:
 
 
Retained by FDC
Class A
$748
Class M
 127
Class CA
                        58
 
$933
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Class A
$41,212
.24
Class M
 11,900
.26
Class C
 6,494
.26
Europe
 980,091
.17
Class I
 7,945
.15
Class Z
865
.04
 
$1,048,507
 
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
 
 
% of Class-Level Average Net Assets
Class A
0.2000
Class M
0.2000
Class C
0.2000
Europe
0.1641
Class I
0.1486
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity Europe Fund
.05
 
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
 
 
% of Average Net Assets
Fidelity Europe Fund
0.0476
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity Europe Fund
$7
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Europe Fund
 6,267,232
 7,999,402
 (3,161,025)
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity Europe Fund
$1,118
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Europe Fund
$9,472
$-
$-
8. Expense Reductions.
Through arrangements with each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction
Class A
$82
Class M
196
 
$278
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $36,975.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2023
Year ended
October 31, 2022
Fidelity Europe Fund
 
 
Distributions to shareholders
 
 
Class A
$-
 $4,275,681
Class M
 -
 898,902
Class C
 -
 639,208
Europe
 -
 122,299,625
Class I
 -
 1,583,837
Class Z
                            -
          3,790,113
Total  
$-
$133,487,366
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended
 October 31, 2023
Year ended
 October 31, 2022
Year ended
 October 31, 2023
Year ended
 October 31, 2022
Fidelity Europe Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
44,425
89,634
$1,464,114
$3,307,956
Reinvestment of distributions
-
114,063
-
4,203,218
Shares redeemed
(139,999)
(302,699)
(4,536,728)
(9,893,172)
Net increase (decrease)
(95,574)
(99,002)
$(3,072,614)
$(2,381,998)
Class M
 
 
 
 
Shares sold
4,489
8,884
$147,618
$301,526
Reinvestment of distributions
-
23,449
-
868,563
Shares redeemed
(12,258)
(35,522)
(398,082)
(1,126,542)
Net increase (decrease)
(7,769)
(3,189)
$(250,464)
$43,547
Class C
 
 
 
 
Shares sold
8,574
5,167
$278,728
$168,904
Reinvestment of distributions
-
17,238
-
634,712
Shares redeemed
(32,347)
(46,375)
(1,039,195)
(1,573,732)
Net increase (decrease)
(23,773)
(23,970)
$(760,467)
$(770,116)
Europe
 
 
 
 
Shares sold
957,209
1,206,003
$31,285,588
$40,801,820
Reinvestment of distributions
-
3,093,089
-
113,578,213
Shares redeemed
(2,983,175)
(5,107,735)
(96,260,656)
(176,296,705)
Net increase (decrease)
(2,025,966)
(808,643)
$(64,975,068)
$(21,916,672)
Class I
 
 
 
 
Shares sold
81,291
42,946
$2,703,708
$1,701,289
Reinvestment of distributions
-
41,688
-
1,530,795
Shares redeemed
(79,518)
(241,861)
(2,541,717)
(8,753,022)
Net increase (decrease)
1,773
(157,227)
$161,991
$(5,520,938)
Class Z
 
 
 
 
Shares sold
49,574
91,178
$1,674,500
$3,170,475
Reinvestment of distributions
-
99,611
-
3,642,775
Shares redeemed
(29,932)
(751,739)
(992,750)
(21,135,524)
Net increase (decrease)
19,642
(560,950)
$681,750
$(14,322,274)
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Class A  (incl. 5.75% sales charge)  
3.49%
2.08%
3.03%
Class M  (incl. 3.50% sales charge)  
5.65%
2.26%
2.95%
Class C  
(incl. contingent deferred sales charge)
 
8.00%
2.57%
3.06%
Fidelity® Japan Fund
10.04%
3.60%
3.95%
Class I
10.11%
3.63%
3.99%
Class Z
10.29%
3.75%
4.05%
 
 
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Japan Fund, a class of the fund, on October 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the Tokyo Stock Price Index (TOPIX) performed over the same period.
 
Fidelity® Japan Fund
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Portfolio Manager Kirk Neureiter:
For the fiscal year ending October 31, 2023, the fund's share classes (excluding sales charges, if applicable) gained about 9% to 10%, versus 17.58% for the benchmark TOPIX Total Return Index. From a regional standpoint, stock selection in Japan and a modest non-benchmark allocation to emerging markets detracted from the fund's relative result. By sector, security selection was the primary detractor, especially within industrials. Security selection in consumer discretionary and information technology also hurt. The biggest individual relative detractor was an overweight in Persol Holdings (-24%). Not owning Mitsubishi UFJ Financial Group, a benchmark component that gained approximately 83%, was a second notable relative detractor. Another meaningful relative detractor was our stake in Olympus (-36%), which was not held at period end. In contrast, security selection in materials contributed to the fund's performance versus the benchmark, along with positioning in energy. The fund's top individual relative contributor was an overweight in Sumitomo Mitsui Financial Group (+75%), the fund's top holding. A second notable relative contributor was an overweight in Renesas Electronics (+54%). Renesas Electronics was among the fund's largest holdings, though I reduced our holdings. An overweight in Inpex (+47%) also contributed. Inpex was one of the fund's biggest holdings, although I trimmed the fund's stake. By sector, meaningful changes in positioning include decreased exposure to the health care and communication services sectors.
 
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
 
Fidelity® Japan Fund
Top Holdings (% of Fund's net assets)
 
Sumitomo Mitsui Financial Group, Inc.  (Banks)
5.7
 
Sony Group Corp.  (Household Durables)
4.4
 
Hitachi Ltd.  (Industrial Conglomerates)
4.0
 
ORIX Corp.  (Financial Services)
3.4
 
DENSO Corp.  (Automobile Components)
3.3
 
Tokio Marine Holdings, Inc.  (Insurance)
3.2
 
Renesas Electronics Corp.  (Semiconductors & Semiconductor Equipment)
3.1
 
Hoya Corp.  (Health Care Equipment & Supplies)
3.0
 
INPEX Corp.  (Oil, Gas & Consumable Fuels)
2.8
 
Shin-Etsu Chemical Co. Ltd.  (Chemicals)
2.6
 
 
35.5
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
21.5
 
Consumer Discretionary
18.7
 
Information Technology
17.1
 
Financials
14.4
 
Health Care
6.7
 
Materials
5.9
 
Communication Services
5.0
 
Consumer Staples
4.0
 
Energy
3.3
 
Utilities
1.5
 
Real Estate
1.0
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Japan Fund
Showing Percentage of Net Assets     
Common Stocks - 99.1%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 5.0%
 
 
 
Diversified Telecommunication Services - 0.9%
 
 
 
JTOWER, Inc. (a)(b)
 
165,600
6,026,361
Entertainment - 0.9%
 
 
 
Daiichikosho Co. Ltd.
 
369,000
5,454,359
Interactive Media & Services - 1.5%
 
 
 
Hypebeast Ltd. (a)
 
16,722,500
781,361
Kakaku.com, Inc.
 
394,800
3,807,646
LY Corp.
 
1,944,000
4,956,202
 
 
 
9,545,209
Media - 0.2%
 
 
 
ValueCommerce Co. Ltd.
 
116,800
970,938
Wireless Telecommunication Services - 1.5%
 
 
 
SoftBank Group Corp.
 
231,700
9,489,058
TOTAL COMMUNICATION SERVICES
 
 
31,485,925
CONSUMER DISCRETIONARY - 18.7%
 
 
 
Automobile Components - 3.9%
 
 
 
DENSO Corp.
 
1,410,400
20,826,437
Koito Manufacturing Co. Ltd.
 
256,800
3,847,565
 
 
 
24,674,002
Automobiles - 2.2%
 
 
 
Isuzu Motors Ltd.
 
503,400
5,613,238
Suzuki Motor Corp.
 
217,400
8,437,731
 
 
 
14,050,969
Broadline Retail - 0.9%
 
 
 
Pan Pacific International Holdings Ltd.
 
293,200
5,678,071
Hotels, Restaurants & Leisure - 1.4%
 
 
 
Curves Holdings Co. Ltd.
 
714,700
3,117,638
Kyoritsu Maintenance Co. Ltd. (b)
 
146,900
5,618,336
 
 
 
8,735,974
Household Durables - 5.9%
 
 
 
Chervon Holdings Ltd.
 
1,163,900
2,866,744
Open House Group Co. Ltd.
 
190,800
6,288,837
Sony Group Corp.
 
337,300
28,042,746
 
 
 
37,198,327
Leisure Products - 2.2%
 
 
 
Bandai Namco Holdings, Inc.
 
283,000
5,863,340
Roland Corp.
 
147,700
4,270,594
YONEX Co. Ltd. (b)
 
350,600
3,798,347
 
 
 
13,932,281
Specialty Retail - 2.2%
 
 
 
Fast Retailing Co. Ltd.
 
40,000
8,855,856
ZOZO, Inc.
 
271,200
5,156,799
 
 
 
14,012,655
TOTAL CONSUMER DISCRETIONARY
 
 
118,282,279
CONSUMER STAPLES - 4.0%
 
 
 
Consumer Staples Distribution & Retail - 3.2%
 
 
 
Seven & i Holdings Co. Ltd.
 
327,100
11,984,522
Sugi Holdings Co. Ltd.
 
50,700
2,052,253
Tsuruha Holdings, Inc. (b)
 
49,900
3,665,490
Welcia Holdings Co. Ltd.
 
142,300
2,358,738
 
 
 
20,061,003
Personal Care Products - 0.8%
 
 
 
Shiseido Co. Ltd.
 
165,100
5,236,225
TOTAL CONSUMER STAPLES
 
 
25,297,228
ENERGY - 3.3%
 
 
 
Oil, Gas & Consumable Fuels - 3.3%
 
 
 
ENEOS Holdings, Inc.
 
840,400
3,114,033
INPEX Corp.
 
1,204,800
17,482,703
 
 
 
20,596,736
FINANCIALS - 14.4%
 
 
 
Banks - 6.8%
 
 
 
Resona Holdings, Inc.
 
1,277,400
6,825,560
Sumitomo Mitsui Financial Group, Inc.
 
748,800
36,098,135
 
 
 
42,923,695
Capital Markets - 0.5%
 
 
 
SBI Holdings, Inc. Japan
 
155,200
3,339,119
Financial Services - 3.4%
 
 
 
ORIX Corp.
 
1,178,200
21,427,159
Insurance - 3.7%
 
 
 
Lifenet Insurance Co. (a)
 
454,100
2,901,655
Tokio Marine Holdings, Inc.
 
907,200
20,296,093
 
 
 
23,197,748
TOTAL FINANCIALS
 
 
90,887,721
HEALTH CARE - 6.7%
 
 
 
Biotechnology - 0.1%
 
 
 
PeptiDream, Inc. (a)
 
110,100
802,611
Health Care Equipment & Supplies - 3.0%
 
 
 
Hoya Corp.
 
195,100
18,782,008
Health Care Technology - 0.1%
 
 
 
Medlive Technology Co. Ltd. (b)(c)
 
832,500
831,154
Pharmaceuticals - 3.5%
 
 
 
Astellas Pharma, Inc.
 
859,100
10,867,508
Daiichi Sankyo Kabushiki Kaisha
 
432,200
11,143,929
 
 
 
22,011,437
TOTAL HEALTH CARE
 
 
42,427,210
INDUSTRIALS - 21.5%
 
 
 
Aerospace & Defense - 0.2%
 
 
 
Space Exploration Technologies Corp. Class A (a)(d)(e)
 
18,055
1,462,455
Building Products - 0.8%
 
 
 
Toto Ltd.
 
198,900
4,795,800
Ground Transportation - 0.4%
 
 
 
Seibu Holdings, Inc.
 
286,100
2,793,615
Industrial Conglomerates - 4.0%
 
 
 
Hitachi Ltd.
 
394,900
25,031,379
Machinery - 7.0%
 
 
 
IHI Corp.
 
412,800
7,922,530
Minebea Mitsumi, Inc.
 
407,600
6,390,884
Misumi Group, Inc.
 
390,960
5,918,612
Mitsubishi Heavy Industries Ltd.
 
135,000
6,953,132
Nabtesco Corp.
 
189,900
3,363,451
SMC Corp.
 
30,400
14,037,599
 
 
 
44,586,208
Professional Services - 7.5%
 
 
 
BayCurrent Consulting, Inc.
 
194,300
4,878,242
Dip Corp.
 
81,700
1,619,243
Funai Soken Holdings, Inc.
 
272,000
4,470,567
Gakujo Co. Ltd. (b)
 
202,100
2,254,068
Outsourcing, Inc.
 
737,500
5,480,293
Persol Holdings Co. Ltd.
 
7,245,000
10,863,268
Qualtec Co. Ltd.
 
8,500
108,488
Rise Consulting Group, Inc.
 
59,100
335,311
SMS Co., Ltd.
 
241,900
3,838,448
TechnoPro Holdings, Inc.
 
675,100
13,374,305
 
 
 
47,222,233
Trading Companies & Distributors - 1.6%
 
 
 
Itochu Corp.
 
280,000
10,085,889
TOTAL INDUSTRIALS
 
 
135,977,579
INFORMATION TECHNOLOGY - 17.1%
 
 
 
Electronic Equipment, Instruments & Components - 4.5%
 
 
 
Dexerials Corp.
 
318,300
7,260,525
Hamamatsu Photonics K.K.
 
92,800
3,446,872
Iriso Electronics Co. Ltd.
 
106,200
2,507,215
Murata Manufacturing Co. Ltd.
 
376,500
6,449,211
Shibaura Electronics Co. Ltd.
 
68,000
2,541,900
TDK Corp.
 
160,200
5,993,918
 
 
 
28,199,641
IT Services - 5.3%
 
 
 
Digital Hearts Holdings Co. Ltd.
 
214,692
1,306,837
DTS Corp.
 
187,900
3,859,164
ExaWizards, Inc. (a)(b)
 
627,500
1,566,930
Fujitsu Ltd.
 
106,000
13,732,040
Net One Systems Co. Ltd.
 
213,800
3,263,213
NSD Co. Ltd.
 
341,000
5,933,022
Techmatrix Corp.
 
413,100
4,082,516
 
 
 
33,743,722
Semiconductors & Semiconductor Equipment - 5.0%
 
 
 
Furuya Metal Co. Ltd.
 
5,200
336,401
Renesas Electronics Corp. (a)
 
1,473,900
19,360,591
ROHM Co. Ltd.
 
340,000
5,447,470
Sumco Corp.
 
526,700
6,806,098
 
 
 
31,950,560
Software - 0.6%
 
 
 
Appier Group, Inc. (a)
 
76,600
630,598
Money Forward, Inc. (a)
 
118,800
3,000,654
 
 
 
3,631,252
Technology Hardware, Storage & Peripherals - 1.7%
 
 
 
FUJIFILM Holdings Corp.
 
195,600
10,698,891
TOTAL INFORMATION TECHNOLOGY
 
 
108,224,066
MATERIALS - 5.9%
 
 
 
Chemicals - 5.9%
 
 
 
Nippon Sanso Holdings Corp.
 
238,000
6,002,005
Nissan Chemical Corp.
 
64,500
2,630,645
NOF Corp.
 
90,400
3,566,365
Resonac Holdings Corp.
 
243,900
3,953,921
Shin-Etsu Chemical Co. Ltd.
 
543,300
16,246,506
Tokyo Ohka Kogyo Co. Ltd.
 
87,300
5,044,265
 
 
 
37,443,707
REAL ESTATE - 1.0%
 
 
 
Real Estate Management & Development - 1.0%
 
 
 
Relo Group, Inc.
 
612,000
6,067,419
UTILITIES - 1.5%
 
 
 
Electric Utilities - 1.5%
 
 
 
Kansai Electric Power Co., Inc.
 
760,800
9,741,163
 
TOTAL COMMON STOCKS
 (Cost $578,262,044)
 
 
 
626,431,033
 
 
 
 
Money Market Funds - 2.2%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (f)
 
558,205
558,316
Fidelity Securities Lending Cash Central Fund 5.40% (f)(g)
 
13,584,913
13,586,272
 
TOTAL MONEY MARKET FUNDS
 (Cost $14,144,588)
 
 
14,144,588
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.3%
 (Cost $592,406,632)
 
 
 
640,575,621
NET OTHER ASSETS (LIABILITIES) - (1.3)%  
(8,318,640)
NET ASSETS - 100.0%
632,256,981
 
 
 
 
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 $831,154 or 0.1% of net assets.
 
(d)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,462,455 or 0.2% of net assets.
 
(e)
Level 3 security
 
(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, 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.
 
(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 ($)
 
Space Exploration Technologies Corp. Class A
2/16/21 - 5/24/22
1,151,846
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
1,141,639
60,295,698
60,879,021
53,627
-
-
558,316
0.0%
Fidelity Securities Lending Cash Central Fund 5.40%
2,829,335
138,407,342
127,650,405
87,746
-
-
13,586,272
0.1%
Total
3,970,974
198,703,040
188,529,426
141,373
-
-
14,144,588
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
31,485,925
-
31,485,925
-
Consumer Discretionary
118,282,279
-
118,282,279
-
Consumer Staples
25,297,228
-
25,297,228
-
Energy
20,596,736
-
20,596,736
-
Financials
90,887,721
-
90,887,721
-
Health Care
42,427,210
-
42,427,210
-
Industrials
135,977,579
-
134,515,124
1,462,455
Information Technology
108,224,066
-
108,224,066
-
Materials
37,443,707
-
37,443,707
-
Real Estate
6,067,419
-
6,067,419
-
Utilities
9,741,163
-
9,741,163
-
  Money Market Funds
14,144,588
14,144,588
-
-
 Total Investments in Securities:
640,575,621
14,144,588
624,968,578
1,462,455
Fidelity® Japan Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $12,883,793) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $578,262,044)
$
626,431,033
 
 
Fidelity Central Funds (cost $14,144,588)
14,144,588
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $592,406,632)
 
 
$
640,575,621
Cash
 
 
24,191
Foreign currency held at value (cost $241,962)
 
 
237,966
Receivable for investments sold
 
 
905,533
Receivable for fund shares sold
 
 
88,353
Dividends receivable
 
 
4,671,381
Distributions receivable from Fidelity Central Funds
 
 
19,624
Prepaid expenses
 
 
968
  Total assets
 
 
646,523,637
Liabilities
 
 
 
 
Payable for investments purchased
$
21,643
 
 
Payable for fund shares redeemed
258,471
 
 
Accrued management fee
243,159
 
 
Distribution and service plan fees payable
5,907
 
 
Other affiliated payables
78,224
 
 
Other payables and accrued expenses
72,980
 
 
Collateral on securities loaned
13,586,272
 
 
  Total Liabilities
 
 
 
14,266,656
Net Assets  
 
 
$
632,256,981
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
567,245,214
Total accumulated earnings (loss)
 
 
 
65,011,767
Net Assets
 
 
$
632,256,981
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($15,763,511 ÷ 1,082,580 shares)(a)
 
 
$
14.56
Maximum offering price per share (100/94.25 of $14.56)
 
 
$
15.45
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($2,353,812 ÷ 163,038 shares)(a)
 
 
$
14.44
Maximum offering price per share (100/96.50 of $14.44)
 
 
$
14.96
Class C :
 
 
 
 
Net Asset Value and offering price per share ($1,779,199 ÷ 125,558 shares)(a)
 
 
$
14.17
Japan :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($149,990,269 ÷ 10,208,018 shares)
 
 
$
14.69
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($32,711,593 ÷ 2,208,439 shares)
 
 
$
14.81
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($429,658,597 ÷ 29,276,612 shares)
 
 
$
14.68
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
13,693,609
Income from Fidelity Central Funds (including $87,746 from security lending)
 
 
141,373
 Income before foreign taxes withheld
 
 
$
13,834,982
Less foreign taxes withheld
 
 
(1,362,602)
 Total Income
 
 
 
12,472,380
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
4,411,127
 
 
 Performance adjustment
(16,357)
 
 
Transfer agent fees
595,800
 
 
Distribution and service plan fees
71,976
 
 
Accounting fees
309,728
 
 
Custodian fees and expenses
32,815
 
 
Independent trustees' fees and expenses
3,666
 
 
Registration fees
96,117
 
 
Audit
68,287
 
 
Legal
624
 
 
Interest
15,104
 
 
Miscellaneous
3,107
 
 
 Total expenses before reductions
 
5,591,994
 
 
 Expense reductions
 
(41,066)
 
 
 Total expenses after reductions
 
 
 
5,550,928
Net Investment income (loss)
 
 
 
6,921,452
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
32,002,995
 
 
 Foreign currency transactions
 
277,938
 
 
Total net realized gain (loss)
 
 
 
32,280,933
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
14,034,746
 
 
 Assets and liabilities in foreign currencies
 
60,814
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
14,095,560
Net gain (loss)
 
 
 
46,376,493
Net increase (decrease) in net assets resulting from operations
 
 
$
53,297,945
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
6,921,452
$
4,298,398
Net realized gain (loss)
 
32,280,933
 
 
(11,275,330)
 
Change in net unrealized appreciation (depreciation)
 
14,095,560
 
(232,721,817)
 
Net increase (decrease) in net assets resulting from operations
 
53,297,945
 
 
(239,698,749)
 
Distributions to shareholders
 
-
 
 
(85,697,627)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
6,725,873
 
 
66,247,709
 
 
 
 
 
 
Total increase (decrease) in net assets
 
60,023,818
 
 
(259,148,667)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
572,233,163
 
831,381,830
 
End of period
$
632,256,981
$
572,233,163
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Japan Fund Class A
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.26
$
20.90
$
17.50
$
15.80
$
14.15
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.11
 
.04
 
.02
 
.05
 
.07
     Net realized and unrealized gain (loss)
 
1.19
 
(5.58)
 
3.71
 
1.81
 
1.58
  Total from investment operations
 
1.30  
 
(5.54)  
 
3.73  
 
1.86  
 
1.65
  Distributions from net investment income
 
-
 
(.55)
 
(.07)
 
(.07)
 
-
  Distributions from net realized gain
 
-
 
(1.55)
 
(.25)
 
(.09)
 
-
     Total distributions
 
-
 
(2.10)
 
(.33) C
 
(.16)
 
-
  Net asset value, end of period
$
14.56
$
13.26
$
20.90
$
17.50
$
15.80
 Total Return D,E
 
9.80%
 
(29.38)%
 
21.42%
 
11.85%
 
11.66%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.22%
 
1.39%
 
1.38%
 
1.37%
 
1.33%
    Expenses net of fee waivers, if any
 
1.22%
 
1.39%
 
1.38%
 
1.37%
 
1.32%
    Expenses net of all reductions
 
1.21%
 
1.39%
 
1.38%
 
1.37%
 
1.32%
    Net investment income (loss)
 
.69%
 
.26%
 
.08%
 
.35%
 
.51%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
15,764
$
13,004
$
20,357
$
16,181
$
16,069
    Portfolio turnover rate H
 
25%
 
26%
 
31%
 
22%
 
27%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
ETotal returns do not include the effect of the sales charges.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Japan Fund Class M
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.19
$
20.76
$
17.40
$
15.71
$
14.11
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.06
 
(.01)
 
(.05)
 
.01
 
.03
     Net realized and unrealized gain (loss)
 
1.19
 
(5.55)
 
3.69
 
1.80
 
1.57
  Total from investment operations
 
1.25  
 
(5.56)  
 
3.64  
 
1.81  
 
1.60
  Distributions from net investment income
 
-
 
(.46)
 
(.02)
 
(.03)
 
-
  Distributions from net realized gain
 
-
 
(1.55)
 
(.25)
 
(.09)
 
-
     Total distributions
 
-
 
(2.01)
 
(.28) C
 
(.12)
 
-
  Net asset value, end of period
$
14.44
$
13.19
$
20.76
$
17.40
$
15.71
 Total Return D,E
 
9.48%
 
(29.55)%
 
21.00%
 
11.55%
 
11.34%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.51%
 
1.69%
 
1.70%
 
1.67%
 
1.64%
    Expenses net of fee waivers, if any
 
1.50%
 
1.69%
 
1.70%
 
1.67%
 
1.64%
    Expenses net of all reductions
 
1.49%
 
1.69%
 
1.70%
 
1.67%
 
1.63%
    Net investment income (loss)
 
.42%
 
(.04)%
 
(.23)%
 
.04%
 
.19%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,354
$
2,282
$
3,919
$
3,728
$
3,945
    Portfolio turnover rate H
 
25%
 
26%
 
31%
 
22%
 
27%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
ETotal returns do not include the effect of the sales charges.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Japan Fund Class C
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.00
$
20.43
$
17.17
$
15.49
$
13.97
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
- C
 
(.07)
 
(.12)
 
(.05)
 
(.02)
     Net realized and unrealized gain (loss)
 
1.17
 
(5.49)
 
3.63
 
1.77
 
1.54
  Total from investment operations
 
1.17  
 
(5.56)  
 
3.51  
 
1.72  
 
1.52
  Distributions from net investment income
 
-
 
(.33)
 
(.01)
 
-
 
-
  Distributions from net realized gain
 
-
 
(1.55)
 
(.25)
 
(.04)
 
-
     Total distributions
 
-
 
(1.87) D
 
(.25) D
 
(.04)
 
-
  Net asset value, end of period
$
14.17
$
13.00
$
20.43
$
17.17
$
15.49
 Total Return E,F
 
9.00%
 
(29.85)%
 
20.54%
 
11.09%
 
10.88%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.94%
 
2.11%
 
2.09%
 
2.06%
 
2.01%
    Expenses net of fee waivers, if any
 
1.93%
 
2.10%
 
2.09%
 
2.05%
 
2.00%
    Expenses net of all reductions
 
1.93%
 
2.10%
 
2.09%
 
2.05%
 
2.00%
    Net investment income (loss)
 
(.02)%
 
(.46)%
 
(.63)%
 
(.34)%
 
(.17)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,779
$
2,179
$
4,778
$
6,167
$
8,829
    Portfolio turnover rate I
 
25%
 
26%
 
31%
 
22%
 
27%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CAmount represents less than $.005 per share.
 
DTotal distributions per share do not sum due to rounding.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FTotal returns do not include the effect of the contingent deferred sales charge.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity® Japan Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.35
$
21.01
$
17.58
$
15.86
$
14.20
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.15
 
.08
 
.08
 
.10
 
.12
     Net realized and unrealized gain (loss)
 
1.19
 
(5.60)
 
3.72
 
1.81
 
1.59
  Total from investment operations
 
1.34  
 
(5.52)  
 
3.80  
 
1.91  
 
1.71
  Distributions from net investment income
 
-
 
(.59)
 
(.11)
 
(.11)
 
(.05)
  Distributions from net realized gain
 
-
 
(1.55)
 
(.25)
 
(.09)
 
-
     Total distributions
 
-
 
(2.14)
 
(.37) C
 
(.19) C
 
(.05)
  Net asset value, end of period
$
14.69
$
13.35
$
21.01
$
17.58
$
15.86
 Total Return D
 
10.04%
 
(29.16)%
 
21.75%
 
12.16%
 
12.10%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.96%
 
1.13%
 
1.09%
 
1.06%
 
1.01%
    Expenses net of fee waivers, if any
 
.95%
 
1.12%
 
1.09%
 
1.06%
 
1.01%
    Expenses net of all reductions
 
.95%
 
1.12%
 
1.09%
 
1.06%
 
1.00%
    Net investment income (loss)
 
.96%
 
.52%
 
.37%
 
.65%
 
.82%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
149,990
$
113,015
$
167,954
$
274,433
$
401,344
    Portfolio turnover rate G
 
25%
 
26%
 
31%
 
22%
 
27%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Japan Fund Class I
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.45
$
20.97
$
17.56
$
15.85
$
14.18
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.15
 
.09
 
.09
 
.11
 
.13
     Net realized and unrealized gain (loss)
 
1.21
 
(5.65)
 
3.71
 
1.81
 
1.58
  Total from investment operations
 
1.36  
 
(5.56)  
 
3.80  
 
1.92  
 
1.71
  Distributions from net investment income
 
-
 
(.41)
 
(.14)
 
(.12)
 
(.04)
  Distributions from net realized gain
 
-
 
(1.55)
 
(.25)
 
(.09)
 
-
     Total distributions
 
-
 
(1.96)
 
(.39)
 
(.21)
 
(.04)
  Net asset value, end of period
$
14.81
$
13.45
$
20.97
$
17.56
$
15.85
 Total Return C
 
10.11%
 
(29.15)%
 
21.80%
 
12.20%
 
12.12%
 Ratios to Average Net Assets B,D,E
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.94%
 
1.09%
 
1.04%
 
1.01%
 
.96%
    Expenses net of fee waivers, if any
 
.94%
 
1.09%
 
1.04%
 
1.01%
 
.96%
    Expenses net of all reductions
 
.94%
 
1.09%
 
1.04%
 
1.00%
 
.95%
    Net investment income (loss)
 
.97%
 
.56%
 
.43%
 
.71%
 
.87%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
32,712
$
33,320
$
48,887
$
473,859
$
319,164
    Portfolio turnover rate F
 
25%
 
26%
 
31%
 
22%
 
27%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Japan Fund Class Z
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.31
$
20.98
$
17.56
$
15.84
$
14.19
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.17
 
.11
 
.10
 
.13
 
.14
     Net realized and unrealized gain (loss)
 
1.20
 
(5.59)
 
3.72
 
1.81
 
1.57
  Total from investment operations
 
1.37  
 
(5.48)  
 
3.82  
 
1.94  
 
1.71
  Distributions from net investment income
 
-
 
(.64)
 
(.15)
 
(.13)
 
(.06)
  Distributions from net realized gain
 
-
 
(1.55)
 
(.25)
 
(.09)
 
-
     Total distributions
 
-
 
(2.19)
 
(.40)
 
(.22)
 
(.06)
  Net asset value, end of period
$
14.68
$
13.31
$
20.98
$
17.56
$
15.84
 Total Return C
 
10.29%
 
(29.07)%
 
21.93%
 
12.36%
 
12.14%
 Ratios to Average Net Assets B,D,E
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.80%
 
.96%
 
.96%
 
.92%
 
.87%
    Expenses net of fee waivers, if any
 
.79%
 
.96%
 
.96%
 
.92%
 
.87%
    Expenses net of all reductions
 
.79%
 
.96%
 
.96%
 
.92%
 
.86%
    Net investment income (loss)
 
1.12%
 
.69%
 
.51%
 
.79%
 
.96%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
429,659
$
408,434
$
585,487
$
8,368
$
8,136
    Portfolio turnover rate F
 
25%
 
26%
 
31%
 
22%
 
27%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity Japan Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Japan, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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, 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. 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$127,803,896
Gross unrealized depreciation
(86,076,842)
Net unrealized appreciation (depreciation)
$41,727,054
Tax Cost
$598,848,567
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$5,400,072
Undistributed long-term capital gain
$17,974,277
Net unrealized appreciation (depreciation) on securities and other investments
$41,637,420
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$-
$36,508,917
Long-term Capital Gains
-
49,188,710
Total
$-
$85,697,627
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Japan Fund
179,501,356
160,024,582
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Japan as compared to its benchmark index, the TOPIX, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .67% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees
Retained by FDC
Class A
 - %
 .25%
$38,059
$1,323
Class M
 .25%
 .25%
 12,894
 28
Class C
 .75%
 .25%
21,023
                  2,831
 
 
 
$71,976
$4,182
 
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
 
For the period, sales charge amounts retained by FDC were as follows:
 
 
Retained by FDC
Class A
$2,149
Class M
 248
Class CA
21
 
$2,418
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Class A
$33,382
.22
Class M
 6,630
.26
Class C
 3,874
.18
Japan
 295,757
.20
Class I
 65,784
.19
Class Z
             190,373
.04
 
$595,800
 
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
 
 
% of Class-Level Average Net Assets
Class A
0.2000
Class M
0.2000
Class C
0.1827
Japan
0.1937
Class I
0.1893
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity Japan Fund
.05
 
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
 
 
% of Average Net Assets
Fidelity Japan Fund
0.0466
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity Japan Fund
 Borrower
$ 9,038,500
4.30%
$15,104
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Japan Fund
 4,715,156
 350,123
 8,902
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity Japan Fund
$1,170
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Japan Fund
$9,233
$-
$-
8. Expense Reductions.
Through arrangements with each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses.  During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction
Class A
$256
Class M
 414
Class C
33
 
$703
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $40,363.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2023
Year ended
October 31, 2022
Fidelity Japan Fund
 
 
Distributions to shareholders
 
 
Class A
$-
 $2,019,337
Class M
 -
 368,577
Class C
 -
 426,706
Japan
 -
 17,143,088
Class I
 -
 4,520,940
Class Z
-
       61,218,979
Total  
$-
$85,697,627
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended
 October 31, 2023
Year ended
 October 31, 2022
Year ended
 October 31, 2023
Year ended
 October 31, 2022
Fidelity Japan Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
253,562
117,484
$4,046,153
$1,791,821
Reinvestment of distributions
-
100,623
-
1,865,544
Shares redeemed
(151,426)
(211,780)
(2,307,493)
(3,414,360)
Net increase (decrease)
102,136
6,327
$1,738,660
$243,005
Class M
 
 
 
 
Shares sold
12,539
13,826
$196,973
$202,895
Reinvestment of distributions
-
19,910
-
368,140
Shares redeemed
(22,565)
(49,434)
(338,510)
(787,625)
Net increase (decrease)
(10,026)
(15,698)
$(141,537)
$(216,590)
Class C
 
 
 
 
Shares sold
39,644
8,561
$604,997
$138,296
Reinvestment of distributions
-
23,330
-
426,706
Shares redeemed
(81,701)
(98,132)
(1,220,282)
(1,544,500)
Net increase (decrease)
(42,057)
(66,241)
$(615,285)
$(979,498)
Japan
 
 
 
 
Shares sold
4,480,372
1,808,139
$70,308,105
$29,931,437
Reinvestment of distributions
-
867,250
-
16,148,203
Shares redeemed
(2,739,105)
(2,201,846)
(42,188,958)
(35,408,192)
Net increase (decrease)
1,741,267
473,543
$28,119,147
$10,671,448
Class I
 
 
 
 
Shares sold
2,062,944
694,437
$32,061,275
$11,578,345
Reinvestment of distributions
-
176,445
-
3,310,112
Shares redeemed
(2,330,965)
(725,162)
(34,977,085)
(12,524,199)
Net increase (decrease)
(268,021)
145,720
$(2,915,810)
$2,364,258
Class Z
 
 
 
 
Shares sold
5,627,405
833,537
$89,494,212
$13,605,712
Reinvestment of distributions
-
3,263,046
-
60,496,866
Shares redeemed
(7,035,462)
(1,323,692)
(108,953,514)
(19,937,492)
Net increase (decrease)
(1,408,057)
2,772,891
$(19,459,302)
$54,165,086
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity International Fund
Strategic Advisers International Fund
Fidelity Japan Fund
47%
19%
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity Japan Fund
67%
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® Japan Smaller Companies Fund
9.76%
0.55%
3.77%
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Japan Smaller Companies Fund on October 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the Russell/Nomura Mid-Small Cap™ Index performed over the same period.
 
Fidelity® Japan Smaller Companies Fund
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuation also helped bolster non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Portfolio Manager Masaki Nakamura:
For the fiscal year ending October 31, 2023, the fund gained 9.76%, versus 16.18% for both the broad-based Russell/Nomura Mid Small Cap Japan Index (Gross) and the Fidelity Japan Smaller Companies Blend Index. By sector, security selection was the primary detractor, especially within industrials. Stock picking in information technology, primarily within software & services, also hurt, as did selection in real estate and health care. The fund's position in cash further detracted. The biggest individual relative detractor was an overweight in Kakaku.com (-42%), and the second-largest relative detractor was an overweight in Relo Group (-30%). An overweight in Money Forward (-13%) also hurt. In contrast, by sector, the biggest contributor to performance versus the benchmark was an underweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry. Stock picks in materials and overall positioning in energy also boosted relative performance. The top individual relative contributor was an overweight in Kansai Electric Power (+71%). The stock was among the fund's biggest holdings. A second notable contributor was an overweight in Renesas Electronics (+54%), the fund's top holding the past 12 months. An overweight in Yamato Kogyo (+70%), another of the fund's largest holdings, also helped. Notable changes in positioning the past 12 months include decreased exposure to cash and information technology stocks, and higher allocations to the energy, materials and consumer staples sectors.
 
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
 
Fidelity® Japan Smaller Companies Fund
Top Holdings (% of Fund's net assets)
 
INPEX Corp.  (Oil, Gas & Consumable Fuels)
3.5
 
Renesas Electronics Corp.  (Semiconductors & Semiconductor Equipment)
2.8
 
Yamato Kogyo Co. Ltd.  (Metals & Mining)
2.3
 
T&D Holdings, Inc.  (Insurance)
2.1
 
Suzuki Motor Corp.  (Automobiles)
1.9
 
Kansai Electric Power Co., Inc.  (Electric Utilities)
1.9
 
Central Automotive Products Ltd.  (Distributors)
1.8
 
Asahi Group Holdings  (Beverages)
1.8
 
Amano Corp.  (Electronic Equipment, Instruments & Components)
1.8
 
Kyoto Financial Group, Inc.  (Banks)
1.7
 
 
21.6
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
21.8
 
Information Technology
17.5
 
Consumer Discretionary
15.9
 
Financials
10.3
 
Materials
9.5
 
Consumer Staples
6.2
 
Energy
4.5
 
Communication Services
4.2
 
Utilities
3.2
 
Health Care
2.0
 
Real Estate
1.6
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Japan Smaller Companies Fund
Showing Percentage of Net Assets     
Common Stocks - 96.7%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 4.2%
 
 
 
Diversified Telecommunication Services - 0.7%
 
 
 
JTOWER, Inc. (a)(b)
 
89,100
3,242,444
Entertainment - 2.6%
 
 
 
Capcom Co. Ltd.
 
207,700
6,685,723
Daiichikosho Co. Ltd.
 
301,800
4,461,045
 
 
 
11,146,768
Interactive Media & Services - 0.9%
 
 
 
Kakaku.com, Inc.
 
382,700
3,690,948
TOTAL COMMUNICATION SERVICES
 
 
18,080,160
CONSUMER DISCRETIONARY - 15.9%
 
 
 
Automobile Components - 1.2%
 
 
 
DENSO Corp.
 
175,600
2,592,968
Shoei Co. Ltd.
 
215,300
2,868,607
 
 
 
5,461,575
Automobiles - 3.2%
 
 
 
Isuzu Motors Ltd.
 
511,200
5,700,213
Suzuki Motor Corp.
 
209,900
8,146,641
 
 
 
13,846,854
Broadline Retail - 1.6%
 
 
 
Pan Pacific International Holdings Ltd.
 
350,200
6,781,925
Distributors - 1.8%
 
 
 
Central Automotive Products Ltd.
 
355,300
7,957,529
Hotels, Restaurants & Leisure - 1.4%
 
 
 
Koshidaka Holdings Co. Ltd.
 
876,800
6,238,111
Household Durables - 0.5%
 
 
 
Open House Group Co. Ltd.
 
65,200
2,149,015
Leisure Products - 2.2%
 
 
 
Bandai Namco Holdings, Inc.
 
203,300
4,212,074
Roland Corp.
 
136,500
3,946,757
YONEX Co. Ltd.
 
140,400
1,521,072
 
 
 
9,679,903
Specialty Retail - 4.0%
 
 
 
ABC-MART, Inc.
 
273,000
4,228,508
Fast Retailing Co. Ltd.
 
25,400
5,623,469
Fuji Corp. (b)
 
655,400
7,390,236
 
 
 
17,242,213
TOTAL CONSUMER DISCRETIONARY
 
 
69,357,125
CONSUMER STAPLES - 6.2%
 
 
 
Beverages - 1.8%
 
 
 
Asahi Group Holdings
 
217,700
7,874,299
Consumer Staples Distribution & Retail - 1.1%
 
 
 
Kobe Bussan Co. Ltd. (b)
 
194,300
4,808,546
Food Products - 2.5%
 
 
 
Ajinomoto Co., Inc.
 
178,500
6,519,299
Kotobuki Spirits Co. Ltd.
 
332,500
4,415,263
 
 
 
10,934,562
Personal Care Products - 0.8%
 
 
 
Shiseido Co. Ltd.
 
109,200
3,463,330
TOTAL CONSUMER STAPLES
 
 
27,080,737
ENERGY - 4.5%
 
 
 
Oil, Gas & Consumable Fuels - 4.5%
 
 
 
ENEOS Holdings, Inc.
 
1,218,700
4,515,792
INPEX Corp.
 
1,043,500
15,142,098
 
 
 
19,657,890
FINANCIALS - 10.3%
 
 
 
Banks - 4.0%
 
 
 
Fukuoka Financial Group, Inc.
 
247,300
6,537,064
Hokuhoku Financial Group, Inc.
 
282,100
3,293,541
Kyoto Financial Group, Inc.
 
131,100
7,432,559
 
 
 
17,263,164
Consumer Finance - 1.1%
 
 
 
Credit Saison Co. Ltd.
 
332,400
4,982,613
Financial Services - 0.7%
 
 
 
Zenkoku Hosho Co. Ltd.
 
91,800
2,935,606
Insurance - 4.5%
 
 
 
Lifenet Insurance Co. (a)
 
358,200
2,288,863
Sompo Holdings, Inc.
 
76,100
3,296,650
T&D Holdings, Inc.
 
519,300
9,263,909
Tokio Marine Holdings, Inc.
 
221,200
4,948,739
 
 
 
19,798,161
TOTAL FINANCIALS
 
 
44,979,544
HEALTH CARE - 2.0%
 
 
 
Health Care Providers & Services - 0.5%
 
 
 
As One Corp.
 
60,200
1,918,568
Pharmaceuticals - 1.5%
 
 
 
Eisai Co. Ltd.
 
63,200
3,348,232
Santen Pharmaceutical Co. Ltd.
 
387,700
3,362,735
 
 
 
6,710,967
TOTAL HEALTH CARE
 
 
8,629,535
INDUSTRIALS - 21.8%
 
 
 
Construction & Engineering - 0.8%
 
 
 
Raito Kogyo Co. Ltd.
 
271,000
3,507,791
Electrical Equipment - 2.1%
 
 
 
Fuji Electric Co. Ltd.
 
115,200
4,386,198
SWCC Showa Holdings Co. Ltd.
 
331,700
4,612,060
 
 
 
8,998,258
Ground Transportation - 1.3%
 
 
 
Kyushu Railway Co.
 
285,200
5,831,284
Machinery - 3.6%
 
 
 
CKD Corp.
 
289,500
3,640,621
IHI Corp.
 
209,600
4,022,680
Minebea Mitsumi, Inc.
 
310,000
4,860,584
Misumi Group, Inc.
 
206,237
3,122,153
 
 
 
15,646,038
Marine Transportation - 1.1%
 
 
 
Nippon Concept Corp.
 
397,900
4,689,063
Professional Services - 7.0%
 
 
 
BayCurrent Consulting, Inc.
 
130,700
3,281,453
Funai Soken Holdings, Inc.
 
344,480
5,661,842
Open Up Group, Inc.
 
341,200
4,232,200
Rise Consulting Group, Inc.
 
329,300
1,868,321
TechnoPro Holdings, Inc.
 
243,600
4,825,923
TKC Corp.
 
206,900
4,826,361
Visional, Inc. (a)
 
117,100
5,739,678
 
 
 
30,435,778
Trading Companies & Distributors - 4.4%
 
 
 
Hanwa Co. Ltd.
 
165,850
4,999,235
Inaba Denki Sangyo Co. Ltd.
 
202,600
4,224,796
Itochu Corp.
 
125,700
4,527,844
Mitani Shoji Co. Ltd.
 
290,300
2,660,973
Senshu Electric Co. Ltd. (b)
 
147,600
3,036,611
 
 
 
19,449,459
Transportation Infrastructure - 1.5%
 
 
 
Kamigumi Co. Ltd.
 
314,700
6,384,178
TOTAL INDUSTRIALS
 
 
94,941,849
INFORMATION TECHNOLOGY - 17.5%
 
 
 
Electronic Equipment, Instruments & Components - 7.2%
 
 
 
Amano Corp.
 
379,300
7,747,705
Azbil Corp.
 
152,000
4,491,398
Dexerials Corp.
 
167,000
3,809,324
Ibiden Co. Ltd.
 
89,700
3,824,490
Kohoku Kogyo Co. Ltd. (b)
 
44,500
1,413,596
Maruwa Ceramic Co. Ltd.
 
36,200
6,351,779
Shibaura Electronics Co. Ltd.
 
94,300
3,525,018
 
 
 
31,163,310
IT Services - 3.8%
 
 
 
Argo Graphics, Inc.
 
244,500
5,358,321
GMO Internet, Inc.
 
192,500
2,803,720
Net One Systems Co. Ltd.
 
217,000
3,312,055
NSD Co. Ltd.
 
303,900
5,287,523
 
 
 
16,761,619
Semiconductors & Semiconductor Equipment - 3.8%
 
 
 
Renesas Electronics Corp. (a)
 
907,300
11,917,948
Sumco Corp.
 
348,057
4,497,646
 
 
 
16,415,594
Software - 1.7%
 
 
 
Jastec Co. Ltd.
 
11,100
113,839
Money Forward, Inc. (a)
 
286,000
7,223,797
 
 
 
7,337,636
Technology Hardware, Storage & Peripherals - 1.0%
 
 
 
FUJIFILM Holdings Corp.
 
79,800
4,364,885
TOTAL INFORMATION TECHNOLOGY
 
 
76,043,044
MATERIALS - 9.5%
 
 
 
Chemicals - 5.1%
 
 
 
C. Uyemura & Co. Ltd.
 
98,000
5,320,924
Fujimi, Inc.
 
186,600
3,724,881
NOF Corp.
 
127,700
5,037,886
Osaka Soda Co. Ltd.
 
80,400
4,721,941
Tokyo Ohka Kogyo Co. Ltd.
 
61,900
3,576,632
 
 
 
22,382,264
Construction Materials - 0.9%
 
 
 
Maeda Kosen Co. Ltd.
 
190,000
3,701,513
Metals & Mining - 3.5%
 
 
 
Dowa Holdings Co. Ltd.
 
167,700
5,126,649
Yamato Kogyo Co. Ltd.
 
215,700
10,334,361
 
 
 
15,461,010
TOTAL MATERIALS
 
 
41,544,787
REAL ESTATE - 1.6%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 0.5%
 
 
 
Invincible Investment Corp.
 
6,000
2,307,602
Real Estate Management & Development - 1.1%
 
 
 
Relo Group, Inc.
 
484,915
4,807,487
TOTAL REAL ESTATE
 
 
7,115,089
UTILITIES - 3.2%
 
 
 
Electric Utilities - 1.9%
 
 
 
Kansai Electric Power Co., Inc.
 
628,800
8,051,056
Gas Utilities - 1.3%
 
 
 
Nippon Gas Co. Ltd.
 
387,700
5,826,938
TOTAL UTILITIES
 
 
13,877,994
 
TOTAL COMMON STOCKS
 (Cost $387,072,883)
 
 
 
421,307,754
 
 
 
 
Money Market Funds - 3.0%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (c)
 
163,509
163,542
Fidelity Securities Lending Cash Central Fund 5.40% (c)(d)
 
13,156,777
13,158,092
 
TOTAL MONEY MARKET FUNDS
 (Cost $13,321,634)
 
 
13,321,634
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.7%
 (Cost $400,394,517)
 
 
 
434,629,388
NET OTHER ASSETS (LIABILITIES) - 0.3%  
1,240,197
NET ASSETS - 100.0%
435,869,585
 
 
 
 
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, 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.
 
(d)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
14,224,205
48,431,718
62,492,381
211,233
-
-
163,542
0.0%
Fidelity Securities Lending Cash Central Fund 5.40%
2,325,000
185,892,249
175,059,157
204,416
-
-
13,158,092
0.1%
Total
16,549,205
234,323,967
237,551,538
415,649
-
-
13,321,634
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
18,080,160
-
18,080,160
-
Consumer Discretionary
69,357,125
-
69,357,125
-
Consumer Staples
27,080,737
-
27,080,737
-
Energy
19,657,890
-
19,657,890
-
Financials
44,979,544
-
44,979,544
-
Health Care
8,629,535
-
8,629,535
-
Industrials
94,941,849
-
94,941,849
-
Information Technology
76,043,044
-
76,043,044
-
Materials
41,544,787
-
41,544,787
-
Real Estate
7,115,089
-
7,115,089
-
Utilities
13,877,994
-
13,877,994
-
  Money Market Funds
13,321,634
13,321,634
-
-
 Total Investments in Securities:
434,629,388
13,321,634
421,307,754
-
Fidelity® Japan Smaller Companies Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $12,464,591) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $387,072,883)
$
421,307,754
 
 
Fidelity Central Funds (cost $13,321,634)
13,321,634
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $400,394,517)
 
 
$
434,629,388
Cash
 
 
7,047
Foreign currency held at value (cost $13,005,024)
 
 
12,624,551
Receivable for investments sold
 
 
92,337
Receivable for fund shares sold
 
 
2,407
Dividends receivable
 
 
2,871,899
Distributions receivable from Fidelity Central Funds
 
 
21,838
Prepaid expenses
 
 
559
  Total assets
 
 
450,250,026
Liabilities
 
 
 
 
Payable for investments purchased
$
570,625
 
 
Payable for fund shares redeemed
261,381
 
 
Accrued management fee
250,118
 
 
Other affiliated payables
79,765
 
 
Other payables and accrued expenses
60,460
 
 
Collateral on securities loaned
13,158,092
 
 
  Total Liabilities
 
 
 
14,380,441
Net Assets  
 
 
$
435,869,585
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
402,979,000
Total accumulated earnings (loss)
 
 
 
32,890,585
Net Assets
 
 
$
435,869,585
Net Asset Value, offering price and redemption price per share ($435,869,585 ÷ 31,858,961 shares)
 
 
$
13.68
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
9,585,415
Income from Fidelity Central Funds (including $204,416 from security lending)
 
 
415,649
 Income before foreign taxes withheld
 
 
$
10,001,064
Less foreign taxes withheld
 
 
(961,874)
 Total Income
 
 
 
9,039,190
Expenses
 
 
 
 
Management fee
$
2,815,137
 
 
Transfer agent fees
663,405
 
 
Accounting fees
207,781
 
 
Custodian fees and expenses
33,691
 
 
Independent trustees' fees and expenses
2,314
 
 
Registration fees
37,807
 
 
Audit
58,386
 
 
Legal
395
 
 
Miscellaneous
1,626
 
 
 Total expenses before reductions
 
3,820,542
 
 
 Expense reductions
 
(25,670)
 
 
 Total expenses after reductions
 
 
 
3,794,872
Net Investment income (loss)
 
 
 
5,244,318
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
18,255,563
 
 
 Foreign currency transactions
 
(954,070)
 
 
Total net realized gain (loss)
 
 
 
17,301,493
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
7,881,385
 
 
 Assets and liabilities in foreign currencies
 
(275,164)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
7,606,221
Net gain (loss)
 
 
 
24,907,714
Net increase (decrease) in net assets resulting from operations
 
 
$
30,152,032
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
5,244,318
$
5,662,274
Net realized gain (loss)
 
17,301,493
 
 
(1,219,316)
 
Change in net unrealized appreciation (depreciation)
 
7,606,221
 
(112,241,112)
 
Net increase (decrease) in net assets resulting from operations
 
30,152,032
 
 
(107,798,154)
 
Distributions to shareholders
 
(198,124)
 
 
(52,717,138)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
104,318,260
 
11,321,055
  Reinvestment of distributions
 
192,250
 
 
51,177,635
 
Cost of shares redeemed
 
(63,019,461)
 
(38,772,821)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
41,491,049
 
 
23,725,869
 
Total increase (decrease) in net assets
 
71,444,957
 
 
(136,789,423)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
364,424,628
 
501,214,051
 
End of period
$
435,869,585
$
364,424,628
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
7,080,855
 
811,228
  Issued in reinvestment of distributions
 
14,575
 
 
3,289,051
 
Redeemed
 
(4,466,160)
 
(2,841,225)
Net increase (decrease)
 
2,629,270
 
1,259,054
 
 
 
 
 
 
Financial Highlights
Fidelity® Japan Smaller Companies Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.47
$
17.92
$
16.64
$
17.60
$
17.12
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.18
 
.19
 
.20
 
.16
 
.22
     Net realized and unrealized gain (loss)
 
1.04
 
(3.75)
 
1.36
 
.11
 
1.10
  Total from investment operations
 
1.22  
 
(3.56)  
 
1.56  
 
.27  
 
1.32
  Distributions from net investment income
 
(.01)
 
(.51)
 
(.19)
 
(.23)
 
(.11)
  Distributions from net realized gain
 
-
 
(1.38)
 
(.10)
 
(1.00)
 
(.73)
     Total distributions
 
(.01)
 
(1.89)
 
(.28) C
 
(1.23)
 
(.84)
  Net asset value, end of period
$
13.68
$
12.47
$
17.92
$
16.64
$
17.60
 Total Return D
 
9.76%
 
(21.95)%
 
9.44%
 
1.31%
 
8.22%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.92%
 
.91%
 
.91%
 
.92%
 
.93%
    Expenses net of fee waivers, if any
 
.91%
 
.91%
 
.91%
 
.92%
 
.93%
    Expenses net of all reductions
 
.91%
 
.91%
 
.91%
 
.92%
 
.93%
    Net investment income (loss)
 
1.26%
 
1.33%
 
1.13%
 
1.02%
 
1.31%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
435,870
$
364,425
$
501,214
$
523,774
$
685,651
    Portfolio turnover rate G
 
36%
 
38%
 
23%
 
20%
 
16%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity Japan Smaller Companies Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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, 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. 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$63,846,442
Gross unrealized depreciation
(43,408,625)
Net unrealized appreciation (depreciation)
$20,437,817
Tax Cost
$414,191,571
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$9,826,055
Undistributed long-term capital gain
$3,046,399
Net unrealized appreciation (depreciation) on securities and other investments
$20,018,132
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$198,124
$16,327,824
Long-term Capital Gains
-
36,389,314
Total
$198,124
$ 52,717,138
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Japan Smaller Companies Fund
199,961,174
146,537,980
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .67% of the Fund's average net assets.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .16% of average net assets.
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of 0.1535% of average net assets.
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity Japan Smaller Companies Fund
.05
 
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
 
 
% of Average Net Assets
Fidelity Japan Smaller Companies Fund
0.0497
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Japan Smaller Companies Fund
 1,845,467
 5,814,517
 1,434,309
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity Japan Smaller Companies Fund
$741
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Japan Smaller Companies Fund
$21,922
$-
$-
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $146.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $25,524.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers International Fund
Fidelity Japan Smaller Companies Fund
17%
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity Japan Smaller Companies Fund
49%
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Class A  (incl. 5.75% sales charge)  
-13.36%
-2.25%
-3.79%
Class M  (incl. 3.50% sales charge)  
-11.51%
-2.04%
-3.83%
Class C  
(incl. contingent deferred sales charge)
 
-9.62%
-1.83%
-3.80%
Fidelity® Latin America Fund
-7.88%
-0.80%
-2.95%
Class I
-7.83%
-0.76%
-2.89%
Class Z
-7.67%
-0.61%
-2.82%
 
 
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Latin America Fund, a class of the fund, on October 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EM (Emerging Markets) Latin America Index performed over the same period.
 
Fidelity® Latin America Fund
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuation also helped bolster non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Portfolio Manager Will Pruett:
For the fiscal year ending October 31, 2023, the fund's share classes (excluding sales charges, if applicable) returned about -9% to -8%, versus 3.98% for the benchmark MSCI Emerging Markets Latin America Net MA Index. From a regional standpoint, stock picks in Brazil and Peru, and a non-benchmark allocation to Developed Markets detracted from the fund's relative result. By sector, market selection was the primary detractor, with substantial overweight positions in health care and consumer discretionary, the benchmark's two weakest-performing sectors, hurting the fund's relative result. Stock selection in consumer staples, primarily within the consumer staples distribution & retail industry, also hurt, as did stock picking in industrials, primarily within the transportation industry. The fund's non-benchmark stake in Vamos Locacao de Caminhoes Maquinas e Equipamentos, one of our biggest holdings, returned -48% and was the largest individual relative detractor. A second notable relative detractor was an overweight in Hypera Pharma (-38%), which was also among our biggest holdings. An overweight in Atacadao (-52%) also hurt. In contrast, from a regional standpoint, an underweight in Chile contributed to the fund's performance versus the benchmark. By sector, security selection in health care, financials and consumer discretionary all boosted the fund's relative performance. The fund's non-benchmark stake in Qualitas Controladora gained 121% and was the top individual relative contributor. The stock was among the fund's largest holdings this period, though we decreased our investment during the 12 months. A non-benchmark stake in Caixa Seguridade Participacoes gained 44% and was the second-largest relative contributor; the stock was among the fund's biggest holdings at period end. An underweight in Banco Bradesco (-21%) also helped. Notable changes in positioning include a higher allocation to Mexico, increased exposure to the consumer staples sector and a lower allocation to industrials.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
 
Fidelity® Latin America Fund
Top Holdings (% of Fund's net assets)
 
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels)
14.2
 
Genomma Lab Internacional SA de CV  (Mexico, Pharmaceuticals)
8.5
 
Afya Ltd.  (Brazil, Diversified Consumer Services)
6.4
 
Hypera SA  (Brazil, Pharmaceuticals)
4.9
 
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA  (Brazil, Ground Transportation)
4.3
 
Itausa-Investimentos Itau SA (PN)  (Brazil, Banks)
4.2
 
Caixa Seguridade Participacoes  (Brazil, Insurance)
4.2
 
Equatorial Energia SA  (Brazil, Electric Utilities)
4.2
 
Sendas Distribuidora SA  (Brazil, Consumer Staples Distribution & Retail)
3.8
 
XP, Inc. Class A (Brazil, Capital Markets)
3.8
 
 
58.5
 
 
Market Sectors (% of Fund's net assets)
 
Financials
28.5
 
Health Care
17.5
 
Energy
14.2
 
Industrials
9.4
 
Consumer Discretionary
9.3
 
Consumer Staples
8.8
 
Materials
7.2
 
Utilities
4.2
 
 
Market Sectors may include more than one industry category.
The Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Latin American market. As of  October 31, 2023, the Fund did not have more than 25% of its total assets invested in any one industry.
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Latin America Fund
Showing Percentage of Net Assets     
Common Stocks - 76.7%
 
 
Shares
Value ($)
 
Brazil - 46.1%
 
 
 
Afya Ltd. (a)(b)
 
961,853
15,485,833
Atacadao SA
 
4,136,833
7,360,022
Caixa Seguridade Participacoes
 
4,721,442
10,132,593
CM Hospitalar SA
 
1,282,043
3,786,308
Equatorial Energia SA
 
1,607,886
10,077,691
Hapvida Participacoes e Investimentos SA (a)(c)
 
8,030,761
5,877,623
Hypera SA (a)
 
1,955,962
11,751,096
Itausa-Investimentos Itau SA
 
90,365
153,782
Localiza Rent a Car SA
 
637,415
6,431,358
Localiza Rent a Car SA rights 11/10/23 (a)
 
4,674
6,489
PagSeguro Digital Ltd. (a)
 
559,572
3,950,578
Sendas Distribuidora SA
 
4,231,165
9,181,127
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA
 
6,620,995
10,282,618
Vasta Platform Ltd. (a)(b)
 
1,725,714
6,971,885
XP, Inc. Class A
 
457,387
9,147,740
TOTAL BRAZIL
 
 
110,596,743
Mexico - 24.8%
 
 
 
Banco del Bajio SA (c)
 
2,016,201
6,170,834
Becle S.A.B. de CV
 
2,558,104
4,510,629
GCC S.A.B. de CV
 
799,714
7,120,644
Genomma Lab Internacional SA de CV
 
27,433,769
20,572,664
Grupo Aeroportuario Norte S.A.B. de CV
 
760,457
5,805,186
Qualitas Controladora S.A.B. de CV
 
991,260
8,187,283
Regional S.A.B. de CV
 
948,024
7,211,797
TOTAL MEXICO
 
 
59,579,037
Peru - 3.5%
 
 
 
Intercorp Financial Services, Inc. (b)
 
448,354
8,420,088
Sweden - 0.9%
 
 
 
VEF AB (a)
 
14,010,796
2,237,972
Zambia - 1.4%
 
 
 
First Quantum Minerals Ltd.
 
289,402
3,353,662
 
TOTAL COMMON STOCKS
 (Cost $217,840,916)
 
 
 
184,187,502
 
 
 
 
Nonconvertible Preferred Stocks - 22.4%
 
 
Shares
Value ($)
 
Brazil - 22.4%
 
 
 
Banco Bradesco SA (PN)
 
1,058,640
2,937,546
Itausa-Investimentos Itau SA (PN)
 
5,940,787
10,180,671
Metalurgica Gerdau SA (PN)
 
3,304,769
6,771,114
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.)
 
4,942,204
34,054,084
 
 
 
 
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 (Cost $38,848,725)
 
 
 
53,943,415
 
 
 
 
Money Market Funds - 2.0%
 
 
Shares
Value ($)
 
Fidelity Securities Lending Cash Central Fund 5.40% (d)(e)
 
 (Cost $4,830,855)
 
 
4,830,372
4,830,855
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.1%
 (Cost $261,520,496)
 
 
 
242,961,772
NET OTHER ASSETS (LIABILITIES) - (1.1)%  
(2,699,696)
NET ASSETS - 100.0%
240,262,076
 
 
 
 
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 $12,048,457 or 5.0% 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, 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.
 
(e)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
647,124
54,352,571
54,999,695
42,968
-
-
-
0.0%
Fidelity Securities Lending Cash Central Fund 5.40%
1,102,930
49,663,018
45,935,093
19,823
-
-
4,830,855
0.0%
Total
1,750,054
104,015,589
100,934,788
62,791
-
-
4,830,855
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Consumer Discretionary
22,457,718
22,457,718
-
-
Consumer Staples
21,051,778
21,051,778
-
-
Energy
34,054,084
34,054,084
-
-
Financials
68,730,884
68,730,884
-
-
Health Care
41,987,691
41,987,691
-
-
Industrials
22,525,651
22,525,651
-
-
Materials
17,245,420
17,245,420
-
-
Utilities
10,077,691
10,077,691
-
-
  Money Market Funds
4,830,855
4,830,855
-
-
 Total Investments in Securities:
242,961,772
242,961,772
-
-
Fidelity® Latin America Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $4,640,952) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $256,689,641)
$
238,130,917
 
 
Fidelity Central Funds (cost $4,830,855)
4,830,855
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $261,520,496)
 
 
$
242,961,772
Foreign currency held at value (cost $29,857)
 
 
29,910
Receivable for investments sold
 
 
700,321
Receivable for fund shares sold
 
 
60,427
Dividends receivable
 
 
2,785,475
Distributions receivable from Fidelity Central Funds
 
 
9,976
Prepaid expenses
 
 
381
  Total assets
 
 
246,548,262
Liabilities
 
 
 
 
Payable to custodian bank
$
857,074
 
 
Payable for investments purchased
179,908
 
 
Payable for fund shares redeemed
120,760
 
 
Accrued management fee
141,392
 
 
Distribution and service plan fees payable
4,771
 
 
Other affiliated payables
64,889
 
 
Other payables and accrued expenses
89,117
 
 
Collateral on securities loaned
4,828,275
 
 
  Total Liabilities
 
 
 
6,286,186
Net Assets  
 
 
$
240,262,076
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
333,015,666
Total accumulated earnings (loss)
 
 
 
(92,753,590)
Net Assets
 
 
$
240,262,076
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($12,309,038 ÷ 688,223 shares)(a)
 
 
$
17.89
Maximum offering price per share (100/94.25 of $17.89)
 
 
$
18.98
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($2,606,412 ÷ 145,529 shares)(a)
 
 
$
17.91
Maximum offering price per share (100/96.50 of $17.91)
 
 
$
18.56
Class C :
 
 
 
 
Net Asset Value and offering price per share ($1,134,076 ÷ 62,865 shares)(a)
 
 
$
18.04
Latin America :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($217,335,730 ÷ 12,162,674 shares)
 
 
$
17.87
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($6,213,156 ÷ 348,052 shares)
 
 
$
17.85
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($663,664 ÷ 37,030 shares)
 
 
$
17.92
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
18,176,764
Income from Fidelity Central Funds (including $19,823 from security lending)
 
 
62,791
 Income before foreign taxes withheld
 
 
$
18,239,555
Less foreign taxes withheld
 
 
(658,269)
 Total Income
 
 
 
17,581,286
Expenses
 
 
 
 
Management fee
$
1,795,655
 
 
Transfer agent fees
657,463
 
 
Distribution and service plan fees
56,991
 
 
Accounting fees
132,514
 
 
Custodian fees and expenses
93,337
 
 
Independent trustees' fees and expenses
1,534
 
 
Registration fees
85,862
 
 
Audit
70,732
 
 
Legal
448
 
 
Miscellaneous
1,086
 
 
 Total expenses before reductions
 
2,895,622
 
 
 Expense reductions
 
(16,689)
 
 
 Total expenses after reductions
 
 
 
2,878,933
Net Investment income (loss)
 
 
 
14,702,353
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(314,375)
 
 
 Foreign currency transactions
 
123,132
 
 
Total net realized gain (loss)
 
 
 
(191,243)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(36,843,715)
 
 
 Assets and liabilities in foreign currencies
 
(47,890)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(36,891,605)
Net gain (loss)
 
 
 
(37,082,848)
Net increase (decrease) in net assets resulting from operations
 
 
$
(22,380,495)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
14,702,353
$
24,063,331
Net realized gain (loss)
 
(191,243)
 
 
(14,063,333)
 
Change in net unrealized appreciation (depreciation)
 
(36,891,605)
 
19,797,722
 
Net increase (decrease) in net assets resulting from operations
 
(22,380,495)
 
 
29,797,720
 
Distributions to shareholders
 
(21,810,363)
 
 
(7,964,894)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
(262,025)
 
 
(30,282,037)
 
 
 
 
 
 
Total increase (decrease) in net assets
 
(44,452,883)
 
 
(8,449,211)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
284,714,959
 
293,164,170
 
End of period
$
240,262,076
$
284,714,959
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Latin America Fund Class A
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
21.18
$
19.37
$
17.40
$
28.36
$
21.98
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
1.02
 
1.60
 
.15
 
.04
 
.69
     Net realized and unrealized gain (loss)
 
(2.73)
 
.68
 
1.82
 
(10.40)
 
6.11
  Total from investment operations
 
(1.71)  
 
2.28  
 
1.97  
 
(10.36)  
 
6.80
  Distributions from net investment income
 
(1.58)
 
(.47)
 
- C
 
(.60)
 
(.42)
     Total distributions
 
(1.58)
 
(.47)
 
- C
 
(.60)
 
(.42)
  Net asset value, end of period
$
17.89
$
21.18
$
19.37
$
17.40
$
28.36
 Total Return D,E
 
(8.07)%
 
12.17%
 
11.34%
 
(37.31)%
 
31.60%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.33%
 
1.32%
 
1.33%
 
1.36%
 
1.36%
    Expenses net of fee waivers, if any
 
1.32%
 
1.32%
 
1.33%
 
1.35%
 
1.36%
    Expenses net of all reductions
 
1.32%
 
1.32%
 
1.33%
 
1.33%
 
1.36%
    Net investment income (loss)
 
5.29%
 
7.98%
 
.70%
 
.18%
 
2.81%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
12,309
$
13,309
$
10,217
$
9,131
$
17,953
    Portfolio turnover rate H
 
37%
 
48%
 
33%
 
54%
 
48%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CAmount represents less than $.005 per share.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
ETotal returns do not include the effect of the sales charges.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Latin America Fund Class M
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
21.19
$
19.35
$
17.44
$
28.41
$
22.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.98
 
1.55
 
.10
 
(.02)
 
.63
     Net realized and unrealized gain (loss)
 
(2.73)
 
.69
 
1.81
 
(10.42)
 
6.13
  Total from investment operations
 
(1.75)  
 
2.24  
 
1.91  
 
(10.44)  
 
6.76
  Distributions from net investment income
 
(1.53)
 
(.40)
 
-
 
(.53)
 
(.35)
     Total distributions
 
(1.53)
 
(.40)
 
-
 
(.53)
 
(.35)
  Net asset value, end of period
$
17.91
$
21.19
$
19.35
$
17.44
$
28.41
 Total Return C,D
 
(8.30)%
 
11.92%
 
10.95%
 
(37.45)%
 
31.26%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.58%
 
1.58%
 
1.59%
 
1.62%
 
1.64%
    Expenses net of fee waivers, if any
 
1.57%
 
1.58%
 
1.59%
 
1.61%
 
1.63%
    Expenses net of all reductions
 
1.56%
 
1.58%
 
1.59%
 
1.59%
 
1.63%
    Net investment income (loss)
 
5.06%
 
7.72%
 
.44%
 
(.09)%
 
2.54%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,606
$
3,024
$
2,701
$
2,912
$
6,032
    Portfolio turnover rate G
 
37%
 
48%
 
33%
 
54%
 
48%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DTotal returns do not include the effect of the sales charges.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Latin America Fund Class C
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
21.33
$
19.45
$
17.61
$
28.67
$
22.16
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.88
 
1.46
 
(.01)
 
(.13)
 
.51
     Net realized and unrealized gain (loss)
 
(2.74)
 
.71
 
1.85
 
(10.56)
 
6.21
  Total from investment operations
 
(1.86)  
 
2.17  
 
1.84  
 
(10.69)  
 
6.72
  Distributions from net investment income
 
(1.43)
 
(.29)
 
-
 
(.37)
 
(.21)
     Total distributions
 
(1.43)
 
(.29)
 
-
 
(.37)
 
(.21)
  Net asset value, end of period
$
18.04
$
21.33
$
19.45
$
17.61
$
28.67
 Total Return C,D
 
(8.77)%
 
11.36%
 
10.45%
 
(37.78)%
 
30.62%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.08%
 
2.08%
 
2.08%
 
2.11%
 
2.12%
    Expenses net of fee waivers, if any
 
2.07%
 
2.07%
 
2.08%
 
2.11%
 
2.12%
    Expenses net of all reductions
 
2.07%
 
2.07%
 
2.08%
 
2.09%
 
2.12%
    Net investment income (loss)
 
4.54%
 
7.22%
 
(.05)%
 
(.58)%
 
2.06%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,134
$
946
$
656
$
810
$
3,438
    Portfolio turnover rate G
 
37%
 
48%
 
33%
 
54%
 
48%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DTotal returns do not include the effect of the contingent deferred sales charge.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity® Latin America Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
21.17
$
19.36
$
17.36
$
28.30
$
21.94
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
1.07
 
1.65
 
.22
 
.10
 
.77
     Net realized and unrealized gain (loss)
 
(2.74)
 
.69
 
1.79
 
(10.36)
 
6.09
  Total from investment operations
 
(1.67)  
 
2.34  
 
2.01  
 
(10.26)  
 
6.86
  Distributions from net investment income
 
(1.63)
 
(.53)
 
(.01)
 
(.68)
 
(.50)
     Total distributions
 
(1.63)
 
(.53)
 
(.01)
 
(.68)
 
(.50)
  Net asset value, end of period
$
17.87
$
21.17
$
19.36
$
17.36
$
28.30
 Total Return C
 
(7.88)%
 
12.55%
 
11.58%
 
(37.13)%
 
32.06%
 Ratios to Average Net Assets B,D,E
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.07%
 
1.06%
 
1.04%
 
1.05%
 
1.05%
    Expenses net of fee waivers, if any
 
1.06%
 
1.05%
 
1.04%
 
1.05%
 
1.04%
    Expenses net of all reductions
 
1.06%
 
1.05%
 
1.04%
 
1.03%
 
1.04%
    Net investment income (loss)
 
5.55%
 
8.24%
 
.99%
 
.48%
 
3.13%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
217,336
$
262,361
$
262,484
$
277,942
$
517,901
    Portfolio turnover rate F
 
37%
 
48%
 
33%
 
54%
 
48%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Latin America Fund Class I
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
21.15
$
19.34
$
17.34
$
28.28
$
21.92
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
1.07
 
1.67
 
.23
 
.12
 
.78
     Net realized and unrealized gain (loss)
 
(2.73)
 
.67
 
1.78
 
(10.34)
 
6.08
  Total from investment operations
 
(1.66)  
 
2.34  
 
2.01  
 
(10.22)  
 
6.86
  Distributions from net investment income
 
(1.64)
 
(.53)
 
(.01)
 
(.72)
 
(.50)
     Total distributions
 
(1.64)
 
(.53)
 
(.01)
 
(.72)
 
(.50)
  Net asset value, end of period
$
17.85
$
21.15
$
19.34
$
17.34
$
28.28
 Total Return C
 
(7.83)%
 
12.57%
 
11.60%
 
(37.07)%
 
32.09%
 Ratios to Average Net Assets B,D,E
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.02%
 
1.02%
 
1.00%
 
.99%
 
1.01%
    Expenses net of fee waivers, if any
 
1.02%
 
1.02%
 
1.00%
 
.99%
 
1.00%
    Expenses net of all reductions
 
1.02%
 
1.02%
 
1.00%
 
.97%
 
1.00%
    Net investment income (loss)
 
5.60%
 
8.28%
 
1.04%
 
.54%
 
3.17%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
6,213
$
3,960
$
2,768
$
3,508
$
7,124
    Portfolio turnover rate F
 
37%
 
48%
 
33%
 
54%
 
48%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Latin America Fund Class Z
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
21.14
$
19.35
$
17.32
$
28.24
$
21.92
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
1.10
 
1.70
 
.26
 
.14
 
.85
     Net realized and unrealized gain (loss)
 
(2.72)
 
.66
 
1.79
 
(10.32)
 
6.03
  Total from investment operations
 
(1.62)  
 
2.36  
 
2.05  
 
(10.18)  
 
6.88
  Distributions from net investment income
 
(1.60)
 
(.57)
 
(.02)
 
(.74)
 
(.56)
     Total distributions
 
(1.60)
 
(.57)
 
(.02)
 
(.74)
 
(.56)
  Net asset value, end of period
$
17.92
$
21.14
$
19.35
$
17.32
$
28.24
 Total Return C
 
(7.67)%
 
12.73%
 
11.82%
 
(37.00)%
 
32.28%
 Ratios to Average Net Assets B,D,E
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.86%
 
.85%
 
.85%
 
.86%
 
.86%
    Expenses net of fee waivers, if any
 
.86%
 
.85%
 
.85%
 
.86%
 
.86%
    Expenses net of all reductions
 
.86%
 
.85%
 
.85%
 
.84%
 
.86%
    Net investment income (loss)
 
5.76%
 
8.45%
 
1.19%
 
.67%
 
3.31%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
664
$
1,115
$
14,338
$
13,520
$
26,605
    Portfolio turnover rate F
 
37%
 
48%
 
33%
 
54%
 
48%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity Latin America Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Latin America, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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, 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. 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$41,096,913
Gross unrealized depreciation
(60,332,015)
Net unrealized appreciation (depreciation)
$(19,235,102)
Tax Cost
$262,196,874
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$8,352,227
Capital loss carryforward
$(81,820,196)
Net unrealized appreciation (depreciation) on securities and other investments
$(19,285,624)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 Short-term
$(57,484,114)
 Long-term
(24,336,082)
Total capital loss carryforward
$(81,820,196)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$21,810,363
$7,964,894
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Latin America Fund
98,584,904
106,187,108
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .68% of the Fund's average net assets.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees
Retained by FDC
Class A
 - %
 .25%
$32,042
$757
Class M
 .25%
 .25%
 14,602
 52
Class C
 .75%
 .25%
10,347
3,300
 
 
 
$56,991
$4,109
 
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
 
For the period, sales charge amounts retained by FDC were as follows:
 
 
Retained by FDC
Class A
$8,740
Class M
 283
Class CA
40
 
$9,063
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Class A
$33,116
.26
Class M
 7,553
.26
Class C
 2,682
.26
Latin America
 604,850
.25
Class I
 8,885
.20
Class Z
377
.04
 
$657,463
 
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
 
 
% of Class-Level Average Net Assets
Class A
0.2000
Class M
0.2000
Class C
0.2000
Latin America
0.2000
Class I
0.2000
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity Latin America Fund
.05
 
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
 
 
% of Average Net Assets
Fidelity Latin America Fund
0.0498
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity Latin America Fund
$552
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Latin America Fund
 617,469
 -
 -
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity Latin America Fund
$489
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Latin America Fund
$2,087
$158
$-
8. Expense Reductions.
Through arrangements with each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction
 
 
Class M
$526
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $16,163.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2023
Year ended
October 31, 2022
Fidelity Latin America Fund
 
 
Distributions to shareholders
 
 
Class A
$1,004,697
 $246,821
Class M
 219,803
 55,713
Class C
 62,841
 9,520
Latin America
 20,106,391
 7,148,489
Class I
 319,001
 63,267
Class Z
                        97,630
             441,084
Total  
$21,810,363
$7,964,894
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended
 October 31, 2023
Year ended
 October 31, 2022
Year ended
 October 31, 2023
Year ended
 October 31, 2022
Fidelity Latin America Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
134,846
193,440
$2,591,643
$4,014,725
Reinvestment of distributions
54,943
12,985
985,119
236,085
Shares redeemed
(129,882)
(105,710)
(2,397,461)
(2,130,953)
Net increase (decrease)
59,907
100,715
$1,179,301
$2,119,857
Class M
 
 
 
 
Shares sold
13,661
20,674
$273,957
$437,930
Reinvestment of distributions
12,131
3,036
218,228
55,381
Shares redeemed
(22,967)
(20,590)
(443,213)
(412,047)
Net increase (decrease)
2,825
3,120
$48,972
$81,264
Class C
 
 
 
 
Shares sold
26,302
24,221
$509,122
$531,782
Reinvestment of distributions
3,453
515
62,841
9,515
Shares redeemed
(11,221)
(14,126)
(215,686)
(288,523)
Net increase (decrease)
18,534
10,610
$356,277
$252,774
Latin America
 
 
 
 
Shares sold
1,714,595
2,584,874
$33,449,842
$53,328,636
Reinvestment of distributions
1,050,900
354,926
18,779,586
6,428,926
Shares redeemed
(2,998,723)
(4,099,646)
(57,166,973)
(80,282,944)
Net increase (decrease)
(233,228)
(1,159,846)
$(4,937,545)
$(20,525,382)
Class I
 
 
 
 
Shares sold
270,444
241,168
$5,353,519
$5,278,172
Reinvestment of distributions
17,723
3,427
316,179
61,999
Shares redeemed
(127,375)
(200,417)
(2,335,762)
(3,856,685)
Net increase (decrease)
160,792
44,178
$3,333,936
$1,483,486
Class Z
 
 
 
 
Shares sold
24,093
554,422
$494,949
$11,379,289
Reinvestment of distributions
3,612
24,364
64,625
440,031
Shares redeemed
(43,424)
(1,267,021)
(802,540)
(25,513,356)
Net increase (decrease)
(15,719)
(688,235)
$(242,966)
$(13,694,036)
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® Nordic Fund
16.08%
8.38%
6.79%
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Nordic Fund on October 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the FTSE® Capped Nordic Index performed over the same period.
 
Fidelity® Nordic Fund
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Co-Lead-Managers Allyson Ke and Faris Rahman:
For the fiscal year ending October 31, 2023, the fund gained 16.08%, versus 15.89% for the benchmark FTSE Capped Nordic Index. From a regional standpoint, an underweight in Europe ex the U.K., primarily in Finland, contributed to the fund's performance versus the benchmark. By sector, sector-and-industry positioning contributed, especially an underweight in information technology. An underweight in utilities also helped. An overweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, also boosted the fund's relative performance. Not owning Nokia, a benchmark component that returned -23%, was the fund's top individual relative contributor. The second-largest relative contributor was an overweight in Novo-Nordisk (+77%). Novo-Nordisk was the fund's largest holding. Not owning Hexagon, a benchmark component that returned -17%, was another notable relative contributor. In contrast, from a regional standpoint, picks in Europe ex the U.K., primarily in Denmark, detracted from the fund's relative result. By sector, the biggest detractor from performance versus the benchmark was an overweight in energy. Stock selection and an overweight in industrials, primarily within the capital goods industry, also hampered the fund's result. Also detracting from our result was stock picking in consumer discretionary. The biggest individual relative detractor was an overweight in Vestas Wind Systems (-31%). Vestas Wind Systems was among the fund's largest holdings at period end. This was a stake we established this period. A second notable relative detractor was an overweight in Elisa (-9%). An overweight in Equinor (-1%) also detracted. Equinor was one of our biggest holdings. Notable changes in positioning include decreased exposure to the consumer staples sector and a higher allocation to health care.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
 
Fidelity® Nordic Fund
Top Holdings (% of Fund's net assets)
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
27.8
 
Nordea Bank Abp  (Finland, Banks)
5.0
 
Investor AB (B Shares)  (Sweden, Financial Services)
5.0
 
Atlas Copco AB (B Shares)  (Sweden, Machinery)
4.4
 
DSV A/S  (Denmark, Air Freight & Logistics)
3.4
 
Equinor ASA  (Norway, Oil, Gas & Consumable Fuels)
3.3
 
Sandvik AB  (Sweden, Machinery)
2.9
 
ASSA ABLOY AB (B Shares)  (Sweden, Building Products)
2.6
 
Vestas Wind Systems A/S  (Denmark, Electrical Equipment)
2.6
 
Carlsberg A/S Series B  (Denmark, Beverages)
2.4
 
 
59.4
 
 
Market Sectors (% of Fund's net assets)
 
Health Care
31.3
 
Industrials
25.0
 
Financials
16.6
 
Energy
5.2
 
Materials
5.1
 
Communication Services
4.0
 
Consumer Discretionary
3.3
 
Consumer Staples
3.0
 
Information Technology
2.1
 
Real Estate
0.4
 
 
The Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Nordic market. As of  October 31, 2023, the Fund did not have more than 25% of its total assets invested in any one industry.
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Nordic Fund
Showing Percentage of Net Assets     
Common Stocks - 96.0%
 
 
Shares
Value ($)
 
Denmark - 41.2%
 
 
 
Carlsberg A/S Series B
 
57,000
6,792,873
Demant A/S (a)
 
64,100
2,441,775
DSV A/S
 
66,200
9,873,103
Genmab A/S (a)
 
21,600
6,105,951
Novo Nordisk A/S Series B
 
827,000
79,785,847
Tryg A/S
 
291,383
5,686,177
Vestas Wind Systems A/S (a)
 
342,000
7,412,776
TOTAL DENMARK
 
 
118,098,502
Finland - 11.1%
 
 
 
Elisa Corp. (A Shares)
 
152,200
6,454,596
Neste OYJ
 
131,700
4,418,845
Nordea Bank Abp
 
1,374,344
14,442,219
Sampo Oyj (A Shares)
 
89,800
3,526,095
UPM-Kymmene Corp. (b)
 
89,600
3,011,979
TOTAL FINLAND
 
 
31,853,734
Norway - 7.7%
 
 
 
Equinor ASA
 
283,300
9,497,127
Kongsberg Gruppen ASA
 
89,200
3,641,159
Mowi ASA
 
115,300
1,871,272
Norsk Hydro ASA
 
913,300
5,208,282
Selvaag Bolig ASA
 
321,200
764,834
TGS ASA
 
79,300
1,080,433
TOTAL NORWAY
 
 
22,063,107
Sweden - 36.0%
 
 
 
Alfa Laval AB
 
184,900
5,973,146
ASSA ABLOY AB (B Shares)
 
349,400
7,447,488
Atlas Copco AB (B Shares)
 
1,112,400
12,461,925
Autoliv, Inc.
 
16,700
1,530,555
Beijer Alma AB (B Shares)
 
86,600
1,376,296
Eltel AB (a)(c)
 
1,544,681
910,553
Evolution AB (c)
 
67,100
5,962,534
Fortnox AB
 
600,600
2,374,970
Haypp Group (a)
 
385,600
1,551,043
Hemnet Group AB
 
272,500
4,728,644
HEXPOL AB (B Shares)
 
304,170
2,689,515
Indutrade AB
 
277,600
4,902,942
Investor AB (B Shares)
 
774,500
14,182,173
Lagercrantz Group AB (B Shares)
 
394,353
3,592,912
Nibe Industrier AB (B Shares)
 
301,200
1,731,790
Nordnet AB
 
294,900
4,160,982
Rusta AB
 
148,900
604,273
Saab AB (B Shares)
 
91,900
4,709,253
Sandvik AB
 
489,000
8,329,146
Surgical Science Sweden AB (a)
 
124,000
1,405,247
Svenska Cellulosa AB SCA (B Shares)
 
272,700
3,736,587
Swedbank AB (A Shares)
 
338,299
5,538,582
Swedish Logistic Property AB (a)
 
131,004
305,139
Trelleborg AB (B Shares)
 
118,700
2,994,497
TOTAL SWEDEN
 
 
103,200,192
 
TOTAL COMMON STOCKS
 (Cost $234,330,751)
 
 
 
275,215,535
 
 
 
 
Money Market Funds - 4.5%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (d)
 
9,210,009
9,211,851
Fidelity Securities Lending Cash Central Fund 5.40% (d)(e)
 
3,655,634
3,656,000
 
TOTAL MONEY MARKET FUNDS
 (Cost $12,867,851)
 
 
12,867,851
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.5%
 (Cost $247,198,602)
 
 
 
288,083,386
NET OTHER ASSETS (LIABILITIES) - (0.5)%  
(1,430,598)
NET ASSETS - 100.0%
286,652,788
 
 
 
 
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 $6,873,087 or 2.4% 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, 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.
 
(e)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
2,293,839
75,944,107
69,026,095
364,910
-
-
9,211,851
0.0%
Fidelity Securities Lending Cash Central Fund 5.40%
-
60,095,153
56,439,153
40,585
-
-
3,656,000
0.0%
Total
2,293,839
136,039,260
125,465,248
405,495
-
-
12,867,851
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
11,183,240
11,183,240
-
-
Consumer Discretionary
9,648,405
9,648,405
-
-
Consumer Staples
8,664,145
1,871,272
6,792,873
-
Energy
14,996,405
5,499,278
9,497,127
-
Financials
47,536,228
47,536,228
-
-
Health Care
89,738,820
3,847,022
85,891,798
-
Industrials
71,764,074
48,574,664
23,189,410
-
Information Technology
5,967,882
5,967,882
-
-
Materials
14,646,363
9,438,081
5,208,282
-
Real Estate
1,069,973
1,069,973
-
-
  Money Market Funds
12,867,851
12,867,851
-
-
 Total Investments in Securities:
288,083,386
157,503,896
130,579,490
-
Fidelity® Nordic Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $3,476,620) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $234,330,751)
$
275,215,535
 
 
Fidelity Central Funds (cost $12,867,851)
12,867,851
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $247,198,602)
 
 
$
288,083,386
Foreign currency held at value (cost $902,295)
 
 
901,980
Receivable for fund shares sold
 
 
16,265
Dividends receivable
 
 
60,439
Reclaims receivable
 
 
1,878,766
Distributions receivable from Fidelity Central Funds
 
 
36,159
Prepaid expenses
 
 
442
  Total assets
 
 
290,977,437
Liabilities
 
 
 
 
Payable for investments purchased
$
71,061
 
 
Payable for fund shares redeemed
147,074
 
 
Accrued management fee
164,477
 
 
Other affiliated payables
53,740
 
 
Other payables and accrued expenses
232,297
 
 
Collateral on securities loaned
3,656,000
 
 
  Total Liabilities
 
 
 
4,324,649
Net Assets  
 
 
$
286,652,788
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
258,088,664
Total accumulated earnings (loss)
 
 
 
28,564,124
Net Assets
 
 
$
286,652,788
Net Asset Value, offering price and redemption price per share ($286,652,788 ÷ 5,353,244 shares)
 
 
$
53.55
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
8,189,631
Foreign Tax Reclaims
 
 
1,653,431
Income from Fidelity Central Funds (including $40,585 from security lending)
 
 
405,495
 Income before foreign taxes withheld
 
 
$
10,248,557
Less foreign taxes withheld
 
 
(2,212,804)
 Total Income
 
 
 
8,035,753
Expenses
 
 
 
 
Management fee
$
2,068,185
 
 
Transfer agent fees
504,241
 
 
Accounting fees
152,632
 
 
Custodian fees and expenses
25,434
 
 
Independent trustees' fees and expenses
1,726
 
 
Registration fees
27,557
 
 
Audit
89,482
 
 
Legal
297
 
 
Miscellaneous
1,209
 
 
 Total expenses before reductions
 
2,870,763
 
 
 Expense reductions
 
(19,191)
 
 
 Total expenses after reductions
 
 
 
2,851,572
Net Investment income (loss)
 
 
 
5,184,181
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
1,429,492
 
 
 Foreign currency transactions
 
451,178
 
 
Total net realized gain (loss)
 
 
 
1,880,670
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
34,474,964
 
 
 Assets and liabilities in foreign currencies
 
5,676
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
34,480,640
Net gain (loss)
 
 
 
36,361,310
Net increase (decrease) in net assets resulting from operations
 
 
$
41,545,491
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
5,184,181
$
4,639,612
Net realized gain (loss)
 
1,880,670
 
 
(8,220,001)
 
Change in net unrealized appreciation (depreciation)
 
34,480,640
 
(114,229,877)
 
Net increase (decrease) in net assets resulting from operations
 
41,545,491
 
 
(117,810,266)
 
Distributions to shareholders
 
-
 
 
(53,400,933)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
44,092,104
 
29,607,219
  Reinvestment of distributions
 
-
 
 
49,862,949
 
Cost of shares redeemed
 
(56,149,155)
 
(73,768,106)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(12,057,051)
 
 
5,702,062
 
Total increase (decrease) in net assets
 
29,488,440
 
 
(165,509,137)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
257,164,348
 
422,673,485
 
End of period
$
286,652,788
$
257,164,348
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
789,514
 
545,297
  Issued in reinvestment of distributions
 
-
 
 
819,642
 
Redeemed
 
(1,011,489)
 
(1,383,136)
Net increase (decrease)
 
(221,975)
 
(18,197)
 
 
 
 
 
 
Financial Highlights
Fidelity® Nordic Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
46.13
$
75.57
$
56.51
$
46.69
$
49.64
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.93
 
.78
 
1.06
 
.15
 
1.50 C
     Net realized and unrealized gain (loss)
 
6.49
 
(20.65) D
 
20.17
 
11.86
 
.15
  Total from investment operations
 
7.42  
 
(19.87)  
 
21.23  
 
12.01  
 
1.65
  Distributions from net investment income
 
-
 
(3.02)
 
(.96)
 
(1.60)
 
(.05)
  Distributions from net realized gain
 
-
 
(6.56)
 
(1.21)
 
(.59)
 
(4.55)
     Total distributions
 
-
 
(9.57) E
 
(2.17)
 
(2.19)
 
(4.60)
  Net asset value, end of period
$
53.55
$
46.13
$
75.57
$
56.51
$
46.69
 Total Return F
 
16.08%
 
(29.33)% D
 
38.39%
 
26.73%
 
3.96%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.94%
 
.93%
 
.92%
 
.96%
 
.98%
    Expenses net of fee waivers, if any
 
.93%
 
.92%
 
.92%
 
.96%
 
.98%
    Expenses net of all reductions
 
.93%
 
.92%
 
.92%
 
.96%
 
.96%
    Net investment income (loss)
 
1.69%
 
1.45%
 
1.51%
 
.31%
 
3.28% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
286,653
$
257,164
$
422,673
$
301,424
$
261,896
    Portfolio turnover rate I
 
23%
 
42%
 
34%
 
29%
 
34%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.82 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.50%.
 
DAmount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been (29.35)%.
 
ETotal distributions per share do not sum due to rounding.
 
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity Nordic Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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, 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. 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. For U.S. income tax purposes, EU reclaims received by a fund reduce the amounts of foreign taxes shareholders can use as tax credits in their individual income tax returns. In the event that EU reclaims received by a fund during the fiscal year exceed foreign withholding taxes paid in that year, and a fund previously passed foreign tax credit on to its shareholders, a fund will enter into a closing agreement with the Internal Revenue Service (IRS) in order to pay the associated tax liability on behalf of shareholders. During the fiscal year ended October 31, 2023, the Fund received EU reclaims in excess of foreign withholding taxes paid. The Fund is seeking a closing agreement with the IRS and has accrued the estimated fees as presented in the Statement of Assets and Liabilities in other payables and accrued expenses, and in the Statement of Operations in foreign taxes withheld. The actual fees may differ from the estimate.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), net operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$66,962,009
Gross unrealized depreciation
(31,253,679)
Net unrealized appreciation (depreciation)
$35,708,330
Tax Cost
$252,375,056
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$-
Capital loss carryforward
$(7,039,045)
Net unrealized appreciation (depreciation) on securities and other investments
$35,603,171
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 Short-term
$(7,039,045)
Total capital loss carryforward
$(7,039,045)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$-
$17,742,045
Long-term Capital Gains
-
35,658,888
Total
$-
$53,400,933
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and  in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Nordic Fund
67,112,332
78,782,312
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .68% of the Fund's average net assets.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .16% of average net assets.
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of 0.1637% of average net assets.
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity Nordic Fund
.05
 
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
 
 
% of Average Net Assets
Fidelity Nordic Fund
0.0498
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Nordic Fund
 1,713,922
 626,733
 41,582
 
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
 
 
Amount ($)
Fidelity Nordic Fund
 1,474
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity Nordic Fund
$549
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Nordic Fund
$4,303
$-
$-
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $615.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $18,576.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® Pacific Basin Fund
16.06%
6.53%
5.90%
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Pacific Basin Fund on October 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI AC (All Country) Pacific Index performed over the same period.
 
Fidelity® Pacific Basin Fund
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Co-Managers Kirk Neureiter and Stephen Lieu:
For the fiscal year ending October 31, 2023, the fund gained 16.06%, versus 14.51% for the benchmark MS All Country Pacific Free (Net of MA Tax) Index. From a regional standpoint, stock picks in emerging markets, especially China, and positioning in Asia-Pacific ex-Japan contributed to the fund's performance versus the benchmark. By sector, security selection was the primary contributor, especially within communication services and consumer discretionary. Picks and an overweight in information technology, primarily within the semiconductors & semiconductor equipment industry, also boosted relative performance. The top individual relative contributor was an overweight in PDD Holdings (+150%). This period we decreased our investment in PDD. A second notable relative contributor was an overweight in Renesas Electronics (+54%), and we reduced our holdings. An overweight in Kansai Electric Power (+48%) also contributed. This was a stake we established this period. In contrast, from a regional standpoint, stock selection in Japan and non-benchmark allocations to the U.S. and the U.K. detracted from the fund's relative result. By sector, the biggest detractor from performance versus the benchmark was security selection in financials. Picks in industrials and an overweight in health care also hampered the fund's result. The fund's non-benchmark stake in Resmed returned approximately -33% and was the biggest individual relative detractor. Resmed was not held at period end. A non-benchmark stake in Chervon Holdings returned -24% and was the second-largest relative detractor. This period we increased our investment in Chervon Holdings. Another notable relative detractor was our stake in Olympus (-13%). Olympus was not held at period end. Notable changes in positioning include increased exposure to the consumer discretionary sector and a lower allocation to health care.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
 
Fidelity® Pacific Basin Fund
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
7.3
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
5.3
 
Alibaba Group Holding Ltd.  (China, Broadline Retail)
5.3
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
4.2
 
AIA Group Ltd.  (Hong Kong, Insurance)
3.0
 
Sony Group Corp.  (Japan, Household Durables)
2.6
 
ORIX Corp.  (Japan, Financial Services)
2.5
 
Shin-Etsu Chemical Co. Ltd.  (Japan, Chemicals)
2.4
 
DENSO Corp.  (Japan, Automobile Components)
2.3
 
Hitachi Ltd.  (Japan, Industrial Conglomerates)
2.0
 
 
36.9
 
 
Market Sectors (% of Fund's net assets)
 
Consumer Discretionary
21.2
 
Information Technology
19.8
 
Financials
16.9
 
Industrials
11.0
 
Communication Services
10.3
 
Health Care
7.9
 
Materials
3.2
 
Real Estate
3.0
 
Energy
2.5
 
Consumer Staples
2.0
 
Utilities
1.7
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Pacific Basin Fund
Showing Percentage of Net Assets     
Common Stocks - 94.1%
 
 
Shares
Value ($)
 
Australia - 7.8%
 
 
 
Aristocrat Leisure Ltd.
 
196,979
4,841,765
CAR Group Ltd.
 
243,614
4,294,248
Cogstate Ltd. (a)
 
1,950,314
1,835,025
Flight Centre Travel Group Ltd. (b)
 
270,111
3,210,902
HUB24 Ltd.
 
247,352
4,775,801
Macquarie Group Ltd.
 
91,015
9,355,430
National Australia Bank Ltd.
 
439,197
7,867,887
National Storage REIT unit
 
3,358,160
4,281,603
Newcrest Mining Ltd.
 
332,402
5,095,202
Santos Ltd.
 
1,050,151
5,124,169
TOTAL AUSTRALIA
 
 
50,682,032
China - 21.9%
 
 
 
Alibaba Group Holding Ltd. (a)
 
2,298,300
23,661,180
Alibaba Group Holding Ltd. sponsored ADR (a)
 
127,400
10,515,596
Antengene Corp. (a)(c)
 
8,904,211
1,764,224
Centre Testing International Group Co. Ltd. (A Shares)
 
1,916,909
3,967,044
Chervon Holdings Ltd.
 
1,894,700
4,666,740
HUYA, Inc. ADR (a)
 
710,157
2,222,791
JOYY, Inc. ADR
 
197,600
7,690,592
Kweichow Moutai Co. Ltd. (A Shares)
 
33,200
7,647,761
Li Ning Co. Ltd.
 
746,000
2,286,045
Medlive Technology Co. Ltd. (b)(c)
 
4,890,500
4,882,592
Meituan Class B (a)(c)
 
394,000
5,584,956
PDD Holdings, Inc. ADR (a)
 
79,200
8,032,464
Shangri-La Asia Ltd. (a)
 
5,218,000
3,328,967
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) (a)
 
130,399
5,097,744
Tencent Holdings Ltd.
 
738,900
27,345,770
Trip.com Group Ltd. ADR (a)
 
178,900
6,082,600
Zai Lab Ltd. (a)(b)
 
2,452,600
6,259,173
Zhejiang Hechuan Technology Co. Ltd.
 
663,500
3,714,840
ZTO Express, Inc. sponsored ADR
 
175,300
4,131,821
Zylox-Tonbridge Medical Technology Co. Ltd. (a)(c)
 
2,525,000
3,412,358
TOTAL CHINA
 
 
142,295,258
Hong Kong - 4.1%
 
 
 
AIA Group Ltd.
 
2,210,400
19,194,689
China Metal Recycling (Holdings) Ltd. (a)(d)
 
2,572,200
3
Oriental Watch Holdings Ltd.
 
2,381,424
1,148,113
Prudential PLC
 
569,885
5,958,939
TOTAL HONG KONG
 
 
26,301,744
India - 4.8%
 
 
 
Delhivery Private Ltd. (a)
 
785,400
3,897,731
HDFC Bank Ltd.
 
493,053
8,746,398
HDFC Standard Life Insurance Co. Ltd. (c)
 
887,000
6,587,274
One97 Communications Ltd. (a)
 
718,900
7,953,755
Zomato Ltd. (a)
 
3,380,400
4,274,344
TOTAL INDIA
 
 
31,459,502
Japan - 40.3%
 
 
 
Astellas Pharma, Inc.
 
415,800
5,259,818
BayCurrent Consulting, Inc.
 
121,300
3,045,449
Daiichikosho Co. Ltd.
 
232,600
3,438,168
DENSO Corp.
 
997,600
14,730,894
ENEOS Holdings, Inc.
 
741,900
2,749,049
Fast Retailing Co. Ltd.
 
30,300
6,708,311
FUJIFILM Holdings Corp.
 
85,600
4,682,132
Fujitsu Ltd.
 
39,200
5,078,264
Funai Soken Holdings, Inc.
 
257,200
4,227,316
Hitachi Ltd.
 
200,800
12,728,035
Hoya Corp.
 
125,100
12,043,204
IHI Corp.
 
166,100
3,187,820
INPEX Corp.
 
601,700
8,731,194
Iriso Electronics Co. Ltd.
 
128,900
3,043,127
JTOWER, Inc. (a)(b)
 
129,700
4,719,921
Kakaku.com, Inc.
 
161,600
1,558,550
Kansai Electric Power Co., Inc.
 
874,500
11,196,960
Lifenet Insurance Co. (a)
 
370,100
2,364,903
LY Corp.
 
3,041,400
7,754,009
Minebea Mitsumi, Inc.
 
401,500
6,295,240
Misumi Group, Inc.
 
262,100
3,967,844
Mitsubishi Heavy Industries Ltd.
 
101,300
5,217,424
Money Forward, Inc. (a)
 
122,200
3,086,531
Murata Manufacturing Co. Ltd.
 
227,200
3,891,795
NSD Co. Ltd.
 
228,200
3,970,427
Open House Group Co. Ltd.
 
177,300
5,843,872
ORIX Corp.
 
880,000
16,003,989
Outsourcing, Inc.
 
541,100
4,020,863
Pan Pacific International Holdings Ltd.
 
299,500
5,800,076
Renesas Electronics Corp. (a)
 
785,400
10,316,716
Resona Holdings, Inc.
 
1,154,800
6,170,469
Shin-Etsu Chemical Co. Ltd.
 
513,900
15,367,346
SMS Co., Ltd.
 
272,600
4,325,593
Sony Group Corp.
 
204,100
16,968,647
Square Enix Holdings Co. Ltd.
 
150,700
5,006,522
TechnoPro Holdings, Inc.
 
325,300
6,444,469
Tokio Marine Holdings, Inc.
 
491,300
10,991,480
Tsuruha Holdings, Inc. (b)
 
51,300
3,768,329
ZOZO, Inc.
 
376,300
7,155,248
TOTAL JAPAN
 
 
261,860,004
Korea (South) - 0.8%
 
 
 
AMOREPACIFIC Corp.
 
16,557
1,551,837
LG Corp.
 
64,290
3,674,441
TOTAL KOREA (SOUTH)
 
 
5,226,278
Malaysia - 0.5%
 
 
 
MR DIY Group M Sdn Bhd (c)
 
10,785,800
3,350,971
New Zealand - 0.7%
 
 
 
Ryman Healthcare Ltd.
 
1,276,611
4,232,362
Philippines - 2.3%
 
 
 
Ayala Land, Inc.
 
12,153,200
5,965,806
Robinsons Land Corp.
 
36,857,400
9,039,246
TOTAL PHILIPPINES
 
 
15,005,052
Singapore - 1.2%
 
 
 
Sea Ltd. ADR (a)
 
84,600
3,527,820
United Overseas Bank Ltd.
 
226,100
4,459,755
TOTAL SINGAPORE
 
 
7,987,575
Taiwan - 8.6%
 
 
 
eMemory Technology, Inc.
 
134,000
8,388,828
Taiwan Semiconductor Manufacturing Co. Ltd.
 
2,914,000
47,556,307
TOTAL TAIWAN
 
 
55,945,135
United States of America - 1.1%
 
 
 
GI Dynamics, Inc. (a)(d)
 
111,225
1
Legend Biotech Corp. ADR (a)
 
79,500
5,252,565
Space Exploration Technologies Corp. Class A (a)(d)(e)
 
22,539
1,825,659
TOTAL UNITED STATES OF AMERICA
 
 
7,078,225
 
TOTAL COMMON STOCKS
 (Cost $561,614,827)
 
 
 
611,424,138
 
 
 
 
Preferred Stocks - 5.4%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.1%
 
 
 
China - 0.1%
 
 
 
dMed Biopharmaceutical Co. Ltd. Series C (a)(d)(e)
 
87,773
516,983
United States of America - 0.0%
 
 
 
Canva, Inc.:
 
 
 
 Series A (d)(e)
 
85
90,711
 Series A2 (d)(e)
 
15
16,008
 
 
 
106,719
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
623,702
Nonconvertible Preferred Stocks - 5.3%
 
 
 
Korea (South) - 5.3%
 
 
 
Samsung Electronics Co. Ltd.
 
867,100
34,567,413
 
TOTAL PREFERRED STOCKS
 (Cost $44,562,406)
 
 
 
35,191,115
 
 
 
 
Money Market Funds - 2.1%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (f)
 
2,803,061
2,803,622
Fidelity Securities Lending Cash Central Fund 5.40% (f)(g)
 
10,706,729
10,707,799
 
TOTAL MONEY MARKET FUNDS
 (Cost $13,511,421)
 
 
13,511,421
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.6%
 (Cost $619,688,654)
 
 
 
660,126,674
NET OTHER ASSETS (LIABILITIES) - (1.6)%  
(10,161,626)
NET ASSETS - 100.0%
649,965,048
 
 
 
 
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 $25,582,375 or 3.9% of net assets.
 
(d)
Level 3 security
 
(e)
Restricted securities (including private placements) - 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 $2,449,361 or 0.4% 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, 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.
 
(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 ($)
 
Canva, Inc. Series A
9/22/23
90,666
 
 
 
Canva, Inc. Series A2
9/22/23
16,000
 
 
 
dMed Biopharmaceutical Co. Ltd. Series C
12/01/20
1,246,653
 
 
 
Space Exploration Technologies Corp. Class A
2/16/21 - 5/24/22
1,437,725
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
15,775,672
239,794,038
252,766,088
445,311
-
-
2,803,622
0.0%
Fidelity Securities Lending Cash Central Fund 5.40%
9,708,475
171,309,119
170,309,795
63,236
-
-
10,707,799
0.0%
Total
25,484,147
411,103,157
423,075,883
508,547
-
-
13,511,421
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
67,558,391
13,441,203
54,117,188
-
Consumer Discretionary
138,298,410
24,630,660
113,561,031
106,719
Consumer Staples
12,967,927
-
12,967,927
-
Energy
16,604,412
-
16,604,412
-
Financials
110,430,769
-
110,430,769
-
Health Care
50,556,049
5,252,565
44,786,500
516,984
Industrials
70,956,749
4,131,821
64,999,269
1,825,659
Information Technology
128,296,380
-
128,296,380
-
Materials
20,462,551
5,095,202
15,367,346
3
Real Estate
19,286,655
-
19,286,655
-
Utilities
11,196,960
-
11,196,960
-
  Money Market Funds
13,511,421
13,511,421
-
-
 Total Investments in Securities:
660,126,674
66,062,872
591,614,437
2,449,365
Fidelity® Pacific Basin Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $10,126,909) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $606,177,233)
$
646,615,253
 
 
Fidelity Central Funds (cost $13,511,421)
13,511,421
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $619,688,654)
 
 
$
660,126,674
Receivable for investments sold
 
 
484,218
Receivable for fund shares sold
 
 
75,808
Dividends receivable
 
 
2,017,950
Distributions receivable from Fidelity Central Funds
 
 
39,855
Prepaid expenses
 
 
1,023
Other receivables
 
 
23,664
  Total assets
 
 
662,769,192
Liabilities
 
 
 
 
Payable to custodian bank
$
1,940
 
 
Payable for investments purchased
327,282
 
 
Payable for fund shares redeemed
166,495
 
 
Accrued management fee
358,237
 
 
Other affiliated payables
115,987
 
 
Deferred taxes
1,033,234
 
 
Other payables and accrued expenses
93,170
 
 
Collateral on securities loaned
10,707,799
 
 
  Total Liabilities
 
 
 
12,804,144
Net Assets  
 
 
$
649,965,048
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
586,997,486
Total accumulated earnings (loss)
 
 
 
62,967,562
Net Assets
 
 
$
649,965,048
Net Asset Value, offering price and redemption price per share ($649,965,048 ÷ 23,391,140 shares)
 
 
$
27.79
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
15,063,047
Non-Cash dividends
 
 
1,785,153
Income from Fidelity Central Funds (including $63,236 from security lending)
 
 
508,547
 Income before foreign taxes withheld
 
 
$
17,356,747
Less foreign taxes withheld
 
 
(1,487,245)
 Total Income
 
 
 
15,869,502
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
4,991,846
 
 
 Performance adjustment
1,222,503
 
 
Transfer agent fees
1,128,091
 
 
Accounting fees
343,674
 
 
Custodian fees and expenses
109,831
 
 
Independent trustees' fees and expenses
4,312
 
 
Registration fees
29,696
 
 
Audit
88,357
 
 
Legal
793
 
 
Interest
9,815
 
 
Miscellaneous
3,674
 
 
 Total expenses before reductions
 
7,932,592
 
 
 Expense reductions
 
(44,750)
 
 
 Total expenses after reductions
 
 
 
7,887,842
Net Investment income (loss)
 
 
 
7,981,660
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $816,567)
 
44,643,512
 
 
 Foreign currency transactions
 
(253,769)
 
 
Total net realized gain (loss)
 
 
 
44,389,743
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $223,176)  
 
56,057,085
 
 
 Assets and liabilities in foreign currencies
 
28,616
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
56,085,701
Net gain (loss)
 
 
 
100,475,444
Net increase (decrease) in net assets resulting from operations
 
 
$
108,457,104
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
7,981,660
$
5,715,472
Net realized gain (loss)
 
44,389,743
 
 
71,701,080
 
Change in net unrealized appreciation (depreciation)
 
56,085,701
 
(457,726,586)
 
Net increase (decrease) in net assets resulting from operations
 
108,457,104
 
 
(380,310,034)
 
Distributions to shareholders
 
(59,141,027)
 
 
(153,392,663)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
84,533,936
 
97,680,092
  Reinvestment of distributions
 
44,008,733
 
 
112,623,785
 
Cost of shares redeemed
 
(185,451,402)
 
(233,769,363)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(56,908,733)
 
 
(23,465,486)
 
Total increase (decrease) in net assets
 
(7,592,656)
 
 
(557,168,183)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
657,557,704
 
1,214,725,887
 
End of period
$
649,965,048
$
657,557,704
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
2,854,991
 
2,944,154
  Issued in reinvestment of distributions
 
1,565,033
 
 
2,912,433
 
Redeemed
 
(6,326,367)
 
(6,908,065)
Net increase (decrease)
 
(1,906,343)
 
(1,051,478)
 
 
 
 
 
 
Financial Highlights
Fidelity® Pacific Basin Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
25.99
$
46.10
$
40.16
$
32.65
$
29.51
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.32 C
 
.22
 
.15
 
.16
 
.26
     Net realized and unrealized gain (loss)
 
3.88
 
(14.49)
 
7.74
 
7.61
 
5.74
  Total from investment operations
 
4.20  
 
(14.27)  
 
7.89  
 
7.77  
 
6.00
  Distributions from net investment income
 
-
 
(1.17) D
 
(.10)
 
(.26)
 
(.20)
  Distributions from net realized gain
 
(2.40)
 
(4.67) D
 
(1.85)
 
-
 
(2.67)
     Total distributions
 
(2.40)
 
(5.84)
 
(1.95)
 
(.26)
 
(2.86) E
  Net asset value, end of period
$
27.79
$
25.99
$
46.10
$
40.16
$
32.65
 Total Return F
 
16.06%
 
(35.11)%
 
20.08%
 
23.95%
 
22.37%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.07%
 
1.12%
 
1.04%
 
1.11%
 
.97%
    Expenses net of fee waivers, if any
 
1.07%
 
1.12%
 
1.04%
 
1.11%
 
.97%
    Expenses net of all reductions
 
1.07%
 
1.12%
 
1.04%
 
1.10%
 
.97%
    Net investment income (loss)
 
1.08% C
 
.64%
 
.32%
 
.47%
 
.88%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
649,965
$
657,558
$
1,214,726
$
1,084,673
$
891,154
    Portfolio turnover rate I
 
46%
 
29%
 
40%
 
27%
 
32%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .84%.
 
DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
 
ETotal distributions per share do not sum due to rounding.
 
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity Pacific Basin Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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, 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. 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 Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations in "Non-cash dividends" and the impact of these dividends is presented in the Financial Highlights. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC) and losses deferred due to wash sales and excise tax regulations.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$118,043,399
Gross unrealized depreciation
(89,445,234)
Net unrealized appreciation (depreciation)
$28,598,165
Tax Cost
$631,528,509
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$16,510,820
Undistributed long-term capital gain
$18,945,629
Net unrealized appreciation (depreciation) on securities and other investments
$28,544,349
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$-
$30,731,746
Long-term Capital Gains
59,141,027
122,660,917
Total
$59,141,027
$153,392,663
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncement. In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. They also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. They also require additional disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the potential impact of ASU 2022-03 to the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Pacific Basin Fund
333,829,394
429,711,718
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the MSCI All Country Pacific Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .84% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .15% of average net assets.
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of 0.1515% of average net assets.
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity Pacific Basin Fund
.05
 
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
 
 
% of Average Net Assets
Fidelity Pacific Basin Fund
0.0464
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity Pacific Basin Fund
$3,603
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity Pacific Basin Fund
 Borrower
$8,414,111
4.67%
$9,815
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Pacific Basin Fund
 8,012,458
 793,335
 (16,516)
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity Pacific Basin Fund
$1,349
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Pacific Basin Fund
$6,665
$-
$-
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $311.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $44,439.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity International Fund
Fidelity Pacific Basin Fund
16%
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Report of Independent Registered Public Accounting Firm
 
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Emerging Asia Fund, Fidelity Emerging Markets Fund, Fidelity Europe Fund, Fidelity Japan Fund, Fidelity Japan Smaller Companies Fund, Fidelity Latin America Fund, Fidelity Nordic Fund, and Fidelity Pacific Basin Fund
 
Opinions on the Financial Statements
 
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Emerging Asia Fund, Fidelity Emerging Markets Fund, Fidelity Europe Fund, Fidelity Japan Fund, Fidelity Japan Smaller Companies Fund, Fidelity Latin America Fund, Fidelity Nordic Fund, and Fidelity Pacific Basin Fund (ten of the funds constituting Fidelity Investment Trust, hereafter collectively referred to as the "Funds") as of October 31, 2023, the related statements of operations for the year ended October 31, 2023, the statements of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2023 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
 
Basis for Opinions
 
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
 
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
 
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodians, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
 
/s/PricewaterhouseCoopers LLP
Boston, Massachusetts
December 15, 2023
 
 
 
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 322 funds. Mr. Chiel oversees 191 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the funds' Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).       
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Vijay C. Advani (1960)
Year of Election or Appointment: 2023
Member of the Advisory Board
Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).     
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Karen B. Peetz (1955)
Year of Election or Appointment: 2023
Member of the Advisory Board
Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).     
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).      
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).          
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
Fidelity® Canada Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.39%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 930.80
 
$ 6.76
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,018.20
 
$ 7.07
 
Class M
 
 
 
1.66%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 929.70
 
$ 8.07
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,016.84
 
$ 8.44
 
Class C
 
 
 
2.17%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 927.00
 
$ 10.54
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,014.27
 
$ 11.02
 
Fidelity® Canada Fund
 
 
 
1.08%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 932.20
 
$ 5.26
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.76
 
$ 5.50
 
Class I
 
 
 
1.07%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 932.20
 
$ 5.21
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.81
 
$ 5.45
 
Class Z
 
 
 
.96%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 932.80
 
$ 4.68
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.37
 
$ 4.89
 
Fidelity® China Region Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.25%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 928.20
 
$ 6.08
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,018.90
 
$ 6.36
 
Class M
 
 
 
1.51%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 927.00
 
$ 7.33
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,017.59
 
$ 7.68
 
Class C
 
 
 
1.96%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 924.80
 
$ 9.51
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,015.32
 
$ 9.96
 
Fidelity® China Region Fund
 
 
 
.95%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 929.80
 
$ 4.62
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.42
 
$ 4.84
 
Class I
 
 
 
.94%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 929.80
 
$ 4.57
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.47
 
$ 4.79
 
Class Z
 
 
 
.81%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 930.40
 
$ 3.94
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.12
 
$ 4.13
 
 
 
 
 
 
 
 
 
 
 
Fidelity® Emerging Asia Fund
 
 
 
.62%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 988.50
 
$ 3.11
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.08
 
$ 3.16
Fidelity® Emerging Markets Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.20%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 950.70
 
$ 5.90
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.16
 
$ 6.11
 
Class M
 
 
 
1.48%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 949.50
 
$ 7.27
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,017.74
 
$ 7.53
 
Class C
 
 
 
1.98%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 947.10
 
$ 9.72
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,015.22
 
$ 10.06
 
Fidelity® Emerging Markets Fund
 
 
 
.89%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 952.30
 
$ 4.38
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.72
 
$ 4.53
 
Class K
 
 
 
.76%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 952.70
 
$ 3.74
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.37
 
$ 3.87
 
Class I
 
 
 
.92%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 952.20
 
$ 4.53
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.57
 
$ 4.69
 
Class Z
 
 
 
.76%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 952.90
 
$ 3.74
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.37
 
$ 3.87
 
Fidelity® Europe Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
.97%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 887.90
 
$ 4.62
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.32
 
$ 4.94
 
Class M
 
 
 
1.23%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 886.90
 
$ 5.85
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.00
 
$ 6.26
 
Class C
 
 
 
1.73%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 884.80
 
$ 8.22
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,016.48
 
$ 8.79
 
Fidelity® Europe Fund
 
 
 
.64%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 889.50
 
$ 3.05
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.98
 
$ 3.26
 
Class I
 
 
 
.63%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 889.50
 
$ 3.00
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.03
 
$ 3.21
 
Class Z
 
 
 
.53%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 890.10
 
$ 2.52
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.53
 
$ 2.70
 
Fidelity® Japan Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.09%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 951.60
 
$ 5.36
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.71
 
$ 5.55
 
Class M
 
 
 
1.37%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 950.60
 
$ 6.74
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,018.30
 
$ 6.97
 
Class C
 
 
 
1.77%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 948.50
 
$ 8.69
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,016.28
 
$ 9.00
 
Fidelity® Japan Fund
 
 
 
.84%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 952.70
 
$ 4.13
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.97
 
$ 4.28
 
Class I
 
 
 
.84%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 953.00
 
$ 4.14
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.97
 
$ 4.28
 
Class Z
 
 
 
.66%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 953.90
 
$ 3.25
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.88
 
$ 3.36
 
 
 
 
 
 
 
 
 
 
 
Fidelity® Japan Smaller Companies Fund
 
 
 
.91%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 955.30
 
$ 4.48
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.62
 
$ 4.63
Fidelity® Latin America Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.32%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 991.70
 
$ 6.63
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,018.55
 
$ 6.72
 
Class M
 
 
 
1.57%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 990.60
 
$ 7.88
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,017.29
 
$ 7.98
 
Class C
 
 
 
2.07%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 988.00
 
$ 10.37
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,014.77
 
$ 10.51
 
Fidelity® Latin America Fund
 
 
 
1.05%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 992.80
 
$ 5.27
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.91
 
$ 5.35
 
Class I
 
 
 
.99%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 993.30
 
$ 4.97
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.21
 
$ 5.04
 
Class Z
 
 
 
.84%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 993.90
 
$ 4.22
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.97
 
$ 4.28
 
 
 
 
 
 
 
 
 
 
 
Fidelity® Nordic Fund
 
 
 
.92%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 905.00
 
$ 4.42
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.57
 
$ 4.69
 
 
 
 
 
 
 
 
 
 
Fidelity® Pacific Basin Fund
 
 
 
.97%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 939.50
 
$ 4.74
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.32
 
$ 4.94
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distributions (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended October 31, 2023, or, if subsequently determined to be different, the net capital gain of such year.
 
Fidelity Canada Fund
$20,218,534
Fidelity Japan Fund
$17,974,277
Fidelity Japan Smaller Companies Fund
$3,389,454
Fidelity Pacific Basin Fund
$18,994,072
 
 
The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends:
 
Fidelity Canada Fund
$66,388
Fidelity Emerging Markets Fund
$465,950
 
 
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
 
Class A
Class M
Class C
Retail
Class K
Class I
Class Z
Fidelity Canada Fund
 
 
 
 
 
 
 
December, 2022
100%
100%
100%
100%
-
100%
100%
Fidelity China Region Fund
 
 
 
 
 
 
 
December, 2022
100%
100%
-
68.34%
-
69.31%
80.51%
Fidelity Emerging Markets Fund
 
 
 
 
 
 
 
December 9, 2022
100%
100%
-
100%
100%
100%
100%
December 28, 2022
100%
100%
-
100%
100%
100%
100%
Fidelity Japan Smaller Companies Fund
 
 
 
 
 
 
 
December, 2022
-
-
-
53.51%
-
-
-
Fidelity Latin America Fund
 
 
 
 
 
 
 
December, 2022
28.44%
29.45%
31.34%
27.63%
-
27.44%
28.23%
 
 
 
 
 
 
 
 
 
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
 
Pay Date
Income
Taxes
Fidelity Canada Fund
 
 
 
Class A
12/12/2022
$0.8224
$0.1464
Class M
12/12/2022
$0.6314
$0.1464
Class C
12/12/2022
$0.1994
$0.1464
Canada
12/12/2022
$1.0164
$0.1464
Class I
12/12/2022
$1.0234
$0.1464
Class Z
12/12/2022
$0.9854
$0.1464
Fidelity China Region Fund
 
 
 
Class A
12/05/2022
$0.2780
$0.0870
Class M
12/05/2022
$0.1810
$0.0870
Class C
12/05/2022
$0.0000
$0.0000
China Region
12/05/2022
$0.4300
$0.0870
Class I
12/05/2022
$0.4240
$0.0870
Class Z
12/05/2022
$0.3650
$0.0870
Fidelity Emerging Markets Fund
 
 
 
Class A
12/12/2022
$0.2320
$0.0970
 
12/29/2022
$0.0070
$0.0000
Class M
12/12/2022
$0.1280
$0.0970
 
12/29/2022
$0.0070
$0.0000
Class C
12/12/2022
$0.0000
$0.0000
 
12/29/2022
$0.0000
$0.0000
Emerging Markets
12/12/2022
$0.3310
$0.0970
 
12/29/2022
$0.0070
$0.0000
Class K
12/12/2022
$0.3700
$0.0970
 
12/29/2022
$0.0070
$0.0000
Class I
12/12/2022
$0.3580
$0.0970
 
12/29/2022
$0.0070
$0.0000
Class Z
12/12/2022
$0.3720
$0.0970
 
12/29/2022
$0.0070
$0.0000
Fidelity Japan Smaller Companies Fund
 
 
 
Japan Smaller Companies
12/29/2022
$0.0405
$0.0335
Fidelity Latin America Fund
 
 
 
Class A
12/12/2022
$1.6541
$0.0701
Class M
12/12/2022
$1.5971
$0.0701
Class C
12/12/2022
$1.5011
$0.0701
Latin America
12/12/2022
$1.7021
$0.0701
Class I
12/12/2022
$1.7141
$0.0701
Class Z
12/12/2022
$1.6661
$0.0701
 
 
 
 
 
The funds will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Canada Fund
Fidelity China Region Fund
Fidelity Emerging Asia Fund
Fidelity Emerging Markets Fund
Fidelity Europe Fund
Fidelity Japan Fund
Fidelity Japan Smaller Companies Fund
Fidelity Latin America Fund
Fidelity Nordic Fund
Fidelity Pacific Basin Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of each fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
Approval of Stub Period Continuation. At its May 2023 meeting, the Board of Trustees voted to continue each fund's management contract with FMR, and the sub-advisory agreements and sub-sub-advisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for two months from June 1, 2023 through July 31, 2023. The Board considered that the approval of each fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of each fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under each fund's Advisory Contracts; or (iv) the day-to-day management of each fund or the persons primarily responsible for such management. The Board also considered that since its last approval of each fund's Advisory Contracts, FMR had provided additional information on each fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that each fund's Advisory Contracts are fair and reasonable, and that each fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board would consider the annual renewal for a full one year period in July 2023.
At its July 2023 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each funds management fee and the total expense ratio of each fund or representative class, as applicable; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the funds, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of each fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for each fund for different time periods, measured against an appropriate securities market index (benchmark index) and, for Fidelity Emerging Markets Fund, Fidelity Europe Fund, and Fidelity Japan Fund, an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. Fidelity Europe Fund underperformed its benchmark and peers for the one- and three-year periods ended February 28, 2023 and Fidelity Latin America Fund underperformed its benchmark for the one-, three- and five-year periods ended February 28, 2023. As a result, the Board continues to engage in discussions with FMR about the steps it is taking to address the fund's performance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of each fund's management fee and total expense ratio of the fund or the retail class (for Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Emerging Markets Fund, Fidelity Europe Fund, Fidelity Japan Fund and Fidelity Latin America Fund), the Board considered each fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees (in the case of Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Emerging Markets Fund, Fidelity Europe Fund, Fidelity Japan Fund and Fidelity Latin America Fund), and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund. For Fidelity Canada Fund, Fidelity Emerging Asia Fund, Fidelity Emerging Markets Fund, Fidelity Europe Fund, Fidelity Japan Fund and Fidelity Pacific Basin Fund, the Board also considered information about the impact of each fund's performance adjustment.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account a fund's performance adjustment, if applicable) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to each fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund or the retail class, as applicable, relative to funds and classes in the mapped group that have a similar sales load structure to the fund or representative class, as applicable (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund or the retail class, as applicable relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund or class, as applicable (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that each fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022.
For each of Fidelity China Region Fund, Fidelity Emerging Asia Fund, Fidelity Emerging Markets Fund, Fidelity Japan Smaller Companies Fund, Fidelity Latin America Fund and Fidelity Nordic Fund, the information provided to the Board indicated that the total expense ratio of the fund or the retail class of the fund, as applicable, ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022.
For each of Fidelity Canada Fund and Fidelity Europe Fund, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and above the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. When excluding quantitative fund competitors in the total expense asset size peer group, the total expense ratio for the retail class of Fidelity Canada Fund would rank below the competitive median.
For Fidelity Japan Fund, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked above the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and above the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. When excluding the effect of the fund's positive performance adjustment, the total expense ratio for the retail class of the fund would rank below the similar sales load structure group median.
For Fidelity Pacific Basin Fund, the information provided to the Board indicated that the total expense ratio of the fund ranked above the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. When excluding the effect of the fund's positive performance adjustment, the total expense ratio for the fund would rank below the similar sales load structure group median.
The Board noted that certain funds offer multiple classes, each of which has a different sales load and 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expense ratios of the classes of each fund vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
For Fidelity Canada Fund, Fidelity Emerging Asia Fund, Fidelity Europe Fund, Fidelity Japan Fund and Fidelity Pacific Basin Fund, the Board also considered that each fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, each fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for each fund's shareholders and helps to more closely align the interests of FMR and the shareholders of each fund.
For Fidelity Canada Fund, Fidelity Europe Fund and Fidelity Japan Fund, in connection with its consideration of each fund's performance adjustment, the Board noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of the retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
Based on its review, the Board concluded that each fund's management fee, including the use of the retail class as the basis for the performance adjustment (for Fidelity Canada Fund, Fidelity Emerging Markets Fund, Fidelity Europe Fund and Fidelity Japan Fund), is fair and reasonable in light of the services that each fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each fund or each class of each fund, as applicable, was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that each fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contracts). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
 
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that each fund's Advisory Contracts should be renewed through July 31, 2024.
 
 
1.754542.123
TIF-ANN-1223
Fidelity® Infrastructure Fund
 
 
Annual Report
October 31, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2023 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Life of
Fund A
Fidelity® Infrastructure Fund
-2.43%
2.95%
 
A   From November 5, 2019
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® Infrastructure Fund, on November 5, 2019, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) Index performed over the same period.
 
Market Recap:
Global equities gained 10.91% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -18.07% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 18.36% year to date through July, including gains in June (+5.83%) and July (+3.68%). The rally for international equities sputtered for the next three months (-9.54%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds, and particularly weak economic conditions in the eurozone and China. Even still, the three-month decline left global stocks up 7.07% year to date through October. Currency fluctuation also bolstered non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin, while the U.S. middled (+10%). All but three of 11 sectors advanced, with information technology (+29%) and communication services (+27%) leading. Conversely, the real estate sector (-3%) lagged most, followed by health care and utilities (-1% each).
Comments from Portfolio Manager Pranay Kirpalani:
For the fiscal year ending October 31, 2023, the fund returned -2.43%, versus -1.31% for the S&P Global Infrastructure Index and 10.91% for the broad-based MSCI All Country World Index (Net MA). From a sector standpoint, sector-and-industry positioning was the primary detractor from the fund's performance relative to the S&P index, especially an underweight in energy. Stock picking in communication services also hurt. Also hurting our result were stock selection in real estate and utilities. The fund's largest individual relative detractor was an overweight in NextEra Energy (-23%). NextEra Energy was among the fund's top holdings the past 12 months. A second notable relative detractor was an underweight in ONEOK (+16%). ONEOK was not held at period end. Another notable relative detractor was our non-index stake in Nextera Energy Partners (-19%). Nextera Energy Partners was not held at period end. In contrast, the biggest contributor to the fund's performance versus the benchmark was stock selection in industrials. Stock picking in energy also boosted fund's relative performance. Also bolstering our relative result was an underweight in utilities. Lastly, the fund's position in cash was a notable contributor. Not owning Dominion Energy, a benchmark component that returned roughly -39%, was the fund's top individual relative contributor. A non-benchmark stake in Kansai Electric Power gained 45% and was the second-largest relative contributor. This was a position we established the past year. Another notable relative contributor was our non-benchmark stake in Equinix (+31%). Notable changes in positioning include decreased exposure to the communication services sector and a higher allocation to real estate.
 
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
Top Holdings (% of Fund's net assets)
 
Aena SME SA
7.7
 
Southern Co.
6.8
 
NextEra Energy, Inc.
6.4
 
Cheniere Energy, Inc.
6.0
 
GFL Environmental, Inc.
4.6
 
National Grid PLC
4.4
 
The Williams Companies, Inc.
4.4
 
Iberdrola SA
4.4
 
Republic Services, Inc.
4.3
 
Targa Resources Corp.
3.7
 
 
52.7
 
 
Market Sectors (% of Fund's net assets)
 
Utilities
39.1
 
Industrials
28.1
 
Energy
15.0
 
Real Estate
10.4
 
Communication Services
3.4
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 96.0%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 3.4%
 
 
 
Diversified Telecommunication Services - 3.4%
 
 
 
Cellnex Telecom SA (a)
 
41,238
1,212,237
Helios Towers PLC (b)
 
281,462
207,143
 
 
 
1,419,380
ENERGY - 15.0%
 
 
 
Oil, Gas & Consumable Fuels - 15.0%
 
 
 
Cheniere Energy, Inc.
 
15,002
2,496,633
Enterprise Products Partners LP
 
14,996
390,496
Targa Resources Corp.
 
18,709
1,564,259
The Williams Companies, Inc.
 
53,837
1,851,993
 
 
 
6,303,381
INDUSTRIALS - 28.1%
 
 
 
Commercial Services & Supplies - 11.9%
 
 
 
GFL Environmental, Inc.
 
66,225
1,908,605
Republic Services, Inc.
 
12,280
1,823,457
Waste Connections, Inc. (United States)
 
9,558
1,237,761
 
 
 
4,969,823
Construction & Engineering - 2.7%
 
 
 
Ferrovial SE
 
29,164
877,614
Ferrovial SE rights (b)(c)(d)
 
29,164
13,195
VINCI SA
 
2,170
239,946
 
 
 
1,130,755
Ground Transportation - 3.7%
 
 
 
Canadian Pacific Kansas City Ltd.
 
3,394
240,872
CSX Corp.
 
17,779
530,703
Norfolk Southern Corp.
 
1,200
228,948
Union Pacific Corp.
 
2,760
573,004
 
 
 
1,573,527
Transportation Infrastructure - 9.8%
 
 
 
Aena SME SA (a)
 
22,399
3,241,026
Grupo Aeroportuario Norte S.A.B. de CV ADR
 
14,158
866,045
 
 
 
4,107,071
TOTAL INDUSTRIALS
 
 
11,781,176
REAL ESTATE - 10.4%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 10.4%
 
 
 
American Tower Corp.
 
7,077
1,261,051
Crown Castle International Corp.
 
4,068
378,243
Equinix, Inc.
 
1,696
1,237,469
Londonmetric Properity PLC
 
145,028
291,558
Prologis (REIT), Inc.
 
6,905
695,679
Segro PLC
 
54,551
472,615
Urban Logistics REIT PLC
 
8,164
10,340
 
 
 
4,346,955
UTILITIES - 39.1%
 
 
 
Electric Utilities - 24.8%
 
 
 
Constellation Energy Corp.
 
9,270
1,046,768
Exelon Corp.
 
27,706
1,078,872
Iberdrola SA
 
164,890
1,833,909
Kansai Electric Power Co., Inc.
 
72,361
926,499
NextEra Energy, Inc.
 
45,845
2,672,764
Southern Co.
 
42,200
2,840,060
 
 
 
10,398,872
Independent Power and Renewable Electricity Producers - 3.7%
 
 
 
EDP Renovaveis SA
 
29,323
471,295
RWE AG
 
27,816
1,063,382
 
 
 
1,534,677
Multi-Utilities - 10.6%
 
 
 
National Grid PLC
 
157,100
1,873,100
Sempra
 
20,400
1,428,612
WEC Energy Group, Inc.
 
14,259
1,160,540
 
 
 
4,462,252
TOTAL UTILITIES
 
 
16,395,801
 
TOTAL COMMON STOCKS
 (Cost $39,159,995)
 
 
 
40,246,693
 
 
 
 
Money Market Funds - 4.2%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (e)
 
 (Cost $1,745,398)
 
 
1,745,049
1,745,398
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.2%
 (Cost $40,905,393)
 
 
 
41,992,091
NET OTHER ASSETS (LIABILITIES) - (0.2)%  
(68,256)
NET ASSETS - 100.0%
41,923,835
 
 
 
 
Legend
 
(a)
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 $4,453,263 or 10.6% of net assets.
 
(b)
Non-income producing
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(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, 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
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
1,292,455
16,217,571
15,764,628
92,819
-
-
1,745,398
0.0%
Fidelity Securities Lending Cash Central Fund 5.40%
377,175
13,104,398
13,481,573
3,126
-
-
-
0.0%
Total
1,669,630
29,321,969
29,246,201
95,945
-
-
1,745,398
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
1,419,380
207,143
1,212,237
-
Energy
6,303,381
6,303,381
-
-
Industrials
11,781,176
11,528,035
253,141
-
Real Estate
4,346,955
4,346,955
-
-
Utilities
16,395,801
11,762,293
4,633,508
-
  Money Market Funds
1,745,398
1,745,398
-
-
 Total Investments in Securities:
41,992,091
35,893,205
6,098,886
-
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $39,159,995)
$
40,246,693
 
 
Fidelity Central Funds (cost $1,745,398)
1,745,398
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $40,905,393)
 
 
$
41,992,091
Foreign currency held at value (cost $11,654)
 
 
11,653
Receivable for investments sold
 
 
64,775
Receivable for fund shares sold
 
 
3,437
Dividends receivable
 
 
40,264
Reclaims receivable
 
 
26,034
Distributions receivable from Fidelity Central Funds
 
 
9,398
Prepaid expenses
 
 
69
Receivable from investment adviser for expense reductions
 
 
20,252
  Total assets
 
 
42,167,973
Liabilities
 
 
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
$
140,526
 
 
Delayed delivery
13,195
 
 
Payable for fund shares redeemed
13,126
 
 
Accrued management fee
23,797
 
 
Other affiliated payables
10,919
 
 
Audit fee payable
41,575
 
 
Other payables and accrued expenses
1,000
 
 
  Total Liabilities
 
 
 
244,138
Net Assets  
 
 
$
41,923,835
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
46,950,380
Total accumulated earnings (loss)
 
 
 
(5,026,545)
Net Assets
 
 
$
41,923,835
Net Asset Value, offering price and redemption price per share ($41,923,835 ÷ 3,909,894 shares)
 
 
$
10.72
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
1,187,565
Non-Cash dividends
 
 
110,860
Income from Fidelity Central Funds (including $3,126 from security lending)
 
 
95,945
 Income before foreign taxes withheld
 
 
$
1,394,370
Less foreign taxes withheld
 
 
(59,000)
 Total Income
 
 
 
1,335,370
Expenses
 
 
 
 
Management fee
$
319,181
 
 
Transfer agent fees
120,496
 
 
Accounting fees
16,745
 
 
Custodian fees and expenses
8,527
 
 
Independent trustees' fees and expenses
271
 
 
Registration fees
24,957
 
 
Audit
53,907
 
 
Legal
43
 
 
Miscellaneous
195
 
 
 Total expenses before reductions
 
544,322
 
 
 Expense reductions
 
(98,014)
 
 
 Total expenses after reductions
 
 
 
446,308
Net Investment income (loss)
 
 
 
889,062
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(2,473,551)
 
 
 Foreign currency transactions
 
9,702
 
 
Total net realized gain (loss)
 
 
 
(2,463,849)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(51,886)
 
 
 Assets and liabilities in foreign currencies
 
903
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(50,983)
Net gain (loss)
 
 
 
(2,514,832)
Net increase (decrease) in net assets resulting from operations
 
 
$
(1,625,770)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
889,062
$
548,089
Net realized gain (loss)
 
(2,463,849)
 
 
(2,117,443)
 
Change in net unrealized appreciation (depreciation)
 
(50,983)
 
(4,462,414)
 
Net increase (decrease) in net assets resulting from operations
 
(1,625,770)
 
 
(6,031,768)
 
Distributions to shareholders
 
(954,622)
 
 
(639,029)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
20,419,990
 
27,766,378
  Reinvestment of distributions
 
885,226
 
 
598,670
 
Cost of shares redeemed
 
(14,157,019)
 
(30,384,461)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
7,148,197
 
 
(2,019,413)
 
Total increase (decrease) in net assets
 
4,567,805
 
 
(8,690,210)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
37,356,030
 
46,046,240
 
End of period
$
41,923,835
$
37,356,030
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
1,707,795
 
2,232,445
  Issued in reinvestment of distributions
 
75,822
 
 
51,607
 
Redeemed
 
(1,203,495)
 
(2,600,860)
Net increase (decrease)
 
580,122
 
(316,808)
 
 
 
 
 
 
Financial Highlights
Fidelity® Infrastructure Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 A
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.22
$
12.63
$
10.44
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.22
 
.13 D
 
.07
 
.17
     Net realized and unrealized gain (loss)
 
(.47)
 
(1.38)
 
2.21
 
.31
  Total from investment operations
 
(.25)  
 
(1.25)  
 
2.28  
 
.48  
  Distributions from net investment income
 
(.25)
 
(.16)
 
(.09)
 
(.04)
     Total distributions
 
(.25)
 
(.16)
 
(.09)
 
(.04)
  Net asset value, end of period
$
10.72
$
11.22
$
12.63
$
10.44
 Total Return E,F
 
(2.43)%
 
(9.95)%
 
21.96%
 
4.79%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.15%
 
1.13%
 
1.24%
 
2.24% I
    Expenses net of fee waivers, if any
 
.94%
 
.98%
 
1.00%
 
1.00% I
    Expenses net of all reductions
 
.94%
 
.98%
 
1.00%
 
.98% I
    Net investment income (loss)
 
1.88%
 
1.08% D
 
.61%
 
1.67% I
 Supplemental Data
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
41,924
$
37,356
$
46,046
$
12,762
    Portfolio turnover rate J
 
55%
 
91%
 
46%
 
50% I
 
AFor the period November 5, 2019 (commencement of operations) through October 31, 2020.
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .86%.
 
ETotal returns for periods of less than one year are not annualized.
 
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
IAnnualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity Infrastructure Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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, 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. 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, partnerships, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$4,421,497
Gross unrealized depreciation
(3,614,930)
Net unrealized appreciation (depreciation)
$806,567
Tax Cost
$41,185,524
 
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$30,931
Capital loss carryforward
$(5,776,793)
Net unrealized appreciation (depreciation) on securities and other investments
$719,315
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 Short-term
$(4,974,147)
 Long-term
(802,646)
Total capital loss carryforward
$(5,776,793)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$954,622
$639,029
 
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
 
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Infrastructure Fund
31,275,697
24,636,910
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .68% of the Fund's average net assets.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .26% of average net assets.
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of 0.2000% of average net assets.
 
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity Infrastructure Fund
.04
 
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
 
 
% of Average Net Assets
Fidelity Infrastructure Fund
0.0354%
 
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity Infrastructure Fund
$ 198
 
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Infrastructure Fund
 646,130
 292,818
 (126,669)
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity Infrastructure Fund
$85
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Infrastructure Fund
$330
$-
$-
 
8. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .95% of average net assets. This reimbursement will remain in place through February 28, 2025. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $94,984.
 
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $191.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $2,839.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
VIP FundsManager 60% Portfolio
Fidelity Infrastructure Fund
13%
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity Infrastructure Fund
29%
 
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Infrastructure Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Infrastructure Fund (one of the funds constituting Fidelity Investment Trust, referred to hereafter as the "Fund") as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, the statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the three years in the period ended October 31, 2023 and for the period November 5, 2019 (commencement of operations) through October 31, 2020 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2023 and the financial highlights for each of the three years in the period ended October 31, 2023 and for the period November 5, 2019 (commencement of operations) through October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 13, 2023
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 322 funds. Mr. Chiel oversees 191 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).       
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Vijay C. Advani (1960)
Year of Election or Appointment: 2023
Member of the Advisory Board
Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).     
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Karen B. Peetz (1955)
Year of Election or Appointment: 2023
Member of the Advisory Board
Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).     
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).      
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).          
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® Infrastructure Fund **
 
 
 
.95%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 886.80
 
$ 4.52  
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.42
 
$ 4.84  
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
** If fees and changes to the expense contract and/or expense cap, effective December 1, 2023, had been in effect during the current period, the restated annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:
 
 
 
 
Annualized Expense Ratio- A
 
Expenses Paid
 
 
 
 
 
 
Fidelity® Infrastructure Fund
 
 
 
.89%
 
 
Actual
 
 
 
 
 
$ 4.23
Hypothetical- B
 
 
 
 
 
$ 4.53
 
 
 
 
 
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
 
 
 
 
 
B   5% return per year before expenses
 
 
 
 
 
 
 
 
 
 
Distributions (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
 
A total of 0.21% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.
 
The fund designates $40,277 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.
 
The fund designates 38%, 56%, 56%, and 56% of the dividends distributed in December, April, July, and October, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
 
The fund designates 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
 
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Infrastructure Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
Approval of Stub Period Continuation. At its May 2023 meeting, the Board of Trustees voted to continue the fund's management contract with FMR, and the sub-advisory agreements and sub-sub-advisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for two months from June 1, 2023 through July 31, 2023. The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board would consider the annual renewal for a full one year period in July 2023.
At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2022.
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through July 31, 2024.
 
1.9896235.103
ISF-ANN-1223
Fidelity® Total International Equity Fund
 
 
Annual Report
October 31, 2023
Includes Fidelity and Fidelity Advisor share classes

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2023 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Class A  (incl. 5.75% sales charge)  
6.19%
4.72%
3.40%
Class M  (incl. 3.50% sales charge)  
8.41%
4.97%
3.39%
Class C  
(incl. contingent deferred sales charge)
 
10.82%
5.19%
3.39%
Fidelity® Total International Equity Fund
12.80%
6.23%
4.30%
Class I
12.86%
6.24%
4.27%
Class Z
13.04%
6.40%
4.39%
 
 
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on February 1, 2017. Returns prior to February 1, 2017, are those of Class I.
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Total International Equity Fund, a class of the fund, on October 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA Index performed over the same period.
 
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuation also helped bolster non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Co-Managers Sam Polyak, Jed Weiss and Alex Zavratsky:
For the fiscal year ending October 31, 2023, the fund's share classes (excluding sales charges, if applicable) gained about 12% to 13%, versus 12.27% for the benchmark MSCI All Country World ex US Index (Net MA). From a regional standpoint, an overweight in emerging markets and security selection in Canada contributed to the fund's performance versus the benchmark. By sector, an underweight in consumer staples helped most, especially smaller-than-benchmark exposure to food, beverage & tobacco companies. Picks in financials, primarily among banks, also proved beneficial. Investment choices the in energy and communication services sectors further bolstered the portfolio's relative result this period. The top individual relative contributor was an overweight in Tencent Holdings (+50%), one of the fund's biggest holdings on October 31. A second notable relative contributor was our outsized stake in CRH (+52%). A position in POSCO gained 129% and notably helped as well though the stock was no longer held at period end. In contrast, on a regional basis, security selection in emerging markets, especially South Africa, along with stock picks and an underweight in Japan, detracted from the fund's relative return the past 12 months. By sector, unfavorable stock picks and an overweight in consumer discretionary were the biggest performance hurdles. Also pressuring the portfolio's return were security selection in health care and industrials. The fund's non-benchmark stake in ResMed returned approximately -36% and was the largest individual relative detractor, followed by an overweight in Impala Platinum Holdings (-58%). Larger-than-benchmark exposure to Nutrien (-35%) also proved detrimental. Noteworthy changes in positioning include decreased exposure to equity markets in Switzerland and South Korea. By sector, meaningful shifts include increased exposure to the consumer discretionary sector and a lower allocation to health care stocks.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
3.1
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
2.4
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
2.3
 
Linde PLC  (United States of America, Chemicals)
1.7
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
1.7
 
Canadian Pacific Kansas City Ltd.  (Canada, Ground Transportation)
1.6
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
1.6
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
1.6
 
HDFC Bank Ltd.  (India, Banks)
1.6
 
Shell PLC ADR  (Netherlands, Oil, Gas & Consumable Fuels)
1.5
 
 
19.1
 
 
Market Sectors (% of Fund's net assets)
 
Financials
22.4
 
Industrials
18.8
 
Information Technology
13.3
 
Consumer Discretionary
12.4
 
Materials
10.8
 
Energy
6.3
 
Health Care
5.6
 
Communication Services
4.3
 
Consumer Staples
3.2
 
Utilities
0.3
 
Real Estate
0.3
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 96.0%
 
 
Shares
Value ($)
 
Australia - 2.5%
 
 
 
BHP Group Ltd.
 
86,693
2,454,060
Flutter Entertainment PLC (a)
 
1,590
249,398
Glencore PLC
 
260,958
1,382,250
Imdex Ltd.
 
43,461
45,587
Macquarie Group Ltd.
 
7,594
780,587
Steadfast Group Ltd.
 
17,941
61,695
Woodside Energy Group Ltd.
 
30,739
669,489
TOTAL AUSTRALIA
 
 
5,643,066
Belgium - 0.5%
 
 
 
Azelis Group NV
 
15,744
268,205
KBC Ancora
 
2,919
110,263
KBC Group NV
 
10,402
571,230
UCB SA
 
3,088
225,648
TOTAL BELGIUM
 
 
1,175,346
Brazil - 1.2%
 
 
 
Localiza Rent a Car SA
 
67,184
677,870
Localiza Rent a Car SA rights 11/10/23 (a)
 
603
837
Raia Drogasil SA
 
119,246
610,214
Suzano Papel e Celulose SA
 
88,289
903,072
XP, Inc. Class A
 
28,576
571,520
TOTAL BRAZIL
 
 
2,763,513
Canada - 7.5%
 
 
 
Barrick Gold Corp.
 
103,109
1,647,682
CAE, Inc. (a)
 
59,665
1,246,006
Cameco Corp.
 
23,170
947,852
Canadian Natural Resources Ltd.
 
15,965
1,013,793
Canadian Pacific Kansas City Ltd.
 
49,815
3,536,892
Constellation Software, Inc.
 
821
1,645,854
Constellation Software, Inc. warrants 8/22/28 (a)(b)
 
921
0
Franco-Nevada Corp.
 
11,449
1,392,786
McCoy Global, Inc.
 
7,000
7,622
Nutrien Ltd.
 
17,492
939,466
Osisko Gold Royalties Ltd.
 
3,688
45,078
Pason Systems, Inc.
 
5,503
52,738
Richelieu Hardware Ltd.
 
29,867
893,372
Suncor Energy, Inc.
 
41,159
1,332,937
The Toronto-Dominion Bank
 
35,467
1,981,088
TOTAL CANADA
 
 
16,683,166
Chile - 0.5%
 
 
 
Antofagasta PLC
 
63,746
1,042,107
China - 9.6%
 
 
 
Alibaba Group Holding Ltd. (a)
 
191,043
1,966,803
China Life Insurance Co. Ltd. (H Shares)
 
1,306,902
1,770,067
Chlitina Holding Ltd.
 
9,200
55,362
Haier Smart Home Co. Ltd. (A Shares)
 
615,500
1,870,501
Hansoh Pharmaceutical Group Co. Ltd. (c)
 
617,007
1,160,895
Industrial & Commercial Bank of China Ltd. (H Shares)
 
2,248,643
1,077,650
Kweichow Moutai Co. Ltd. (A Shares)
 
5,400
1,243,913
Meituan Class B (a)(c)
 
150,955
2,139,789
New Oriental Education & Technology Group, Inc. (a)
 
142,768
930,853
PDD Holdings, Inc. ADR (a)
 
12,420
1,259,636
Shangri-La Asia Ltd. (a)
 
817,621
521,624
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
138,600
1,145,919
Tencent Holdings Ltd.
 
145,276
5,376,484
Tsingtao Brewery Co. Ltd. (H Shares)
 
104,841
795,065
TOTAL CHINA
 
 
21,314,561
Denmark - 1.9%
 
 
 
DSV A/S
 
2,126
317,073
Novo Nordisk A/S Series B
 
36,386
3,510,384
Spar Nord Bank A/S
 
3,579
54,189
Vestas Wind Systems A/S (a)
 
17,065
369,880
TOTAL DENMARK
 
 
4,251,526
Egypt - 0.0%
 
 
 
Integrated Diagnostics Holdings PLC (a)(c)
 
60,949
23,222
Finland - 0.5%
 
 
 
Kone OYJ (B Shares)
 
7,972
344,914
Mandatum Holding OY
 
15,224
58,828
Musti Group OYJ
 
4,187
82,447
Sampo Oyj (A Shares)
 
16,351
642,040
TOTAL FINLAND
 
 
1,128,229
France - 8.4%
 
 
 
Air Liquide SA
 
5,207
892,231
Airbus Group NV
 
17,230
2,310,133
ALTEN
 
2,489
293,121
AXA SA
 
51,320
1,520,633
BNP Paribas SA
 
16,581
953,474
Capgemini SA
 
3,197
565,002
Edenred SA
 
16,961
901,629
Laurent-Perrier Group SA
 
269
33,586
Lectra
 
8,953
226,409
Legrand SA
 
12,547
1,085,396
LISI
 
1,147
26,518
LVMH Moet Hennessy Louis Vuitton SE
 
4,856
3,476,559
Safran SA
 
15,600
2,437,025
Teleperformance
 
628
71,864
TotalEnergies SE
 
41,046
2,744,232
Vetoquinol SA
 
1,238
104,401
VINCI SA
 
6,728
743,945
Vivendi SA
 
46,951
420,084
TOTAL FRANCE
 
 
18,806,242
Germany - 3.9%
 
 
 
Bayer AG
 
11,683
504,806
Covestro AG (a)(c)
 
4,267
215,361
CTS Eventim AG
 
5,036
303,996
Deutsche Borse AG
 
4,746
781,175
DHL Group
 
16,696
649,404
Fresenius SE & Co. KGaA
 
12,831
329,094
Hannover Reuck SE
 
4,054
893,511
Infineon Technologies AG
 
8,068
235,668
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
2,339
936,748
Nexus AG
 
1,420
69,190
Rheinmetall AG
 
3,960
1,132,997
RWE AG
 
19,300
737,823
Scout24 AG (c)
 
1,301
79,870
Siemens AG
 
10,057
1,334,552
Stabilus Se
 
831
52,669
Vonovia SE
 
14,534
334,603
TOTAL GERMANY
 
 
8,591,467
Greece - 0.5%
 
 
 
National Bank of Greece SA (a)
 
189,452
1,082,479
Hong Kong - 1.1%
 
 
 
AIA Group Ltd.
 
140,700
1,221,812
Pacific Basin Shipping Ltd.
 
2,103,339
608,651
Prudential PLC
 
62,340
651,851
TOTAL HONG KONG
 
 
2,482,314
Hungary - 0.5%
 
 
 
Richter Gedeon PLC
 
49,772
1,167,016
India - 4.4%
 
 
 
Axis Bank Ltd.
 
76,909
907,242
Bharat Heavy Electricals Ltd.
 
598,571
869,200
Embassy Office Parks (REIT)
 
6,800
25,439
HDFC Bank Ltd.
 
195,626
3,470,262
Jio Financial Services Ltd.
 
2,800
7,429
Kotak Mahindra Bank Ltd.
 
15,203
317,722
Larsen & Toubro Ltd.
 
22,435
789,273
Reliance Industries Ltd.
 
2,800
76,971
Reliance Industries Ltd. GDR (c)
 
13,176
719,410
Shree Cement Ltd.
 
3,059
942,543
Solar Industries India Ltd.
 
15,478
1,022,155
Zomato Ltd. (a)
 
526,300
665,480
TOTAL INDIA
 
 
9,813,126
Indonesia - 0.2%
 
 
 
PT Bank Rakyat Indonesia (Persero) Tbk
 
1,256,388
392,852
Ireland - 0.6%
 
 
 
AerCap Holdings NV (a)
 
1,652
102,622
Bank of Ireland Group PLC
 
65,742
587,796
Cairn Homes PLC
 
47,204
55,366
Irish Residential Properties REIT PLC
 
39,729
38,254
Ryanair Holdings PLC sponsored ADR (a)
 
5,660
496,382
TOTAL IRELAND
 
 
1,280,420
Israel - 0.3%
 
 
 
Ituran Location & Control Ltd.
 
3,915
96,818
NICE Ltd. sponsored ADR (a)
 
4,117
635,459
Tel Aviv Stock Exchange Ltd. (a)
 
7,200
32,063
TOTAL ISRAEL
 
 
764,340
Italy - 1.7%
 
 
 
Eni SpA
 
77,307
1,263,789
Interpump Group SpA
 
14,603
608,787
Mediobanca SpA
 
57,552
686,295
Prada SpA
 
82,900
499,394
Prysmian SpA
 
8,517
318,028
UniCredit SpA
 
17,440
437,214
TOTAL ITALY
 
 
3,813,507
Japan - 12.4%
 
 
 
Ai Holdings Corp.
 
1,450
22,447
Aoki Super Co. Ltd.
 
1,900
32,379
Artnature, Inc.
 
5,300
28,307
Aucnet, Inc.
 
3,400
39,586
Azbil Corp.
 
39,800
1,176,037
Broadleaf Co. Ltd.
 
27,600
97,544
Central Automotive Products Ltd.
 
1,100
24,636
Curves Holdings Co. Ltd.
 
24,300
106,001
Daiichi Sankyo Kabushiki Kaisha
 
3,901
100,584
Daiichikosho Co. Ltd.
 
7,200
106,427
Daikokutenbussan Co. Ltd.
 
700
29,665
DENSO Corp.
 
57,955
855,783
Digital Hearts Holdings Co. Ltd.
 
4,900
29,826
Eisai Co. Ltd.
 
3,706
196,338
Fast Retailing Co. Ltd.
 
1,644
363,976
FUJIFILM Holdings Corp.
 
8,212
449,178
Fujitec Co. Ltd.
 
2,200
47,762
Fujitsu Ltd.
 
3,932
509,381
Funai Soken Holdings, Inc.
 
3,250
53,417
Goldcrest Co. Ltd.
 
6,560
93,548
Hitachi Ltd.
 
26,557
1,683,359
Hoya Corp.
 
12,341
1,188,051
Ibiden Co. Ltd.
 
6,912
294,703
INPEX Corp.
 
35,442
514,294
Itochu Corp.
 
27,959
1,007,112
Keyence Corp.
 
5,384
2,084,247
Kobayashi Pharmaceutical Co. Ltd.
 
1,600
66,053
Koshidaka Holdings Co. Ltd.
 
15,300
108,854
Kusuri No Aoki Holdings Co. Ltd.
 
800
52,414
Lasertec Corp.
 
5,750
949,786
LY Corp.
 
67,344
171,693
Medikit Co. Ltd.
 
3,300
58,298
Minebea Mitsumi, Inc.
 
17,657
276,849
Miroku Jyoho Service Co., Ltd.
 
2,400
24,580
Misumi Group, Inc.
 
43,624
660,409
Mitsubishi UFJ Financial Group, Inc.
 
183,769
1,541,665
Mitsuboshi Belting Ltd.
 
900
25,982
Nagaileben Co. Ltd.
 
7,400
102,119
Nihon Parkerizing Co. Ltd.
 
17,800
129,185
NOF Corp.
 
3,465
136,698
NS Tool Co. Ltd.
 
5,600
40,161
NSD Co. Ltd.
 
5,200
90,474
OBIC Co. Ltd.
 
1,450
214,334
ORIX Corp.
 
44,172
803,328
OSG Corp.
 
21,080
240,535
Paramount Bed Holdings Co. Ltd.
 
2,400
40,890
ProNexus, Inc.
 
5,100
39,720
Recruit Holdings Co. Ltd.
 
34,800
997,810
Renesas Electronics Corp. (a)
 
48,057
631,259
San-Ai Obbli Co. Ltd.
 
6,300
68,024
Shin-Etsu Chemical Co. Ltd.
 
32,435
969,916
SHO-BOND Holdings Co. Ltd.
 
17,880
704,169
Shoei Co. Ltd.
 
5,500
73,281
SK Kaken Co. Ltd.
 
2,100
98,154
SoftBank Group Corp.
 
7,821
320,302
Software Service, Inc.
 
800
45,583
Sony Group Corp.
 
5,999
498,750
Sumitomo Mitsui Financial Group, Inc.
 
26,440
1,274,619
Suzuki Motor Corp.
 
18,187
705,874
Techno Medica Co. Ltd.
 
500
7,556
The Monogatari Corp.
 
3,160
85,575
TIS, Inc.
 
12,774
273,553
Tocalo Co. Ltd.
 
4,600
41,578
Tokio Marine Holdings, Inc.
 
47,465
1,061,898
Toyota Motor Corp.
 
128,312
2,244,658
USS Co. Ltd.
 
26,200
457,947
YAKUODO Holdings Co. Ltd.
 
2,800
51,574
YONEX Co. Ltd.
 
4,500
48,752
TOTAL JAPAN
 
 
27,569,447
Kenya - 0.0%
 
 
 
Safaricom Ltd.
 
142,245
11,763
Korea (South) - 3.7%
 
 
 
BGF Retail Co. Ltd.
 
491
50,136
Hyundai Mipo Dockyard Co. Ltd. (a)
 
13,407
689,871
Hyundai Motor Co. Ltd.
 
8,558
1,076,574
Korea Aerospace Industries Ltd.
 
36,797
1,209,000
Samsung Electronics Co. Ltd.
 
104,169
5,177,313
TOTAL KOREA (SOUTH)
 
 
8,202,894
Luxembourg - 0.1%
 
 
 
ArcelorMittal SA (Netherlands)
 
9,412
207,941
Mexico - 0.6%
 
 
 
Grupo Financiero Banorte S.A.B. de CV Series O
 
90,709
736,177
Wal-Mart de Mexico SA de CV Series V
 
189,533
678,383
TOTAL MEXICO
 
 
1,414,560
Netherlands - 3.8%
 
 
 
Aalberts Industries NV
 
13,075
407,016
ASML Holding NV (Netherlands)
 
6,127
3,683,065
BE Semiconductor Industries NV
 
1,144
117,778
IMCD NV
 
3,942
473,412
Shell PLC ADR
 
52,459
3,417,179
Universal Music Group NV
 
10,768
263,696
TOTAL NETHERLANDS
 
 
8,362,146
Norway - 0.2%
 
 
 
Kongsberg Gruppen ASA
 
4,525
184,711
Medistim ASA
 
1,929
33,414
Schibsted ASA (B Shares)
 
8,710
161,398
Volue A/S (a)
 
10,613
17,804
TOTAL NORWAY
 
 
397,327
Peru - 0.4%
 
 
 
Credicorp Ltd. (United States)
 
8,061
1,007,303
Russia - 0.1%
 
 
 
LUKOIL PJSC sponsored ADR (a)(b)
 
15,040
4,255
Sberbank of Russia sponsored ADR (a)(b)
 
62,556
1,114
Yandex NV Series A (a)(b)
 
15,421
168,089
TOTAL RUSSIA
 
 
173,458
Singapore - 0.3%
 
 
 
United Overseas Bank Ltd.
 
38,255
754,568
South Africa - 1.4%
 
 
 
Absa Group Ltd.
 
109,918
1,002,134
Anglo American PLC (United Kingdom)
 
25,210
642,341
Impala Platinum Holdings Ltd.
 
132,395
551,504
MTN Group Ltd.
 
178,892
873,271
Thungela Resources Ltd. (d)
 
4,647
41,096
TOTAL SOUTH AFRICA
 
 
3,110,346
Spain - 1.4%
 
 
 
Amadeus IT Holding SA Class A
 
22,876
1,302,718
Banco Santander SA (Spain)
 
378,893
1,389,543
Cellnex Telecom SA (c)
 
7,378
216,884
Fluidra SA
 
1,601
28,155
Unicaja Banco SA (c)
 
147,836
153,610
TOTAL SPAIN
 
 
3,090,910
Sweden - 3.1%
 
 
 
Addlife AB
 
4,952
32,252
AddTech AB (B Shares)
 
24,909
364,627
ASSA ABLOY AB (B Shares)
 
35,792
762,909
Atlas Copco AB (A Shares)
 
151,993
1,968,161
Autoliv, Inc.
 
8,355
765,736
Bergman & Beving AB (B Shares)
 
5,200
69,691
Epiroc AB (A Shares)
 
56,837
936,374
Hemnet Group AB
 
6,082
105,540
Investor AB (B Shares)
 
60,573
1,109,176
INVISIO AB
 
4,673
70,163
John Mattson Fastighetsforetag (a)
 
4,823
23,073
Lagercrantz Group AB (B Shares)
 
53,594
488,290
Sandvik AB
 
8,455
144,014
Teqnion AB (a)
 
500
9,205
TOTAL SWEDEN
 
 
6,849,211
Switzerland - 1.8%
 
 
 
Schindler Holding AG:
 
 
 
 (participation certificate)
 
1,868
376,208
 (Reg.)
 
107
20,761
Swiss Life Holding AG
 
867
554,522
Tecan Group AG
 
366
104,773
UBS Group AG
 
15,290
356,680
UBS Group AG
 
64,075
1,503,200
Zurich Insurance Group Ltd.
 
2,129
1,007,802
TOTAL SWITZERLAND
 
 
3,923,946
Taiwan - 4.3%
 
 
 
Addcn Technology Co. Ltd.
 
10,354
63,282
ECLAT Textile Co. Ltd.
 
67,873
1,079,451
HIWIN Technologies Corp.
 
108,888
659,369
Taiwan Semiconductor Manufacturing Co. Ltd.
 
427,821
6,982,008
Yageo Corp.
 
51,171
833,626
TOTAL TAIWAN
 
 
9,617,736
United Kingdom - 5.5%
 
 
 
AstraZeneca PLC (United Kingdom)
 
7,478
936,274
B&M European Value Retail SA
 
53,725
345,307
BAE Systems PLC
 
183,898
2,472,763
Barratt Developments PLC
 
98,961
497,848
Beazley PLC
 
44,530
278,468
Bodycote PLC
 
21,381
149,168
Clarkson PLC
 
1,903
61,179
Compass Group PLC
 
60,669
1,529,550
Dechra Pharmaceuticals PLC
 
1,176
54,430
Howden Joinery Group PLC
 
16,094
124,724
HSBC Holdings PLC (United Kingdom)
 
48,422
349,627
Imperial Brands PLC
 
15,920
339,163
InterContinental Hotel Group PLC ADR
 
15,667
1,130,061
Lloyds Banking Group PLC
 
1,314,033
639,540
NatWest Group PLC
 
73,764
160,497
Rightmove PLC
 
54,726
314,624
Rolls-Royce Holdings PLC (a)
 
97,312
256,147
Sage Group PLC
 
38,500
454,191
Spectris PLC
 
26,761
1,008,326
Spirax-Sarco Engineering PLC
 
715
71,192
Standard Chartered PLC (United Kingdom)
 
137,807
1,055,234
Unite Group PLC
 
4,000
42,225
TOTAL UNITED KINGDOM
 
 
12,270,538
United States of America - 11.1%
 
 
 
CRH PLC
 
19,516
1,048,693
CRH PLC
 
29,993
1,606,725
Experian PLC
 
38,939
1,178,951
Ferguson PLC
 
2,970
445,099
Linde PLC
 
9,770
3,733,703
Marsh & McLennan Companies, Inc.
 
10,325
1,958,136
MasterCard, Inc. Class A
 
3,370
1,268,300
Microsoft Corp.
 
1,200
405,732
Moody's Corp.
 
3,437
1,058,596
Morningstar, Inc.
 
958
242,604
MSCI, Inc.
 
2,121
1,000,158
Nestle SA (Reg. S)
 
29,628
3,195,047
NOV, Inc.
 
21,616
431,455
Otis Worldwide Corp.
 
5,124
395,624
PriceSmart, Inc.
 
3,322
207,592
ResMed, Inc.
 
4,381
618,685
Roche Holding AG (participation certificate)
 
3,183
820,290
S&P Global, Inc.
 
3,028
1,057,711
Sanofi SA
 
14,932
1,355,918
Sherwin-Williams Co.
 
4,383
1,044,074
Synopsys, Inc. (a)
 
700
328,608
Visa, Inc. Class A
 
5,402
1,270,010
TOTAL UNITED STATES OF AMERICA
 
 
24,671,711
 
TOTAL COMMON STOCKS
 (Cost $200,116,994)
 
 
 
213,854,304
 
 
 
 
Preferred Stocks - 1.7%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.1%
 
 
 
China - 0.1%
 
 
 
ByteDance Ltd. Series E1 (a)(b)(e)
 
577
134,816
Nonconvertible Preferred Stocks - 1.6%
 
 
 
Brazil - 1.4%
 
 
 
Gerdau SA sponsored ADR
 
163,566
709,876
Itau Unibanco Holding SA
 
247,683
1,317,570
Petroleo Brasileiro SA - Petrobras sponsored ADR
 
69,628
1,044,420
 
 
 
3,071,866
Germany - 0.2%
 
 
 
Porsche Automobil Holding SE (Germany)
 
10,376
464,410
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 
 
3,536,276
 
TOTAL PREFERRED STOCKS
 (Cost $3,425,512)
 
 
 
3,671,092
 
 
 
 
Money Market Funds - 2.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (f)
 
5,161,253
5,162,285
Fidelity Securities Lending Cash Central Fund 5.40% (f)(g)
 
21,695
21,697
 
TOTAL MONEY MARKET FUNDS
 (Cost $5,183,979)
 
 
5,183,982
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
 (Cost $208,726,485)
 
 
 
222,709,378
NET OTHER ASSETS (LIABILITIES) - 0.0%  
(7,825)
NET ASSETS - 100.0%
222,701,553
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Level 3 security
 
(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 $4,709,041 or 2.1% of net assets.
 
(d)
Security or a portion of the security is on loan at period end.
 
(e)
Restricted securities (including private placements) - 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 $134,816 or 0.1% 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, 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.
 
(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 ($)
 
ByteDance Ltd. Series E1
11/18/20
63,224
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
5,394,098
127,837,341
128,069,153
278,420
-
(1)
5,162,285
0.0%
Fidelity Securities Lending Cash Central Fund 5.40%
2,836,886
34,348,464
37,163,653
16,776
-
-
21,697
0.0%
Total
8,230,984
162,185,805
165,232,806
295,196
-
(1)
5,183,982
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
9,092,219
2,270,546
6,518,768
302,905
Consumer Discretionary
27,523,178
5,688,517
21,834,661
-
Consumer Staples
7,468,853
1,529,775
5,939,078
-
Energy
14,349,556
9,008,502
5,336,799
4,255
Financials
49,375,134
28,436,613
20,937,407
1,114
Health Care
12,790,111
2,762,125
10,027,986
-
Industrials
41,785,771
15,174,326
26,611,445
-
Information Technology
30,042,421
5,718,390
24,324,031
-
Materials
23,803,188
14,536,564
9,266,624
-
Real Estate
557,142
103,552
453,590
-
Utilities
737,823
737,823
-
-
  Money Market Funds
5,183,982
5,183,982
-
-
 Total Investments in Securities:
222,709,378
91,150,715
131,250,389
308,274
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $19,548) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $203,542,506)
$
217,525,396
 
 
Fidelity Central Funds (cost $5,183,979)
5,183,982
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $208,726,485)
 
 
$
222,709,378
Foreign currency held at value (cost $49,686)
 
 
49,589
Receivable for investments sold
 
 
666,552
Receivable for fund shares sold
 
 
212,961
Dividends receivable
 
 
450,177
Reclaims receivable
 
 
241,688
Interest receivable
 
 
220
Distributions receivable from Fidelity Central Funds
 
 
23,130
Prepaid expenses
 
 
332
Receivable from investment adviser for expense reductions
 
 
29,889
Other receivables
 
 
18,671
  Total assets
 
 
224,402,587
Liabilities
 
 
 
 
Payable to custodian bank
$
349,535
 
 
Payable for investments purchased
639,387
 
 
Payable for fund shares redeemed
262,659
 
 
Accrued management fee
133,632
 
 
Distribution and service plan fees payable
10,528
 
 
Other affiliated payables
40,283
 
 
Deferred taxes
163,089
 
 
Other payables and accrued expenses
80,224
 
 
Collateral on securities loaned
21,697
 
 
  Total Liabilities
 
 
 
1,701,034
Net Assets  
 
 
$
222,701,553
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
217,254,808
Total accumulated earnings (loss)
 
 
 
5,446,745
Net Assets
 
 
$
222,701,553
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($17,342,850 ÷ 1,814,623 shares)(a)
 
 
$
9.56
Maximum offering price per share (100/94.25 of $9.56)
 
 
$
10.14
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($10,624,256 ÷ 1,104,868 shares)(a)
 
 
$
9.62
Maximum offering price per share (100/96.50 of $9.62)
 
 
$
9.97
Class C :
 
 
 
 
Net Asset Value and offering price per share ($2,474,799 ÷ 259,720 shares)(a)
 
 
$
9.53
Total International Equity :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($108,560,514 ÷ 11,303,597 shares)
 
 
$
9.60
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($57,298,511 ÷ 5,990,936 shares)
 
 
$
9.56
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($26,400,623 ÷ 2,742,410 shares)
 
 
$
9.63
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
5,782,107
Non-Cash dividends
 
 
290,960
Interest  
 
 
336
Income from Fidelity Central Funds (including $16,776 from security lending)
 
 
295,196
 Income before foreign taxes withheld
 
 
$
6,368,599
Less foreign taxes withheld
 
 
(552,583)
 Total Income
 
 
 
5,816,016
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
1,491,966
 
 
 Performance adjustment
146,708
 
 
Transfer agent fees
377,468
 
 
Distribution and service plan fees
127,139
 
 
Accounting fees
110,127
 
 
Custodian fees and expenses
103,713
 
 
Independent trustees' fees and expenses
1,141
 
 
Registration fees
91,641
 
 
Audit
94,776
 
 
Legal
1,801
 
 
Miscellaneous
785
 
 
 Total expenses before reductions
 
2,547,265
 
 
 Expense reductions
 
(140,538)
 
 
 Total expenses after reductions
 
 
 
2,406,727
Net Investment income (loss)
 
 
 
3,409,289
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $134,221)
 
(5,183,625)
 
 
 Foreign currency transactions
 
(52,665)
 
 
Total net realized gain (loss)
 
 
 
(5,236,290)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $7,031)  
 
20,067,579
 
 
   Fidelity Central Funds
 
(1)
 
 
 Assets and liabilities in foreign currencies
 
13,226
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
20,080,804
Net gain (loss)
 
 
 
14,844,514
Net increase (decrease) in net assets resulting from operations
 
 
$
18,253,803
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
3,409,289
$
2,446,814
Net realized gain (loss)
 
(5,236,290)
 
 
(5,086,496)
 
Change in net unrealized appreciation (depreciation)
 
20,080,804
 
(39,932,764)
 
Net increase (decrease) in net assets resulting from operations
 
18,253,803
 
 
(42,572,446)
 
Distributions to shareholders
 
(1,806,040)
 
 
(9,629,532)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
52,136,162
 
 
88,690,287
 
Total increase (decrease) in net assets
 
68,583,925
 
 
36,488,309
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
154,117,628
 
117,629,319
 
End of period
$
222,701,553
$
154,117,628
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Total International Equity Fund Class A
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
8.56
$
12.48
$
9.60
$
9.34
$
8.20
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.13
 
.15
 
.11 C
 
.05
 
.14
     Net realized and unrealized gain (loss)
 
.95
 
(3.10)
 
3.03
 
.35
 
1.05
  Total from investment operations
 
1.08  
 
(2.95)  
 
3.14  
 
.40  
 
1.19
  Distributions from net investment income
 
(.08)
 
(.19)
 
(.06)
 
(.14)
 
(.05)
  Distributions from net realized gain
 
-
 
(.77)
 
(.20)
 
-
 
-
     Total distributions
 
(.08)
 
(.97) D
 
(.26)
 
(.14)
 
(.05)
  Net asset value, end of period
$
9.56
$
8.56
$
12.48
$
9.60
$
9.34
 Total Return E,F
 
12.66%
 
(25.44)%
 
33.04%
 
4.31%
 
14.63%
 Ratios to Average Net Assets A,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.39%
 
1.56%
 
1.60%
 
1.66%
 
1.51%
    Expenses net of fee waivers, if any
 
1.29%
 
1.30%
 
1.34%
 
1.39%
 
1.45%
    Expenses net of all reductions
 
1.29%
 
1.30%
 
1.34%
 
1.37%
 
1.44%
    Net investment income (loss)
 
1.33%
 
1.55%
 
.91% C
 
.58%
 
1.55%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
17,343
$
12,786
$
8,642
$
6,091
$
7,249
    Portfolio turnover rate I
 
28%
 
31%
 
39%
 
37%
 
69%
 
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .64%.
 
DTotal distributions per share do not sum due to rounding.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FTotal returns do not include the effect of the sales charges.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Total International Equity Fund Class M
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
8.61
$
12.53
$
9.65
$
9.38
$
8.22
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.11
 
.13
 
.08 C
 
.03
 
.11
     Net realized and unrealized gain (loss)
 
.95
 
(3.12)
 
3.04
 
.36
 
1.07
  Total from investment operations
 
1.06  
 
(2.99)  
 
3.12  
 
.39  
 
1.18
  Distributions from net investment income
 
(.05)
 
(.15)
 
(.04)
 
(.12)
 
(.02)
  Distributions from net realized gain
 
-
 
(.77)
 
(.20)
 
-
 
-
     Total distributions
 
(.05)
 
(.93) D
 
(.24)
 
(.12)
 
(.02)
  Net asset value, end of period
$
9.62
$
8.61
$
12.53
$
9.65
$
9.38
 Total Return E,F
 
12.34%
 
(25.59)%
 
32.63%
 
4.13%
 
14.38%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.66%
 
1.80%
 
1.83%
 
1.90%
 
1.76%
    Expenses net of fee waivers, if any
 
1.54%
 
1.55%
 
1.59%
 
1.64%
 
1.70%
    Expenses net of all reductions
 
1.54%
 
1.55%
 
1.59%
 
1.62%
 
1.69%
    Net investment income (loss)
 
1.09%
 
1.29%
 
.65% C
 
.33%
 
1.30%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
10,624
$
9,876
$
12,936
$
10,620
$
11,733
    Portfolio turnover rate I
 
28%
 
31%
 
39%
 
37%
 
69%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .38%.
 
DTotal distributions per share do not sum due to rounding.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FTotal returns do not include the effect of the sales charges.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Total International Equity Fund Class C
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
8.53
$
12.41
$
9.57
$
9.30
$
8.17
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.06
 
.08
 
.02 C
 
(.02)
 
.07
     Net realized and unrealized gain (loss)
 
.95
 
(3.11)
 
3.02
 
.36
 
1.06
  Total from investment operations
 
1.01  
 
(3.03)  
 
3.04  
 
.34  
 
1.13
  Distributions from net investment income
 
(.01)
 
(.07)
 
-
 
(.07)
 
-
  Distributions from net realized gain
 
-
 
(.77)
 
(.20)
 
-
 
-
     Total distributions
 
(.01)
 
(.85) D
 
(.20)
 
(.07)
 
-
  Net asset value, end of period
$
9.53
$
8.53
$
12.41
$
9.57
$
9.30
 Total Return E,F
 
11.82%
 
(26.04)%
 
32.00%
 
3.62%
 
13.83%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.18%
 
2.34%
 
2.40%
 
2.46%
 
2.33%
    Expenses net of fee waivers, if any
 
2.04%
 
2.05%
 
2.10%
 
2.14%
 
2.20%
    Expenses net of all reductions
 
2.04%
 
2.05%
 
2.10%
 
2.12%
 
2.19%
    Net investment income (loss)
 
.58%
 
.79%
 
.15% C
 
(.17)%
 
.80%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,475
$
1,893
$
1,982
$
1,827
$
2,203
    Portfolio turnover rate I
 
28%
 
31%
 
39%
 
37%
 
69%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.12)%.
 
DTotal distributions per share do not sum due to rounding.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FTotal returns do not include the effect of the contingent deferred sales charge.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity® Total International Equity Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
8.60
$
12.54
$
9.64
$
9.37
$
8.23
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.16
 
.18
 
.14 C
 
.08
 
.16
     Net realized and unrealized gain (loss)
 
.94
 
(3.12)
 
3.04
 
.35
 
1.06
  Total from investment operations
 
1.10  
 
(2.94)  
 
3.18  
 
.43  
 
1.22
  Distributions from net investment income
 
(.10)
 
(.23)
 
(.08)
 
(.16)
 
(.08)
  Distributions from net realized gain
 
-
 
(.77)
 
(.20)
 
-
 
-
     Total distributions
 
(.10)
 
(1.00)
 
(.28)
 
(.16)
 
(.08)
  Net asset value, end of period
$
9.60
$
8.60
$
12.54
$
9.64
$
9.37
 Total Return D
 
12.80%
 
(25.25)%
 
33.37%
 
4.65%
 
14.97%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.11%
 
1.23%
 
1.27%
 
1.34%
 
1.20%
    Expenses net of fee waivers, if any
 
1.04%
 
1.05%
 
1.09%
 
1.14%
 
1.20%
    Expenses net of all reductions
 
1.04%
 
1.05%
 
1.09%
 
1.12%
 
1.19%
    Net investment income (loss)
 
1.58%
 
1.79%
 
1.16% C
 
.83%
 
1.81%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
108,561
$
86,458
$
82,604
$
61,362
$
70,251
    Portfolio turnover rate G
 
28%
 
31%
 
39%
 
37%
 
69%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .89%.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Total International Equity Fund Class I
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
8.56
$
12.49
$
9.60
$
9.35
$
8.19
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.16
 
.17
 
.14 C
 
.08
 
.16
     Net realized and unrealized gain (loss)
 
.94
 
(3.10)
 
3.03
 
.34
 
1.07
  Total from investment operations
 
1.10  
 
(2.93)  
 
3.17  
 
.42  
 
1.23
  Distributions from net investment income
 
(.10)
 
(.23)
 
(.08)
 
(.17)
 
(.07)
  Distributions from net realized gain
 
-
 
(.77)
 
(.20)
 
-
 
-
     Total distributions
 
(.10)
 
(1.00)
 
(.28)
 
(.17)
 
(.07)
  Net asset value, end of period
$
9.56
$
8.56
$
12.49
$
9.60
$
9.35
 Total Return D
 
12.86%
 
(25.28)%
 
33.40%
 
4.50%
 
15.11%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.09%
 
1.22%
 
1.26%
 
1.33%
 
1.18%
    Expenses net of fee waivers, if any
 
1.04%
 
1.04%
 
1.06%
 
1.14%
 
1.18%
    Expenses net of all reductions
 
1.04%
 
1.04%
 
1.06%
 
1.13%
 
1.17%
    Net investment income (loss)
 
1.58%
 
1.80%
 
1.18% C
 
.82%
 
1.82%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
57,299
$
35,423
$
5,714
$
2,073
$
3,086
    Portfolio turnover rate G
 
28%
 
31%
 
39%
 
37%
 
69%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .91%.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Total International Equity Fund Class Z
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
8.61
$
12.53
$
9.62
$
9.36
$
8.22
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.17
 
.19
 
.16 C
 
.09
 
.18
     Net realized and unrealized gain (loss)
 
.95
 
(3.11)
 
3.03
 
.35
 
1.05
  Total from investment operations
 
1.12  
 
(2.92)  
 
3.19  
 
.44  
 
1.23
  Distributions from net investment income
 
(.10)
 
(.23)
 
(.08)
 
(.18)
 
(.09)
  Distributions from net realized gain
 
-
 
(.77)
 
(.20)
 
-
 
-
     Total distributions
 
(.10)
 
(1.00)
 
(.28)
 
(.18)
 
(.09)
  Net asset value, end of period
$
9.63
$
8.61
$
12.53
$
9.62
$
9.36
 Total Return D
 
13.04%
 
(25.09)%
 
33.54%
 
4.74%
 
15.13%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.95%
 
1.10%
 
1.16%
 
1.22%
 
1.09%
    Expenses net of fee waivers, if any
 
.89%
 
.90%
 
.94%
 
.98%
 
1.04%
    Expenses net of all reductions
 
.89%
 
.90%
 
.94%
 
.97%
 
1.03%
    Net investment income (loss)
 
1.74%
 
1.94%
 
1.31% C
 
.99%
 
1.97%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
26,401
$
7,681
$
5,752
$
3,422
$
3,815
    Portfolio turnover rate G
 
28%
 
31%
 
39%
 
37%
 
69%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.04%.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity Total International Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.  The Fund offers Class A, Class M, Class C, Total International Equity, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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, 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. 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$32,352,636
Gross unrealized depreciation
(21,223,267)
Net unrealized appreciation (depreciation)
$11,129,369
Tax Cost
$211,580,009
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$2,966,779
Capital loss carryforward
$(8,472,046)
Net unrealized appreciation (depreciation) on securities and other investments
$11,115,101
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 Short-term
$(4,386,318)
 Long-term
(4,085,728)
Total capital loss carryforward
$(8,472,046)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$1,806,040
$2,799,884
Long-term Capital Gains
-
6,829,648
Total
$1,806,040
$9,629,532
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Total International Equity Fund
113,724,355
59,312,362
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Total International Equity as compared to its benchmark index, the MSCI All Country World ex USA Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .74% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees
Retained by FDC
Class A
 -%
 .25%
$45,677
$2,148
Class M
 .25%
 .25%
 56,338
 161
Class C
 .75%
 .25%
                25,124
                  7,279
 
 
 
$127,139
$9,588
 
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
 
 
Retained by FDC
Class A
$7,879
Class M
 493
Class CA
                      151
 
$8,523
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Class A
$39,741
.22
Class M
 25,921
.23
Class C
 6,431
.26
Total International Equity
 201,785
.18
Class I
 95,141
.17
Class Z
                  8,449
.04
 
$377,468
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
 
 
 
% of Class-Level Average Net Assets
Class A
0.2000%
Class M
0.2000%
Class C
0.2000%
Total International Equity
0.1875%
Class I
0.1643%
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity Total International Equity Fund
.05
 
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
 
 
% of Average Net Assets
Fidelity Total International Equity Fund
0.0497%
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity Total International Equity Fund
$263
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Total International Equity Fund
9,121,561
1,657,333
(286,531)
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity Total International Equity Fund
$387
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Total International Equity Fund
$1,792
$-
$-
8. Expense Reductions.
The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2025. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.
 
The following classes were in reimbursement during the period:
 
 
Expense Limitations
Reimbursement
Class A
1.30%
$16,919
Class M
1.55%
 12,450
Class C
2.05%
 3,277
Total International Equity
1.05%
 62,187
Class I
1.05%
 20,688
Class Z
.90%
                11,137
 
 
$126,658
 
Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction
Class A
$88
Class M
                      233
 
$321
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $13,559.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2023
Year ended
October 31, 2022
Fidelity Total International Equity Fund
 
 
Distributions to shareholders
 
 
Class A
$136,043
 $682,772
Class M
 60,649
 954,432
Class C
 1,760
 136,202
Total International Equity
 1,034,854
 6,786,798
Class I
 451,131
 530,168
Class Z
             121,603
             539,160
Total  
$1,806,040
$9,629,532
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended
 October 31, 2023
Year ended
 October 31, 2022
Year ended
 October 31, 2023
Year ended
 October 31, 2022
Fidelity Total International Equity Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
883,201
888,736
$8,694,442
$8,539,920
Reinvestment of distributions
14,206
60,242
135,808
667,482
Shares redeemed
(575,856)
(148,110)
(5,858,395)
(1,522,197)
Net increase (decrease)
321,551
800,868
$2,971,855
$7,685,205
Class M
 
 
 
 
Shares sold
117,155
208,686
$1,168,097
$2,095,684
Reinvestment of distributions
6,291
85,446
60,649
954,432
Shares redeemed
(165,757)
(179,080)
(1,635,862)
(1,802,328)
Net increase (decrease)
(42,311)
115,052
$(407,116)
$1,247,788
Class C
 
 
 
 
Shares sold
113,803
104,691
$1,148,641
$1,089,289
Reinvestment of distributions
183
12,220
1,757
135,883
Shares redeemed
(76,111)
(54,762)
(745,659)
(553,236)
Net increase (decrease)
37,875
62,149
$404,739
$671,936
Total International Equity
 
 
 
 
Shares sold
4,599,531
4,897,322
$45,831,869
$50,896,948
Reinvestment of distributions
97,973
561,002
939,562
6,227,120
Shares redeemed
(3,448,548)
(1,992,599)
(34,371,636)
(19,350,338)
Net increase (decrease)
1,248,956
3,465,725
$12,399,795
$37,773,730
Class I
 
 
 
 
Shares sold
3,922,899
4,463,099
$39,216,121
$43,483,713
Reinvestment of distributions
46,910
47,315
447,992
523,303
Shares redeemed
(2,115,326)
(831,499)
(21,232,217)
(8,050,707)
Net increase (decrease)
1,854,483
3,678,915
$18,431,896
$35,956,309
Class Z
 
 
 
 
Shares sold
2,772,393
1,300,267
$27,649,951
$12,980,304
Reinvestment of distributions
10,898
45,956
104,625
510,116
Shares redeemed
(933,308)
(912,726)
(9,419,583)
(8,135,101)
Net increase (decrease)
1,849,983
433,497
$18,334,993
$5,355,319
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
 
 
To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity Total International Equity Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Total International Equity Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2023, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 14, 2023
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 322 funds. Mr. Chiel oversees 191 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).       
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Vijay C. Advani (1960)
Year of Election or Appointment: 2023
Member of the Advisory Board
Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).     
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Karen B. Peetz (1955)
Year of Election or Appointment: 2023
Member of the Advisory Board
Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).     
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).      
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).          
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
Fidelity® Total International Equity Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.30%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 940.90
 
$ 6.36
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,018.65
 
$ 6.61
 
Class M
 
 
 
1.54%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 939.50
 
$ 7.53
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,017.44
 
$ 7.83
 
Class C
 
 
 
2.05%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 937.10
 
$ 10.01
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,014.87
 
$ 10.41
 
Fidelity® Total International Equity Fund
 
 
 
1.05%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 941.20
 
$ 5.14
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.91
 
$ 5.35
 
Class I
 
 
 
1.05%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 940.90
 
$ 5.14
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.91
 
$ 5.35
 
Class Z
 
 
 
.90%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 942.30
 
$ 4.41
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.67
 
$ 4.58
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
Distributions (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund designates $9,929 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.
                                      
Class A designates 4%; Class M designates 6%; Class C designates 16%; Total International Equity designates 4%; Class I designates 4%; and Class Z designates 4% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
 
Class A, Class M, Class C, Total International Equity, Class I and Class Z designates 100% of each dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
 
 
Pay Date
Income
Taxes
Fidelity Total International Equity Fund
 
 
 
Class A
12/12/2022
$0.1036
$0.0196
Class M
12/12/2022
$0.0726
$0.0196
Class C
12/12/2022
$0.0276
$0.0196
Total International Equity
12/12/2022
$0.1206
$0.0196
Class I
12/12/2022
$0.1206
$0.0196
Class Z
12/12/2022
0.1216
$0.0196
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Total International Equity Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
Approval of Stub Period Continuation. At its May 2023 meeting, the Board of Trustees voted to continue the fund's management contract with FMR, and the sub-advisory agreements and sub-sub-advisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for two months from June 1, 2023 through July 31, 2023. The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board would consider the annual renewal for a full one year period in July 2023.
At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investments Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance.  In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and the total expense ratio of the retail class, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the retail class of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the retail class of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the retail class of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2022.
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.
In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of the retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.
Other Contractual Arrangements. The Board further considered that FMR has contractually agreed to reimburse Class A, Class M, Class C, Class I, Class Z, and the retail class of the fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 1.30%, 1.55%, 2.05%, 1.05%, 0.90%, and 1.05% through February 29, 2024.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee, including the use of the retail class as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
 
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through July 31, 2024.
 
1.912358.113
TIE-ANN-1223
Fidelity® International Value Fund
 
 
Annual Report
October 31, 2023
Includes Fidelity and Fidelity Advisor share classes

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2023 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Class A  (incl. 5.75% sales charge)  
10.95%
3.23%
1.63%
Class M  (incl. 3.50% sales charge)  
13.34%
3.44%
1.59%
Class C  
(incl. contingent deferred sales charge)
 
15.74%
3.64%
1.60%
Fidelity® International Value Fund
17.96%
4.77%
2.58%
Class I
17.97%
4.73%
2.50%
Class Z
18.20%
4.93%
2.59%
 
 
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® International Value Fund, a class of the fund, on October 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Value Index performed over the same period.
 
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuation also helped bolster non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Portfolio Manager Alex Zavratsky:
For the fiscal year ending October 31, 2023, the fund's share classes (excluding sales charges, if applicable) gained about 17% to 18%, versus 18.45% for the benchmark MSCI EAFE Value Index (Net MA). From a regional standpoint, security selection and an underweight in Europe ex the U.K., primarily France, along with stock picks in the U.K., detracted from the fund's relative result. By sector, security selection was the primary detractor, especially within health care, where our investment choices among pharmaceuticals, biotechnology & life sciences firm hurt most. Security selection in financials, particularly among insurance companies, pressured performance as well. An overweight in information technology, namely within the semiconductors & semiconductor equipment industry, also hampered the fund's result. Further detracting from the portfolio's return was stock picking in consumer discretionary, primarily in the automobiles & components industry. In addition, the fund's position in cash was a notable detractor. The biggest individual relative detractor was our stake in Prudential (-35%), an investment we established the past 12 months. A second notable relative detractor was an underweight in HSBC (+48%), another holding initiated this period. A non-benchmark stake in Teleperformance returned roughly -57% and notably hurt as well. In contrast, on a regional basis, an underweight in Asia Pacific ex Japan, especially Hong Kong, plus stock selection and an overweight in Japan, contributed to the fund's performance versus the benchmark. By sector, the biggest contributor to the portfolio's relative return was an underweight in consumer staples, especially among food, beverage & tobacco stocks. An underweight in real estate and communication services also boosted the fund's relative performance. The top individual relative contributor was our non-benchmark stake in Rheinmetall (+78%). Not owning British American Tobacco, a benchmark component that returned approximately -18%, was the second-largest relative contributor. An overweight in BAE Systems (+47%) also helped. The stock was among our largest holdings these past 12 months. Notable changes in positioning include lower allocations to Switzerland and Australia. By sector, meaningful shifts include increased exposure to the consumer discretionary sector and a lower allocation to health care firms.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
Top Holdings (% of Fund's net assets)
 
Shell PLC ADR  (Netherlands, Oil, Gas & Consumable Fuels)
4.9
 
TotalEnergies SE  (France, Oil, Gas & Consumable Fuels)
3.9
 
BHP Group Ltd.  (Australia, Metals & Mining)
3.5
 
Toyota Motor Corp.  (Japan, Automobiles)
3.2
 
Hitachi Ltd.  (Japan, Industrial Conglomerates)
2.4
 
BAE Systems PLC  (United Kingdom, Aerospace & Defense)
2.3
 
Mitsubishi UFJ Financial Group, Inc.  (Japan, Banks)
2.2
 
AXA SA  (France, Insurance)
2.2
 
UBS Group AG  (Switzerland, Capital Markets)
2.1
 
Banco Santander SA (Spain)  (Spain, Banks)
2.0
 
 
28.7
 
 
Market Sectors (% of Fund's net assets)
 
Financials
32.3
 
Industrials
15.5
 
Energy
13.0
 
Materials
12.8
 
Consumer Discretionary
8.9
 
Health Care
5.4
 
Information Technology
5.2
 
Communication Services
2.1
 
Utilities
1.0
 
Consumer Staples
0.5
 
Real Estate
0.5
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 96.5%
 
 
Shares
Value ($)
 
Australia - 7.9%
 
 
 
BHP Group Ltd.
 
880,167
24,915,307
Flutter Entertainment PLC (a)
 
16,600
2,603,773
Glencore PLC
 
2,676,500
14,176,968
Macquarie Group Ltd.
 
76,944
7,909,072
Woodside Energy Group Ltd.
 
312,261
6,800,983
TOTAL AUSTRALIA
 
 
56,406,103
Belgium - 0.9%
 
 
 
KBC Group NV
 
75,616
4,152,482
UCB SA
 
31,900
2,331,009
TOTAL BELGIUM
 
 
6,483,491
Canada - 0.1%
 
 
 
Nutrien Ltd.
 
9,100
488,746
Denmark - 0.5%
 
 
 
DSV A/S
 
22,500
3,355,662
Finland - 1.0%
 
 
 
Mandatum Holding OY
 
150,534
581,691
Sampo Oyj (A Shares)
 
167,034
6,558,772
TOTAL FINLAND
 
 
7,140,463
France - 12.2%
 
 
 
Air Liquide SA
 
53,270
9,127,934
Airbus Group NV
 
29,900
4,008,879
ALTEN
 
25,600
3,014,823
AXA SA
 
530,405
15,716,126
BNP Paribas SA
 
170,300
9,792,936
Capgemini SA
 
32,693
5,777,794
Teleperformance
 
5,600
640,828
TotalEnergies SE
 
416,505
27,846,476
VINCI SA
 
68,500
7,574,346
Vivendi SA
 
483,392
4,325,050
TOTAL FRANCE
 
 
87,825,192
Germany - 10.3%
 
 
 
Bayer AG
 
117,100
5,059,723
Covestro AG (a)(b)
 
43,800
2,210,646
DHL Group
 
169,000
6,573,383
Fresenius SE & Co. KGaA
 
131,200
3,365,063
Hannover Reuck SE
 
42,100
9,278,934
Infineon Technologies AG
 
82,100
2,398,159
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
24,200
9,691,879
Rheinmetall AG
 
36,950
10,571,773
RWE AG
 
196,800
7,523,497
Siemens AG
 
103,339
13,712,968
Vonovia SE
 
148,429
3,417,145
TOTAL GERMANY
 
 
73,803,170
Hong Kong - 0.9%
 
 
 
Prudential PLC
 
629,066
6,577,759
India - 0.7%
 
 
 
Reliance Industries Ltd. GDR (b)
 
89,800
4,903,080
Indonesia - 0.6%
 
 
 
PT Bank Rakyat Indonesia (Persero) Tbk
 
12,914,594
4,038,186
Ireland - 1.5%
 
 
 
Bank of Ireland Group PLC
 
673,400
6,020,832
Ryanair Holdings PLC sponsored ADR (a)
 
58,000
5,086,600
TOTAL IRELAND
 
 
11,107,432
Italy - 3.9%
 
 
 
Eni SpA
 
788,000
12,881,957
Mediobanca SpA
 
591,225
7,050,232
Prysmian SpA
 
87,400
3,263,546
UniCredit SpA
 
183,900
4,610,302
TOTAL ITALY
 
 
27,806,037
Japan - 24.3%
 
 
 
Daiichi Sankyo Kabushiki Kaisha
 
38,400
990,113
DENSO Corp.
 
598,400
8,836,174
Eisai Co. Ltd.
 
40,300
2,135,028
Fast Retailing Co. Ltd.
 
16,800
3,719,460
FUJIFILM Holdings Corp.
 
84,300
4,611,025
Fujitsu Ltd.
 
39,400
5,104,173
Hitachi Ltd.
 
272,200
17,253,840
Hoya Corp.
 
22,200
2,137,163
Ibiden Co. Ltd.
 
70,900
3,022,925
INPEX Corp.
 
363,500
5,274,703
Itochu Corp.
 
287,600
10,359,649
LY Corp.
 
683,400
1,742,319
Minebea Mitsumi, Inc.
 
168,770
2,646,196
Mitsubishi UFJ Financial Group, Inc.
 
1,892,361
15,875,295
NOF Corp.
 
35,900
1,416,289
ORIX Corp.
 
454,900
8,272,971
Renesas Electronics Corp. (a)
 
487,688
6,406,084
Shin-Etsu Chemical Co. Ltd.
 
335,100
10,020,622
SoftBank Group Corp.
 
80,700
3,304,994
Sony Group Corp.
 
61,800
5,137,983
Sumitomo Mitsui Financial Group, Inc.
 
268,800
12,958,305
Suzuki Motor Corp.
 
186,530
7,239,605
TIS, Inc.
 
107,401
2,299,977
Tokio Marine Holdings, Inc.
 
486,344
10,880,603
Toyota Motor Corp.
 
1,302,425
22,784,297
TOTAL JAPAN
 
 
174,429,793
Korea (South) - 0.8%
 
 
 
Samsung Electronics Co. Ltd.
 
120,710
5,999,419
Luxembourg - 0.3%
 
 
 
ArcelorMittal SA (Netherlands)
 
98,232
2,170,252
Netherlands - 5.3%
 
 
 
Shell PLC ADR
 
546,000
35,566,438
Universal Music Group NV
 
110,238
2,699,600
TOTAL NETHERLANDS
 
 
38,266,038
Singapore - 1.1%
 
 
 
United Overseas Bank Ltd.
 
387,505
7,643,420
South Africa - 1.0%
 
 
 
Anglo American PLC (United Kingdom)
 
256,940
6,546,731
Thungela Resources Ltd.
 
43,581
385,414
TOTAL SOUTH AFRICA
 
 
6,932,145
Spain - 2.5%
 
 
 
Banco Santander SA (Spain)
 
3,964,182
14,538,140
Cellnex Telecom SA (b)
 
76,000
2,234,104
Unicaja Banco SA (b)
 
1,511,200
1,570,219
TOTAL SPAIN
 
 
18,342,463
Sweden - 1.8%
 
 
 
Alleima AB
 
3,256
19,806
Investor AB (B Shares)
 
613,760
11,238,800
Sandvik AB
 
86,700
1,476,763
TOTAL SWEDEN
 
 
12,735,369
Switzerland - 4.4%
 
 
 
Swiss Life Holding AG
 
8,893
5,687,844
UBS Group AG
 
653,958
15,341,855
Zurich Insurance Group Ltd.
 
21,971
10,400,388
TOTAL SWITZERLAND
 
 
31,430,087
United Kingdom - 9.1%
 
 
 
AstraZeneca PLC (United Kingdom)
 
76,912
9,629,671
B&M European Value Retail SA
 
569,000
3,657,133
BAE Systems PLC
 
1,218,696
16,387,052
Barratt Developments PLC
 
1,030,225
5,182,802
Beazley PLC
 
454,800
2,844,087
HSBC Holdings PLC (United Kingdom)
 
497,000
3,588,551
Imperial Brands PLC
 
163,752
3,488,604
Lloyds Banking Group PLC
 
11,568,954
5,630,610
NatWest Group PLC
 
793,944
1,727,477
Rolls-Royce Holdings PLC (a)
 
1,006,300
2,648,810
Standard Chartered PLC (United Kingdom)
 
1,411,049
10,804,875
TOTAL UNITED KINGDOM
 
 
65,589,672
United States of America - 5.4%
 
 
 
CRH PLC
 
199,502
10,720,249
Ferguson PLC
 
30,816
4,618,239
Linde PLC
 
25,114
9,597,566
Sanofi SA
 
151,479
13,755,235
TOTAL UNITED STATES OF AMERICA
 
 
38,691,289
 
TOTAL COMMON STOCKS
 (Cost $635,960,788)
 
 
 
692,165,268
 
 
 
 
Nonconvertible Preferred Stocks - 0.7%
 
 
Shares
Value ($)
 
Germany - 0.7%
 
 
 
Porsche Automobil Holding SE (Germany)
  (Cost $7,360,495)
 
107,200
4,798,069
 
 
 
 
Money Market Funds - 2.5%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (c)
 
 (Cost $17,765,904)
 
 
17,762,351
17,765,904
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.7%
 (Cost $661,087,187)
 
 
 
714,729,241
NET OTHER ASSETS (LIABILITIES) - 0.3%  
2,454,505
NET ASSETS - 100.0%
717,183,746
 
 
 
 
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 $10,918,049 or 1.5% 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, 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
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
19,026,705
159,307,491
160,568,292
992,800
-
-
17,765,904
0.0%
Fidelity Securities Lending Cash Central Fund 5.40%
12,898,750
148,579,517
161,478,267
165,579
-
-
-
0.0%
Total
31,925,455
307,887,008
322,046,559
1,158,379
-
-
17,765,904
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
14,306,067
4,325,050
9,981,017
-
Consumer Discretionary
63,959,296
11,443,708
52,515,588
-
Consumer Staples
3,488,604
-
3,488,604
-
Energy
93,659,051
40,854,932
52,804,119
-
Financials
230,982,643
115,761,030
115,221,613
-
Health Care
39,403,005
5,696,072
33,706,933
-
Industrials
110,178,534
34,110,031
76,068,503
-
Information Technology
38,634,379
3,014,823
35,619,556
-
Materials
91,411,116
25,207,265
66,203,851
-
Real Estate
3,417,145
-
3,417,145
-
Utilities
7,523,497
7,523,497
-
-
  Money Market Funds
17,765,904
17,765,904
-
-
 Total Investments in Securities:
714,729,241
265,702,312
449,026,929
-
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $643,321,283)
$
696,963,337
 
 
Fidelity Central Funds (cost $17,765,904)
17,765,904
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $661,087,187)
 
 
$
714,729,241
Cash
 
 
1
Foreign currency held at value (cost $38)
 
 
38
Receivable for investments sold
 
 
2,799,993
Receivable for fund shares sold
 
 
850,423
Dividends receivable
 
 
2,457,184
Reclaims receivable
 
 
2,215,830
Distributions receivable from Fidelity Central Funds
 
 
111,191
Prepaid expenses
 
 
1,066
  Total assets
 
 
723,164,967
Liabilities
 
 
 
 
Payable for investments purchased
$
4,717,902
 
 
Payable for fund shares redeemed
640,072
 
 
Accrued management fee
424,378
 
 
Distribution and service plan fees payable
7,380
 
 
Other affiliated payables
126,917
 
 
Other payables and accrued expenses
64,572
 
 
  Total Liabilities
 
 
 
5,981,221
Net Assets  
 
 
$
717,183,746
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
745,207,553
Total accumulated earnings (loss)
 
 
 
(28,023,807)
Net Assets
 
 
$
717,183,746
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($17,133,464 ÷ 1,936,902 shares)(a)
 
 
$
8.85
Maximum offering price per share (100/94.25 of $8.85)
 
 
$
9.39
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($4,196,217 ÷ 474,820 shares)(a)
 
 
$
8.84
Maximum offering price per share (100/96.50 of $8.84)
 
 
$
9.16
Class C :
 
 
 
 
Net Asset Value and offering price per share ($2,365,868 ÷ 267,209 shares)(a)
 
 
$
8.85
International Value :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($443,835,751 ÷ 50,094,107 shares)
 
 
$
8.86
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($91,051,913 ÷ 10,262,253 shares)
 
 
$
8.87
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($158,600,533 ÷ 17,867,260 shares)
 
 
$
8.88
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
26,194,606
Income from Fidelity Central Funds (including $165,579 from security lending)
 
 
1,158,379
 Income before foreign taxes withheld
 
 
$
27,352,985
Less foreign taxes withheld
 
 
(2,070,881)
 Total Income
 
 
 
25,282,104
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
4,863,331
 
 
 Performance adjustment
482,273
 
 
Transfer agent fees
1,132,438
 
 
Distribution and service plan fees
86,590
 
 
Accounting fees
336,198
 
 
Custodian fees and expenses
63,360
 
 
Independent trustees' fees and expenses
3,807
 
 
Registration fees
145,284
 
 
Audit
67,087
 
 
Legal
1,314
 
 
Interest
1,097
 
 
Miscellaneous
3,063
 
 
 Total expenses before reductions
 
7,185,842
 
 
 Expense reductions
 
(51,067)
 
 
 Total expenses after reductions
 
 
 
7,134,775
Net Investment income (loss)
 
 
 
18,147,329
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(17,295,075)
 
 
 Foreign currency transactions
 
(17,894)
 
 
Total net realized gain (loss)
 
 
 
(17,312,969)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
104,467,776
 
 
 Assets and liabilities in foreign currencies
 
144,725
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
104,612,501
Net gain (loss)
 
 
 
87,299,532
Net increase (decrease) in net assets resulting from operations
 
 
$
105,446,861
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
18,147,329
$
16,126,115
Net realized gain (loss)
 
(17,312,969)
 
 
(28,616,362)
 
Change in net unrealized appreciation (depreciation)
 
104,612,501
 
(92,203,078)
 
Net increase (decrease) in net assets resulting from operations
 
105,446,861
 
 
(104,693,325)
 
Distributions to shareholders
 
(11,902,522)
 
 
(17,928,873)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
45,467,490
 
 
291,627,947
 
Total increase (decrease) in net assets
 
139,011,829
 
 
169,005,749
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
578,171,917
 
409,166,168
 
End of period
$
717,183,746
$
578,171,917
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® International Value Fund Class A
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
7.64
$
9.65
$
6.87
$
8.25
$
8.13
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.20
 
.24
 
.25 C
 
.13
 
.25
     Net realized and unrealized gain (loss)
 
1.15
 
(1.87)
 
2.66
 
(1.24)
 
.08
  Total from investment operations
 
1.35  
 
(1.63)  
 
2.91  
 
(1.11)  
 
.33
  Distributions from net investment income
 
(.14)
 
(.38)
 
(.13)
 
(.24)
 
(.21)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.03)
 
-
     Total distributions
 
(.14)
 
(.38)
 
(.13)
 
(.27)
 
(.21)
  Net asset value, end of period
$
8.85
$
7.64
$
9.65
$
6.87
$
8.25
 Total Return D,E
 
17.72%
 
(17.43)%
 
42.56%
 
(14.01)%
 
4.38%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.33%
 
1.46%
 
1.37%
 
1.30%
 
1.14%
    Expenses net of fee waivers, if any
 
1.29%
 
1.30%
 
1.33%
 
1.30%
 
1.13%
    Expenses net of all reductions
 
1.29%
 
1.30%
 
1.33%
 
1.28%
 
1.12%
    Net investment income (loss)
 
2.21%
 
2.85%
 
2.77% C
 
1.71%
 
3.19%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
17,133
$
12,080
$
10,566
$
5,947
$
7,806
    Portfolio turnover rate H
 
29%
 
25%
 
29% I
 
36%
 
47%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.73%.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
ETotal returns do not include the effect of the sales charges.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
IPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® International Value Fund Class M
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
7.63
$
9.63
$
6.86
$
8.24
$
8.11
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.18
 
.22
 
.23 C
 
.11
 
.23
     Net realized and unrealized gain (loss)
 
1.15
 
(1.87)
 
2.65
 
(1.25)
 
.08
  Total from investment operations
 
1.33  
 
(1.65)  
 
2.88  
 
(1.14)  
 
.31
  Distributions from net investment income
 
(.12)
 
(.35)
 
(.11)
 
(.21)
 
(.18)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.03)
 
-
     Total distributions
 
(.12)
 
(.35)
 
(.11)
 
(.24)
 
(.18)
  Net asset value, end of period
$
8.84
$
7.63
$
9.63
$
6.86
$
8.24
 Total Return D,E
 
17.45%
 
(17.65)%
 
42.20%
 
(14.29)%
 
4.11%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.59%
 
1.72%
 
1.62%
 
1.57%
 
1.44%
    Expenses net of fee waivers, if any
 
1.54%
 
1.55%
 
1.58%
 
1.57%
 
1.43%
    Expenses net of all reductions
 
1.54%
 
1.55%
 
1.58%
 
1.55%
 
1.42%
    Net investment income (loss)
 
1.97%
 
2.60%
 
2.51% C
 
1.44%
 
2.89%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,196
$
3,498
$
4,375
$
2,884
$
3,756
    Portfolio turnover rate H
 
29%
 
25%
 
29% I
 
36%
 
47%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.48%.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
ETotal returns do not include the effect of the sales charges.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
IPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® International Value Fund Class C
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
7.64
$
9.60
$
6.85
$
8.22
$
8.08
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.13
 
.18
 
.18 C
 
.07
 
.19
     Net realized and unrealized gain (loss)
 
1.15
 
(1.87)
 
2.65
 
(1.24)
 
.08
  Total from investment operations
 
1.28  
 
(1.69)  
 
2.83  
 
(1.17)  
 
.27
  Distributions from net investment income
 
(.07)
 
(.27)
 
(.08)
 
(.17)
 
(.13)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.03)
 
-
     Total distributions
 
(.07)
 
(.27)
 
(.08)
 
(.20)
 
(.13)
  Net asset value, end of period
$
8.85
$
7.64
$
9.60
$
6.85
$
8.22
 Total Return D,E
 
16.74%
 
(18.01)%
 
41.45%
 
(14.67)%
 
3.53%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.09%
 
2.23%
 
2.12%
 
2.07%
 
1.93%
    Expenses net of fee waivers, if any
 
2.05%
 
2.05%
 
2.09%
 
2.07%
 
1.92%
    Expenses net of all reductions
 
2.05%
 
2.05%
 
2.09%
 
2.05%
 
1.91%
    Net investment income (loss)
 
1.46%
 
2.09%
 
2.00% C
 
.94%
 
2.40%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,366
$
2,190
$
3,177
$
2,947
$
3,839
    Portfolio turnover rate H
 
29%
 
25%
 
29% I
 
36%
 
47%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .97%.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
ETotal returns do not include the effect of the contingent deferred sales charge.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
IPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity® International Value Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
7.65
$
9.66
$
6.87
$
8.25
$
8.14
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.22
 
.26
 
.28 C
 
.15
 
.28
     Net realized and unrealized gain (loss)
 
1.15
 
(1.86)
 
2.66
 
(1.23)
 
.07
  Total from investment operations
 
1.37  
 
(1.60)  
 
2.94  
 
(1.08)  
 
.35
  Distributions from net investment income
 
(.16)
 
(.41)
 
(.15)
 
(.27)
 
(.24)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.03)
 
-
     Total distributions
 
(.16)
 
(.41)
 
(.15)
 
(.30)
 
(.24)
  Net asset value, end of period
$
8.86
$
7.65
$
9.66
$
6.87
$
8.25
 Total Return D
 
17.96%
 
(17.20)%
 
43.08%
 
(13.70)%
 
4.65%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.01%
 
1.13%
 
1.01%
 
.94%
 
.79%
    Expenses net of fee waivers, if any
 
1.01%
 
1.05%
 
1.01%
 
.94%
 
.78%
    Expenses net of all reductions
 
1.01%
 
1.05%
 
1.01%
 
.92%
 
.78%
    Net investment income (loss)
 
2.50%
 
3.10%
 
3.09% C
 
2.07%
 
3.54%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
443,836
$
367,478
$
372,441
$
406,661
$
442,816
    Portfolio turnover rate G
 
29%
 
25%
 
29% H
 
36%
 
47%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.05%.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
HPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® International Value Fund Class I
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
7.66
$
9.67
$
6.88
$
8.26
$
8.15
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.22
 
.25
 
.28 C
 
.15
 
.27
     Net realized and unrealized gain (loss)
 
1.15
 
(1.86)
 
2.66
 
(1.24)
 
.08
  Total from investment operations
 
1.37  
 
(1.61)  
 
2.94  
 
(1.09)  
 
.35
  Distributions from net investment income
 
(.16)
 
(.40)
 
(.15)
 
(.26)
 
(.24)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.03)
 
-
     Total distributions
 
(.16)
 
(.40)
 
(.15)
 
(.29)
 
(.24)
  Net asset value, end of period
$
8.87
$
7.66
$
9.67
$
6.88
$
8.26
 Total Return D
 
17.97%
 
(17.23)%
 
43.05%
 
(13.75)%
 
4.57%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.02%
 
1.09%
 
1.07%
 
.98%
 
.86%
    Expenses net of fee waivers, if any
 
1.01%
 
1.04%
 
1.05%
 
.98%
 
.85%
    Expenses net of all reductions
 
1.01%
 
1.04%
 
1.05%
 
.97%
 
.85%
    Net investment income (loss)
 
2.50%
 
3.10%
 
3.05% C
 
2.03%
 
3.47%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
91,052
$
74,751
$
6,661
$
10,406
$
8,495
    Portfolio turnover rate G
 
29%
 
25%
 
29% H
 
36%
 
47%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.01%.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
HPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® International Value Fund Class Z
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
7.66
$
9.67
$
6.87
$
8.25
$
8.14
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.24
 
.26
 
.30 C
 
.16
 
.29
     Net realized and unrealized gain (loss)
 
1.15
 
(1.86)
 
2.65
 
(1.23)
 
.08
  Total from investment operations
 
1.39  
 
(1.60)  
 
2.95  
 
(1.07)  
 
.37
  Distributions from net investment income
 
(.17)
 
(.41)
 
(.15)
 
(.28)
 
(.26)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.03)
 
-
     Total distributions
 
(.17)
 
(.41)
 
(.15)
 
(.31)
 
(.26)
  Net asset value, end of period
$
8.88
$
7.66
$
9.67
$
6.87
$
8.25
 Total Return D
 
18.20%
 
(17.13)%
 
43.35%
 
(13.58)%
 
4.84%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.87%
 
.94%
 
.89%
 
.82%
 
.67%
    Expenses net of fee waivers, if any
 
.86%
 
.89%
 
.89%
 
.82%
 
.67%
    Expenses net of all reductions
 
.86%
 
.89%
 
.89%
 
.81%
 
.66%
    Net investment income (loss)
 
2.65%
 
3.25%
 
3.21% C
 
2.19%
 
3.66%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
158,601
$
118,176
$
11,946
$
2,549
$
2,249
    Portfolio turnover rate G
 
29%
 
25%
 
29% H
 
36%
 
47%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.10 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.17%.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
HPortfolio turnover rate excludes securities received or delivered in-kind.
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity International Value Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, International Value, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
 
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
 
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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. 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$91,798,658
Gross unrealized depreciation
(45,377,564)
Net unrealized appreciation (depreciation)
$46,421,094
Tax Cost
$668,308,147
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$15,303,650
Capital loss carryforward
$(89,644,217)
Net unrealized appreciation (depreciation) on securities and other investments
$46,316,760
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 Short-term
$(32,623,835)
 Long-term
(57,020,382)
Total capital loss carryforward
$(89,644,217)
 
 
 
Due to large redemptions in a prior period, approximately $32,806,036 of the Fund's realized capital losses are subject to limitation. Due to this limitation, the Fund will only be permitted to use approximately $5,836,972 of those capital losses per year to offset capital gains.
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$11,902,522
$ 17,928,873
Total
$11,902,522
$ 17,928,873
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity International Value Fund
252,528,519
198,061,823
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Value as compared to its benchmark index, the MSCI EAFE Value Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .74% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees
Retained by FDC
Class A
 - %
 .25%
$39,797
$4,051
Class M
 .25%
 .25%
 21,510
 16
Class C
 .75%
 .25%
                25,283
                  3,254
 
 
 
$86,590
$7,321
 
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
 
For the period, sales charge amounts retained by FDC were as follows:
 
 
Retained by FDC
Class A
$ 7,660
Class M
 376
Class CA
 155
 
$8,191
 
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Class A
$ 40,039
.25
Class M
11,011
.26
Class C
6,501
.26
International Value
828,361
.19
Class I
180,764
.19
Class Z
65,762
.04
 
$1,132,438
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
 
 
% of Class-Level Average Net Assets
Class A
0.2000%
Class M
0.2000%
Class C
0.2000%
International Value
0.1862%
Class I
0.1887%
 
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity International Value Fund
.05
 
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
 
 
% of Average Net Assets
Fidelity International Value Fund
0.0464%
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity International Value Fund
$ 155
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity International Value Fund
 Borrower
$ 1,485,200
5.32%
$1,097
 
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity International Value Fund
 21,568,564
 2,257,633
 29,117
 
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity International Value Fund
$1,281
 
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity International Value Fund
$17,890
$ -
$-
 
8. Expense Reductions.
The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2025. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.
 
The following classes were in reimbursement during the period:
 
 
Expense Limitations
Reimbursement
Class A
1.30%
$ 4,181
Class M
1.55%
 1,483
Class C
2.05%
 974
 
 
$6,638
 
Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $59. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction
 
 
Class M
 133
 
$133
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $44,237.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2023
Year ended
October 31, 2022
Fidelity International Value Fund
 
 
Distributions to shareholders
 
 
Class A
$ 221,998
 $431,993
Class M
 54,560
 159,041
Class C
 19,445
 89,688
International Value
 7,434,045
 16,448,559
Class I
 1,572,298
 270,723
Class Z
          2,600,176
             528,869
Total  
$11,902,522
$17,928,873
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended
 October 31, 2023
Year ended
 October 31, 2022
Year ended
 October 31, 2023
Year ended
 October 31, 2022
Fidelity International Value Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
623,112
816,905
$5,518,527
$7,279,150
Reinvestment of distributions
26,113
47,745
219,873
425,405
Shares redeemed
(293,310)
(378,549)
(2,616,908)
(3,283,758)
Net increase (decrease)
355,915
486,101
$3,121,492
$4,420,797
Class M
 
 
 
 
Shares sold
71,877
71,311
$625,739
$629,674
Reinvestment of distributions
6,304
17,121
53,141
152,718
Shares redeemed
(61,576)
(84,453)
(547,185)
(750,679)
Net increase (decrease)
16,605
3,979
$131,695
$31,713
Class C
 
 
 
 
Shares sold
71,043
59,969
$632,329
$543,223
Reinvestment of distributions
2,290
9,999
19,445
89,688
Shares redeemed
(92,669)
(114,149)
(826,342)
(968,490)
Net increase (decrease)
(19,336)
(44,181)
$(174,568)
$(335,579)
International Value
 
 
 
 
Shares sold
14,718,149
32,895,367
$131,108,890
$280,320,847
Reinvestment of distributions
764,993
1,569,596
6,441,242
13,969,404
Shares redeemed
(13,435,468)
(24,973,804)
(119,112,195)
(203,231,278)
Net increase (decrease)
2,047,674
9,491,159
$18,437,937
$91,058,973
Class I
 
 
 
 
Shares sold
6,837,587
11,031,616
$61,109,496
$92,417,643
Reinvestment of distributions
184,152
29,506
1,552,405
263,195
Shares redeemed
(6,517,142)
(1,992,300)
(59,256,457)
(15,704,798)
Net increase (decrease)
504,597
9,068,822
$3,405,444
$76,976,040
Class Z
 
 
 
 
Shares sold
10,634,134
17,947,816
$95,268,462
$150,148,371
Reinvestment of distributions
273,689
56,409
2,304,458
502,041
Shares redeemed
(8,469,262)
(3,811,522)
(77,027,430)
(31,174,409)
Net increase (decrease)
2,438,561
14,192,703
$20,545,490
$119,476,003
 
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity International Value Fund
22%
 
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity International Value Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity International Value Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2023, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 14, 2023
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 322 funds. Mr. Chiel oversees 191 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).       
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Vijay C. Advani (1960)
Year of Election or Appointment: 2023
Member of the Advisory Board
Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).     
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Karen B. Peetz (1955)
Year of Election or Appointment: 2023
Member of the Advisory Board
Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).     
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).      
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).          
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
Fidelity® International Value Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.30%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 976.80
 
$ 6.48
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,018.65
 
$ 6.61
 
Class M
 
 
 
1.55%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 975.70
 
$ 7.72
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,017.39
 
$ 7.88
 
Class C
 
 
 
2.04%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 972.50
 
$ 10.14
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,014.92
 
$ 10.36
 
Fidelity® International Value Fund
 
 
 
.97%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 977.90
 
$ 4.84
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.32
 
$ 4.94
 
Class I
 
 
 
.98%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 976.90
 
$ 4.88
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.27
 
$ 4.99
 
Class Z
 
 
 
.84%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 979.10
 
$ 4.19
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.97
 
$ 4.28
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
Distributions (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund designates $129,229 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.
 
Class A, Class M, Class C, International Value, Class I and Class Z designate 100% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
 
 
Pay Date
Income
Taxes
Fidelity International Value Fund
 
 
 
Class A
12/12/2022
$0.1557
$0.0187
Class M
12/12/2022
$0.1347
$0.0187
Class C
12/12/2022
$0.0847
$0.0187
International Value
12/12/2022
$0.1747
$0.0187
Class I
12/12/2022
$0.1767
$0.0187
Class Z
12/12/2022
$0.1837
$0.0187
 
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity International Value Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
Approval of Stub Period Continuation. At its May 2023 meeting, the Board of Trustees voted to continue the fund's management contract with FMR, and the sub-advisory agreements and sub-sub-advisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for two months from June 1, 2023 through July 31, 2023. The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board would consider the annual renewal for a full one year period in July 2023.
At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and the total expense ratio of the retail class, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the retail class of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the retail class of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the retail class of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked equal to the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2022.
 
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.
In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of the retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.
Other Contractual Arrangements. The Board further considered that FMR has contractually agreed to reimburse Class A, Class M, Class C, Class I, Class Z, and the retail class of the fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 1.30%, 1.55%, 2.05%, 1.05%, 0.90%, and 1.05% through February 29, 2024.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee, including the use of the retail class as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
 
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through July 31, 2024.
 
 
1.827482.117
FIV-ANN-1223
Fidelity® Emerging Markets Discovery Fund
Fidelity® Total Emerging Markets Fund
 
 
Annual Report
October 31, 2023
Includes Fidelity and Fidelity Advisor share classes

Contents

Fidelity® Emerging Markets Discovery Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Total Emerging Markets Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2023 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Class A  (incl. 5.75% sales charge)  
8.91%
6.03%
3.25%
Class M  (incl. 3.50% sales charge)  
11.22%
6.22%
3.22%
Class C  
(incl. contingent deferred sales charge)
 
13.76%
6.47%
3.24%
Fidelity® Emerging Markets Discovery Fund
15.94%
7.61%
4.17%
Class I
15.99%
7.62%
4.17%
Class Z
16.10%
7.77%
4.25%
 
 
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Emerging Markets Discovery Fund, a class of the fund, on October 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets SMID Cap Index performed over the same period.
 
Fidelity® Emerging Markets Discovery Fund
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Portfolio Manager Gregory Lee:
For the fiscal year, the fund's share classes (excluding sales charges, if applicable) gained about 15% to 16%, versus 13.56% for the benchmark MSCI Emerging Markets SMID Index (Net MA). From a regional standpoint, stock picking in Emerging Asia, primarily in Taiwan, and Latin America, especially Mexico, contributed to the fund's performance versus the benchmark. By sector, security selection was the primary contributor, led by information technology, where our picks in technology hardware & equipment helped most. Stock picking in financials, primarily within the insurance industry, also helped. Stock selection in consumer staples and real estate also boosted the fund's relative performance. The top individual relative contributor was our stake in King Slide Works (+108%). A second notable relative contributor was an overweight in Cyient (+109%). A stake in Wiwynn gained about 96% and notably helped. In contrast, from a regional standpoint, an overweight in Latin America, primarily in Mexico, and an underweight in Emerging Europe, especially in Turkey, detracted from the fund's relative result. By sector, the biggest detractor from performance versus the benchmark was an underweight in information technology. Stock picks in materials also hampered the fund's result. Lastly, the fund's position in cash was a notable detractor. The fund's non-benchmark stake in Impala Platinum Holdings returned -58% and was the biggest individual relative detractor. This period we increased our investment in Impala Platinum Holdings. Not owning EcoPro, a benchmark component that gained 887%, was the second-largest relative detractor. Notable changes in positioning include decreased exposure to Indonesia and Mexico. By sector, meaningful changes in positioning include increased exposure to the information technology and consumer staples sectors.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
 
Fidelity® Emerging Markets Discovery Fund
Top Holdings (% of Fund's net assets)
 
Innovent Biologics, Inc.  (China, Biotechnology)
1.5
 
Hansoh Pharmaceutical Group Co. Ltd.  (China, Pharmaceuticals)
1.4
 
Solar Industries India Ltd.  (India, Chemicals)
1.4
 
Rumo SA  (Brazil, Ground Transportation)
1.4
 
Equatorial Energia SA  (Brazil, Electric Utilities)
1.3
 
Makalot Industrial Co. Ltd.  (Taiwan, Textiles, Apparel & Luxury Goods)
1.3
 
Yageo Corp.  (Taiwan, Electronic Equipment, Instruments & Components)
1.3
 
Catrion Catering Holding Co.  (Saudi Arabia, Commercial Services & Supplies)
1.3
 
Shriram Transport Finance Co. Ltd.  (India, Consumer Finance)
1.3
 
Db Insurance Co. Ltd.  (Korea (South), Insurance)
1.2
 
 
13.4
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
17.3
 
Financials
15.9
 
Consumer Discretionary
14.6
 
Information Technology
10.0
 
Consumer Staples
8.6
 
Health Care
8.1
 
Real Estate
6.5
 
Utilities
5.7
 
Materials
4.4
 
Energy
2.6
 
Communication Services
1.8
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Emerging Markets Discovery Fund
Showing Percentage of Net Assets     
Common Stocks - 95.5%
 
 
Shares
Value ($)
 
Brazil - 13.2%
 
 
 
Afya Ltd. (a)
 
710,759
11,443,220
Atacadao SA
 
5,422,894
9,648,110
Caixa Seguridade Participacoes
 
4,254,890
9,131,335
Enauta Participacoes SA
 
3,048,548
10,539,236
Equatorial Energia SA
 
1,978,677
12,401,685
Hypera SA (a)
 
1,571,069
9,438,723
Localiza Rent a Car SA
 
739,203
7,458,374
Localiza Rent a Car SA rights 11/10/23 (a)
 
5,420
7,525
LOG Commercial Properties e Participacoes SA
 
2,518,856
10,351,703
Lojas Renner SA (a)
 
4,152,226
10,096,949
Orizon Valorizacao de Residuos SA (a)
 
1,354,510
9,263,352
Rumo SA
 
2,894,036
12,806,256
XP, Inc. Class A
 
492,732
9,854,640
TOTAL BRAZIL
 
 
122,441,108
Chile - 1.1%
 
 
 
Banco de Chile sponsored ADR
 
489,179
10,018,386
China - 19.4%
 
 
 
China Communications Services Corp. Ltd. (H Shares)
 
21,661,754
8,860,227
China Resources Beer Holdings Co. Ltd.
 
1,711,463
9,056,493
Far East Horizon Ltd.
 
13,590,164
9,562,537
Flat Glass Group Co. Ltd. (b)
 
3,644,610
6,545,281
Fu Shou Yuan International Group Ltd.
 
13,889,386
9,324,847
Guangdong Investment Ltd.
 
13,024,370
8,887,597
Haier Smart Home Co. Ltd. (A Shares)
 
3,037,611
9,231,281
Haitian International Holdings Ltd.
 
3,094,997
7,383,375
Hansoh Pharmaceutical Group Co. Ltd. (c)
 
6,960,308
13,095,773
Innovent Biologics, Inc. (a)(c)
 
2,377,107
14,008,679
Li Ning Co. Ltd.
 
2,288,240
7,012,092
Pharmaron Beijing Co. Ltd. (H Shares) (c)
 
3,884,902
9,273,765
Shenzhen Expressway Co. Ltd. (H Shares)
 
11,545,465
9,519,212
Sinopec Engineering Group Co. Ltd. (H Shares)
 
20,980,632
10,485,347
Sinopharm Group Co. Ltd. (H Shares)
 
1,718,643
4,109,762
Sinotruk Hong Kong Ltd.
 
5,733,335
10,798,754
Tongdao Liepin Group (a)
 
8,574,797
6,300,140
TravelSky Technology Ltd. (H Shares)
 
6,210,689
9,811,232
Tsingtao Brewery Co. Ltd. (H Shares)
 
1,158,266
8,783,744
Zai Lab Ltd. (a)
 
3,388,750
8,648,280
TOTAL CHINA
 
 
180,698,418
Georgia - 1.0%
 
 
 
Bank of Georgia Group PLC
 
227,726
9,217,093
Hong Kong - 2.1%
 
 
 
ASMPT Ltd.
 
1,028,453
8,710,535
WH Group Ltd. (c)
 
17,573,743
10,495,622
TOTAL HONG KONG
 
 
19,206,157
Hungary - 0.9%
 
 
 
Richter Gedeon PLC
 
367,685
8,621,198
India - 15.4%
 
 
 
Bharat Electronics Ltd.
 
6,250,893
10,011,530
Computer Age Management Services Private Ltd.
 
329,920
8,902,895
Cyient Ltd.
 
491,542
9,374,364
Deccan Cements Ltd.
 
699,739
4,283,550
Eicher Motors Ltd.
 
226,273
8,952,777
Embassy Office Parks (REIT)
 
2,453,687
9,179,171
Hindustan Aeronautics Ltd.
 
430,330
9,414,867
Indraprastha Gas Ltd.
 
1,432,153
6,576,734
ITC Ltd.
 
1,759,645
9,055,152
Mahanagar Gas Ltd.
 
575,400
7,132,351
Manappuram General Finance & Leasing Ltd.
 
882,173
1,456,681
Oberoi Realty Ltd.
 
601,791
8,222,530
Petronet LNG Ltd.
 
3,036,521
7,276,260
Power Grid Corp. of India Ltd.
 
3,502,154
8,503,285
Shriram Transport Finance Co. Ltd.
 
540,307
12,188,491
Solar Industries India Ltd.
 
197,220
13,024,258
Torrent Pharmaceuticals Ltd.
 
406,398
9,391,261
TOTAL INDIA
 
 
142,946,157
Indonesia - 0.8%
 
 
 
First Resources Ltd.
 
7,164,981
7,911,034
Korea (South) - 8.6%
 
 
 
Coway Co. Ltd.
 
320,739
10,248,687
Db Insurance Co. Ltd.
 
179,965
11,690,972
Fila Holdings Corp.
 
316,775
8,375,520
Hanon Systems
 
1,607,022
8,188,045
Hansol Chemical Co. Ltd.
 
82,138
9,152,642
Hyundai Marine & Fire Insurance Co. Ltd.
 
344,049
8,013,725
LG Corp.
 
112,131
6,408,754
SFA Engineering Corp.
 
418,530
8,645,573
Soulbrain Co. Ltd.
 
55,267
9,529,543
TOTAL KOREA (SOUTH)
 
 
80,253,461
Malaysia - 0.0%
 
 
 
Scientex Bhd warrants 1/14/26 (a)
 
130,640
15,631
Mexico - 5.2%
 
 
 
Becle S.A.B. de CV
 
1,308,099
2,306,532
FIBRA Macquarie Mexican (REIT) (c)
 
3,727,733
5,776,963
Fibra Uno Administracion SA de CV
 
4,376,486
6,643,986
Grupo Comercial Chedraui S.A.B. de CV
 
1,960,073
11,379,491
Qualitas Controladora S.A.B. de CV
 
1,362,463
11,253,223
Regional S.A.B. de CV
 
1,384,662
10,533,385
TOTAL MEXICO
 
 
47,893,580
Peru - 0.1%
 
 
 
Intercorp Financial Services, Inc.
 
46,568
874,547
Philippines - 1.0%
 
 
 
Robinsons Land Corp.
 
36,176,629
8,872,287
Poland - 1.1%
 
 
 
Dino Polska SA (a)(b)(c)
 
112,810
10,672,899
Romania - 1.0%
 
 
 
Societatea de Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA
 
379,360
9,431,569
Russia - 0.1%
 
 
 
Etalon Group PLC GDR (Reg. S) (a)(d)
 
167,549
13,330
LSR Group OJSC (d)
 
67,346
67,761
TCS Group Holding PLC GDR (a)(d)
 
59,253
75,469
X5 Retail Group NV GDR (Reg. S) (a)(d)
 
101,790
1,026,043
TOTAL RUSSIA
 
 
1,182,603
Saudi Arabia - 2.5%
 
 
 
Bupa Arabia for Cooperative Insurance Co.
 
194,211
11,026,480
Catrion Catering Holding Co.
 
439,860
12,240,480
TOTAL SAUDI ARABIA
 
 
23,266,960
South Africa - 3.9%
 
 
 
Bidvest Group Ltd./The
 
773,317
10,946,144
FirstRand Ltd. (b)
 
2,948,036
9,718,435
Impala Platinum Holdings Ltd.
 
1,213,330
5,054,238
Mr Price Group Ltd.
 
1,441,908
10,421,968
TOTAL SOUTH AFRICA
 
 
36,140,785
Taiwan - 12.7%
 
 
 
BizLink Holding, Inc.
 
1,239,828
9,654,032
Chailease Holding Co. Ltd.
 
2,014,682
10,920,326
Cleanaway Co. Ltd.
 
1,568,475
8,372,996
E Ink Holdings, Inc.
 
2,059,860
10,709,456
International Games Systems Co. Ltd.
 
543,195
10,461,979
Makalot Industrial Co. Ltd.
 
1,103,727
12,343,893
Nanya Technology Corp.
 
5,253,340
10,523,679
Poya International Co. Ltd.
 
657,621
10,101,465
Realtek Semiconductor Corp.
 
916,642
11,415,194
Unimicron Technology Corp.
 
2,427,394
10,817,632
Yageo Corp.
 
756,504
12,324,198
TOTAL TAIWAN
 
 
117,644,850
Turkey - 1.0%
 
 
 
Mavi Jeans Class B (c)
 
2,639,876
8,902,360
United Arab Emirates - 1.2%
 
 
 
Aldar Properties PJSC
 
7,987,761
11,308,564
United States of America - 3.1%
 
 
 
FirstCash Holdings, Inc.
 
100,040
10,896,357
Parade Technologies Ltd.
 
341,755
11,196,453
Tenaris SA sponsored ADR
 
228,680
7,162,258
TOTAL UNITED STATES OF AMERICA
 
 
29,255,068
Vietnam - 0.1%
 
 
 
FPT Corp.
 
225,647
763,191
 
TOTAL COMMON STOCKS
 (Cost $876,092,753)
 
 
 
887,537,906
 
 
 
 
Money Market Funds - 5.7%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (e)
 
41,341,153
41,349,421
Fidelity Securities Lending Cash Central Fund 5.40% (e)(f)
 
11,125,384
11,126,496
 
TOTAL MONEY MARKET FUNDS
 (Cost $52,475,917)
 
 
52,475,917
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.2%
 (Cost $928,568,670)
 
 
 
940,013,823
NET OTHER ASSETS (LIABILITIES) - (1.2)%  
(10,812,445)
NET ASSETS - 100.0%
929,201,378
 
 
 
 
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 $72,226,061 or 7.8% of net assets.
 
(d)
Level 3 security
 
(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, 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.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
16,540,486
446,002,702
421,193,767
1,603,062
-
-
41,349,421
0.1%
Fidelity Securities Lending Cash Central Fund 5.40%
1,598,400
128,570,965
119,042,869
155,573
-
-
11,126,496
0.0%
Total
18,138,886
574,573,667
540,236,636
1,758,635
-
-
52,475,917
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
16,762,119
-
16,762,119
-
Consumer Discretionary
134,454,336
40,864,497
93,589,839
-
Consumer Staples
80,335,120
34,007,032
45,302,045
1,026,043
Energy
24,977,754
17,701,494
7,276,260
-
Financials
146,432,082
92,523,881
53,832,732
75,469
Health Care
76,587,441
18,059,921
58,527,520
-
Industrials
161,179,693
52,722,131
108,457,562
-
Information Technology
92,379,983
-
92,379,983
-
Materials
41,059,862
-
41,059,862
-
Real Estate
60,436,295
34,081,216
26,273,988
81,091
Utilities
52,933,221
21,833,254
31,099,967
-
  Money Market Funds
52,475,917
52,475,917
-
-
 Total Investments in Securities:
940,013,823
364,269,343
574,561,877
1,182,603
Fidelity® Emerging Markets Discovery Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $10,606,194) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $876,092,753)
$
887,537,906
 
 
Fidelity Central Funds (cost $52,475,917)
52,475,917
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $928,568,670)
 
 
$
940,013,823
Foreign currency held at value (cost $144,541)
 
 
142,821
Receivable for investments sold
 
 
2,541,963
Receivable for fund shares sold
 
 
1,811,639
Dividends receivable
 
 
1,050,686
Distributions receivable from Fidelity Central Funds
 
 
221,086
Prepaid expenses
 
 
1,083
Other receivables
 
 
113,652
  Total assets
 
 
945,896,753
Liabilities
 
 
 
 
Payable for fund shares redeemed
$
597,916
 
 
Accrued management fee
640,050
 
 
Distribution and service plan fees payable
10,234
 
 
Other affiliated payables
168,321
 
 
Deferred taxes
4,015,060
 
 
Other payables and accrued expenses
137,298
 
 
Collateral on securities loaned
11,126,496
 
 
  Total Liabilities
 
 
 
16,695,375
Net Assets  
 
 
$
929,201,378
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
922,059,871
Total accumulated earnings (loss)
 
 
 
7,141,507
Net Assets
 
 
$
929,201,378
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($23,373,494 ÷ 1,590,986 shares)(a)
 
 
$
14.69
Maximum offering price per share (100/94.25 of $14.69)
 
 
$
15.59
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($6,559,726 ÷ 447,743 shares)(a)
 
 
$
14.65
Maximum offering price per share (100/96.50 of $14.65)
 
 
$
15.18
Class C :
 
 
 
 
Net Asset Value and offering price per share ($3,299,903 ÷ 231,946 shares)(a)
 
 
$
14.23
Emerging Markets Discovery :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($368,811,476 ÷ 24,922,485 shares)
 
 
$
14.80
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($404,844,409 ÷ 27,270,733 shares)
 
 
$
14.85
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($122,312,370 ÷ 8,252,738 shares)
 
 
$
14.82
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
25,962,417
Interest  
 
 
2,544
Income from Fidelity Central Funds (including $155,573 from security lending)
 
 
1,758,635
 Income before foreign taxes withheld
 
 
$
27,723,596
Less foreign taxes withheld
 
 
(2,926,407)
 Total Income
 
 
 
24,797,189
Expenses
 
 
 
 
Management fee
$
5,852,572
 
 
Transfer agent fees
1,253,882
 
 
Distribution and service plan fees
114,931
 
 
Accounting fees
331,691
 
 
Custodian fees and expenses
247,322
 
 
Independent trustees' fees and expenses
3,422
 
 
Registration fees
184,523
 
 
Audit
108,193
 
 
Legal
1,380
 
 
Miscellaneous
2,314
 
 
 Total expenses before reductions
 
8,100,230
 
 
 Expense reductions
 
(45,435)
 
 
 Total expenses after reductions
 
 
 
8,054,795
Net Investment income (loss)
 
 
 
16,742,394
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $177,054)
 
(3,481,594)
 
 
 Foreign currency transactions
 
(295,930)
 
 
Total net realized gain (loss)
 
 
 
(3,777,524)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $2,267,786)  
 
49,060,219
 
 
 Assets and liabilities in foreign currencies
 
8,996
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
49,069,215
Net gain (loss)
 
 
 
45,291,691
Net increase (decrease) in net assets resulting from operations
 
 
$
62,034,085
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
16,742,394
$
8,469,843
Net realized gain (loss)
 
(3,777,524)
 
 
(5,961,108)
 
Change in net unrealized appreciation (depreciation)
 
49,069,215
 
(86,323,295)
 
Net increase (decrease) in net assets resulting from operations
 
62,034,085
 
 
(83,814,560)
 
Distributions to shareholders
 
(8,639,871)
 
 
(35,200,802)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
444,710,316
 
 
193,227,559
 
Total increase (decrease) in net assets
 
498,104,530
 
 
74,212,197
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
431,096,848
 
356,884,651
 
End of period
$
929,201,378
$
431,096,848
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Emerging Markets Discovery Fund Class A
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.89
$
18.36
$
13.93
$
13.66
$
12.01
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.31
 
.31
 
.11
 
.04
 
.13
     Net realized and unrealized gain (loss)
 
1.69
 
(3.92)
 
4.37
 
.34
 
1.71
  Total from investment operations
 
2.00  
 
(3.61)  
 
4.48  
 
.38  
 
1.84
  Distributions from net investment income
 
(.20)
 
(.37)
 
(.05)
 
(.11)
 
(.18)
  Distributions from net realized gain
 
-
 
(1.49)
 
-
 
-
 
(.01)
     Total distributions
 
(.20)
 
(1.86)
 
(.05)
 
(.11)
 
(.19)
  Net asset value, end of period
$
14.69
$
12.89
$
18.36
$
13.93
$
13.66
 Total Return C,D
 
15.56%
 
(21.58)%
 
32.23%
 
2.76%
 
15.50%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.43%
 
1.49%
 
1.49%
 
1.54%
 
1.55%
    Expenses net of fee waivers, if any
 
1.42%
 
1.49%
 
1.49%
 
1.53%
 
1.54%
    Expenses net of all reductions
 
1.42%
 
1.49%
 
1.49%
 
1.51%
 
1.54%
    Net investment income (loss)
 
2.07%
 
2.11%
 
.60%
 
.33%
 
.96%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
23,373
$
16,063
$
18,900
$
11,745
$
15,323
    Portfolio turnover rate G
 
30%
 
33%
 
64%
 
43%
 
80%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DTotal returns do not include the effect of the sales charges.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Emerging Markets Discovery Fund Class M
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.85
$
18.30
$
13.89
$
13.62
$
11.94
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.27
 
.27
 
.06
 
- C
 
.08
     Net realized and unrealized gain (loss)
 
1.68
 
(3.91)
 
4.36
 
.34
 
1.71
  Total from investment operations
 
1.95  
 
(3.64)  
 
4.42  
 
.34  
 
1.79
  Distributions from net investment income
 
(.15)
 
(.32)
 
(.01)
 
(.07)
 
(.10)
  Distributions from net realized gain
 
-
 
(1.49)
 
-
 
-
 
(.01)
     Total distributions
 
(.15)
 
(1.81)
 
(.01)
 
(.07)
 
(.11)
  Net asset value, end of period
$
14.65
$
12.85
$
18.30
$
13.89
$
13.62
 Total Return D,E
 
15.25%
 
(21.77)%
 
31.82%
 
2.49%
 
15.06%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.69%
 
1.75%
 
1.76%
 
1.83%
 
1.86%
    Expenses net of fee waivers, if any
 
1.69%
 
1.75%
 
1.76%
 
1.83%
 
1.86%
    Expenses net of all reductions
 
1.68%
 
1.75%
 
1.76%
 
1.80%
 
1.86%
    Net investment income (loss)
 
1.80%
 
1.85%
 
.33%
 
.03%
 
.64%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
6,560
$
4,355
$
6,095
$
4,552
$
5,773
    Portfolio turnover rate H
 
30%
 
33%
 
64%
 
43%
 
80%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CAmount represents less than $.005 per share.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
ETotal returns do not include the effect of the sales charges.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Emerging Markets Discovery Fund Class C
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.47
$
17.78
$
13.55
$
13.29
$
11.66
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.19
 
.19
 
(.03)
 
(.06)
 
.02
     Net realized and unrealized gain (loss)
 
1.65
 
(3.81)
 
4.26
 
.32
 
1.67
  Total from investment operations
 
1.84  
 
(3.62)  
 
4.23  
 
.26  
 
1.69
  Distributions from net investment income
 
(.08)
 
(.20)
 
-
 
-
 
(.05)
  Distributions from net realized gain
 
-
 
(1.49)
 
-
 
-
 
(.01)
     Total distributions
 
(.08)
 
(1.69)
 
-
 
-
 
(.06)
  Net asset value, end of period
$
14.23
$
12.47
$
17.78
$
13.55
$
13.29
 Total Return C,D
 
14.76%
 
(22.21)%
 
31.22%
 
1.96%
 
14.54%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.20%
 
2.25%
 
2.25%
 
2.32%
 
2.36%
    Expenses net of fee waivers, if any
 
2.19%
 
2.25%
 
2.25%
 
2.31%
 
2.35%
    Expenses net of all reductions
 
2.19%
 
2.25%
 
2.25%
 
2.29%
 
2.35%
    Net investment income (loss)
 
1.29%
 
1.35%
 
(.16)%
 
(.45)%
 
.14%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,300
$
3,079
$
4,995
$
5,080
$
7,562
    Portfolio turnover rate G
 
30%
 
33%
 
64%
 
43%
 
80%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DTotal returns do not include the effect of the contingent deferred sales charge.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity® Emerging Markets Discovery Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.98
$
18.48
$
14.02
$
13.75
$
12.10
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.35
 
.36
 
.16
 
.08
 
.16
     Net realized and unrealized gain (loss)
 
1.71
 
(3.95)
 
4.40
 
.34
 
1.72
  Total from investment operations
 
2.06  
 
(3.59)  
 
4.56  
 
.42  
 
1.88
  Distributions from net investment income
 
(.24)
 
(.42)
 
(.10)
 
(.15)
 
(.22)
  Distributions from net realized gain
 
-
 
(1.49)
 
-
 
-
 
(.01)
     Total distributions
 
(.24)
 
(1.91)
 
(.10)
 
(.15)
 
(.23)
  Net asset value, end of period
$
14.80
$
12.98
$
18.48
$
14.02
$
13.75
 Total Return C
 
15.94%
 
(21.37)%
 
32.63%
 
3.07%
 
15.78%
 Ratios to Average Net Assets B,D,E
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.15%
 
1.19%
 
1.19%
 
1.23%
 
1.25%
    Expenses net of fee waivers, if any
 
1.15%
 
1.19%
 
1.18%
 
1.23%
 
1.25%
    Expenses net of all reductions
 
1.15%
 
1.19%
 
1.18%
 
1.20%
 
1.25%
    Net investment income (loss)
 
2.34%
 
2.41%
 
.90%
 
.63%
 
1.25%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
368,811
$
248,805
$
283,133
$
189,784
$
208,657
    Portfolio turnover rate F
 
30%
 
33%
 
64%
 
43%
 
80%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Emerging Markets Discovery Fund Class I
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.03
$
18.54
$
14.06
$
13.79
$
12.13
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.36
 
.34
 
.16
 
.08
 
.17
     Net realized and unrealized gain (loss)
 
1.71
 
(3.95)
 
4.41
 
.34
 
1.72
  Total from investment operations
 
2.07  
 
(3.61)  
 
4.57  
 
.42  
 
1.89
  Distributions from net investment income
 
(.25)
 
(.41)
 
(.09)
 
(.15)
 
(.22)
  Distributions from net realized gain
 
-
 
(1.49)
 
-
 
-
 
(.01)
     Total distributions
 
(.25)
 
(1.90)
 
(.09)
 
(.15)
 
(.23)
  Net asset value, end of period
$
14.85
$
13.03
$
18.54
$
14.06
$
13.79
 Total Return C
 
15.99%
 
(21.37)%
 
32.62%
 
3.07%
 
15.78%
 Ratios to Average Net Assets B,D,E
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.12%
 
1.17%
 
1.19%
 
1.24%
 
1.25%
    Expenses net of fee waivers, if any
 
1.11%
 
1.16%
 
1.19%
 
1.23%
 
1.24%
    Expenses net of all reductions
 
1.11%
 
1.16%
 
1.19%
 
1.21%
 
1.24%
    Net investment income (loss)
 
2.37%
 
2.44%
 
.90%
 
.63%
 
1.26%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
404,844
$
129,250
$
27,397
$
28,034
$
51,081
    Portfolio turnover rate F
 
30%
 
33%
 
64%
 
43%
 
80%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Emerging Markets Discovery Fund Class Z
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.00
$
18.51
$
14.04
$
13.77
$
12.13
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.38
 
.37
 
.19
 
.10
 
.18
     Net realized and unrealized gain (loss)
 
1.70
 
(3.95)
 
4.40
 
.35
 
1.72
  Total from investment operations
 
2.08  
 
(3.58)  
 
4.59  
 
.45  
 
1.90
  Distributions from net investment income
 
(.26)
 
(.44)
 
(.12)
 
(.18)
 
(.26)
  Distributions from net realized gain
 
-
 
(1.49)
 
-
 
-
 
(.01)
     Total distributions
 
(.26)
 
(1.93)
 
(.12)
 
(.18)
 
(.26) C
  Net asset value, end of period
$
14.82
$
13.00
$
18.51
$
14.04
$
13.77
 Total Return D
 
16.10%
 
(21.27)%
 
32.82%
 
3.24%
 
15.97%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.99%
 
1.03%
 
1.05%
 
1.09%
 
1.10%
    Expenses net of fee waivers, if any
 
.98%
 
1.03%
 
1.05%
 
1.08%
 
1.10%
    Expenses net of all reductions
 
.98%
 
1.03%
 
1.05%
 
1.06%
 
1.10%
    Net investment income (loss)
 
2.50%
 
2.57%
 
1.04%
 
.78%
 
1.40%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
122,312
$
29,546
$
16,365
$
11,561
$
18,267
    Portfolio turnover rate G
 
30%
 
33%
 
64%
 
43%
 
80%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity Emerging Markets Discovery Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Emerging Markets Discovery, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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, 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. 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$109,777,125
Gross unrealized depreciation
(107,588,704)
Net unrealized appreciation (depreciation)
$2,188,421
Tax Cost
$937,825,402
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$19,250,265
Capital loss carryforward
$(10,250,300)
Net unrealized appreciation (depreciation) on securities and other investments
$2,156,600
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
Short-term
$(2,477,383)
Long-term
(7,772,917)
Total capital loss carryforward 
$(10,250,300)
 
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$8,639,871
$7,555,455
Long-term Capital Gains
-
27,645,347
Total
$8,639,871
$35,200,802
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Emerging Markets Discovery Fund
635,424,985
205,437,979
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .82% of the Fund's average net assets.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees
Retained by FDC
Class A
 - %
 .25%
$51,964
$1,225
Class M
 .25%
 .25%
 27,740
 17
Class C
 .75%
 .25%
35,227
 4,418
 
 
 
$114,931
$5,660
 
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
 
For the period, sales charge amounts retained by FDC were as follows:
 
 
Retained by FDC
Class A
$10,520
Class M
 934
Class CA
 227
 
$11,681
 
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Class A
$47,856
.23
Class M
 13,709
.25
Class C
 8,938
.25
Emerging Markets Discovery
 687,685
.21
Class I
 460,986
.17
Class Z
 34,708
.04
 
$1,253,882
 
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
 
 
% of Class-Level Average Net Assets
Class A
0.2000%
Class M
0.2000%
Class C
0.2000%
Emerging Markets Discovery
0.2000%
Class I
0.1752%
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
% of Average Net Assets
Fidelity Emerging Markets Discovery Fund
.05
 
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
 
 
% of Average Net Assets
Fidelity Emerging Markets Discovery Fund
0.0455%
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity Emerging Markets Discovery Fund
$ 470
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Emerging Markets Discovery Fund
 5,265,657
 -
 -
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
Amount
Fidelity Emerging Markets Discovery Fund
$1,188
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Emerging Markets Discovery Fund
$16,293
$-
$-
8. Expense Reductions.
Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $480. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction
Class A
$27
Class M
 264
 
$291
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $44,664.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2023
Year ended
October 31, 2022
Fidelity Emerging Markets Discovery Fund
 
 
Distributions to shareholders
 
 
Class A
$244,475
 $1,910,190
Class M
 51,851
 606,383
Class C
 19,009
 467,124
Emerging Markets Discovery
 4,513,320
 27,737,464
Class I
 3,021,352
 2,782,285
Class Z
             789,864
          1,697,356
Total  
$8,639,871
$35,200,802
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended
 October 31, 2023
Year ended
 October 31, 2022
Year ended
 October 31, 2023
Year ended
 October 31, 2022
Fidelity Emerging Markets Discovery Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
510,197
314,404
$7,644,504
$4,478,487
Reinvestment of distributions
17,518
120,206
244,303
1,910,075
Shares redeemed
(183,067)
(217,629)
(2,708,612)
(3,180,396)
Net increase (decrease)
344,648
216,981
$5,180,195
$3,208,166
Class M
 
 
 
 
Shares sold
154,343
36,386
$2,297,021
$551,246
Reinvestment of distributions
3,721
38,167
51,851
606,098
Shares redeemed
(49,285)
(68,600)
(724,267)
(1,005,289)
Net increase (decrease)
108,779
5,953
$1,624,605
$152,055
Class C
 
 
 
 
Shares sold
67,155
28,436
$954,938
$399,577
Reinvestment of distributions
1,399
30,156
19,009
467,124
Shares redeemed
(83,426)
(92,682)
(1,201,723)
(1,325,981)
Net increase (decrease)
(14,872)
(34,090)
$(227,776)
$(459,280)
Emerging Markets Discovery
 
 
 
 
Shares sold
10,451,564
10,307,936
$157,422,112
$148,982,256
Reinvestment of distributions
291,173
1,414,497
4,078,445
22,589,516
Shares redeemed
(4,985,788)
(7,875,882)
(74,007,673)
(118,180,120)
Net increase (decrease)
5,756,949
3,846,551
$87,492,884
$53,391,652
Class I
 
 
 
 
Shares sold
21,737,486
9,283,493
$328,505,575
$129,714,339
Reinvestment of distributions
205,837
170,907
2,893,435
2,737,935
Shares redeemed
(4,589,758)
(1,015,195)
(69,325,801)
(14,790,592)
Net increase (decrease)
17,353,565
8,439,205
$262,073,209
$117,661,682
Class Z
 
 
 
 
Shares sold
7,691,312
1,609,828
$114,184,599
$22,578,984
Reinvestment of distributions
55,484
104,684
777,160
1,671,802
Shares redeemed
(1,766,483)
(326,408)
(26,394,560)
(4,977,502)
Net increase (decrease)
5,980,313
1,388,104
$88,567,199
$19,273,284
 
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Class A  (incl. 5.75% sales charge)  
6.10%
0.00%
1.09%
Class M  (incl. 3.50% sales charge)  
8.33%
0.17%
1.03%
Class C  
(incl. contingent deferred sales charge)
 
10.68%
0.45%
1.09%
Fidelity® Total Emerging Markets Fund
12.86%
1.46%
1.95%
Class I
12.96%
1.50%
1.98%
Class Z
13.04%
1.61%
2.03%
 
 
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Total Emerging Markets Fund, a class of the fund, on October 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets Index performed over the same period.
 
Fidelity® Total Emerging Markets Fund
Market Recap:
For the 12 months ending October 31, 2023, the Fidelity Total Emerging Markets Composite IndexSM - consisting of 60% equities and 40% debt - gained 10.03%. Separately, emerging-markets equities advanced 10.84%, as measured by the MSCI Emerging Markets Index, and emerging-markets debt gained 8.36%, according to the J.P. Morgan Emerging Markets Bond Index Global Diversified. Global asset prices rose this period, driven by optimism about inflation and monetary policy easing in some markets. These tailwinds persisted until August, when rising U.S. Treasury yields, another interest rate hike by the U.S. Federal Reserve and a lackluster economic recovery in China caused the Composite index to tumble. Among emerging-markets stocks, Taiwan (+27%) and China (+21%) were standouts. Taiwan was helped by its exposure to technology, which rallied amid exuberance for artificial intelligence. Meanwhile, China was fueled by excitement about its economic reopening. In contrast, falling oil prices weighed on Qatar (-21%), United Arab Emirates (-12%) and Saudi Arabia (-11%). Within the emerging-markets debt index, idiosyncratic factors were at play. For instance, two fairly small index components, Sri Lanka (+128%) and El Salvador (+120%), led. Sri Lanka benefited from fiscal reform, debt restructuring and a bailout from the International Monetary Fund, while El Salvador's president reported the country's repayment of 2023 bonds and a deal to reprofile its debt.
Comments from Co-Portfolio Manager Gregory Lee:
For the fiscal year, the fund's share classes (excluding sales charges, if applicable) gained about 12% to 13%, versus 10.03% for the Fidelity Total Emerging Markets Composite IndexSM. Security selection among emerging-markets equities and debt each contributed to the fund's performance versus the Composite, as did an underweight in equities and overweight in debt. Among stocks, our choices in consumer discretionary, communication services and materials helped most. Non-Composite holdings in Russian tech company Yandex and X5 Retail Group, a Russia-based food retailer, were the top individual relative contributors. Meanwhile, it hurt to own a non-Composite investment in PagSeguro Digital, a Brazilian financial services company, and to overweight South African mining company Impala Platinum Holdings (-58%). Within the debt subportfolio, security selection in Venezuela, a country that has not been part of the J.P. Morgan index since its removal in late 2019, significantly contributed to relative performance. Positioning in Ukraine and China also boosted the fund's relative result. Conversely, a non-Composite stake in U.S. Treasuries detracted most this period, followed by positioning in Qatar.
Note to shareholders:
On December 27, 2022, Lewis Chung assumed co-management responsibilities for the fund's real estate sleeve. On July 1, 2023, Guillermo de las Casas came off of the fund.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
 
Fidelity® Total Emerging Markets Fund
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
4.4
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
2.6
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
2.4
 
Alibaba Group Holding Ltd.  (China, Broadline Retail)
1.7
 
HDFC Bank Ltd.  (India, Banks)
1.3
 
PDD Holdings, Inc. ADR  (China, Broadline Retail)
1.1
 
Reliance Industries Ltd.  (India, Oil, Gas & Consumable Fuels)
1.0
 
SK Hynix, Inc.  (Korea (South), Semiconductors & Semiconductor Equipment)
0.9
 
Infosys Ltd.  (India, IT Services)
0.9
 
China Construction Bank Corp. (H Shares)  (China, Banks)
0.8
 
 
17.1
 
 
Market Sectors (% of Fund's net assets)
 
Financials
14.7
 
Information Technology
11.4
 
Energy
10.7
 
Consumer Discretionary
9.5
 
Materials
6.9
 
Communication Services
6.2
 
Industrials
4.0
 
Consumer Staples
4.0
 
Utilities
3.5
 
Health Care
2.2
 
Real Estate
0.6
 
 
Asset Allocation (% of Fund's net assets)
Futures - 0.2%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Total Emerging Markets Fund
Showing Percentage of Net Assets     
Common Stocks - 54.9%
 
 
Shares
Value ($)
 
Brazil - 3.6%
 
 
 
Cury Construtora e Incorporado SA
 
19,200
56,133
Cyrela Brazil Realty SA
 
11,300
40,321
Dexco SA
 
212,643
289,330
ENGIE Brasil Energia SA
 
27,400
213,581
Equatorial Energia SA
 
54,715
342,935
Hapvida Participacoes e Investimentos SA (a)(b)
 
350,828
256,767
Hypera SA (a)
 
20,437
122,782
Localiza Rent a Car SA
 
52,326
527,956
Localiza Rent a Car SA rights 11/10/23 (a)
 
389
540
LOG Commercial Properties e Participacoes SA
 
15,700
64,522
MercadoLibre, Inc. (a)
 
329
408,203
Multiplan Empreendimentos Imobiliarios SA (a)
 
2,700
13,249
PagSeguro Digital Ltd. (a)
 
79,280
559,717
Raia Drogasil SA
 
133,908
685,244
Rede D'Oregon Sao Luiz SA (b)
 
4,700
20,155
Rumo SA
 
126,400
559,326
StoneCo Ltd. Class A (a)
 
32,705
324,270
Suzano Papel e Celulose SA
 
39,800
407,098
Transmissora Alianca de Energia Eletrica SA
 
26,900
180,285
Vale SA sponsored ADR
 
86,568
1,186,847
XP, Inc. Class A
 
51,435
1,028,700
YDUQS Participacoes SA
 
20,151
70,864
TOTAL BRAZIL
 
 
7,358,825
Canada - 0.5%
 
 
 
Barrick Gold Corp.
 
58,500
934,830
Chile - 0.6%
 
 
 
Antofagasta PLC
 
37,058
605,817
Banco de Chile
 
6,343,200
651,684
TOTAL CHILE
 
 
1,257,501
China - 15.6%
 
 
 
Advanced Micro-Fabrication Equipment, Inc., China (A Shares)
 
8,600
201,476
Akeso, Inc. (a)(b)
 
20,410
114,614
Alibaba Group Holding Ltd. (a)
 
315,954
3,252,771
Alibaba Group Holding Ltd. sponsored ADR (a)
 
2,334
192,648
Angelalign Technology, Inc. (b)(c)
 
4,847
33,417
Anta Sports Products Ltd.
 
16,943
191,617
Asymchem Laboratories Tianjin Co. Ltd. (H Shares) (b)
 
4,816
62,629
Baidu, Inc.:
 
 
 
 Class A (a)
 
11,570
151,900
 sponsored ADR (a)
 
783
82,215
BeiGene Ltd. ADR (a)
 
1,243
231,546
Beijing Enlight Media Co. Ltd. (A Shares)
 
86,800
92,838
Bilibili, Inc. ADR (a)(c)
 
6,475
86,959
BYD Co. Ltd. (H Shares)
 
32,960
1,002,318
C&S Paper Co. Ltd. (A Shares)
 
123,900
183,978
China Communications Services Corp. Ltd. (H Shares)
 
464,000
189,788
China Construction Bank Corp. (H Shares)
 
2,889,000
1,633,897
China Gas Holdings Ltd.
 
203,944
183,347
China Jushi Co. Ltd. (A Shares)
 
265,200
419,802
China Life Insurance Co. Ltd. (H Shares)
 
544,000
736,793
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares)
 
27,100
40,886
China Overseas Land and Investment Ltd.
 
90,040
169,915
China Petroleum & Chemical Corp. (H Shares)
 
1,080,000
552,353
China Resources Beer Holdings Co. Ltd.
 
76,666
405,691
China Resources Land Ltd.
 
80,510
301,358
China Tower Corp. Ltd. (H Shares) (b)
 
688,950
64,245
Daqin Railway Co. Ltd. (A Shares)
 
498,600
491,528
Daqo New Energy Corp. ADR (a)
 
1,013
25,791
ENN Energy Holdings Ltd.
 
42,600
322,701
ESR Group Ltd. (b)
 
32,200
41,374
Greentown China Holdings Ltd.
 
66,500
64,514
Guangdong Investment Ltd.
 
260,000
177,419
Haier Smart Home Co. Ltd.
 
163,000
464,930
Haier Smart Home Co. Ltd. (A Shares)
 
12,560
38,170
Haitian International Holdings Ltd.
 
105,000
250,486
Innovent Biologics, Inc. (a)(b)
 
45,426
267,703
JD.com, Inc. Class A
 
30,488
387,599
JOYY, Inc. ADR
 
3,200
124,544
KE Holdings, Inc. ADR
 
13,867
203,984
Kingdee International Software Group Co. Ltd. (a)
 
25,000
33,172
Kunlun Energy Co. Ltd.
 
318,040
264,960
Kweichow Moutai Co. Ltd. (A Shares)
 
2,500
575,886
Lenovo Group Ltd.
 
389,008
452,701
Li Auto, Inc.:
 
 
 
 ADR (a)
 
20,411
690,096
 Class A (a)
 
3,125
52,855
Longfor Properties Co. Ltd. (b)
 
15,980
23,263
Maxscend Microelectronics Co. Ltd. (A Shares)
 
3,800
78,414
Medlive Technology Co. Ltd. (b)
 
74,611
74,490
Meituan Class B (a)(b)
 
111,958
1,587,006
NetEase, Inc. ADR
 
4,345
464,567
New Oriental Education & Technology Group, Inc. (a)
 
6,877
44,838
New Oriental Education & Technology Group, Inc. sponsored ADR (a)
 
10,429
682,995
PDD Holdings, Inc. ADR (a)
 
22,142
2,245,642
Ping An Insurance Group Co. of China Ltd. (H Shares)
 
270,500
1,372,105
Proya Cosmetics Co. Ltd. (A Shares)
 
37,956
539,043
Shangri-La Asia Ltd. (a)
 
46,000
29,347
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) (a)
 
9,112
356,219
Sinopec Engineering Group Co. Ltd. (H Shares)
 
307,000
153,427
Sinopharm Group Co. Ltd. (H Shares)
 
65,375
156,330
Sinotruk Hong Kong Ltd.
 
101,000
190,234
Sunny Optical Technology Group Co. Ltd.
 
24,100
201,908
Tencent Holdings Ltd.
 
132,085
4,888,302
Tofflon Science & Technology Group Co. Ltd. (A Shares)
 
8,871
23,004
Tongdao Liepin Group (a)
 
38,232
28,090
TravelSky Technology Ltd. (H Shares)
 
140,000
221,163
Trip.com Group Ltd. ADR (a)
 
22,869
777,546
Tsingtao Brewery Co. Ltd. (H Shares)
 
62,000
470,179
Uni-President China Holdings Ltd.
 
211,600
144,013
WuXi AppTec Co. Ltd. (H Shares) (b)(c)
 
18,206
218,773
Wuxi Biologics (Cayman), Inc. (a)(b)
 
96,683
601,150
Xinyi Solar Holdings Ltd.
 
193,528
113,893
XPeng, Inc. ADR (a)(c)
 
14,715
213,073
Zai Lab Ltd. (a)
 
60,276
153,828
Zhuzhou CRRC Times Electric Co. Ltd. (H Shares)
 
300
968
ZTO Express, Inc. sponsored ADR
 
28,690
676,223
TOTAL CHINA
 
 
32,239,447
Greece - 0.6%
 
 
 
Alpha Bank SA (a)
 
556,800
830,702
Piraeus Financial Holdings SA (a)
 
132,600
391,448
TOTAL GREECE
 
 
1,222,150
Hong Kong - 0.5%
 
 
 
ASMPT Ltd.
 
26,748
226,544
Gushengtang Holdings Ltd.
 
3,751
22,470
Huanxi Media Group Ltd. (a)
 
761,081
69,991
Kerry Properties Ltd.
 
38,000
63,946
Prudential PLC
 
70,356
735,670
TOTAL HONG KONG
 
 
1,118,621
Hungary - 0.1%
 
 
 
Richter Gedeon PLC
 
11,203
262,679
India - 10.7%
 
 
 
Apollo Hospitals Enterprise Ltd.
 
6,483
375,274
Bajaj Auto Ltd.
 
6,946
442,960
Bajaj Finance Ltd.
 
12,464
1,121,669
Bharat Electronics Ltd.
 
313,600
502,267
Bharti Airtel Ltd.
 
99,680
1,094,422
Coal India Ltd.
 
123,600
466,419
Divi's Laboratories Ltd.
 
4,122
167,701
Eicher Motors Ltd.
 
8,011
316,965
Embassy Office Parks (REIT)
 
22,400
83,798
HDFC Bank Ltd.
 
155,796
2,763,707
HDFC Standard Life Insurance Co. Ltd. (b)
 
117,000
868,896
Hindustan Aeronautics Ltd.
 
15,800
345,676
ICICI Bank Ltd.
 
76,600
842,488
Indraprastha Gas Ltd.
 
53,293
244,732
Infosys Ltd.
 
18,060
296,922
Infosys Ltd. sponsored ADR
 
94,049
1,544,285
ITC Ltd.
 
143,113
736,461
JK Cement Ltd.
 
17,774
673,602
Larsen & Toubro Ltd.
 
25,658
902,660
Ltimindtree Ltd. (b)
 
1,500
91,234
Mahanagar Gas Ltd.
 
18,225
225,907
Mahindra & Mahindra Ltd.
 
8,079
141,545
MakeMyTrip Ltd. (a)
 
9,610
372,195
Mankind Pharma Ltd.
 
14,252
298,496
Maruti Suzuki India Ltd.
 
2,664
332,573
NTPC Ltd.
 
168,638
477,635
One97 Communications Ltd. (a)
 
39,022
431,731
Persistent Systems Ltd.
 
700
51,833
Petronet LNG Ltd.
 
59,406
142,352
Power Grid Corp. of India Ltd.
 
193,616
470,103
Reliance Industries Ltd.
 
73,213
2,012,597
Shree Cement Ltd.
 
1,451
447,084
Sona Blw Precision Forgings Ltd. (b)
 
32,166
209,273
SRF Ltd.
 
12,700
334,783
Star Health & Allied Insurance Co. Ltd. (a)
 
72,800
507,032
Tata Motors Ltd.
 
16,397
123,810
Tata Steel Ltd.
 
457,800
653,080
Torrent Pharmaceuticals Ltd.
 
5,310
122,706
Zomato Ltd. (a)
 
729,603
922,546
TOTAL INDIA
 
 
22,159,419
Indonesia - 1.5%
 
 
 
First Resources Ltd.
 
295,000
325,717
PT Bank Central Asia Tbk
 
2,047,800
1,128,175
PT Bank Rakyat Indonesia (Persero) Tbk
 
3,665,179
1,146,042
PT Sumber Alfaria Trijaya Tbk
 
1,740,500
316,765
PT Telkom Indonesia Persero Tbk
 
600,900
131,727
TOTAL INDONESIA
 
 
3,048,426
Korea (South) - 5.8%
 
 
 
AMOREPACIFIC Corp.
 
4,690
439,579
ASICLAND Co. Ltd. (d)
 
300
5,545
Coway Co. Ltd.
 
6,590
210,573
Delivery Hero AG (a)(b)
 
4,615
117,049
Hyundai Motor Co. Ltd.
 
1,046
131,584
Jeisys Medical, Inc. (a)
 
5,739
44,735
Kakao Corp.
 
6,654
187,271
Kakao Pay Corp. (a)
 
2,641
67,229
Kia Corp.
 
14,431
823,242
LG Chemical Ltd.
 
523
171,155
LG Corp.
 
6,320
361,214
LS Electric Co. Ltd.
 
2,370
112,575
NAVER Corp.
 
5,578
778,666
POSCO
 
1,122
342,963
Samsung Biologics Co. Ltd. (a)(b)
 
833
437,265
Samsung Electronics Co. Ltd.
 
109,784
5,456,385
Samsung SDI Co. Ltd.
 
1,744
551,393
SK Hynix, Inc.
 
21,515
1,865,639
TOTAL KOREA (SOUTH)
 
 
12,104,062
Mauritius - 0.0%
 
 
 
Jumo World Holding Ltd. (e)(f)
 
30,055
44,181
Jumo World Ltd. (a)(f)
 
30
0
TOTAL MAURITIUS
 
 
44,181
Mexico - 1.3%
 
 
 
CEMEX S.A.B. de CV sponsored ADR (a)
 
72,000
429,840
Corporacion Inmobiliaria Vesta S.A.B. de CV
 
33,555
105,212
Fibra Uno Administracion SA de CV
 
63,800
96,855
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B
 
9,600
111,985
Grupo Aeroportuario Norte S.A.B. de CV
 
18,200
138,935
Grupo Financiero Banorte S.A.B. de CV Series O
 
162,521
1,318,990
Wal-Mart de Mexico SA de CV Series V
 
157,800
564,803
TOTAL MEXICO
 
 
2,766,620
Netherlands - 0.0%
 
 
 
CTP BV (b)
 
5,352
77,922
Panama - 0.2%
 
 
 
Copa Holdings SA Class A
 
4,631
378,121
Peru - 0.3%
 
 
 
Credicorp Ltd. (United States)
 
4,279
534,704
Philippines - 0.2%
 
 
 
Ayala Land, Inc.
 
375,600
184,376
SM Investments Corp.
 
15,000
211,496
SM Prime Holdings, Inc.
 
127,700
67,403
TOTAL PHILIPPINES
 
 
463,275
Poland - 0.2%
 
 
 
CD Projekt RED SA
 
6,636
165,425
Dino Polska SA (a)(b)
 
2,600
245,985
TOTAL POLAND
 
 
411,410
Romania - 0.0%
 
 
 
Societatea de Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA
 
2,700
67,127
Russia - 1.4%
 
 
 
Fix Price Group Ltd. GDR (Reg. S) (a)(f)
 
68,238
25,202
Gazprom OAO sponsored ADR (Reg. S) (a)(f)
 
155,600
35,545
LSR Group OJSC (f)
 
755
760
LUKOIL PJSC sponsored ADR (a)(f)
 
35,200
9,958
Novatek PJSC GDR (Reg. S) (a)(f)
 
9,100
473,200
Sberbank of Russia (f)
 
30
0
Sberbank of Russia sponsored ADR (a)(f)
 
324,104
5,769
Severstal PAO GDR (Reg. S) (a)(f)
 
83,700
1,976
TCS Group Holding PLC GDR (a)(f)
 
56,395
654,182
X5 Retail Group NV GDR (Reg. S) (a)(f)
 
77,500
781,200
Yandex NV Series A (a)(f)
 
88,218
961,576
TOTAL RUSSIA
 
 
2,949,368
Saudi Arabia - 1.9%
 
 
 
Al Rajhi Bank
 
51,214
915,998
Alinma Bank
 
81,400
713,845
Bupa Arabia for Cooperative Insurance Co.
 
15,675
889,960
Saudi Arabian Oil Co. (b)
 
27,500
244,096
The Saudi National Bank
 
130,967
1,171,218
TOTAL SAUDI ARABIA
 
 
3,935,117
Singapore - 0.6%
 
 
 
Sea Ltd. ADR (a)
 
27,795
1,159,052
South Africa - 1.6%
 
 
 
Capitec Bank Holdings Ltd.
 
10,150
901,255
Discovery Ltd.
 
86,000
593,313
Impala Platinum Holdings Ltd.
 
116,300
484,458
Naspers Ltd. Class N
 
3,646
569,144
Pick 'n Pay Stores Ltd.
 
132,900
178,270
Shoprite Holdings Ltd.
 
38,700
495,921
TOTAL SOUTH AFRICA
 
 
3,222,361
Taiwan - 6.4%
 
 
 
Accton Technology Corp.
 
6,729
104,181
Alchip Technologies Ltd.
 
8,404
688,735
ASE Technology Holding Co. Ltd.
 
17,859
62,476
BizLink Holding, Inc.
 
30,027
233,808
Chailease Holding Co. Ltd.
 
182,626
989,901
Chroma ATE, Inc.
 
25,357
171,221
Delta Electronics, Inc.
 
28,873
260,000
E Ink Holdings, Inc.
 
4,000
20,796
eMemory Technology, Inc.
 
4,808
300,996
Formosa Plastics Corp.
 
165,000
392,096
Global Unichip Corp.
 
3,000
133,976
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
15,373
45,849
King Yuan Electronics Co. Ltd.
 
107,004
253,319
Lite-On Technology Corp.
 
25,427
79,106
Taiwan Semiconductor Manufacturing Co. Ltd.
 
540,215
8,816,259
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
1,438
124,114
Uni-President Enterprises Corp.
 
207,000
433,941
Unimicron Technology Corp.
 
24,781
110,436
TOTAL TAIWAN
 
 
13,221,210
Tanzania - 0.0%
 
 
 
Helios Towers PLC (a)
 
54,000
39,742
Thailand - 0.3%
 
 
 
Carabao Group PCL (For. Reg.)
 
78,500
146,647
Land & House PCL (For. Reg.)
 
316,900
66,201
PTT Global Chemical PCL (For. Reg.)
 
469,200
448,138
Supalai PCL (For. Reg.)
 
82,500
42,028
TOTAL THAILAND
 
 
703,014
United Arab Emirates - 0.1%
 
 
 
Emaar Properties PJSC
 
56,700
103,273
United States of America - 0.9%
 
 
 
FirstCash Holdings, Inc.
 
9,401
1,023,957
Legend Biotech Corp. ADR (a)
 
2,277
150,441
Tenaris SA sponsored ADR
 
9,400
294,408
Titan Cement International Trading SA
 
25,800
488,106
TOTAL UNITED STATES OF AMERICA
 
 
1,956,912
 
TOTAL COMMON STOCKS
 (Cost $111,216,334)
 
 
 
113,739,369
 
 
 
 
Preferred Stocks - 1.8%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.2%
 
 
 
China - 0.0%
 
 
 
dMed Biopharmaceutical Co. Ltd. Series C (a)(e)(f)
 
11,962
70,456
India - 0.2%
 
 
 
Meesho Series F (a)(e)(f)
 
7,108
462,233
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
532,689
Nonconvertible Preferred Stocks - 1.6%
 
 
 
Brazil - 1.1%
 
 
 
Companhia de Transmissao de Energia Eletrica Paulista (PN)
 
35,700
150,044
Metalurgica Gerdau SA (PN)
 
290,170
594,527
Petroleo Brasileiro SA - Petrobras:
 
 
 
 (PN) sponsored ADR (non-vtg.)
 
55,106
762,116
 sponsored ADR
 
46,500
697,500
 
 
 
2,204,187
Korea (South) - 0.4%
 
 
 
Hyundai Motor Co. Ltd. Series 2
 
5,123
380,034
Samsung Electronics Co. Ltd.
 
13,795
549,945
 
 
 
929,979
United States of America - 0.1%
 
 
 
Gupshup, Inc. (a)(e)(f)
 
8,409
105,113
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 
 
3,239,279
 
TOTAL PREFERRED STOCKS
 (Cost $2,871,724)
 
 
 
3,771,968
 
 
 
 
Corporate Bonds - 16.3%
 
 
Principal
Amount (g)
 
Value ($)
 
Convertible Bonds - 0.2%
 
 
 
Brazil - 0.2%
 
 
 
Creditas Financial Solutions Ltd. 5% 7/28/27 (e)(f)
 
506,964
506,711
Nonconvertible Bonds - 16.1%
 
 
 
Azerbaijan - 0.3%
 
 
 
Southern Gas Corridor CJSC 6.875% 3/24/26 (b)
 
695,000
683,956
Bahrain - 0.5%
 
 
 
The Oil and Gas Holding Co. 7.5% 10/25/27 (b)
 
1,085,000
1,089,069
Brazil - 0.7%
 
 
 
Adecoagro SA 6% 9/21/27 (b)
 
275,000
254,174
Aegea Finance SARL 9% 1/20/31 (b)
 
200,000
199,500
Azul Secured Finance LLP 11.93% 8/28/28 (b)
 
200,000
193,460
Braskem Netherlands BV 7.25% 2/13/33 (b)
 
115,000
99,331
Embraer Netherlands Finance BV:
 
 
 
 5.4% 2/1/27
 
90,000
86,570
 7% 7/28/30 (b)
 
240,000
233,460
MARB BondCo PLC 3.95% 1/29/31 (b)
 
145,000
105,488
MC Brazil Downstream Trading SARL 7.25% 6/30/31 (b)
 
372,007
264,683
 
 
 
1,436,666
Burkina Faso - 0.1%
 
 
 
Endeavour Mining PLC 5% 10/14/26 (b)
 
285,000
249,691
Cambodia - 0.1%
 
 
 
NagaCorp Ltd. 7.95% 7/6/24 (Reg. S)
 
200,000
195,304
Chile - 0.8%
 
 
 
Antofagasta PLC 2.375% 10/14/30 (b)
 
450,000
339,075
Corporacion Nacional del Cobre de Chile (Codelco):
 
 
 
 3.7% 1/30/50 (b)
 
300,000
176,100
 4.5% 8/1/47 (b)
 
250,000
171,750
 5.125% 2/2/33 (b)
 
200,000
176,056
 5.95% 1/8/34 (b)
 
200,000
185,800
Sable International Finance Ltd. 5.75% 9/7/27 (b)
 
600,000
537,084
VTR Comunicaciones SpA 5.125% 1/15/28 (b)
 
400,000
175,000
 
 
 
1,760,865
China - 0.8%
 
 
 
Ant International Co. Ltd. 3.55% 8/14/24 (e)(f)
 
585,256
582,330
ENN Clean Energy International Investment Ltd. 3.375% 5/12/26 (b)
 
395,000
359,983
Meituan 2.125% 10/28/25 (b)
 
365,000
336,139
Prosus NV:
 
 
 
 3.832% 2/8/51 (b)
 
425,000
221,000
 4.193% 1/19/32 (b)
 
245,000
188,466
 
 
 
1,687,918
Colombia - 0.8%
 
 
 
EnfraGen Energia Sur SA 5.375% 12/30/30 (b)
 
690,000
456,690
Gcm Mining Corp. 6.875% 8/9/26 (b)
 
400,000
328,000
GeoPark Ltd. 5.5% 1/17/27 (b)
 
500,000
418,625
Termocandelaria Power Ltd. 7.875% 1/30/29 (b)
 
414,625
388,732
 
 
 
1,592,047
Egypt - 0.1%
 
 
 
Energean PLC 6.5% 4/30/27 (b)
 
160,000
133,100
Ghana - 0.6%
 
 
 
Kosmos Energy Ltd. 7.125% 4/4/26 (b)
 
700,000
643,503
Tullow Oil PLC:
 
 
 
 7% 3/1/25 (b)
 
450,000
350,438
 10.25% 5/15/26 (b)
 
411,000
352,176
 
 
 
1,346,117
Guatemala - 0.4%
 
 
 
CT Trust 5.125% 2/3/32 (b)
 
440,000
336,600
Investment Energy Resources Ltd. 6.25% 4/26/29 (b)
 
510,000
443,700
 
 
 
780,300
Hungary - 0.1%
 
 
 
Magyar Export-Import Bank 6.125% 12/4/27 (b)
 
200,000
195,480
India - 0.2%
 
 
 
CA Magnum Holdings 5.375% 10/31/26 (b)
 
400,000
348,344
Indonesia - 1.2%
 
 
 
Medco Bell Pte Ltd. 6.375% 1/30/27 (b)
 
560,000
524,306
PT Adaro Indonesia 4.25% 10/31/24 (b)
 
250,000
240,238
PT Freeport Indonesia:
 
 
 
 5.315% 4/14/32 (b)
 
250,000
222,065
 6.2% 4/14/52 (b)
 
200,000
164,040
PT Hutama Karya Persero 3.75% 5/11/30 (b)
 
300,000
259,860
PT Indonesia Asahan Aluminium 5.45% 5/15/30 (b)
 
690,000
637,705
PT Pertamina Persero:
 
 
 
 4.15% 2/25/60 (b)
 
365,000
229,078
 4.175% 1/21/50 (b)
 
450,000
299,358
 
 
 
2,576,650
Israel - 0.1%
 
 
 
Energean Israel Finance Ltd. 8.5% 9/30/33 (Reg. S) (b)
 
250,000
217,813
Kazakhstan - 0.3%
 
 
 
KazMunaiGaz National Co. 3.5% 4/14/33 (b)
 
400,000
291,000
Tengizchevroil Finance Co. International Ltd. 3.25% 8/15/30 (b)
 
350,000
260,225
 
 
 
551,225
Malaysia - 0.6%
 
 
 
MISC Capital Two (Labuan) Ltd. 3.75% 4/6/27 (b)
 
380,000
349,361
Petronas Capital Ltd.:
 
 
 
 3.404% 4/28/61 (b)
 
500,000
289,205
 3.5% 4/21/30 (b)
 
450,000
391,127
 4.55% 4/21/50 (b)
 
400,000
306,824
 
 
 
1,336,517
Mauritius - 0.1%
 
 
 
AXIAN Telecom 7.375% 2/16/27 (b)
 
355,000
314,574
Mexico - 2.0%
 
 
 
Bimbo Bakeries U.S.A., Inc. 6.4% 1/15/34 (b)(f)
 
200,000
200,020
Braskem Idesa SAPI:
 
 
 
 6.99% 2/20/32 (b)
 
160,000
93,352
 7.45% 11/15/29 (b)
 
135,000
85,482
Comision Federal de Electricidad 3.348% 2/9/31 (b)
 
450,000
340,875
Petroleos Mexicanos:
 
 
 
 5.35% 2/12/28
 
320,000
257,072
 6.49% 1/23/27
 
315,000
278,189
 6.5% 6/2/41
 
820,000
479,987
 6.625% 6/15/35
 
410,000
269,575
 6.7% 2/16/32
 
415,000
302,950
 6.75% 9/21/47
 
960,000
543,360
 6.84% 1/23/30
 
380,000
295,070
 6.95% 1/28/60
 
1,075,000
608,719
 7.69% 1/23/50
 
589,000
363,708
 
 
 
4,118,359
Morocco - 0.2%
 
 
 
OCP SA:
 
 
 
 3.75% 6/23/31 (b)
 
395,000
309,257
 5.125% 6/23/51 (b)
 
200,000
128,000
 
 
 
437,257
Nigeria - 0.1%
 
 
 
IHS Netherlands Holdco BV 8% 9/18/27 (b)
 
315,000
256,961
Panama - 0.3%
 
 
 
Aeropuerto Internacional de Tocumen SA 5.125% 8/11/61 (b)
 
200,000
133,556
Cable Onda SA 4.5% 1/30/30 (b)
 
580,000
453,125
 
 
 
586,681
Paraguay - 0.1%
 
 
 
Telefonica Celular del Paraguay SA 5.875% 4/15/27 (b)
 
250,000
225,375
Peru - 0.2%
 
 
 
Camposol SA 6% 2/3/27 (b)
 
500,000
293,135
Compania de Minas Buenaventura SAA 5.5% 7/23/26 (b)
 
165,000
143,750
 
 
 
436,885
Qatar - 0.7%
 
 
 
Qatar Petroleum:
 
 
 
 2.25% 7/12/31 (b)
 
755,000
589,372
 3.125% 7/12/41 (b)
 
650,000
426,563
 3.3% 7/12/51 (b)
 
580,000
353,256
 
 
 
1,369,191
Saudi Arabia - 1.3%
 
 
 
EIG Pearl Holdings SARL 3.545% 8/31/36 (b)
 
720,000
559,800
Greensaif Pipelines Bidco SARL:
 
 
 
 6.129% 2/23/38 (b)
 
200,000
186,000
 6.51% 2/23/42 (b)
 
200,000
185,750
Saudi Arabian Oil Co.:
 
 
 
 3.25% 11/24/50 (b)
 
260,000
153,725
 4.25% 4/16/39 (b)
 
1,680,000
1,312,500
 4.375% 4/16/49 (b)
 
275,000
201,094
 
 
 
2,598,869
South Africa - 1.0%
 
 
 
Eskom Holdings SOC Ltd.:
 
 
 
 6.35% 8/10/28 (b)
 
315,000
285,075
 7.125% 2/11/25 (b)
 
860,000
842,800
 8.45% 8/10/28 (b)
 
235,000
222,016
Liquid Telecommunications Financing PLC 5.5% 9/4/26 (b)
 
470,000
285,426
Stillwater Mining Co.:
 
 
 
 4% 11/16/26 (b)
 
235,000
202,100
 4.5% 11/16/29 (b)
 
220,000
166,650
 
 
 
2,004,067
Tanzania - 0.1%
 
 
 
HTA Group Ltd. 7% 12/18/25 (b)
 
190,000
183,002
Thailand - 0.1%
 
 
 
PTT Treasury Center Co. Ltd. 3.7% 7/16/70 (b)
 
350,000
201,516
Ukraine - 0.1%
 
 
 
NAK Naftogaz Ukraine 7.65% (Reg. S) (h)
 
380,000
252,700
United Arab Emirates - 1.0%
 
 
 
Abu Dhabi National Energy Co. PJSC:
 
 
 
 4% 10/3/49 (b)
 
390,000
280,800
 4.696% 4/24/33 (b)
 
165,000
151,388
 4.875% 4/23/30 (b)
 
50,000
47,854
Galaxy Pipeline Assets BidCo Ltd.:
 
 
 
 2.16% 3/31/34 (b)
 
382,248
308,187
 2.625% 3/31/36 (b)
 
570,000
426,075
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (b)
 
250,000
239,375
MDGH GMTN RSC Ltd.:
 
 
 
 4.375% 11/22/33 (b)
 
200,000
177,000
 5.084% 5/22/53 (b)
 
265,000
219,619
 5.5% 4/28/33 (b)
 
200,000
193,500
 
 
 
2,043,798
Uzbekistan - 0.1%
 
 
 
Uzbekneftegaz JSC 4.75% 11/16/28 (b)
 
180,000
141,300
Venezuela - 0.8%
 
 
 
Petroleos de Venezuela SA:
 
 
 
 6% (b)(h)
 
5,700,000
723,900
 6% (Reg. S) (h)
 
6,800,000
846,600
 
 
 
1,570,500
Vietnam - 0.2%
 
 
 
Mong Duong Finance Holdings BV 5.125% 5/7/29 (b)
 
440,000
396,229
TOTAL NONCONVERTIBLE BONDS
 
 
33,318,326
 
TOTAL CORPORATE BONDS
 (Cost $42,304,825)
 
 
 
33,825,037
 
 
 
 
Government Obligations - 24.0%
 
 
Principal
Amount (g)
 
Value ($)
 
Angola - 0.7%
 
 
 
Angola Republic:
 
 
 
 8.25% 5/9/28 (b)
 
720,000
611,100
 8.75% 4/14/32 (b)
 
200,000
156,500
 9.125% 11/26/49 (b)
 
225,000
158,063
 9.375% 5/8/48 (b)
 
290,000
206,625
 9.5% 11/12/25 (b)
 
365,000
350,058
TOTAL ANGOLA
 
 
1,482,346
Argentina - 0.7%
 
 
 
Argentine Republic:
 
 
 
 0.75% 7/9/30 (i)
 
1,400,365
389,301
 1% 7/9/29
 
498,666
133,393
 3.625% 7/9/35 (i)
 
1,537,734
378,283
 4.25% 1/9/38 (i)
 
1,186,834
357,237
Buenos Aires Province 6.375% 9/1/37 (b)(i)
 
380,000
121,801
TOTAL ARGENTINA
 
 
1,380,015
Armenia - 0.1%
 
 
 
Republic of Armenia 3.6% 2/2/31 (b)
 
300,000
220,500
Barbados - 0.1%
 
 
 
Barbados Government 6.5% 10/1/29 (b)
 
290,000
269,471
Benin - 0.0%
 
 
 
Republic of Benin 4.875% 1/19/32 (b)
EUR
140,000
110,532
Brazil - 0.6%
 
 
 
Brazilian Federative Republic:
 
 
 
 3.875% 6/12/30
 
775,000
665,113
 4.75% 1/14/50
 
505,000
337,088
 6% 10/20/33
 
295,000
272,875
TOTAL BRAZIL
 
 
1,275,076
Chile - 0.6%
 
 
 
Chilean Republic:
 
 
 
 2.45% 1/31/31
 
535,000
429,605
 3.1% 1/22/61
 
340,000
181,730
 3.5% 1/31/34
 
280,000
224,280
 4% 1/31/52
 
200,000
137,500
 4.34% 3/7/42
 
200,000
154,500
 5.33% 1/5/54
 
230,000
194,350
TOTAL CHILE
 
 
1,321,965
Colombia - 1.1%
 
 
 
Colombian Republic:
 
 
 
 3% 1/30/30
 
715,000
549,120
 3.125% 4/15/31
 
548,000
403,602
 5% 6/15/45
 
515,000
327,025
 5.2% 5/15/49
 
185,000
117,753
 6.125% 1/18/41
 
200,000
152,000
 7.375% 9/18/37
 
425,000
381,438
 7.5% 2/2/34
 
200,000
186,500
 8% 4/20/33
 
160,000
155,760
TOTAL COLOMBIA
 
 
2,273,198
Costa Rica - 0.5%
 
 
 
Costa Rican Republic:
 
 
 
 5.625% 4/30/43 (b)
 
425,000
337,875
 6.125% 2/19/31 (b)
 
315,000
299,250
 6.55% 4/3/34 (b)
 
245,000
232,873
 7% 4/4/44 (b)
 
105,000
96,128
TOTAL COSTA RICA
 
 
966,126
Dominican Republic - 1.5%
 
 
 
Dominican Republic:
 
 
 
 4.5% 1/30/30 (b)
 
515,000
435,433
 4.875% 9/23/32 (b)
 
870,000
703,395
 5.3% 1/21/41 (b)
 
200,000
145,200
 5.875% 1/30/60 (b)
 
900,000
638,100
 6% 7/19/28 (b)
 
250,000
236,250
 6% 2/22/33 (b)
 
425,000
373,788
 6.5% 2/15/48 (b)
 
200,000
158,800
 6.85% 1/27/45 (b)
 
350,000
291,375
 7.05% 2/3/31 (b)
 
150,000
143,700
TOTAL DOMINICAN REPUBLIC
 
 
3,126,041
Ecuador - 0.5%
 
 
 
Ecuador Republic:
 
 
 
 2.5% 7/31/40 (b)(i)
 
250,000
83,625
 3.5% 7/31/35 (b)(i)
 
1,280,256
485,217
 6% 7/31/30 (b)(i)
 
925,630
468,832
TOTAL ECUADOR
 
 
1,037,674
Egypt - 0.8%
 
 
 
Arab Republic of Egypt:
 
 
 
 7.0529% 1/15/32 (b)
 
665,000
375,725
 7.5% 2/16/61 (b)
 
395,000
194,538
 7.903% 2/21/48 (b)
 
865,000
437,906
 8.5% 1/31/47 (b)
 
1,160,000
601,518
TOTAL EGYPT
 
 
1,609,687
El Salvador - 0.2%
 
 
 
El Salvador Republic 7.1246% 1/20/50 (b)
 
560,000
348,320
Gabon - 0.2%
 
 
 
Gabonese Republic:
 
 
 
 6.95% 6/16/25 (b)
 
200,000
173,500
 7% 11/24/31 (b)
 
390,000
273,975
TOTAL GABON
 
 
447,475
Ghana - 0.4%
 
 
 
Ghana Republic:
 
 
 
 8.125% (b)(h)
 
500,000
219,375
 8.627% (b)(h)
 
615,000
256,763
 10.75% 10/14/30 (b)
 
475,000
295,688
TOTAL GHANA
 
 
771,826
Guatemala - 0.2%
 
 
 
Guatemalan Republic:
 
 
 
 6.125% 6/1/50 (b)
 
350,000
278,250
 6.6% 6/13/36 (b)
 
200,000
184,800
TOTAL GUATEMALA
 
 
463,050
Hungary - 0.4%
 
 
 
Hungarian Republic:
 
 
 
 2.125% 9/22/31 (b)
 
300,000
215,819
 3.125% 9/21/51 (b)
 
560,000
295,714
 5.5% 6/16/34 (b)
 
95,000
84,540
 6.25% 9/22/32 (b)
 
200,000
192,122
TOTAL HUNGARY
 
 
788,195
Indonesia - 0.6%
 
 
 
Indonesian Republic:
 
 
 
 3.35% 3/12/71
 
470,000
269,254
 3.5% 2/14/50
 
380,000
246,723
 4.2% 10/15/50
 
600,000
439,350
 8.5% 10/12/35 (b)
 
300,000
357,900
TOTAL INDONESIA
 
 
1,313,227
Ivory Coast - 0.4%
 
 
 
Ivory Coast:
 
 
 
 5.875% 10/17/31 (b)
EUR
255,000
217,539
 6.375% 3/3/28 (b)
 
635,000
588,963
TOTAL IVORY COAST
 
 
806,502
Jordan - 0.2%
 
 
 
Jordanian Kingdom:
 
 
 
 5.85% 7/7/30 (b)
 
200,000
168,750
 7.375% 10/10/47 (b)
 
280,000
211,050
TOTAL JORDAN
 
 
379,800
Kenya - 0.4%
 
 
 
Republic of Kenya:
 
 
 
 6.3% 1/23/34 (b)
 
480,000
328,800
 6.875% 6/24/24 (b)
 
275,000
263,656
 7% 5/22/27 (b)
 
315,000
274,050
TOTAL KENYA
 
 
866,506
Lebanon - 0.2%
 
 
 
Lebanese Republic 6.375% (h)
 
7,090,000
426,534
Mexico - 0.9%
 
 
 
United Mexican States:
 
 
 
 2.659% 5/24/31
 
400,000
311,400
 3.25% 4/16/30
 
400,000
336,800
 4.35% 1/15/47
 
850,000
573,325
 4.75% 3/8/44
 
450,000
331,776
 6.338% 5/4/53
 
200,000
173,300
 6.35% 2/9/35
 
220,000
209,660
TOTAL MEXICO
 
 
1,936,261
Nigeria - 1.0%
 
 
 
Republic of Nigeria:
 
 
 
 6.125% 9/28/28 (b)
 
325,000
264,063
 6.5% 11/28/27 (b)
 
705,000
606,300
 7.143% 2/23/30 (b)
 
850,000
681,063
 7.625% 11/28/47 (b)
 
300,000
201,750
 8.25% 9/28/51 (b)
 
200,000
139,750
 8.375% 3/24/29 (b)
 
190,000
166,013
TOTAL NIGERIA
 
 
2,058,939
Oman - 1.2%
 
 
 
Sultanate of Oman:
 
 
 
 5.625% 1/17/28 (b)
 
420,000
404,779
 6% 8/1/29 (b)
 
285,000
276,450
 6.25% 1/25/31 (b)
 
575,000
558,469
 6.5% 3/8/47 (b)
 
1,275,000
1,106,063
 7% 1/25/51 (b)
 
115,000
105,513
TOTAL OMAN
 
 
2,451,274
Pakistan - 0.3%
 
 
 
Islamic Republic of Pakistan:
 
 
 
 6% 4/8/26 (b)
 
695,000
377,107
 6.875% 12/5/27 (b)
 
560,000
292,432
TOTAL PAKISTAN
 
 
669,539
Panama - 0.8%
 
 
 
Panamanian Republic:
 
 
 
 2.252% 9/29/32
 
485,000
327,860
 3.16% 1/23/30
 
385,000
308,770
 3.298% 1/19/33
 
190,000
139,460
 3.87% 7/23/60
 
510,000
266,220
 4.5% 5/15/47
 
405,000
260,213
 6.4% 2/14/35
 
250,000
227,250
 6.853% 3/28/54
 
200,000
170,600
TOTAL PANAMA
 
 
1,700,373
Paraguay - 0.3%
 
 
 
Republic of Paraguay:
 
 
 
 2.739% 1/29/33 (b)
 
415,000
308,138
 5.4% 3/30/50 (b)
 
415,000
310,213
 5.6% 3/13/48 (b)
 
65,000
49,920
TOTAL PARAGUAY
 
 
668,271
Peru - 0.5%
 
 
 
Peruvian Republic:
 
 
 
 2.783% 1/23/31
 
435,000
348,435
 3% 1/15/34
 
260,000
196,170
 3.3% 3/11/41
 
635,000
419,418
TOTAL PERU
 
 
964,023
Philippines - 0.4%
 
 
 
Philippine Republic:
 
 
 
 2.65% 12/10/45
 
430,000
248,983
 2.95% 5/5/45
 
320,000
196,058
 5.5% 1/17/48
 
200,000
179,202
 5.95% 10/13/47
 
225,000
214,040
TOTAL PHILIPPINES
 
 
838,283
Poland - 0.3%
 
 
 
Bank Gospodarstwa Krajowego:
 
 
 
 5.375% 5/22/33 (b)
 
200,000
186,000
 6.25% 10/31/28 (b)
 
200,000
202,250
Polish Government 5.5% 4/4/53
 
170,000
149,340
TOTAL POLAND
 
 
537,590
Qatar - 1.0%
 
 
 
State of Qatar:
 
 
 
 4.4% 4/16/50 (b)
 
1,125,000
866,953
 4.625% 6/2/46 (b)
 
600,000
488,438
 4.817% 3/14/49 (b)
 
855,000
698,695
TOTAL QATAR
 
 
2,054,086
Romania - 0.5%
 
 
 
Romanian Republic:
 
 
 
 3% 2/27/27 (b)
 
334,000
302,143
 3.624% 5/26/30 (b)
EUR
135,000
122,930
 3.625% 3/27/32 (b)
 
334,000
263,700
 6.125% 1/22/44 (b)
 
400,000
344,120
TOTAL ROMANIA
 
 
1,032,893
Rwanda - 0.2%
 
 
 
Rwanda Republic 5.5% 8/9/31 (b)
 
470,000
354,850
Saudi Arabia - 0.3%
 
 
 
Kingdom of Saudi Arabia:
 
 
 
 2.25% 2/2/33 (b)
 
445,000
334,306
 3.45% 2/2/61 (b)
 
570,000
330,600
TOTAL SAUDI ARABIA
 
 
664,906
Senegal - 0.2%
 
 
 
Republic of Senegal:
 
 
 
 6.25% 5/23/33 (b)
 
235,000
185,944
 6.75% 3/13/48 (b)
 
200,000
132,500
TOTAL SENEGAL
 
 
318,444
Serbia - 0.3%
 
 
 
Republic of Serbia:
 
 
 
 2.125% 12/1/30 (b)
 
620,000
453,728
 6.25% 5/26/28 (b)
 
105,000
101,844
TOTAL SERBIA
 
 
555,572
South Africa - 0.6%
 
 
 
South African Republic:
 
 
 
 4.85% 9/27/27
 
400,000
368,500
 5% 10/12/46
 
155,000
93,775
 5.65% 9/27/47
 
325,000
211,250
 5.75% 9/30/49
 
795,000
516,750
TOTAL SOUTH AFRICA
 
 
1,190,275
Sri Lanka - 0.4%
 
 
 
Democratic Socialist Republic of Sri Lanka:
 
 
 
 6.2% (b)(h)
 
735,000
363,891
 6.85% (b)(h)
 
695,000
355,903
 7.55% (b)(h)
 
150,000
74,465
 7.85% (b)(h)
 
210,000
103,895
TOTAL SRI LANKA
 
 
898,154
Turkey - 1.3%
 
 
 
Export Credit Bank of Turkey 9% 1/28/27 (b)
 
200,000
200,500
Turkish Republic:
 
 
 
 4.875% 10/9/26
 
520,000
478,400
 4.875% 4/16/43
 
1,055,000
639,594
 5.125% 2/17/28
 
245,000
216,825
 5.75% 5/11/47
 
405,000
263,756
 6.125% 10/24/28
 
220,000
199,375
 6.625% 2/17/45
 
15,000
11,063
 9.125% 7/13/30
 
220,000
219,450
 9.375% 3/14/29
 
495,000
503,663
TOTAL TURKEY
 
 
2,732,626
Ukraine - 0.7%
 
 
 
Ukraine Government:
 
 
 
 6.876% 5/21/31 (b)
 
200,000
49,300
 7.253% 3/15/35 (b)
 
380,000
95,570
 7.375% 9/25/34 (b)
 
200,000
50,300
 7.75% 9/1/25 (b)
 
830,000
253,150
 7.75% 9/1/26 (b)
 
830,000
236,434
 7.75% 9/1/27 (b)
 
345,000
97,980
 7.75% 9/1/28 (b)
 
560,000
156,800
 7.75% 9/1/29 (b)
 
400,000
111,200
 7.75% 8/1/41 (b)(j)
 
775,000
319,416
TOTAL UKRAINE
 
 
1,370,150
United Arab Emirates - 0.4%
 
 
 
Emirate of Abu Dhabi 3.125% 9/30/49 (b)
 
410,000
250,869
Emirate of Dubai:
 
 
 
 3.9% 9/9/50 (Reg. S)
 
650,000
416,000
 5.25% 1/30/43 (Reg. S)
 
295,000
250,013
TOTAL UNITED ARAB EMIRATES
 
 
916,882
United States of America - 0.8%
 
 
 
U.S. Treasury Bills, yield at date of purchase 5.42% 1/11/24 (k)
 
40,000
39,582
U.S. Treasury Bonds:
 
 
 
 2.875% 5/15/52
 
1,533,000
1,022,978
 3.625% 2/15/53
 
399,000
310,908
U.S. Treasury Notes:
 
 
 
 3.625% 3/31/30
 
147,000
136,515
 4% 2/28/30
 
252,000
239,341
TOTAL UNITED STATES OF AMERICA
 
 
1,749,324
Uruguay - 0.3%
 
 
 
Uruguay Republic 5.1% 6/18/50
 
730,000
629,260
Uzbekistan - 0.2%
 
 
 
Republic of Uzbekistan:
 
 
 
 3.7% 11/25/30 (b)
 
200,000
152,400
 3.9% 10/19/31 (b)
 
240,000
180,120
TOTAL UZBEKISTAN
 
 
332,520
Venezuela - 0.6%
 
 
 
Venezuelan Republic 9.25% (h)
 
6,200,000
1,148,240
Zambia - 0.1%
 
 
 
Republic of Zambia:
 
 
 
 8.5% (b)(h)
 
50,000
30,516
 8.97% (b)(h)
 
370,000
224,428
TOTAL ZAMBIA
 
 
254,944
 
TOTAL GOVERNMENT OBLIGATIONS
 (Cost $67,424,317)
 
 
 
49,711,745
 
 
 
 
Preferred Securities - 1.0%
 
 
Principal
Amount (g)
 
Value ($)
 
Georgia - 0.3%
 
 
 
Georgia Bank Joint Stock Co. 11.125% (Reg. S) (j)(l)
 
700,000
719,228
Mexico - 0.4%
 
 
 
Banco Mercantil del Norte SA:
 
 
 
 6.75% (b)(j)(l)
 
370,000
360,861
 7.625% (b)(j)(l)
 
125,000
113,330
CEMEX S.A.B. de CV 5.125% (b)(j)(l)
 
400,000
371,185
TOTAL MEXICO
 
 
845,376
United Arab Emirates - 0.3%
 
 
 
DP World Salaam 6% (Reg. S) (j)(l)
 
600,000
597,592
 
TOTAL PREFERRED SECURITIES
 (Cost $2,358,078)
 
 
 
2,162,196
 
 
 
 
Money Market Funds - 1.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (m)
 
2,631,726
2,632,253
Fidelity Securities Lending Cash Central Fund 5.40% (m)(n)
 
255,408
255,433
 
TOTAL MONEY MARKET FUNDS
 (Cost $2,887,389)
 
 
2,887,686
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.4%
 (Cost $229,062,667)
 
 
 
206,098,001
NET OTHER ASSETS (LIABILITIES) - 0.6%  
1,148,143
NET ASSETS - 100.0%
207,246,144
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE MSCI Emerging Markets Index Contracts (United States)
7
Dec 2023
321,720
1,153
1,153
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.2%
 
 
 
Currency Abbreviations
         EUR
-
European Monetary Unit
 
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 $63,156,787 or 30.5% of net assets.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(e)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,771,024 or 0.9% of net assets.
 
(f)
Level 3 security
 
(g)
Amount is stated in United States dollars unless otherwise noted.
 
(h)
Non-income producing - Security is in default.
 
(i)
Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.
 
(j)
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
 
(k)
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 $34,634.
 
(l)
Security is perpetual in nature with no stated maturity date.
 
(m)
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.
 
(n)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Ant International Co. Ltd. 3.55% 8/14/24
8/14/23
585,256
 
 
 
Creditas Financial Solutions Ltd. 5% 7/28/27
1/28/22 - 7/28/23
506,964
 
 
 
dMed Biopharmaceutical Co. Ltd. Series C
12/01/20
169,898
 
 
 
Gupshup, Inc.
6/08/21
192,273
 
 
 
Jumo World Holding Ltd.
9/06/23
30,055
 
 
 
Meesho Series F
9/21/21
544,986
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
8,147,400
118,099,822
123,614,969
281,146
-
-
2,632,253
0.0%
Fidelity Securities Lending Cash Central Fund 5.40%
421,999
7,480,353
7,646,919
3,815
-
-
255,433
0.0%
Total
8,569,399
125,580,175
131,261,888
284,961
-
-
2,887,686
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
10,571,532
2,122,504
7,487,452
961,576
Consumer Discretionary
18,205,861
6,435,909
11,307,719
462,233
Consumer Staples
7,694,525
2,170,223
4,717,900
806,402
Energy
5,690,544
1,998,120
3,173,721
518,703
Financials
26,899,228
11,849,761
14,345,335
704,132
Health Care
4,645,630
1,044,370
3,530,804
70,456
Industrials
6,339,213
2,393,086
3,946,127
-
Information Technology
23,023,657
1,694,190
21,224,354
105,113
Materials
9,305,532
4,936,395
4,367,161
1,976
Real Estate
1,814,839
665,017
1,149,062
760
Utilities
3,320,776
953,972
2,366,804
-
 Corporate Bonds
33,825,037
-
32,535,976
1,289,061
 Government Obligations
49,711,745
-
49,711,745
-
 Preferred Securities
2,162,196
-
2,162,196
-
  Money Market Funds
2,887,686
2,887,686
-
-
 Total Investments in Securities:
206,098,001
39,151,233
162,026,356
4,920,412
 Derivative Instruments:
 Assets
 
 
 
 
Futures Contracts
1,153
1,153
-
-
  Total Assets
1,153
1,153
-
-
 Total Derivative Instruments:
1,153
1,153
-
-
 
The following is a reconciliation of  Investments in Securities for which Level 3 inputs were used in determining value:
 
 
Investments in Securities:
 
  Beginning Balance
$
2,348,844
 
  Net Realized Gain (Loss) on Investment Securities
 
(791,838)
 
  Net Unrealized Gain (Loss) on Investment Securities
 
3,447,478
 
  Cost of Purchases
 
1,321,791
 
  Proceeds of Sales
 
(1,405,863)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
-
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
4,920,412
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2023
$
2,494,526
 
 
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. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's  Statement of Operations.
 
 
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
1,153
0
Total Equity Risk
1,153
0
Total Value of Derivatives
1,153
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Fidelity® Total Emerging Markets Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $242,416) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $226,175,278)
$
203,210,315
 
 
Fidelity Central Funds (cost $2,887,389)
2,887,686
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $229,062,667)
 
 
$
206,098,001
Cash
 
 
365,880
Foreign currency held at value (cost $701)
 
 
701
Receivable for investments sold
 
 
914,278
Receivable for fund shares sold
 
 
32,638
Dividends receivable
 
 
173,077
Interest receivable
 
 
1,706,519
Distributions receivable from Fidelity Central Funds
 
 
14,421
Prepaid expenses
 
 
324
Other receivables
 
 
102,607
  Total assets
 
 
209,408,446
Liabilities
 
 
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
$
762,034
 
 
Delayed delivery
5,601
 
 
Payable for fund shares redeemed
456,230
 
 
Accrued management fee
136,048
 
 
Distribution and service plan fees payable
18,847
 
 
Payable for daily variation margin on futures contracts
4,566
 
 
Other affiliated payables
43,449
 
 
Deferred taxes
365,449
 
 
Other payables and accrued expenses
114,645
 
 
Collateral on securities loaned
255,433
 
 
  Total Liabilities
 
 
 
2,162,302
Net Assets  
 
 
$
207,246,144
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
260,843,262
Total accumulated earnings (loss)
 
 
 
(53,597,118)
Net Assets
 
 
$
207,246,144
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($29,937,806 ÷ 2,703,770 shares)(a)
 
 
$
11.07
Maximum offering price per share (100/94.25 of $11.07)
 
 
$
11.75
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($6,477,044 ÷ 586,133 shares)(a)
 
 
$
11.05
Maximum offering price per share (100/96.50 of $11.05)
 
 
$
11.45
Class C :
 
 
 
 
Net Asset Value and offering price per share ($11,349,410 ÷ 1,032,637 shares)(a)
 
 
$
10.99
Total Emerging Markets :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($79,639,732 ÷ 7,169,339 shares)
 
 
$
11.11
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($68,873,588 ÷ 6,207,553 shares)
 
 
$
11.10
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($10,968,564 ÷ 990,760 shares)
 
 
$
11.07
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
4,489,730
Interest  
 
 
6,738,114
Income from Fidelity Central Funds (including $3,815 from security lending)
 
 
284,961
 Income before foreign taxes withheld
 
 
$
11,512,805
Less foreign taxes withheld
 
 
(389,101)
 Total Income
 
 
 
11,123,704
Expenses
 
 
 
 
Management fee
$
1,875,906
 
 
Transfer agent fees
459,265
 
 
Distribution and service plan fees
248,485
 
 
Accounting fees
114,259
 
 
Custodian fees and expenses
169,833
 
 
Independent trustees' fees and expenses
1,592
 
 
Registration fees
87,794
 
 
Audit
130,440
 
 
Legal
1,749
 
 
Miscellaneous
1,125
 
 
 Total expenses before reductions
 
3,090,448
 
 
 Expense reductions
 
(12,815)
 
 
 Total expenses after reductions
 
 
 
3,077,633
Net Investment income (loss)
 
 
 
8,046,071
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $272,577)
 
(2,454,137)
 
 
 Foreign currency transactions
 
(275,005)
 
 
 Futures contracts
 
(56,530)
 
 
Total net realized gain (loss)
 
 
 
(2,785,672)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $62,265)  
 
27,079,539
 
 
 Assets and liabilities in foreign currencies
 
56,734
 
 
 Futures contracts
 
1,153
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
27,137,426
Net gain (loss)
 
 
 
24,351,754
Net increase (decrease) in net assets resulting from operations
 
 
$
32,397,825
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
8,046,071
$
10,825,203
Net realized gain (loss)
 
(2,785,672)
 
 
(12,640,549)
 
Change in net unrealized appreciation (depreciation)
 
27,137,426
 
(173,003,840)
 
Net increase (decrease) in net assets resulting from operations
 
32,397,825
 
 
(174,819,186)
 
Distributions to shareholders
 
(7,044,986)
 
 
(11,768,448)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
(70,365,479)
 
 
(182,422,186)
 
Total increase (decrease) in net assets
 
(45,012,640)
 
 
(369,009,820)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
252,258,784
 
621,268,604
 
End of period
$
207,246,144
$
252,258,784
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Total Emerging Markets Fund Class A
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.09
$
15.26
$
13.55
$
12.80
$
11.53
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.36
 
.28
 
.20
 
.19
 
.37 C
     Net realized and unrealized gain (loss)
 
.91
 
(5.19)
 
1.67
 
.89
 
1.14
  Total from investment operations
 
1.27  
 
(4.91)  
 
1.87  
 
1.08  
 
1.51
  Distributions from net investment income
 
(.29)
 
(.26)
 
(.16)
 
(.33)
 
(.24)
     Total distributions
 
(.29)
 
(.26)
 
(.16)
 
(.33)
 
(.24)
  Net asset value, end of period
$
11.07
$
10.09
$
15.26
$
13.55
$
12.80
 Total Return D,E
 
12.57%
 
(32.69)%
 
13.78%
 
8.54%
 
13.38%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.45%
 
1.39%
 
1.36%
 
1.40%
 
1.39%
    Expenses net of fee waivers, if any
 
1.44%
 
1.39%
 
1.36%
 
1.39%
 
1.39%
    Expenses net of all reductions
 
1.44%
 
1.39%
 
1.36%
 
1.37%
 
1.39%
    Net investment income (loss)
 
3.16%
 
2.21%
 
1.26%
 
1.49%
 
3.02% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
29,938
$
28,302
$
46,981
$
37,022
$
39,958
    Portfolio turnover rate H
 
33%
 
67%
 
58%
 
58%
 
75%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.37%.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
ETotal returns do not include the effect of the sales charges.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Total Emerging Markets Fund Class M
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.07
$
15.23
$
13.52
$
12.78
$
11.51
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.33
 
.24
 
.15
 
.15
 
.33 C
     Net realized and unrealized gain (loss)
 
.91
 
(5.19)
 
1.67
 
.88
 
1.15
  Total from investment operations
 
1.24  
 
(4.95)  
 
1.82  
 
1.03  
 
1.48
  Distributions from net investment income
 
(.26)
 
(.21)
 
(.11)
 
(.29)
 
(.21)
     Total distributions
 
(.26)
 
(.21)
 
(.11)
 
(.29)
 
(.21)
  Net asset value, end of period
$
11.05
$
10.07
$
15.23
$
13.52
$
12.78
 Total Return D,E
 
12.26%
 
(32.92)%
 
13.47%
 
8.16%
 
13.05%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.74%
 
1.69%
 
1.66%
 
1.71%
 
1.72%
    Expenses net of fee waivers, if any
 
1.74%
 
1.69%
 
1.66%
 
1.71%
 
1.71%
    Expenses net of all reductions
 
1.73%
 
1.69%
 
1.66%
 
1.69%
 
1.71%
    Net investment income (loss)
 
2.87%
 
1.90%
 
.96%
 
1.17%
 
2.69% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
6,477
$
6,237
$
9,530
$
7,885
$
8,841
    Portfolio turnover rate H
 
33%
 
67%
 
58%
 
58%
 
75%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.04%.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
ETotal returns do not include the effect of the sales charges.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Total Emerging Markets Fund Class C
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.00
$
15.09
$
13.41
$
12.66
$
11.40
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.27
 
.18
 
.08
 
.09
 
.28 C
     Net realized and unrealized gain (loss)
 
.90
 
(5.15)
 
1.65
 
.89
 
1.13
  Total from investment operations
 
1.17  
 
(4.97)  
 
1.73  
 
.98  
 
1.41
  Distributions from net investment income
 
(.18)
 
(.12)
 
(.05)
 
(.23)
 
(.15)
     Total distributions
 
(.18)
 
(.12)
 
(.05)
 
(.23)
 
(.15)
  Net asset value, end of period
$
10.99
$
10.00
$
15.09
$
13.41
$
12.66
 Total Return D,E
 
11.68%
 
(33.17)%
 
12.89%
 
7.83%
 
12.54%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.19%
 
2.14%
 
2.11%
 
2.14%
 
2.14%
    Expenses net of fee waivers, if any
 
2.19%
 
2.13%
 
2.11%
 
2.14%
 
2.14%
    Expenses net of all reductions
 
2.19%
 
2.13%
 
2.11%
 
2.12%
 
2.13%
    Net investment income (loss)
 
2.41%
 
1.46%
 
.51%
 
.74%
 
2.27% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
11,349
$
13,469
$
27,673
$
28,884
$
35,545
    Portfolio turnover rate H
 
33%
 
67%
 
58%
 
58%
 
75%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.62%.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
ETotal returns do not include the effect of the contingent deferred sales charge.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity® Total Emerging Markets Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.12
$
15.31
$
13.59
$
12.84
$
11.56
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.39
 
.32
 
.24
 
.22
 
.40 C
     Net realized and unrealized gain (loss)
 
.91
 
(5.21)
 
1.67
 
.90
 
1.16
  Total from investment operations
 
1.30  
 
(4.89)  
 
1.91  
 
1.12  
 
1.56
  Distributions from net investment income
 
(.31)
 
(.30)
 
(.19)
 
(.37)
 
(.28)
     Total distributions
 
(.31)
 
(.30)
 
(.19)
 
(.37)
 
(.28)
  Net asset value, end of period
$
11.11
$
10.12
$
15.31
$
13.59
$
12.84
 Total Return D
 
12.86%
 
(32.52)%
 
14.06%
 
8.79%
 
13.80%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.20%
 
1.12%
 
1.11%
 
1.16%
 
1.14%
    Expenses net of fee waivers, if any
 
1.19%
 
1.11%
 
1.11%
 
1.15%
 
1.14%
    Expenses net of all reductions
 
1.19%
 
1.11%
 
1.11%
 
1.14%
 
1.14%
    Net investment income (loss)
 
3.41%
 
2.48%
 
1.51%
 
1.73%
 
3.27% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
79,640
$
91,615
$
259,331
$
205,009
$
199,708
    Portfolio turnover rate G
 
33%
 
67%
 
58%
 
58%
 
75%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.62%.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Total Emerging Markets Fund Class I
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.11
$
15.29
$
13.57
$
12.82
$
11.55
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.39
 
.32
 
.24
 
.22
 
.41 C
     Net realized and unrealized gain (loss)
 
.92
 
(5.20)
 
1.67
 
.90
 
1.14
  Total from investment operations
 
1.31  
 
(4.88)  
 
1.91  
 
1.12  
 
1.55
  Distributions from net investment income
 
(.32)
 
(.30)
 
(.19)
 
(.37)
 
(.28)
     Total distributions
 
(.32)
 
(.30)
 
(.19)
 
(.37)
 
(.28)
  Net asset value, end of period
$
11.10
$
10.11
$
15.29
$
13.57
$
12.82
 Total Return D
 
12.96%
 
(32.50)%
 
14.10%
 
8.85%
 
13.77%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.16%
 
1.10%
 
1.09%
 
1.11%
 
1.11%
    Expenses net of fee waivers, if any
 
1.15%
 
1.10%
 
1.08%
 
1.10%
 
1.10%
    Expenses net of all reductions
 
1.15%
 
1.10%
 
1.08%
 
1.09%
 
1.10%
    Net investment income (loss)
 
3.45%
 
2.49%
 
1.54%
 
1.78%
 
3.30% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
68,874
$
98,727
$
209,635
$
232,450
$
372,286
    Portfolio turnover rate G
 
33%
 
67%
 
58%
 
58%
 
75%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.65%.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Total Emerging Markets Fund Class Z
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.09
$
15.26
$
13.55
$
12.80
$
11.55
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.41
 
.34
 
.26
 
.24
 
.43 C
     Net realized and unrealized gain (loss)
 
.91
 
(5.19)
 
1.66
 
.90
 
1.13
  Total from investment operations
 
1.32  
 
(4.85)  
 
1.92  
 
1.14  
 
1.56
  Distributions from net investment income
 
(.34)
 
(.32)
 
(.21)
 
(.39)
 
(.31)
     Total distributions
 
(.34)
 
(.32)
 
(.21)
 
(.39)
 
(.31)
  Net asset value, end of period
$
11.07
$
10.09
$
15.26
$
13.55
$
12.80
 Total Return D
 
13.04%
 
(32.40)%
 
14.21%
 
9.03%
 
13.85%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.03%
 
.97%
 
.96%
 
.98%
 
.98%
    Expenses net of fee waivers, if any
 
1.02%
 
.97%
 
.96%
 
.98%
 
.97%
    Expenses net of all reductions
 
1.02%
 
.97%
 
.96%
 
.96%
 
.97%
    Net investment income (loss)
 
3.58%
 
2.62%
 
1.66%
 
1.91%
 
3.43% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
10,969
$
13,909
$
68,119
$
56,395
$
61,175
    Portfolio turnover rate G
 
33%
 
67%
 
58%
 
58%
 
75%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.79%.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity Total Emerging Markets Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Total Emerging Markets, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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, 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. 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 services or from brokers who make markets in such securities. Corporate bonds, foreign government and government agency, preferred securities, and U.S. government and government agency obligations are valued by pricing services 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 services. 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
 
Asset Type
Fair Value
Valuation Technique(s)
Unobservable Input
Amount or Range/Weighted Average
Impact to Valuation from an Increase in InputA
Equities
$3,631,351
Market comparable
Enterprise value/Revenue multiple (EV/R)
2.5 - 3.3 / 3.1
Increase
 
 
Market approach
Transaction price
$13.75 - $15.25 / $14.50
Increase
 
 
 
Discount rate
20.0% - 50.0% / 20.8%
Decrease
 
 
Indicative market price
Bid price
$65.00
Increase
 
 
Recovery value
Recovery value
$0.00
Increase
 
 
Black scholes
Discount rate
4.9%
Increase
 
 
 
Volatility
60.0%
Increase
 
 
 
Term
3.0
Increase
Corporate Bonds
$1,289,061
Market comparable
Enterprise value/Revenue multiple (EV/R)
6.0
Increase
 
 
Indicative market price
Evaluated bid
$100.01
Increase
 
 
Discounted cash flow
Discount rate
4.3%
Decrease
 
 
 
 
 
 
 
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$31,012,531
Gross unrealized depreciation
(56,312,184)
Net unrealized appreciation (depreciation)
$(25,299,653)
Tax Cost
$231,397,654
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$5,369,562
Capital loss carryforward
$(33,275,951)
Net unrealized appreciation (depreciation) on securities and other investments
$(25,325,282)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
Short-term
$(32,318,283)
Long-term
(957,668)
Total capital loss carryforward  
$(33,275,951)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$7,044,986
$ 11,768,448
 
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncement. In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. They also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. They also require additional disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the potential impact of ASU 2022-03 to the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Total Emerging Markets Fund
75,439,968
141,133,766
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .78% of the Fund's average net assets.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees
Retained by FDC
Class A
 - %
 .25%
$78,482
$911
Class M
 .25%
 .25%
 34,362
 104
Class C
 .75%
 .25%
135,641
 10,256
 
 
 
$248,485
$11,271
 
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
 
For the period, sales charge amounts retained by FDC were as follows:
 
 
Retained by FDC
Class A
$11,521
Class M
 817
Class CA
 147
 
$12,485
 
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Class A
$67,260
.21
Class M
 17,543
.26
Class C
 27,759
.20
Total Emerging Markets
 196,801
.21
Class I
 144,375
.17
Class Z
 5,527
.04
 
$459,265
 
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
 
 
% of Class-Level Average Net Assets
Class A
0.2000%
Class M
0.2000%
Class C
0.2000%
Total Emerging Markets
0.2000%
Class I
0.1693%
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity Total Emerging Markets Fund
.05
 
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
 
 
% of Average Net Assets
Fidelity Total Emerging Markets Fund
0.0471%
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity Total Emerging Markets Fund
$630
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below. During the period, there were no interfund trades.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Total Emerging Markets Fund
 854,041
 3,320,149
 (168,243)
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
Amount
Fidelity Total Emerging Markets Fund
$452
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Total Emerging Markets Fund
$398
$-
$-
9. Expense Reductions.
Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction
 
 
Class M
 $287
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $12,528.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2023
Year ended
October 31, 2022
Fidelity Total Emerging Markets Fund
 
 
Distributions to shareholders
 
 
Class A
$794,178
 $783,324
Class M
 155,913
 128,984
Class C
 234,768
 226,893
Total Emerging Markets
 2,687,846
 5,176,420
Class I
 2,776,747
 4,027,359
Class Z
             395,534
          1,425,468
Total  
$7,044,986
$11,768,448
 
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended
 October 31, 2023
Year ended
 October 31, 2022
Year ended
 October 31, 2023
Year ended
 October 31, 2022
Fidelity Total Emerging Markets Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
451,041
539,278
$5,132,208
$6,972,605
Reinvestment of distributions
71,386
54,325
792,381
781,197
Shares redeemed
(623,211)
(867,088)
(7,049,102)
(10,923,910)
Net increase (decrease)
(100,784)
(273,485)
$(1,124,513)
$(3,170,108)
Class M
 
 
 
 
Shares sold
28,227
68,332
$321,892
$870,856
Reinvestment of distributions
14,022
8,958
155,787
128,908
Shares redeemed
(75,454)
(83,685)
(856,020)
(1,103,957)
Net increase (decrease)
(33,205)
(6,395)
$(378,341)
$(104,193)
Class C
 
 
 
 
Shares sold
104,348
172,996
$1,182,359
$2,372,908
Reinvestment of distributions
21,155
15,806
234,608
226,656
Shares redeemed
(440,401)
(675,110)
(4,961,807)
(8,531,245)
Net increase (decrease)
(314,898)
(486,308)
$(3,544,840)
$(5,931,681)
Total Emerging Markets
 
 
 
 
Shares sold
563,824
20,327,420
$6,430,664
$276,182,533
Reinvestment of distributions
206,717
196,824
2,296,623
2,832,302
Shares redeemed
(2,655,457)
(28,410,344)
(30,066,472)
(367,959,039)
Net increase (decrease)
(1,884,916)
(7,886,100)
$(21,339,185)
$(88,944,204)
Class I
 
 
 
 
Shares sold
918,341
1,916,908
$10,406,208
$24,629,924
Reinvestment of distributions
246,056
276,622
2,728,758
3,975,058
Shares redeemed
(4,721,988)
(6,138,529)
(53,094,986)
(76,056,229)
Net increase (decrease)
(3,557,591)
(3,944,999)
$(39,960,020)
$(47,451,247)
Class Z
 
 
 
 
Shares sold
923,752
486,703
$10,820,507
$6,448,746
Reinvestment of distributions
25,674
72,407
283,693
1,036,865
Shares redeemed
(1,337,270)
(3,644,178)
(15,122,780)
(44,306,364)
Net increase (decrease)
(387,844)
(3,085,068)
$(4,018,580)
$(36,820,753)
 
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Emerging Markets Discovery Fund and Fidelity Total Emerging Markets Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Fidelity Emerging Markets Discovery Fund and Fidelity Total Emerging Markets Fund (two of the funds constituting Fidelity Investment Trust, referred to hereafter as the "Funds") as of October 31, 2023, the related statements of operations for the year ended October 31, 2023, the statements of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2023 and the financial highlights for each of the five years in the period ended October 31, 2023 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 13, 2023
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 322 funds. Mr. Chiel oversees 191 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the funds' Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).       
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Vijay C. Advani (1960)
Year of Election or Appointment: 2023
Member of the Advisory Board
Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).     
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Karen B. Peetz (1955)
Year of Election or Appointment: 2023
Member of the Advisory Board
Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).     
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).      
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).          
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
Fidelity® Emerging Markets Discovery Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.42%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 987.20
 
$ 7.11
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,018.05
 
$ 7.22
 
Class M
 
 
 
1.68%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 985.90
 
$ 8.41
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,016.74
 
$ 8.54
 
Class C
 
 
 
2.19%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 983.40
 
$ 10.95
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,014.17
 
$ 11.12
 
Fidelity® Emerging Markets Discovery Fund
 
 
 
1.15%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 988.60
 
$ 5.76
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.41
 
$ 5.85
 
Class I
 
 
 
1.12%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 988.70
 
$ 5.61
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.56
 
$ 5.70
 
Class Z
 
 
 
.99%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 989.30
 
$ 4.96
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.21
 
$ 5.04
 
Fidelity® Total Emerging Markets Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.45%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 977.10
 
$ 7.23
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,017.90
 
$ 7.38
 
Class M
 
 
 
1.74%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 975.30
 
$ 8.66
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,016.43
 
$ 8.84
 
Class C
 
 
 
2.19%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 973.40
 
$ 10.89
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,014.17
 
$ 11.12
 
Fidelity® Total Emerging Markets Fund
 
 
 
1.20%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 978.00
 
$ 5.98
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.16
 
$ 6.11
 
Class I
 
 
 
1.16%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 978.80
 
$ 5.79
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.36
 
$ 5.90
 
Class Z
 
 
 
1.03%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 978.80
 
$ 5.14
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.01
 
$ 5.24
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
 
Distributions (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends:
 
Fidelity Emerging Markets Discovery Fund
$179,038
Fidelity Total Emerging Markets Fund
$2,925,102
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
 
Class A
Class M
Class C
Retail
Class I
Class Z
Fidelity Emerging Markets Discovery Fund
 
 
 
 
 
 
December 09, 2022
96.87%
100.00%
100.00%
83.51%
79.67%
77.38%
December 28, 2022
89.79%
89.79%
89.79%
89.79%
89.79%
89.79%
Fidelity Total Emerging Markets Fund
 
 
 
 
 
 
December 2022
57.06%
62.94%
82.53%
53.72%
52.46%
50.48%
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
 
 
Pay Date
Income
Taxes
Fidelity Emerging Markets Discovery Fund
 
 
 
Class A
12/12/2022
$0.2490
$0.0602
Class A
12/29/2022
$0.0000
$0.0000
Class M
12/12/2022
$0.2062
$0.0602
Class M
12/29/2022
$0.0000
$0.0000
Class C
12/12/2022
$0.1316
$0.0602
Class C
12/29/2022
$0.0000
$0.0000
Emerging Markets Discovery
12/12/2022
$0.2888
$0.0602
Emerging Markets Discovery
12/29/2022
$0.0000
$0.0000
Class I
12/12/2022
$0.3028
$0.0602
Class I
12/29/2022
$0.0000
$0.0000
Class Z
12/12/2022
$0.3117
$0.0602
Class Z
12/29/2022
$0.0000
$0.0000
Fidelity Total Emerging Markets Fund
 
 
 
Class A
12/12/2022
$0.3532
$0.0642
Class M
12/12/2022
$0.3202
$0.0642
Class C
12/12/2022
$0.2442
$0.0642
Total Emerging Markets
12/12/2022
$0.3752
$0.0642
Class I
12/12/2022
$0.3842
$0.0642
Class Z
12/12/2022
$0.3992
$0.0642
The funds will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Emerging Markets Discovery Fund
Fidelity Total Emerging Markets Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of each fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
Approval of Stub Period Continuation. At its May 2023 meeting, the Board of Trustees voted to continue each fund's management contract with FMR, and the sub-advisory agreements and sub-sub-advisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for two months from June 1, 2023 through July 31, 2023. The Board considered that the approval of each fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of each fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under each fund's Advisory Contracts; or (iv) the day-to-day management of each fund or the persons primarily responsible for such management. The Board also considered that since its last approval of each fund's Advisory Contracts, FMR had provided additional information on each fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that each fund's Advisory Contracts are fair and reasonable, and that each fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board would consider the annual renewal for a full one year period in July 2023.
At its July 2023 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees) of each fund; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the funds, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of each fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for each fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group), as applicable. The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. The Fidelity Total Emerging Markets Fund underperformed its benchmark for the one-, three- and five-year periods ended February 28, 2023, and as a result, the Board continues to engage in discussions with FMR about the steps it is taking to address the fund's performance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of each fund's management fee and total expense ratio of the retail class, the Board considered each fund's management fee rate as well as other fund or class expenses, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps ) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to each fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the retail class of each fund relative to funds and classes in the mapped group that have a similar sales load structure of each fund or representative class, as applicable (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the retail class of each fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund or class, as applicable (referred to as the "total expense asset size peer group). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that each fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. Further, the information provided to the Board indicated that the total expense ratio of the retail class of each fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2022.
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
Other Contractual Arrangements. The Board further considered that FMR has contractually agreed to reimburse Class A, Class M, Class C, Class I, Class Z, and the retail class of Fidelity Emerging Markets Discovery Fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 1.60%, 1.85%, 2.35%, 1.35%, 1.20%, and 1.35% through February 29, 2024.
The Board further considered that FMR has contractually agreed to reimburse Class A, Class M, Class C, Class I, Class Z, and the retail class of Fidelity Total Emerging Markets Fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 1.55%, 1.80%, 2.30%, 1.30%, 1.15%, and 1.30% through February 29, 2024.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that each fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of each fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that each fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contracts). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances, and that each fund's Advisory Contracts should be renewed through July 31, 2024.
 
1.931237.111
EMD-TEK-ANN-1223
Fidelity® Sustainable Emerging Markets Equity Fund
 
 
Annual Report
October 31, 2023
Includes Fidelity and Fidelity Advisor share classes

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2023 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Life of
Fund A
Class A  (incl. 5.75% sales charge)  
6.44%
-18.91%
Class M  (incl. 3.50% sales charge)  
8.71%
-17.99%
Class C  
(incl. contingent deferred sales charge)
 
10.96%
-16.72%
Fidelity® Sustainable Emerging Markets Equity Fund
13.11%
-15.85%
Class I
13.11%
-15.85%
Class Z
13.42%
-15.72%
 
A   From February 10, 2022
Class C shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 1% and 0%, respectively.
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® Sustainable Emerging Markets Equity Fund, a class of the fund, on February 10, 2022, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets Index performed over the same period.
 
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuation also helped bolster non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Portfolio Manager John Chow:
For the fiscal year ending October 31, 2023, the fund's share classes (excluding sales charges, if applicable) gained about 12% to 13%, versus 10.84% for the benchmark MSCI Emerging Markets (Net MA) Index. From a regional standpoint, stock picks in Emerging Asia and an underweight in emerging Europe, the Middle East & Africa - Saudi Arabia in particular - contributed to the fund's performance versus the benchmark. By sector, the biggest relative contributor was security selection in consumer discretionary. Stock picks and an underweight among industrials firms, primarily within the capital goods industry, also boosted relative performance. Further contributing to the portfolio's relative result was smaller-than-benchmark exposure to utilities. The top individual relative contributor was an overweight in Taiwan Semiconductor Manufacturing (+43%), the fund's top holding on October 31. A second notable relative contributor was an outsized stake in NetEase (+94%), one of the portfolio's largest holdings this period. An overweight in PDD (+81%) also helped. The stock was another of the fund's more sizable holdings at period end. In contrast, on a regional basis, security selection in Latin America, primarily in Brazil, in addition to Asia Pacific ex Japan, detracted from the portfolio's relative return. By sector, the biggest detractor from performance versus the benchmark was picks among financials companies, especially banks. Investment choices in the multi-sector category and energy further pressured performance. The largest individual relative detractor was an overweight in Localiza Rent A Car (-25%), followed by our non-benchmark stake in Sea Limited (-45%). A stake in Impala Platinum Holdings returned -58% and notably hurt as well. The stock was not held at period end. Notable changes in positioning include lower allocations to equity markets in Indonesia and South Africa. By sector, meaningful shifts include decreased exposure to the multi-sector category and materials stocks.
Note to shareholders:
Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.
 
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR  (Taiwan, Semiconductors & Semiconductor Equipment)
8.4
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
6.3
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
5.3
 
Alibaba Group Holding Ltd.  (China, Broadline Retail)
4.4
 
PDD Holdings, Inc. ADR  (China, Broadline Retail)
2.9
 
SK Hynix, Inc.  (Korea (South), Semiconductors & Semiconductor Equipment)
2.0
 
New Oriental Education & Technology Group, Inc. sponsored ADR  (China, Diversified Consumer Services)
1.9
 
Grupo Financiero Banorte S.A.B. de CV Series O  (Mexico, Banks)
1.8
 
China Construction Bank Corp. (H Shares)  (China, Banks)
1.8
 
NetEase, Inc. ADR  (China, Entertainment)
1.6
 
 
36.4
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
23.5
 
Financials
22.6
 
Consumer Discretionary
17.8
 
Communication Services
11.3
 
Industrials
4.8
 
Consumer Staples
4.7
 
Health Care
4.6
 
Materials
3.6
 
Energy
2.2
 
Utilities
1.4
 
Real Estate
0.8
 
 
Asset Allocation (% of Fund's net assets)
Futures - 1.1%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 95.9%
 
 
Shares
Value ($)
 
Brazil - 4.3%
 
 
 
Banco BTG Pactual SA unit
 
7,843
46,046
Banco do Brasil SA
 
2,923
28,031
Hapvida Participacoes e Investimentos SA (a)(b)
 
49,351
36,119
Localiza Rent a Car SA
 
3,277
33,064
Localiza Rent a Car SA rights 11/10/23 (a)
 
23
32
Raia Drogasil SA
 
6,765
34,618
TOTAL BRAZIL
 
 
177,910
China - 32.9%
 
 
 
Alibaba Group Holding Ltd. (a)
 
15,141
155,878
Alibaba Group Holding Ltd. sponsored ADR (a)
 
299
24,679
Baidu, Inc. sponsored ADR (a)
 
120
12,600
BeiGene Ltd. ADR (a)
 
54
10,059
BYD Co. Ltd. (H Shares)
 
1,141
34,698
China Construction Bank Corp. (H Shares)
 
127,867
72,316
China Life Insurance Co. Ltd. (H Shares)
 
25,332
34,310
China Merchants Bank Co. Ltd. (H Shares)
 
1,859
7,052
ENN Energy Holdings Ltd.
 
1,424
10,787
Flat Glass Group Co. Ltd.
 
9,453
16,976
Haier Smart Home Co. Ltd.
 
7,462
21,284
Innovent Biologics, Inc. (a)(b)
 
3,789
22,329
JD.com, Inc. sponsored ADR
 
1,107
28,140
Kweichow Moutai Co. Ltd. (A Shares)
 
94
21,653
Li Auto, Inc. ADR (a)
 
718
24,276
Meituan Class B (a)(b)
 
4,521
64,085
NetEase, Inc. ADR
 
602
64,366
New Oriental Education & Technology Group, Inc. sponsored ADR (a)
 
1,226
80,291
PDD Holdings, Inc. ADR (a)
 
1,193
120,994
Ping An Insurance Group Co. of China Ltd. (H Shares)
 
9,685
49,127
Qingdao Port International Co. Ltd. (H Shares) (b)
 
15,963
7,974
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) (a)
 
1,439
56,255
Shenzhou International Group Holdings Ltd.
 
1,032
10,137
Sinotruk Hong Kong Ltd.
 
27,293
51,406
Tencent Holdings Ltd.
 
5,924
219,240
Trip.com Group Ltd. ADR (a)
 
1,629
55,386
Will Semiconductor Ltd.
 
700
10,563
Wuliangye Yibin Co. Ltd. (A Shares)
 
615
13,112
WuXi AppTec Co. Ltd. (H Shares) (b)
 
1,178
14,155
Wuxi Biologics (Cayman), Inc. (a)(b)
 
4,154
25,829
Zijin Mining Group Co. Ltd. (H Shares)
 
12,243
18,939
TOTAL CHINA
 
 
1,358,896
Greece - 0.5%
 
 
 
OPAP SA
 
1,239
20,976
Hungary - 0.7%
 
 
 
Richter Gedeon PLC
 
1,273
29,848
India - 14.2%
 
 
 
Axis Bank Ltd.
 
3,696
43,599
Bharti Airtel Ltd.
 
3,969
43,577
HDFC Bank Ltd.
 
2,280
40,446
HDFC Bank Ltd. sponsored ADR
 
720
40,716
HDFC Standard Life Insurance Co. Ltd. (b)
 
6,063
45,027
Hindustan Unilever Ltd.
 
576
17,185
ICICI Bank Ltd.
 
4,291
47,195
Infosys Ltd. sponsored ADR
 
1,672
27,454
Larsen & Toubro Ltd.
 
1,711
60,194
NTPC Ltd.
 
15,474
43,827
Reliance Industries Ltd.
 
793
21,799
Reliance Industries Ltd. GDR (b)
 
813
44,390
SRF Ltd.
 
1,249
32,925
Tata Consultancy Services Ltd.
 
311
12,587
Tata Steel Ltd.
 
10,888
15,532
Ultratech Cement Ltd.
 
506
51,194
TOTAL INDIA
 
 
587,647
Indonesia - 3.0%
 
 
 
PT Bank Central Asia Tbk
 
94,417
52,016
PT Bank Mandiri (Persero) Tbk
 
62,630
22,375
PT Bank Negara Indonesia (Persero) Tbk
 
36,353
10,971
PT Bank Rakyat Indonesia (Persero) Tbk
 
79,085
24,729
PT Telkom Indonesia Persero Tbk
 
61,336
13,446
TOTAL INDONESIA
 
 
123,537
Korea (South) - 13.5%
 
 
 
AMOREPACIFIC Corp.
 
233
21,838
Hansol Chemical Co. Ltd.
 
73
8,134
Hyundai Marine & Fire Insurance Co. Ltd.
 
322
7,500
Hyundai Mipo Dockyard Co. Ltd. (a)
 
40
2,058
Hyundai Motor Co. Ltd.
 
478
60,131
JYP Entertainment Corp.
 
315
23,942
KB Financial Group, Inc.
 
659
25,083
LG Chemical Ltd.
 
23
7,527
LG Corp.
 
170
9,716
LG Innotek Co. Ltd.
 
53
8,784
NAVER Corp.
 
292
40,762
Samsung Electronics Co. Ltd.
 
5,255
261,179
SK Hynix, Inc.
 
931
80,730
TOTAL KOREA (SOUTH)
 
 
557,384
Mexico - 4.2%
 
 
 
Corporacion Inmobiliaria Vesta S.A.B. de CV ADR
 
834
26,221
Fomento Economico Mexicano S.A.B. de CV sponsored ADR
 
180
20,414
Grupo Aeroportuario Norte S.A.B. de CV
 
1,142
8,718
Grupo Financiero Banorte S.A.B. de CV Series O
 
9,076
73,659
Wal-Mart de Mexico SA de CV Series V
 
12,360
44,239
TOTAL MEXICO
 
 
173,251
Peru - 0.4%
 
 
 
Credicorp Ltd. (United States)
 
140
17,494
Philippines - 0.2%
 
 
 
Ayala Land, Inc.
 
18,490
9,076
Saudi Arabia - 1.5%
 
 
 
Al Rajhi Bank
 
1,861
33,285
The Saudi National Bank
 
3,123
27,929
TOTAL SAUDI ARABIA
 
 
61,214
Singapore - 0.3%
 
 
 
Sea Ltd. ADR (a)
 
261
10,884
South Africa - 3.1%
 
 
 
Absa Group Ltd.
 
2,836
25,856
Bid Corp. Ltd.
 
1,081
22,933
Capitec Bank Holdings Ltd.
 
165
14,651
FirstRand Ltd.
 
2,494
8,222
MTN Group Ltd.
 
1,211
5,912
Naspers Ltd. Class N
 
214
33,406
Standard Bank Group Ltd.
 
1,837
18,027
TOTAL SOUTH AFRICA
 
 
129,007
Taiwan - 16.0%
 
 
 
Alchip Technologies Ltd.
 
654
53,597
Chailease Holding Co. Ltd.
 
7,753
42,024
E Ink Holdings, Inc.
 
1,333
6,930
E.SUN Financial Holdings Co. Ltd.
 
13,271
9,771
eMemory Technology, Inc.
 
616
38,564
HIWIN Technologies Corp.
 
4,400
26,644
International Games Systems Co. Ltd.
 
1,589
30,604
King Yuan Electronics Co. Ltd.
 
9,916
23,475
MediaTek, Inc.
 
1,038
27,070
Realtek Semiconductor Corp.
 
757
9,427
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
4,031
347,918
Unimicron Technology Corp.
 
2,941
13,107
Yageo Corp.
 
1,870
30,464
TOTAL TAIWAN
 
 
659,595
Thailand - 1.1%
 
 
 
Bangkok Bank PCL (For. Reg.)
 
2,640
11,505
PTT Exploration and Production PCL (For. Reg.)
 
5,514
25,042
SCB X PCL (For. Reg.)
 
3,661
9,982
TOTAL THAILAND
 
 
46,529
 
TOTAL COMMON STOCKS
 (Cost $4,082,755)
 
 
 
3,963,248
 
 
 
 
Nonconvertible Preferred Stocks - 1.4%
 
 
Shares
Value ($)
 
Brazil - 1.4%
 
 
 
Banco Bradesco SA (PN)
 
2,888
8,014
Gerdau SA
 
2,613
11,283
Itau Unibanco Holding SA
 
7,214
38,375
 
 
 
 
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 (Cost $58,247)
 
 
 
57,672
 
 
 
 
Money Market Funds - 3.7%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (c)
 
 (Cost $151,488)
 
 
151,458
151,488
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.0%
 (Cost $4,292,490)
 
 
 
4,172,408
NET OTHER ASSETS (LIABILITIES) - (1.0)%  
(40,902)
NET ASSETS - 100.0%
4,131,506
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE MSCI Emerging Markets Index Contracts (United States)
1
Dec 2023
45,960
(167)
(167)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 1.1%
 
 
 
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 $259,908 or 6.3% 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, 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
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
102,935
3,304,336
3,255,783
12,165
-
-
151,488
0.0%
Total
102,935
3,304,336
3,255,783
12,165
-
-
151,488
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
465,333
93,762
371,571
-
Consumer Discretionary
734,361
388,148
346,213
-
Consumer Staples
195,992
122,204
73,788
-
Energy
91,231
44,390
46,841
-
Financials
935,333
380,305
555,028
-
Health Care
194,594
76,026
118,568
-
Industrials
199,806
41,814
157,992
-
Information Technology
968,825
375,372
593,453
-
Materials
145,534
11,283
134,251
-
Real Estate
35,297
26,221
9,076
-
Utilities
54,614
-
54,614
-
  Money Market Funds
151,488
151,488
-
-
 Total Investments in Securities:
4,172,408
1,711,013
2,461,395
-
 Derivative Instruments:
 Liabilities
 
 
 
 
Futures Contracts
(167)
(167)
-
-
  Total Liabilities
(167)
(167)
-
-
 Total Derivative Instruments:
(167)
(167)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
0
(167)
Total Equity Risk
0
(167)
Total Value of Derivatives
0
(167)
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $4,141,002)
$
4,020,920
 
 
Fidelity Central Funds (cost $151,488)
151,488
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $4,292,490)
 
 
$
4,172,408
Segregated cash with brokers for derivative instruments
 
 
3,494
Foreign currency held at value (cost $4,872)
 
 
4,870
Receivable for investments sold
 
 
48,681
Receivable for fund shares sold
 
 
171
Dividends receivable
 
 
3,447
Distributions receivable from Fidelity Central Funds
 
 
842
Prepaid expenses
 
 
6
Receivable from investment adviser for expense reductions
 
 
10,097
Other receivables
 
 
151
  Total assets
 
 
4,244,167
Liabilities
 
 
 
 
Payable for investments purchased
$
33,427
 
 
Payable for fund shares redeemed
3
 
 
Accrued management fee
2,797
 
 
Distribution and service plan fees payable
283
 
 
Payable for daily variation margin on futures contracts
305
 
 
Other affiliated payables
986
 
 
Audit fee payable
57,247
 
 
Custody fee payable
11,319
 
 
Other payables and accrued expenses
6,294
 
 
  Total Liabilities
 
 
 
112,661
Net Assets  
 
 
$
4,131,506
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
5,034,256
Total accumulated earnings (loss)
 
 
 
(902,750)
Net Assets
 
 
$
4,131,506
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($223,871 ÷ 30,420 shares)(a)
 
 
$
7.36
Maximum offering price per share (100/94.25 of $7.36)
 
 
$
7.81
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($184,236 ÷ 25,070 shares)(a)
 
 
$
7.35
Maximum offering price per share (100/96.50 of $7.35)
 
 
$
7.62
Class C :
 
 
 
 
Net Asset Value and offering price per share ($184,901 ÷ 25,316 shares)(a)
 
 
$
7.30
Fidelity Sustainable Emerging Markets Equity Fund :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($2,946,852 ÷ 399,452 shares)
 
 
$
7.38
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($201,256 ÷ 27,276 shares)
 
 
$
7.38
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($390,390 ÷ 52,768 shares)
 
 
$
7.40
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
102,850
Non-Cash dividends
 
 
11,645
Income from Fidelity Central Funds  
 
 
12,165
 Income before foreign taxes withheld
 
 
$
126,660
Less foreign taxes withheld
 
 
(13,314)
 Total Income
 
 
 
113,346
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
34,611
 
 
 Performance adjustment
(137)
 
 
Transfer agent fees
9,420
 
 
Distribution and service plan fees
3,545
 
 
Accounting fees and expenses
2,225
 
 
Custodian fees and expenses
42,671
 
 
Independent trustees' fees and expenses
22
 
 
Registration fees
102,388
 
 
Audit
81,881
 
 
Legal
4
 
 
Miscellaneous
16
 
 
 Total expenses before reductions
 
276,646
 
 
 Expense reductions
 
(218,552)
 
 
 Total expenses after reductions
 
 
 
58,094
Net Investment income (loss)
 
 
 
55,252
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $1,487)
 
(405,000)
 
 
 Foreign currency transactions
 
(4,604)
 
 
 Futures contracts
 
(5,550)
 
 
Total net realized gain (loss)
 
 
 
(415,154)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $4,672)  
 
636,522
 
 
 Assets and liabilities in foreign currencies
 
(14)
 
 
 Futures contracts
 
(167)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
636,341
Net gain (loss)
 
 
 
221,187
Net increase (decrease) in net assets resulting from operations
 
 
$
276,439
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
For the period February 10, 2022 (commencement of operations) through October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
55,252
$
14,880
Net realized gain (loss)
 
(415,154)
 
 
(409,178)
 
Change in net unrealized appreciation (depreciation)
 
636,341
 
(761,262)
 
Net increase (decrease) in net assets resulting from operations
 
276,439
 
 
(1,155,560)
 
Distributions to shareholders
 
(23,630)
 
 
-
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
866,372
 
 
4,167,885
 
Total increase (decrease) in net assets
 
1,119,181
 
 
3,012,325
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
3,012,325
 
-
 
End of period
$
4,131,506
$
3,012,325
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Sustainable Emerging Markets Equity Fund Class A
 
Years ended October 31,
 
2023  
 
2022 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
6.55
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.08
 
.03
     Net realized and unrealized gain (loss)
 
.77
 
(3.48)
  Total from investment operations
 
.85  
 
(3.45)  
  Distributions from net investment income
 
(.04)
 
-
     Total distributions
 
(.04)
 
-
  Net asset value, end of period
$
7.36
$
6.55
 Total Return D,E,F
 
12.93%
 
(34.50)%
 Ratios to Average Net Assets C,G,H
 
 
 
 
    Expenses before reductions
 
6.44%
 
8.77% I,J
    Expenses net of fee waivers, if any
 
1.49%
 
1.57% I
    Expenses net of all reductions
 
1.48%
 
1.56% I
    Net investment income (loss)
 
1.06%
 
.51% I
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
224
$
164
    Portfolio turnover rate K
 
119%
 
84% I
 
AFor the period February 10, 2022 (commencement of operations) through October 31, 2022
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FTotal returns do not include the effect of the sales charges.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAnnualized.
 
JAudit fees are not annualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Sustainable Emerging Markets Equity Fund Class M
 
Years ended October 31,
 
2023  
 
2022 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
6.54
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.06
 
.01
     Net realized and unrealized gain (loss)
 
.77
 
(3.47)
  Total from investment operations
 
.83  
 
(3.46)  
  Distributions from net investment income
 
(.02)
 
-
     Total distributions
 
(.02)
 
-
  Net asset value, end of period
$
7.35
$
6.54
 Total Return D,E,F
 
12.65%
 
(34.60)%
 Ratios to Average Net Assets C,G,H
 
 
 
 
    Expenses before reductions
 
6.57%
 
9.01% I,J
    Expenses net of fee waivers, if any
 
1.74%
 
1.82% J
    Expenses net of all reductions
 
1.73%
 
1.82% J
    Net investment income (loss)
 
.81%
 
.26% J
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
184
$
164
    Portfolio turnover rate K
 
119%
 
84% J
 
AFor the period February 10, 2022 (commencement of operations) through October 31, 2022
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FTotal returns do not include the effect of the sales charges.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAudit fees are not annualized.
 
JAnnualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Sustainable Emerging Markets Equity Fund Class C
 
Years ended October 31,
 
2023  
 
2022 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
6.52
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.02
 
(.01)
     Net realized and unrealized gain (loss)
 
.76
 
(3.47)
  Total from investment operations
 
.78  
 
(3.48)  
  Net asset value, end of period
$
7.30
$
6.52
 Total Return D,E,F
 
11.96%
 
(34.80)%
 Ratios to Average Net Assets C,G,H
 
 
 
 
    Expenses before reductions
 
7.07%
 
9.51% I,J
    Expenses net of fee waivers, if any
 
2.25%
 
2.32% J
    Expenses net of all reductions
 
2.24%
 
2.32% J
    Net investment income (loss)
 
.31%
 
(.24)% J
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
185
$
163
    Portfolio turnover rate K
 
119%
 
84% J
 
AFor the period February 10, 2022 (commencement of operations) through October 31, 2022
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FTotal returns do not include the effect of the contingent deferred sales charge.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAudit fees are not annualized.
 
JAnnualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity® Sustainable Emerging Markets Equity Fund
 
Years ended October 31,
 
2023  
 
2022 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
6.57
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.10
 
.05
     Net realized and unrealized gain (loss)
 
.76
 
(3.48)
  Total from investment operations
 
.86  
 
(3.43)  
  Distributions from net investment income
 
(.05)
 
-
     Total distributions
 
(.05)
 
-
  Net asset value, end of period
$
7.38
$
6.57
 Total Return D,E
 
13.11%
 
(34.30)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
    Expenses before reductions
 
6.16%
 
8.07% H,I
    Expenses net of fee waivers, if any
 
1.25%
 
1.25% I
    Expenses net of all reductions
 
1.24%
 
1.25% I
    Net investment income (loss)
 
1.31%
 
.83% I
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,947
$
2,082
    Portfolio turnover rate J
 
119%
 
84% I
 
AFor the period February 10, 2022 (commencement of operations) through October 31, 2022
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAudit fees are not annualized.
 
IAnnualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Sustainable Emerging Markets Equity Fund Class I
 
Years ended October 31,
 
2023  
 
2022 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
6.57
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.10
 
.04
     Net realized and unrealized gain (loss)
 
.76
 
(3.47)
  Total from investment operations
 
.86  
 
(3.43)  
  Distributions from net investment income
 
(.05)
 
-
     Total distributions
 
(.05)
 
-
  Net asset value, end of period
$
7.38
$
6.57
 Total Return D,E
 
13.11%
 
(34.30)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
    Expenses before reductions
 
6.00%
 
8.50% H,I
    Expenses net of fee waivers, if any
 
1.24%
 
1.31% I
    Expenses net of all reductions
 
1.23%
 
1.31% I
    Net investment income (loss)
 
1.31%
 
.76% I
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
201
$
164
    Portfolio turnover rate J
 
119%
 
84% I
 
AFor the period February 10, 2022 (commencement of operations) through October 31, 2022
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAudit fees are not annualized.
 
IAnnualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Sustainable Emerging Markets Equity Fund Class Z
 
Years ended October 31,
 
2023  
 
2022 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
6.57
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.11
 
.05
     Net realized and unrealized gain (loss)
 
.77
 
(3.48)
  Total from investment operations
 
.88  
 
(3.43)  
  Distributions from net investment income
 
(.05)
 
-
     Total distributions
 
(.05)
 
-
  Net asset value, end of period
$
7.40
$
6.57
 Total Return D,E
 
13.42%
 
(34.30)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
    Expenses before reductions
 
5.87%
 
8.23% H,I
    Expenses net of fee waivers, if any
 
1.09%
 
1.15% I
    Expenses net of all reductions
 
1.09%
 
1.15% I
    Net investment income (loss)
 
1.46%
 
.93% I
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
390
$
276
    Portfolio turnover rate J
 
119%
 
84% I
 
AFor the period February 10, 2022 (commencement of operations) through October 31, 2022
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAudit fees are not annualized.
 
IAnnualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity Sustainable Emerging Markets Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Sustainable Emerging Markets Equity Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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, 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. 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.
 
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 (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$237,569
Gross unrealized depreciation
(457,610)
Net unrealized appreciation (depreciation)
$(220,041)
Tax Cost
$4,392,449
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$65,068
Capital loss carryforward
$(743,105)
Net unrealized appreciation (depreciation) on securities and other investments
$(220,041)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 Short-term
$(574,011)
 Long-term
(169,094)
Total capital loss carryforward
$(743,105)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022A
Ordinary Income
$23,630
$-
Total
$23,630
$-
 
A For the period February 10, 2022 (commencement of operations) through October 31, 2022.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Sustainable Emerging Markets Equity Fund
5,862,588
4,962,109
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .10% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Fund as compared to its benchmark index, the MSCI Emerging Markets Index, over the same 36 month performance period. The Fund's performance adjustment took effect on December 1, 2023. Subsequent months will be added until the performance period includes 36 months. For the reporting period, the total annual management fee rate, including the performance adjustment, was .77% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees
Retained by FDC
Class A
 -%
 .25%
$589
$492
Class M
 .25%
 .25%
 980
 980
Class C
 .75%
 .25%
                  1,976
                  1,949
 
 
 
$3,545
$3,421
 
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares. For the period, there were no sales charge amounts retained by FDC.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Class A
$515
.22
Class M
 233
.12
Class C
 233
.12
Fidelity Sustainable Emerging Markets Equity Fund
 8,031
.25
Class I
 257
.12
Class Z
                      151
.04
 
$9,420
 
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
 
 
% of Class-Level Average Net Assets
Class A
0.1963%
Class M
0.1153%
Class C
0.1151%
Fidelity Sustainable Emerging Markets Equity Fund
0.2000%
Class I
0.1217%
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity Sustainable Emerging Markets Equity Fund
.05
 
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
 
 
% of Average Net Assets
Fidelity Sustainable Emerging Markets Equity Fund
0.0498%
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity Sustainable Emerging Markets Equity Fund
$20
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Sustainable Emerging Markets Equity Fund
51,220
136,924
(24,057)
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity Sustainable Emerging Markets Equity Fund
$8
8. Expense Reductions.
The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2025. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.
 
The following classes were in reimbursement during the period:
 
 
Expense Limitations
Reimbursement
Class A
1.50%
$11,620
Class M
1.75%
 9,453
Class C
2.25%
 9,518
Fidelity Sustainable Emerging Markets Equity Fund
1.25%
 160,230
Class I
1.25%
 9,941
Class Z
1.10%
                           17,115
 
 
$217,877
 
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $407.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $268.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2023
Year ended
October 31, 2022A
Fidelity Sustainable Emerging Markets Equity Fund
 
 
Distributions to shareholders
 
 
Class A
$1,114
$-
Class M
 450
-
Fidelity Sustainable Emerging Markets Equity Fund
 18,515
-
Class I
 1,326
-
Class Z
                  2,225
-
Total  
$23,630
$-
 
A For the period February 10, 2022 (commencement of operations) through October 31, 2022.
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended
 October 31, 2023
Year ended
 October 31, 2022A
Year ended
 October 31, 2023
Year ended
 October 31, 2022A
Fidelity Sustainable Emerging Markets Equity Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
8,323
25,041
$64,307
$250,393
Reinvestment of distributions
147
-
1,114
-
Shares redeemed
(3,050)
(41)
(25,227)
(320)
Net increase (decrease)
5,420
25,000
$40,194
$250,073
Class M
 
 
 
 
Shares sold
11
25,000
$89
$250,003
Reinvestment of distributions
59
-
450
-
Net increase (decrease)
70
25,000
$539
$250,003
Class C
 
 
 
 
Shares sold
848
25,000
$6,892
$250,000
Shares redeemed
(532)
-
(4,129)
-
Net increase (decrease)
316
25,000
$2,763
$250,000
Fidelity Sustainable Emerging Markets Equity Fund
 
 
 
 
Shares sold
371,692
382,605
$2,989,168
$3,306,578
Reinvestment of distributions
2,252
-
17,120
-
Shares redeemed
(291,557)
(65,540)
(2,290,199)
(507,726)
Net increase (decrease)
82,387
317,065
$716,089
$2,798,852
Class I
 
 
 
 
Shares sold
2,102
25,000
$17,000
$250,000
Reinvestment of distributions
174
-
1,326
-
Net increase (decrease)
2,276
25,000
$18,326
$250,000
Class Z
 
 
 
 
Shares sold
14,147
42,008
$113,210
$369,361
Reinvestment of distributions
174
-
1,326
-
Shares redeemed
(3,509)
(52)
(26,075)
(404)
Net increase (decrease)
10,812
41,956
$88,461
$368,957
A For the period February 10, 2022 (commencement of operations) through October 31, 2022.
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:
 
 
Affiliated %
Fidelity Sustainable Emerging Markets Equity Fund
32%
 
In addition, at the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Fidelity Sustainable Multi-Asset Fund
Fidelity Sustainable Emerging Markets Equity Fund
18%
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Sustainable Emerging Markets Equity Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Sustainable Emerging Markets Equity Fund (one of the funds constituting Fidelity Investment Trust, referred to hereafter as the "Fund") as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, and the statement of changes in net assets and the financial highlights for the year ended October 31, 2023 and for the period February 10, 2022 (commencement of operations) through October 31, 2022, including the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, the results of its operations for the year ended October 31, 2023, and the changes in its net assets and the financial highlights for the year ended October 31, 2023 and for the period February 10, 2022 (commencement of operations) through October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
 
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
 
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
 
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 14, 2023
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 322 funds. Mr. Chiel oversees 191 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).       
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Vijay C. Advani (1960)
Year of Election or Appointment: 2023
Member of the Advisory Board
Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).     
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Karen B. Peetz (1955)
Year of Election or Appointment: 2023
Member of the Advisory Board
Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).     
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).      
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).          
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
Fidelity® Sustainable Emerging Markets Equity Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.49%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 946.00
 
$ 7.31
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,017.69
 
$ 7.58
 
Class M
 
 
 
1.74%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 944.70
 
$ 8.53
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,016.43
 
$ 8.84
 
Class C
 
 
 
2.24%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 941.90
 
$ 10.96
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,013.91
 
$ 11.37
 
Fidelity® Sustainable Emerging Markets Equity Fund
 
 
 
1.25%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 947.40
 
$ 6.14
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,018.90
 
$ 6.36
 
Class I
 
 
 
1.24%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 947.40
 
$ 6.09
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,018.95
 
$ 6.31
 
Class Z
 
 
 
1.10%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 948.70
 
$ 5.40
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.66
 
$ 5.60
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
Distributions (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund designates $218 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.
 
Class A, Class M, Sustainable Emerging Markets Equity Fund, Class I and Class Z designate 100% of each dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
 
 
Pay Date
Income
Taxes
Fidelity Sustainable Emerging Markets Equity Fund
 
 
 
Class A
12/12/2022
$0.0458
$0.0138
 
12/29/2022
$0.0060
$0.0000
Class M
12/12/2022
$0.0258
$0.0138
 
12/29/2022
$0.0060
$0.0000
Class C
12/12/2022
$0.0000
$0.0000
 
12/29/2022
$0.0000
$0.0000
Sustainable Emerging Markets Equity Fund
12/12/2022
$0.0608
$0.0138
 
12/29/2022
$0.0060
$0.0000
Class I
12/12/2022
$0.0608
$0.0138
 
12/29/2022
$0.0060
$0.0000
Class Z
12/12/2022
$0.0608
$0.0138
 
12/29/2022
$0.0060
$0.0000
 
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Sustainable Emerging Markets Equity Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
Approval of Stub Period Continuation. At its May 2023 meeting, the Board of Trustees voted to continue the fund's management contract with FMR, and the sub-advisory agreements and sub-sub-advisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for two months from June 1, 2023 through July 31, 2023. The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board would consider the annual renewal for a full one year period in July 2023.
At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and the total expense ratio of the retail class, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the retail class of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the retail class of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the retail class of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the period ended September 30, 2022 and below the competitive median of the asset size peer group for the period ended September 30, 2022. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the similar sales load structure group for the period ended September 30, 2022 and below the competitive median of the total expense asset size peer group for the period ended September 30, 2022.
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.
In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of the retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee, including the use of the retail class as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule.  The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through July 31, 2024.
 
 
1.9905243.101
MAR-ANN-1223
Fidelity® Global Commodity Stock Fund
 
 
Annual Report
October 31, 2023
Includes Fidelity and Fidelity Advisor share classes

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2023 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Class A  (incl. 5.75% sales charge)  
-14.84%
7.99%
3.29%
Class M  (incl. 3.50% sales charge)  
-13.06%
8.19%
3.24%
Class C  
(incl. contingent deferred sales charge)
 
-11.23%
8.46%
3.29%
Fidelity® Global Commodity Stock Fund
-9.47%
9.55%
4.16%
Class I
-9.42%
9.62%
4.23%
Class Z
-9.30%
9.74%
4.30%
 
 
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Global Commodity Stock Fund, a class of the fund, on October 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) Index performed over the same period.
 
Market Recap:
Global equities gained 10.91% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -18.07% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 18.36% year to date through July, including gains in June (+5.83%) and July (+3.68%). The rally for international equities sputtered for the next three months (-9.54%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds, and particularly weak economic conditions in the eurozone and China. Even still, the three-month decline left global stocks up 7.07% year to date through October. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin, while the U.S. middled (+10%). All but three of 11 sectors advanced, with information technology (+29%) and communication services (+27%) leading. Conversely, the real estate sector (-3%) lagged most, followed by health care and utilities (-1% each).
Comments from Portfolio Manager Peter Belisle:
For the fiscal year ending October 31, 2023, the fund's share classes (excluding sales charges, if applicable) returned about -10% to -9%, versus -2.68% for the MSCI AC World Commodity Producers Sector Capped Index (Net) and 10.91% for the broad-based MSCI All Country World Index (Net MA). From a regional standpoint, an overweight in the United States and positioning in Asia Pacific ex Japan, primarily in Australia, detracted from the fund's relative result. By industry, security selection was the primary detractor, especially within integrated oil & gas. Security selection in fertilizers & agricultural chemicals also hurt. Picks in copper further hampered the fund's relative result. Also detracting from the fund's relative performance were stock selection and an underweight in diversified metals & mining. Not owning BHP Group, a benchmark component that gained 25%, was the fund's biggest individual relative detractor. The second-largest relative detractor was untimely positioning CF Industries Holdings (-37%). This period we decreased our stake in CF Industries Holdings. An overweight in First Quantum Minerals (-32%) also hurt. First Quantum Minerals was among the fund's biggest holdings this period. In contrast, from a regional standpoint, security selection in the United States contributed to the fund's performance versus the benchmark. By industry, the biggest contributor to performance versus the benchmark was stock selection in oil & gas exploration & production. An underweight in fertilizers & agricultural chemicals also boosted relative performance. Also contributing to the fund's relative result was security selection in oil & gas equipment & services. The fund's non-benchmark stake in Weatherford International gained 61% and was the fund's top individual relative contributor. A second notable relative contributor was an overweight in ARC Resources (+24%). This was a position we established the past year. Another notable relative contributor was our non-benchmark stake in Range Resources (+50%). This period we decreased our investment in Range Resources. Notable changes in positioning include increased exposure to the diversified metals & mining sector and a lower allocation to agricultural products & services.
Note to shareholders: After nearly 30 years with Fidelity, Jody Simes retired on January 1, 2023, leaving Peter Belisle as sole portfolio manager.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
Top Holdings (% of Fund's net assets)
 
Exxon Mobil Corp.
8.3
 
Shell PLC (London)
6.1
 
Teck Resources Ltd. Class B (sub. vtg.)
4.4
 
Canadian Natural Resources Ltd.
3.9
 
Reliance Steel & Aluminum Co.
3.7
 
Antero Resources Corp.
3.7
 
UPM-Kymmene Corp.
3.6
 
Wheaton Precious Metals Corp.
3.4
 
Corteva, Inc.
3.4
 
Glencore PLC
3.3
 
 
43.8
 
 
Industries (% of Fund's net assets)
 
Oil, Gas & Consumable Fuels
41.7
 
Metals & Mining
30.8
 
Paper & Forest Products
9.6
 
Chemicals
7.4
 
Energy Equipment & Services
3.7
 
Food Products
3.1
 
Containers & Packaging
1.1
 
Machinery
0.7
 
Pharmaceuticals
0.7
 
Electrical Equipment
0.2
 
 
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 99.0%
 
 
Shares
Value ($)
 
Chemicals - 7.4%
 
 
 
Fertilizers & Agricultural Chemicals - 7.4%
 
 
 
CF Industries Holdings, Inc.
 
97,100
7,746,638
Corteva, Inc.
 
781,700
37,631,038
FMC Corp.
 
206,600
10,991,120
Nutrien Ltd.
 
482,083
25,891,864
 
 
 
82,260,660
Containers & Packaging - 1.1%
 
 
 
Paper & Plastic Packaging Products & Materials - 1.1%
 
 
 
Billerud AB
 
344,000
3,189,622
Smurfit Kappa Group PLC
 
281,200
9,146,309
 
 
 
12,335,931
Electrical Equipment - 0.2%
 
 
 
Electrical Components & Equipment - 0.2%
 
 
 
GrafTech International Ltd.
 
528,200
1,822,290
Energy Equipment & Services - 3.7%
 
 
 
Oil & Gas Drilling - 3.7%
 
 
 
Diamond Offshore Drilling, Inc. (a)
 
814,000
10,101,740
Noble Corp. PLC
 
455,100
21,248,619
Valaris Ltd. (a)
 
145,100
9,582,404
 
 
 
40,932,763
Food Products - 3.1%
 
 
 
Agricultural Products & Services - 2.8%
 
 
 
Bunge Ltd.
 
106,200
11,255,076
Darling Ingredients, Inc. (a)
 
287,400
12,728,946
Wilmar International Ltd.
 
2,658,100
6,910,490
 
 
 
30,894,512
Packaged Foods & Meats - 0.3%
 
 
 
Pilgrim's Pride Corp. (a)(b)
 
141,100
3,598,050
TOTAL FOOD PRODUCTS
 
 
34,492,562
Machinery - 0.7%
 
 
 
Construction Machinery & Heavy Transportation Equipment - 0.4%
 
 
 
Epiroc AB (A Shares)
 
253,000
4,168,104
Industrial Machinery & Supplies & Components - 0.3%
 
 
 
Sandvik AB
 
241,100
4,106,661
TOTAL MACHINERY
 
 
8,274,765
Metals & Mining - 30.8%
 
 
 
Copper - 2.3%
 
 
 
ERO Copper Corp. (a)
 
472,500
6,412,439
First Quantum Minerals Ltd.
 
1,637,571
18,976,575
 
 
 
25,389,014
Diversified Metals & Mining - 13.3%
 
 
 
Anglo American PLC (United Kingdom)
 
242,500
6,178,806
BHP Group Ltd. (London)
 
1,055,397
29,991,450
Glencore PLC
 
6,873,300
36,406,708
Ivanhoe Mines Ltd. (a)
 
1,016,000
7,487,665
Rio Tinto PLC
 
160,781
10,257,912
Sigma Lithium Corp. (a)(b)
 
194,400
4,753,080
Sumitomo Metal Mining Co. Ltd.
 
106,300
2,986,175
Teck Resources Ltd. Class B (sub. vtg.)
 
1,388,700
49,068,902
 
 
 
147,130,698
Gold - 7.2%
 
 
 
Agnico Eagle Mines Ltd. (Canada)
 
394,317
18,493,872
Alamos Gold, Inc.
 
1,147,500
14,207,734
Franco-Nevada Corp.
 
72,971
8,877,020
Wheaton Precious Metals Corp.
 
900,900
38,049,910
 
 
 
79,628,536
Precious Metals & Minerals - 1.1%
 
 
 
Impala Platinum Holdings Ltd.
 
1,140,600
4,751,274
Northam Platinum Holdings Ltd.
 
1,189,100
7,177,028
 
 
 
11,928,302
Steel - 6.9%
 
 
 
Champion Iron Ltd. (b)
 
5,564,600
25,239,830
Reliance Steel & Aluminum Co.
 
161,200
41,006,056
Vale SA
 
700,400
9,585,481
 
 
 
75,831,367
TOTAL METALS & MINING
 
 
339,907,917
Oil, Gas & Consumable Fuels - 41.7%
 
 
 
Integrated Oil & Gas - 21.1%
 
 
 
Cenovus Energy, Inc. (Canada)
 
1,827,800
34,822,770
Exxon Mobil Corp.
 
861,300
91,168,608
Petroleo Brasileiro SA - Petrobras (ON)
 
2,086,100
15,656,870
Shell PLC (London)
 
2,082,928
67,126,214
TotalEnergies SE
 
368,900
24,663,725
 
 
 
233,438,187
Oil & Gas Exploration & Production - 16.4%
 
 
 
Antero Resources Corp. (a)
 
1,390,312
40,930,785
ARC Resources Ltd. (b)
 
1,741,700
28,020,427
Canadian Natural Resources Ltd.
 
674,100
42,806,018
Hess Corp.
 
36,600
5,285,040
MEG Energy Corp. (a)
 
1,129,600
22,319,120
Ovintiv, Inc.
 
220,700
10,593,600
Range Resources Corp.
 
625,800
22,428,672
Southwestern Energy Co. (a)
 
1,155,500
8,238,715
 
 
 
180,622,377
Oil & Gas Storage & Transportation - 4.2%
 
 
 
Energy Transfer LP
 
2,579,600
33,921,740
Enterprise Products Partners LP
 
492,400
12,822,096
 
 
 
46,743,836
TOTAL OIL, GAS & CONSUMABLE FUELS
 
 
460,804,400
Paper & Forest Products - 9.6%
 
 
 
Forest Products - 3.6%
 
 
 
Interfor Corp. (a)
 
557,500
6,878,547
Svenska Cellulosa AB SCA (B Shares)
 
1,134,700
15,547,874
West Fraser Timber Co. Ltd.
 
258,800
17,466,084
 
 
 
39,892,505
Paper Products - 6.0%
 
 
 
Mondi PLC
 
195
3,150
Stora Enso Oyj (R Shares)
 
1,203,700
14,423,916
Suzano Papel e Celulose SA
 
1,133,700
11,596,154
UPM-Kymmene Corp.
 
1,185,700
39,858,298
 
 
 
65,881,518
TOTAL PAPER & FOREST PRODUCTS
 
 
105,774,023
Pharmaceuticals - 0.7%
 
 
 
Pharmaceuticals - 0.7%
 
 
 
Bayer AG
 
175,200
7,570,140
 
TOTAL COMMON STOCKS
 (Cost $1,025,198,239)
 
 
 
1,094,175,451
 
 
 
 
Money Market Funds - 2.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (c)
 
9,508,220
9,510,122
Fidelity Securities Lending Cash Central Fund 5.40% (c)(d)
 
16,676,889
16,678,557
 
TOTAL MONEY MARKET FUNDS
 (Cost $26,188,679)
 
 
26,188,679
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.4%
 (Cost $1,051,386,918)
 
 
 
1,120,364,130
NET OTHER ASSETS (LIABILITIES) - (1.4)%  
(15,582,891)
NET ASSETS - 100.0%
1,104,781,239
 
 
 
 
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, 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.
 
(d)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
32,028,909
666,637,242
689,156,029
740,144
-
-
9,510,122
0.0%
Fidelity Securities Lending Cash Central Fund 5.40%
20,391,450
1,052,251,998
1,055,964,891
325,324
-
-
16,678,557
0.1%
Total
52,420,359
1,718,889,240
1,745,120,920
1,065,468
-
-
26,188,679
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Common Stocks
1,094,175,451
919,049,242
175,126,209
-
  Money Market Funds
26,188,679
26,188,679
-
-
 Total Investments in Securities:
1,120,364,130
945,237,921
175,126,209
-
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $15,933,883) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $1,025,198,239)
$
1,094,175,451
 
 
Fidelity Central Funds (cost $26,188,679)
26,188,679
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,051,386,918)
 
 
$
1,120,364,130
Foreign currency held at value (cost $6,224)
 
 
6,220
Receivable for investments sold
 
 
17,053,463
Receivable for fund shares sold
 
 
3,567,213
Dividends receivable
 
 
2,754,633
Distributions receivable from Fidelity Central Funds
 
 
61,555
Prepaid expenses
 
 
1,906
Receivable from investment adviser for expense reductions
 
 
24,078
Other receivables
 
 
3,183
  Total assets
 
 
1,143,836,381
Liabilities
 
 
 
 
Payable for investments purchased
$
19,098,416
 
 
Payable for fund shares redeemed
2,285,110
 
 
Accrued management fee
654,702
 
 
Distribution and service plan fees payable
49,492
 
 
Other affiliated payables
231,514
 
 
Other payables and accrued expenses
57,351
 
 
Collateral on securities loaned
16,678,557
 
 
  Total Liabilities
 
 
 
39,055,142
Net Assets  
 
 
$
1,104,781,239
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,233,355,409
Total accumulated earnings (loss)
 
 
 
(128,574,170)
Net Assets
 
 
$
1,104,781,239
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($95,289,996 ÷ 5,499,378 shares)(a)
 
 
$
17.33
Maximum offering price per share (100/94.25 of $17.33)
 
 
$
18.39
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($17,927,930 ÷ 1,037,607 shares)(a)
 
 
$
17.28
Maximum offering price per share (100/96.50 of $17.28)
 
 
$
17.91
Class C :
 
 
 
 
Net Asset Value and offering price per share ($23,853,033 ÷ 1,393,922 shares)(a)
 
 
$
17.11
Global Commodity Stock :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($428,911,594 ÷ 24,680,192 shares)
 
 
$
17.38
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($351,709,037 ÷ 20,247,555 shares)
 
 
$
17.37
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($187,089,649 ÷ 10,770,998 shares)
 
 
$
17.37
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
50,192,489
Income from Fidelity Central Funds (including $325,324 from security lending)
 
 
1,065,468
 Income before foreign taxes withheld
 
 
$
51,257,957
Less foreign taxes withheld
 
 
(3,035,098)
 Total Income
 
 
 
48,222,859
Expenses
 
 
 
 
Management fee
$
10,665,143
 
 
Transfer agent fees
2,826,947
 
 
Distribution and service plan fees
732,083
 
 
Accounting fees
675,488
 
 
Custodian fees and expenses
75,117
 
 
Independent trustees' fees and expenses
8,968
 
 
Registration fees
189,034
 
 
Audit
50,360
 
 
Legal
1,812
 
 
Interest
22,855
 
 
Miscellaneous
7,327
 
 
 Total expenses before reductions
 
15,255,134
 
 
 Expense reductions
 
(200,038)
 
 
 Total expenses after reductions
 
 
 
15,055,096
Net Investment income (loss)
 
 
 
33,167,763
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(8,792,663)
 
 
 Foreign currency transactions
 
(99,338)
 
 
Total net realized gain (loss)
 
 
 
(8,892,001)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(190,373,437)
 
 
 Assets and liabilities in foreign currencies
 
22,972
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(190,350,465)
Net gain (loss)
 
 
 
(199,242,466)
Net increase (decrease) in net assets resulting from operations
 
 
$
(166,074,703)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
33,167,763
$
36,916,447
Net realized gain (loss)
 
(8,892,001)
 
 
(11,614,714)
 
Change in net unrealized appreciation (depreciation)
 
(190,350,465)
 
103,859,568
 
Net increase (decrease) in net assets resulting from operations
 
(166,074,703)
 
 
129,161,301
 
Distributions to shareholders
 
(34,691,564)
 
 
(25,407,967)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
(509,569,294)
 
 
953,160,143
 
Total increase (decrease) in net assets
 
(710,335,561)
 
 
1,056,913,477
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,815,116,800
 
758,203,323
 
End of period
$
1,104,781,239
$
1,815,116,800
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Global Commodity Stock Fund Class A
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.50
$
16.35
$
10.80
$
12.14
$
12.42
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.35
 
.47
 
.48
 
.28
 
.35
     Net realized and unrealized gain (loss)
 
(2.20)
 
3.19
 
5.24
 
(1.26)
 
(.41)
  Total from investment operations
 
(1.85)  
 
3.66  
 
5.72  
 
(.98)  
 
(.06)
  Distributions from net investment income
 
(.32)
 
(.51)
 
(.17)
 
(.36)
 
(.20)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(.02)
     Total distributions
 
(.32)
 
(.51)
 
(.17)
 
(.36)
 
(.22)
  Net asset value, end of period
$
17.33
$
19.50
$
16.35
$
10.80
$
12.14
 Total Return C,D
 
(9.64)%
 
23.27%
 
53.37%
 
(8.39)%
 
(.44)%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.19%
 
1.19%
 
1.23%
 
1.31%
 
1.29%
    Expenses net of fee waivers, if any
 
1.18%
 
1.19%
 
1.22%
 
1.31%
 
1.28%
    Expenses net of all reductions
 
1.18%
 
1.19%
 
1.22%
 
1.29%
 
1.28%
    Net investment income (loss)
 
1.88%
 
2.53%
 
3.18%
 
2.53%
 
2.86%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
95,290
$
128,363
$
45,343
$
20,453
$
25,779
    Portfolio turnover rate G
 
113%
 
42%
 
37%
 
40%
 
55%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DTotal returns do not include the effect of the sales charges.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Global Commodity Stock Fund Class M
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.46
$
16.32
$
10.78
$
12.12
$
12.39
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.30
 
.42
 
.44
 
.25
 
.31
     Net realized and unrealized gain (loss)
 
(2.20)
 
3.19
 
5.24
 
(1.27)
 
(.40)
  Total from investment operations
 
(1.90)  
 
3.61  
 
5.68  
 
(1.02)  
 
(.09)
  Distributions from net investment income
 
(.28)
 
(.47)
 
(.14)
 
(.32)
 
(.16)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(.02)
     Total distributions
 
(.28)
 
(.47)
 
(.14)
 
(.32)
 
(.18)
  Net asset value, end of period
$
17.28
$
19.46
$
16.32
$
10.78
$
12.12
 Total Return C,D
 
(9.90)%
 
22.93%
 
52.97%
 
(8.72)%
 
(.70)%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.47%
 
1.46%
 
1.52%
 
1.59%
 
1.59%
    Expenses net of fee waivers, if any
 
1.45%
 
1.46%
 
1.52%
 
1.59%
 
1.59%
    Expenses net of all reductions
 
1.45%
 
1.46%
 
1.52%
 
1.58%
 
1.59%
    Net investment income (loss)
 
1.62%
 
2.26%
 
2.88%
 
2.24%
 
2.55%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
17,928
$
24,513
$
8,888
$
4,378
$
5,416
    Portfolio turnover rate G
 
113%
 
42%
 
37%
 
40%
 
55%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DTotal returns do not include the effect of the sales charges.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Global Commodity Stock Fund Class C
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.29
$
16.17
$
10.68
$
11.99
$
12.26
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.21
 
.33
 
.37
 
.20
 
.26
     Net realized and unrealized gain (loss)
 
(2.18)
 
3.18
 
5.20
 
(1.26)
 
(.41)
  Total from investment operations
 
(1.97)  
 
3.51  
 
5.57  
 
(1.06)  
 
(.15)
  Distributions from net investment income
 
(.21)
 
(.39)
 
(.08)
 
(.25)
 
(.11)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(.02)
     Total distributions
 
(.21)
 
(.39)
 
(.08)
 
(.25)
 
(.12) C
  Net asset value, end of period
$
17.11
$
19.29
$
16.17
$
10.68
$
11.99
 Total Return D,E
 
(10.34)%
 
22.34%
 
52.30%
 
(9.11)%
 
(1.16)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.94%
 
1.94%
 
1.97%
 
2.05%
 
2.02%
    Expenses net of fee waivers, if any
 
1.93%
 
1.93%
 
1.96%
 
2.04%
 
2.02%
    Expenses net of all reductions
 
1.93%
 
1.93%
 
1.96%
 
2.03%
 
2.01%
    Net investment income (loss)
 
1.13%
 
1.78%
 
2.44%
 
1.79%
 
2.13%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
23,853
$
34,984
$
11,020
$
7,871
$
11,294
    Portfolio turnover rate H
 
113%
 
42%
 
37%
 
40%
 
55%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
ETotal returns do not include the effect of the contingent deferred sales charge.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity® Global Commodity Stock Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.55
$
16.39
$
10.82
$
12.15
$
12.44
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.40
 
.52
 
.53
 
.31
 
.37
     Net realized and unrealized gain (loss)
 
(2.21)
 
3.19
 
5.26
 
(1.26)
 
(.41)
  Total from investment operations
 
(1.81)  
 
3.71  
 
5.79  
 
(.95)  
 
(.04)
  Distributions from net investment income
 
(.36)
 
(.55)
 
(.22)
 
(.38)
 
(.23)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(.02)
     Total distributions
 
(.36)
 
(.55)
 
(.22)
 
(.38)
 
(.25)
  Net asset value, end of period
$
17.38
$
19.55
$
16.39
$
10.82
$
12.15
 Total Return C
 
(9.47)%
 
23.57%
 
53.95%
 
(8.16)%
 
(.23)%
 Ratios to Average Net Assets B,D,E
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.97%
 
.94%
 
.94%
 
1.02%
 
1.06%
    Expenses net of fee waivers, if any
 
.95%
 
.94%
 
.94%
 
1.02%
 
1.06%
    Expenses net of all reductions
 
.95%
 
.94%
 
.94%
 
1.00%
 
1.06%
    Net investment income (loss)
 
2.12%
 
2.78%
 
3.46%
 
2.82%
 
3.08%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
428,912
$
893,636
$
546,863
$
176,718
$
257,011
    Portfolio turnover rate F
 
113%
 
42%
 
37%
 
40%
 
55%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Global Commodity Stock Fund Class I
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.54
$
16.39
$
10.81
$
12.16
$
12.45
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.40
 
.52
 
.53
 
.32
 
.39
     Net realized and unrealized gain (loss)
 
(2.20)
 
3.19
 
5.25
 
(1.26)
 
(.41)
  Total from investment operations
 
(1.80)  
 
3.71  
 
5.78  
 
(.94)  
 
(.02)
  Distributions from net investment income
 
(.37)
 
(.56)
 
(.20)
 
(.41)
 
(.25)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(.02)
     Total distributions
 
(.37)
 
(.56)
 
(.20)
 
(.41)
 
(.27)
  Net asset value, end of period
$
17.37
$
19.54
$
16.39
$
10.81
$
12.16
 Total Return C
 
(9.42)%
 
23.56%
 
53.97%
 
(8.11)%
 
(.06)%
 Ratios to Average Net Assets B,D,E
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.92%
 
.92%
 
.93%
 
.95%
 
.92%
    Expenses net of fee waivers, if any
 
.91%
 
.92%
 
.93%
 
.95%
 
.92%
    Expenses net of all reductions
 
.91%
 
.92%
 
.93%
 
.93%
 
.91%
    Net investment income (loss)
 
2.15%
 
2.80%
 
3.48%
 
2.88%
 
3.23%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
351,709
$
499,191
$
85,252
$
33,185
$
102,633
    Portfolio turnover rate F
 
113%
 
42%
 
37%
 
40%
 
55%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Global Commodity Stock Fund Class Z
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.53
$
16.38
$
10.81
$
12.16
$
12.46
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.43
 
.54
 
.56
 
.34
 
.39
     Net realized and unrealized gain (loss)
 
(2.21)
 
3.19
 
5.23
 
(1.26)
 
(.40)
  Total from investment operations
 
(1.78)  
 
3.73  
 
5.79  
 
(.92)  
 
(.01)
  Distributions from net investment income
 
(.38)
 
(.58)
 
(.22)
 
(.43)
 
(.27)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(.02)
     Total distributions
 
(.38)
 
(.58)
 
(.22)
 
(.43)
 
(.29)
  Net asset value, end of period
$
17.37
$
19.53
$
16.38
$
10.81
$
12.16
 Total Return C,D
 
(9.30)%
 
23.72%
 
54.07%
 
(7.99)%
 
.03%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.79%
 
.79%
 
.80%
 
.85%
 
.83%
    Expenses net of fee waivers, if any
 
.78%
 
.79%
 
.80%
 
.84%
 
.83%
    Expenses net of all reductions
 
.78%
 
.79%
 
.80%
 
.83%
 
.82%
    Net investment income (loss)
 
2.29%
 
2.93%
 
3.60%
 
2.99%
 
3.32%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
187,090
$
234,430
$
60,837
$
16,505
$
104,489
    Portfolio turnover rate G
 
113%
 
42%
 
37%
 
40%
 
55%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns for periods of less than one year are not annualized.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity Global Commodity Stock Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Global Commodity Stock, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
 
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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, 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. 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$120,408,406
Gross unrealized depreciation
(60,730,052)
Net unrealized appreciation (depreciation)
$59,678,354
Tax Cost
$1,060,685,776
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$18,331,139
Capital loss carryforward
$(206,580,792)
Net unrealized appreciation (depreciation) on securities and other investments
$59,675,481
 
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 Short-term
$(206,499,261)
 Long-term
     (81,531)
Total capital loss carryforward
$(206,580,792)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$34,691,564
$25,407,967
 
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Global Commodity Stock Fund
1,754,696,874
2,252,305,884
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .68% of the Fund's average net assets.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees
Retained by FDC
Class A
- %
.25%
$302,066
$19,168
Class M
.25%
.25%
114,376
   429
Class C
.75%
.25%
315,641
103,381
 
 
 
$732,083
$122,978
 
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
 
For the period, sales charge amounts retained by FDC were as follows:
 
 
Retained by FDC
Class A
$86,075
Class M
 3,944
Class CA
                      230
 
$90,249
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Class A
$233,649
.19
Class M
50,792
.22
Class C
60,561
.19
Global Commodity Stock
1,546,673
.22
Class I
838,378
.18
Class Z
96,894
.04
 
$2,826,947
 
 
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
 
 
% of Class-Level Average Net Assets
Class A
0.1937%
Class M
0.2000%
Class C
0.1930%
Global Commodity Stock
0.2000%
Class I
0.1745%
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
% of Average Net Assets
Fidelity Global Commodity Stock Fund
.04
 
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
 
 
% of Average Net Assets
Fidelity Global Commodity Stock Fund
0.0435%
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity Global Commodity Stock Fund
$33,117
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity Global Commodity Stock Fund
Borrower
$ 7,355,409
5.08%
$22,855
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Global Commodity Stock Fund
67,801,549
70,114,528
(4,666,177)
 
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity Global Commodity Stock Fund
$3,012
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Global Commodity Stock Fund
$35,196
$668
$134,475
8. Expense Reductions.
The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2025. Some expenses, for example the compensation of the independent Trustees, are excluded from this reimbursement.
 
The following classes were in reimbursement during the period:
 
 
Expense Limitations
Reimbursement
Class M
1.45%
$2,934
Global Commodity Stock
.95%
104,602
 
 
$107,536
Through arrangements with each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction
 
 
Class M
$135
 
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $92,367.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2023
Year ended
October 31, 2022
Fidelity Global Commodity Stock Fund
 
 
Distributions to shareholders
 
 
Class A
$ 2,247,696
$1,448,690
Class M
366,393
259,454
Class C
382,649
264,183
Global Commodity Stock
16,441,380
18,171,488
Class I
10,386,346
3,064,346
Class Z
4,867,100
2,199,806
Total  
$34,691,564
$25,407,967
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended
October 31, 2023
Year ended
October 31, 2022
Year ended
October 31, 2023
Year ended
October 31, 2022
Fidelity Global Commodity Stock Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
1,706,240
5,245,104
$32,590,913
$102,330,553
Reinvestment of distributions
115,956
93,881
2,236,781
1,435,437
Shares redeemed
(2,904,311)
(1,530,075)
(53,206,144)
(28,265,460)
Net increase (decrease)
(1,082,115)
3,808,910
$(18,378,450)
$75,500,530
Class M
 
 
 
 
Shares sold
226,865
994,128
$4,326,151
$18,969,401
Reinvestment of distributions
18,802
16,878
362,695
258,240
Shares redeemed
(467,728)
(295,956)
(8,507,986)
(5,535,121)
Net increase (decrease)
(222,061)
715,050
$(3,819,140)
$13,692,520
Class C
 
 
 
 
Shares sold
305,614
1,526,059
$5,884,407
$29,910,914
Reinvestment of distributions
19,865
17,324
381,017
263,849
Shares redeemed
(744,797)
(411,550)
(13,548,223)
(7,532,050)
Net increase (decrease)
(419,318)
1,131,833
$(7,282,799)
$22,642,713
Global Commodity Stock
 
 
 
 
Shares sold
13,188,745
37,700,647
$254,817,434
$735,708,594
Reinvestment of distributions
741,996
1,053,837
14,327,947
16,113,170
Shares redeemed
(34,967,438)
(26,409,632)
(645,744,516)
(482,758,151)
Net increase (decrease)
(21,036,697)
12,344,852
$(376,599,135)
$269,063,613
Class I
 
 
 
 
Shares sold
16,503,819
29,119,851
$315,987,478
$566,732,834
Reinvestment of distributions
528,030
198,222
10,190,979
3,028,836
Shares redeemed
(22,329,926)
(8,975,269)
(410,703,798)
(163,585,245)
Net increase (decrease)
(5,298,077)
20,342,804
$(84,525,341)
$406,176,425
Class Z
 
 
 
 
Shares sold
5,798,355
12,915,308
$110,033,314
$249,174,298
Reinvestment of distributions
213,545
129,470
4,115,012
1,975,709
Shares redeemed
(7,243,382)
(4,757,037)
(133,112,755)
(85,065,665)
Net increase (decrease)
(1,231,482)
8,287,741
$(18,964,429)
$166,084,342
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
 
 
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Global Commodity Stock Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Global Commodity Stock Fund (one of the funds constituting Fidelity Investment Trust, referred to hereafter as the "Fund") as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, the statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2023 and the financial highlights for each of the five years in the period ended October 31, 2023 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 13, 2023
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 322 funds. Mr. Chiel oversees 191 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).       
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Vijay C. Advani (1960)
Year of Election or Appointment: 2023
Member of the Advisory Board
Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).     
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Karen B. Peetz (1955)
Year of Election or Appointment: 2023
Member of the Advisory Board
Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).     
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).      
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).          
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
Fidelity® Global Commodity Stock Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.17%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 937.30
 
$ 5.71
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.31
 
$ 5.96
 
Class M
 
 
 
1.45%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 936.10
 
$ 7.08
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,017.90
 
$ 7.38
 
Class C
 
 
 
1.92%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 934.00
 
$ 9.36
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,015.53
 
$ 9.75
 
Fidelity® Global Commodity Stock Fund
 
 
 
.95%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 938.40
 
$ 4.64
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.42
 
$ 4.84
 
Class I
 
 
 
.90%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 938.40
 
$ 4.40
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.67
 
$ 4.58
 
Class Z
 
 
 
.77%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 939.40
 
$ 3.76
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.32
 
$ 3.92
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
Distributions (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund designates $271,571 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.
                                
Class A designates 68%; Class M designates 78%; Class C designates 100%; Global Commodity Stock designates 62%; Class I designates 60% and Class Z designates 58% of the dividends distributed in December during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
 
Class A, Class M, Class C, Global Commodity Stock, Class I and Class Z designate 100% of dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Global Commodity Stock Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
Approval of Stub Period Continuation. At its May 2023 meeting, the Board of Trustees voted to continue the fund's management contract with FMR, and the sub-advisory agreements and sub-sub-advisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for two months from June 1, 2023 through July 31, 2023. The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board would consider the annual renewal for a full one year period in July 2023.
At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and the total expense ratio of the retail class, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps ) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the retail class of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the retail class of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the retail class of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and above the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2022. The Board also noted that if funds in a fund complex with a unique at-cost service model were excluded from the total expense asset size peer group, the total expense ratio for the retail class of the fund was below the total expense asset size peer group for 2022.
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through July 31, 2024.
 
 
1.879380.114
GCS-ANN-1223
Fidelity® International Growth Fund
 
 
Annual Report
October 31, 2023
Includes Fidelity and Fidelity Advisor share classes

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2023 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Class A  (incl. 5.75% sales charge)  
3.92%
5.05%
4.30%
Class M  (incl. 3.50% sales charge)  
6.14%
5.26%
4.23%
Class C  
(incl. contingent deferred sales charge)
 
8.47%
5.49%
4.27%
Fidelity® International Growth Fund
10.59%
6.62%
5.22%
Class I
10.59%
6.61%
5.22%
Class Z
10.74%
6.75%
5.37%
 
 
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® International Growth Fund, a class of the fund, on October 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Growth Index performed over the same period.
 
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuation also helped bolster non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Portfolio Manager Jed Weiss:
For the fiscal year ending October 31, 2023, the fund's share classes (excluding sales charges, if applicable) gained about 9% to 11%, versus 10.95% for the benchmark MSCI EAFE Growth Index (Net MA). From a regional standpoint, stock picking in Europe ex the U.K., primarily Ireland, along with an underweight in Asia Pacific ex Japan - Australia in particular - contributed to the fund's performance versus the benchmark. By sector, an underweight in health care proved beneficial, especially in the pharmaceuticals, biotechnology & life sciences industry. Picks among materials stocks also helped, as did financials, especially in the financial services category. Further bolstering the portfolio's relative result was an underweight in consumer staples, namely among food, beverage & tobacco companies. The top individual relative contributor was our non-benchmark stake in CRH (+52%). Outsized exposure to Safran (+41%), one of our largest holdings, helped as well. A non-benchmark stake in Linde gained 10% and further aided relative performance the past 12 months. The stock was among our biggest holdings on October 31. In contrast, on a regional basis, stock picking and an underweight in Japan, in addition to non-benchmark exposure to emerging markets, primarily Kenya, detracted from the fund's relative result. Sector-wise, the biggest relative detractor was security selection in information technology, especially software & services firms. Investment choices in industrials and consumer staples also pressured the portfolio's return. The fund's non-benchmark stake in ResMed returned about -37% and was the largest individual relative detractor. An outsized allocation to Misumi Group (-30%) and a smaller-than-benchmark position in Novo Nordisk (+79%) also hurt. The latter was among the portfolio's largest holdings at period end. Notable changes in positioning include increased exposure to equity markets in Denmark and a lower allocation to Switzerland. By sector, meaningful shifts include increased exposure to the materials sector and a smaller allocation to consumer staples stocks.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
Top Holdings (% of Fund's net assets)
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
5.3
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
5.2
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
5.1
 
Nestle SA (Reg. S)  (United States of America, Food Products)
4.7
 
Linde PLC  (United States of America, Chemicals)
4.1
 
Safran SA  (France, Aerospace & Defense)
3.6
 
Keyence Corp.  (Japan, Electronic Equipment, Instruments & Components)
3.1
 
Atlas Copco AB (A Shares)  (Sweden, Machinery)
3.0
 
Marsh & McLennan Companies, Inc.  (United States of America, Insurance)
2.8
 
Airbus Group NV  (France, Aerospace & Defense)
2.8
 
 
39.7
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
26.3
 
Financials
18.0
 
Information Technology
16.8
 
Consumer Discretionary
12.7
 
Materials
8.8
 
Health Care
8.7
 
Consumer Staples
4.9
 
Energy
1.0
 
Communication Services
0.8
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 97.7%
 
 
Shares
Value ($)
 
Belgium - 0.6%
 
 
 
Azelis Group NV
 
803,305
13,684,630
KBC Group NV
 
200,000
10,983,078
TOTAL BELGIUM
 
 
24,667,708
Canada - 3.5%
 
 
 
CAE, Inc. (a)
 
1,385,611
28,936,214
Canadian Pacific Kansas City Ltd.
 
1,195,500
84,881,147
Franco-Nevada Corp.
 
309,780
37,685,153
TOTAL CANADA
 
 
151,502,514
Denmark - 5.8%
 
 
 
Novo Nordisk A/S Series B
 
2,346,200
226,352,545
Vestas Wind Systems A/S (a)
 
1,087,700
23,575,661
TOTAL DENMARK
 
 
249,928,206
Finland - 0.5%
 
 
 
Kone OYJ (B Shares)
 
514,200
22,247,227
France - 14.7%
 
 
 
Airbus Group NV
 
901,700
120,896,524
Edenred SA
 
1,102,722
58,619,537
Lectra
 
336,961
8,521,269
Legrand SA
 
815,000
70,502,702
LVMH Moet Hennessy Louis Vuitton SE
 
310,200
222,081,663
Safran SA
 
1,003,400
156,750,692
TOTAL FRANCE
 
 
637,372,387
Germany - 1.2%
 
 
 
Deutsche Borse AG
 
310,800
51,156,580
Hong Kong - 1.8%
 
 
 
AIA Group Ltd.
 
8,995,600
78,116,064
India - 2.1%
 
 
 
HDFC Bank Ltd.
 
2,798,091
49,636,079
Jio Financial Services Ltd.
 
410,000
1,087,828
Kotak Mahindra Bank Ltd.
 
995,400
20,802,483
Reliance Industries Ltd.
 
410,000
11,270,743
Reliance Industries Ltd. GDR (b)
 
177,500
9,691,500
TOTAL INDIA
 
 
92,488,633
Israel - 0.9%
 
 
 
NICE Ltd. sponsored ADR (a)
 
245,000
37,815,750
Italy - 1.3%
 
 
 
Interpump Group SpA
 
625,126
26,060,965
Prada SpA
 
5,289,400
31,863,649
TOTAL ITALY
 
 
57,924,614
Japan - 10.5%
 
 
 
Azbil Corp.
 
1,552,670
45,879,331
Hoya Corp.
 
656,400
63,190,723
Keyence Corp.
 
351,948
136,245,658
Lasertec Corp.
 
306,700
50,660,775
Misumi Group, Inc.
 
2,323,985
35,182,027
OSG Corp.
 
797,600
9,101,088
Recruit Holdings Co. Ltd.
 
2,226,700
63,845,519
SHO-BOND Holdings Co. Ltd.
 
695,400
27,386,981
USS Co. Ltd.
 
1,310,000
22,897,356
TOTAL JAPAN
 
 
454,389,458
Kenya - 0.0%
 
 
 
Safaricom Ltd.
 
21,284,000
1,760,118
Netherlands - 6.1%
 
 
 
Aalberts Industries NV
 
226,400
7,047,674
ASML Holding NV (Netherlands)
 
383,600
230,589,789
IMCD NV
 
228,900
27,489,597
TOTAL NETHERLANDS
 
 
265,127,060
Norway - 0.2%
 
 
 
Schibsted ASA (B Shares)
 
554,500
10,274,999
Spain - 1.9%
 
 
 
Amadeus IT Holding SA Class A
 
1,455,300
82,874,884
Sweden - 6.5%
 
 
 
ASSA ABLOY AB (B Shares)
 
2,334,410
49,758,127
Atlas Copco AB (A Shares)
 
9,958,800
128,956,717
Autoliv, Inc.
 
440,469
40,368,984
Epiroc AB (A Shares)
 
3,596,517
59,251,614
Lagercrantz Group AB (B Shares)
 
548,100
4,993,686
TOTAL SWEDEN
 
 
283,329,128
Switzerland - 1.2%
 
 
 
Schindler Holding AG:
 
 
 
 (participation certificate)
 
111,938
22,543,881
 (Reg.)
 
18,350
3,560,463
UBS Group AG
 
1,003,420
23,407,434
TOTAL SWITZERLAND
 
 
49,511,778
Taiwan - 2.2%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
5,788,000
94,459,813
United Kingdom - 6.8%
 
 
 
BAE Systems PLC
 
4,147,200
55,764,835
Compass Group PLC
 
3,858,600
97,280,655
InterContinental Hotel Group PLC ADR (c)
 
872,670
62,945,687
Rightmove PLC
 
2,565,494
14,749,226
Sage Group PLC
 
2,085,000
24,597,074
Spectris PLC
 
1,096,957
41,332,188
TOTAL UNITED KINGDOM
 
 
296,669,665
United States of America - 29.9%
 
 
 
CRH PLC
 
1,898,466
101,700,824
Experian PLC
 
2,516,100
76,179,606
Linde PLC
 
463,679
177,199,567
Marsh & McLennan Companies, Inc.
 
648,751
123,035,627
MasterCard, Inc. Class A
 
208,300
78,393,705
Microsoft Corp.
 
71,000
24,005,810
Moody's Corp.
 
224,500
69,146,000
MSCI, Inc.
 
134,500
63,423,475
Nestle SA (Reg. S)
 
1,910,099
205,982,747
NOV, Inc.
 
1,134,700
22,648,612
Otis Worldwide Corp.
 
324,600
25,062,366
PriceSmart, Inc.
 
124,098
7,754,884
ResMed, Inc.
 
249,600
35,248,512
Roche Holding AG (participation certificate)
 
204,693
52,751,360
S&P Global, Inc.
 
189,700
66,264,107
Sherwin-Williams Co.
 
275,600
65,650,676
Synopsys, Inc. (a)
 
46,000
21,594,240
Visa, Inc. Class A
 
348,560
81,946,456
TOTAL UNITED STATES OF AMERICA
 
 
1,297,988,574
 
TOTAL COMMON STOCKS
 (Cost $3,171,410,531)
 
 
 
4,239,605,160
 
 
 
 
Convertible Preferred Stocks - 0.3%
 
 
Shares
Value ($)
 
China - 0.3%
 
 
 
ByteDance Ltd. Series E1 (a)(d)(e)
  (Cost $6,992,915)
 
63,819
14,911,309
 
 
 
 
Money Market Funds - 2.0%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (f)
 
71,825,670
71,840,035
Fidelity Securities Lending Cash Central Fund 5.40% (f)(g)
 
12,774,026
12,775,303
 
TOTAL MONEY MARKET FUNDS
 (Cost $84,615,338)
 
 
84,615,338
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
 (Cost $3,263,018,784)
 
 
 
4,339,131,807
NET OTHER ASSETS (LIABILITIES) - 0.0%  
1,105,545
NET ASSETS - 100.0%
4,340,237,352
 
 
 
 
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 $9,691,500 or 0.2% of net assets.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Restricted securities (including private placements) - 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 $14,911,309 or 0.3% of net assets.
 
(e)
Level 3 security
 
(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, 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.
 
(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 ($)
 
ByteDance Ltd. Series E1
11/18/20
6,992,915
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
21,706,800
1,082,485,083
1,032,351,848
4,868,858
713
(713)
71,840,035
0.2%
Fidelity Securities Lending Cash Central Fund 5.40%
34,813,698
1,401,630,797
1,423,669,192
512,442
-
-
12,775,303
0.1%
Total
56,520,498
2,484,115,880
2,456,021,040
5,381,300
713
(713)
84,615,338
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
41,695,652
26,784,343
-
14,911,309
Consumer Discretionary
560,312,878
186,189,555
374,123,323
-
Consumer Staples
213,737,631
7,754,884
205,982,747
-
Energy
43,610,855
32,340,112
11,270,743
-
Financials
776,018,453
575,219,419
200,799,034
-
Health Care
377,543,140
35,248,512
342,294,628
-
Industrials
1,138,666,257
337,693,770
800,972,487
-
Information Technology
720,695,383
162,860,017
557,835,366
-
Materials
382,236,220
382,236,220
-
-
  Money Market Funds
84,615,338
84,615,338
-
-
 Total Investments in Securities:
4,339,131,807
1,830,942,170
2,493,278,328
14,911,309
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $12,204,396) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $3,178,403,446)
$
4,254,516,469
 
 
Fidelity Central Funds (cost $84,615,338)
84,615,338
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $3,263,018,784)
 
 
$
4,339,131,807
Foreign currency held at value (cost $156,247)
 
 
155,181
Receivable for investments sold
 
 
11,250,804
Receivable for fund shares sold
 
 
4,620,391
Dividends receivable
 
 
3,400,145
Reclaims receivable
 
 
9,580,974
Distributions receivable from Fidelity Central Funds
 
 
263,706
Prepaid expenses
 
 
6,545
  Total assets
 
 
4,368,409,553
Liabilities
 
 
 
 
Payable for investments purchased
$
3,320,644
 
 
Payable for fund shares redeemed
8,354,978
 
 
Accrued management fee
2,692,271
 
 
Distribution and service plan fees payable
71,031
 
 
Other affiliated payables
639,147
 
 
Other payables and accrued expenses
319,530
 
 
Collateral on securities loaned
12,774,600
 
 
  Total Liabilities
 
 
 
28,172,201
Net Assets  
 
 
$
4,340,237,352
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
3,337,757,395
Total accumulated earnings (loss)
 
 
 
1,002,479,957
Net Assets
 
 
$
4,340,237,352
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($171,656,226 ÷ 10,601,838 shares)(a)
 
 
$
16.19
Maximum offering price per share (100/94.25 of $16.19)
 
 
$
17.18
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($27,016,082 ÷ 1,684,703 shares)(a)
 
 
$
16.04
Maximum offering price per share (100/96.50 of $16.04)
 
 
$
16.62
Class C :
 
 
 
 
Net Asset Value and offering price per share ($27,270,007 ÷ 1,763,804 shares)(a)
 
 
$
15.46
International Growth :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,277,883,677 ÷ 78,016,626 shares)
 
 
$
16.38
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,441,605,316 ÷ 88,243,151 shares)
 
 
$
16.34
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,394,806,044 ÷ 85,154,166 shares)
 
 
$
16.38
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
65,475,972
Interest  
 
 
2,636
Income from Fidelity Central Funds (including $512,442 from security lending)
 
 
5,381,300
 Income before foreign taxes withheld
 
 
$
70,859,908
Less foreign taxes withheld
 
 
(6,548,064)
 Total Income
 
 
 
64,311,844
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
30,081,647
 
 
 Performance adjustment
1,541,140
 
 
Transfer agent fees
6,142,434
 
 
Distribution and service plan fees
932,696
 
 
Accounting fees
1,473,290
 
 
Custodian fees and expenses
292,314
 
 
Independent trustees' fees and expenses
24,963
 
 
Registration fees
192,679
 
 
Audit
82,828
 
 
Legal
4,892
 
 
Interest
23,665
 
 
Miscellaneous
20,523
 
 
 Total expenses before reductions
 
40,813,071
 
 
 Expense reductions
 
(271,880)
 
 
 Total expenses after reductions
 
 
 
40,541,191
Net Investment income (loss)
 
 
 
23,770,653
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $1,955)
 
(80,824,167)
 
 
   Fidelity Central Funds
 
713
 
 
 Foreign currency transactions
 
(264,620)
 
 
Total net realized gain (loss)
 
 
 
(81,088,074)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of decrease in deferred foreign taxes of $481,602)  
 
419,659,027
 
 
   Fidelity Central Funds
 
(713)
 
 
 Assets and liabilities in foreign currencies
 
678,596
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
420,336,910
Net gain (loss)
 
 
 
339,248,836
Net increase (decrease) in net assets resulting from operations
 
 
$
363,019,489
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
23,770,653
$
14,250,128
Net realized gain (loss)
 
(81,088,074)
 
 
85,832,715
 
Change in net unrealized appreciation (depreciation)
 
420,336,910
 
(1,635,676,492)
 
Net increase (decrease) in net assets resulting from operations
 
363,019,489
 
 
(1,535,593,649)
 
Distributions to shareholders
 
(63,050,595)
 
 
(105,083,685)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
265,402,755
 
 
(1,611,089)
 
Total increase (decrease) in net assets
 
565,371,649
 
 
(1,642,288,423)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
3,774,865,703
 
5,417,154,126
 
End of period
$
4,340,237,352
$
3,774,865,703
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® International Growth Fund Class A
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.89
$
21.04
$
16.06
$
15.03
$
12.47
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.04
 
- C
 
(.04)
 
(.01)
 
.15 D
     Net realized and unrealized gain (loss)
 
1.49
 
(5.80)
 
5.02
 
1.16
 
2.48
  Total from investment operations
 
1.53  
 
(5.80)  
 
4.98  
 
1.15  
 
2.63
  Distributions from net investment income
 
-
 
(.03)
 
-
 
(.12)
 
(.07)
  Distributions from net realized gain
 
(.23)
 
(.32)
 
-
 
-
 
-
     Total distributions
 
(.23)
 
(.35)
 
-
 
(.12)
 
(.07)
  Net asset value, end of period
$
16.19
$
14.89
$
21.04
$
16.06
$
15.03
 Total Return E,F
 
10.26%
 
(28.00)%
 
31.01%
 
7.66%
 
21.25%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.21%
 
1.30%
 
1.28%
 
1.30%
 
1.28%
    Expenses net of fee waivers, if any
 
1.21%
 
1.30%
 
1.28%
 
1.30%
 
1.28%
    Expenses net of all reductions
 
1.21%
 
1.30%
 
1.28%
 
1.29%
 
1.27%
    Net investment income (loss)
 
.23%
 
.02%
 
(.20)%
 
(.08)%
 
1.14% D
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
171,656
$
157,490
$
232,527
$
174,561
$
164,247
    Portfolio turnover rate I
 
22%
 
22%
 
21%
 
23%
 
21%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CAmount represents less than $.005 per share.
 
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .65%.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FTotal returns do not include the effect of the sales charges.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® International Growth Fund Class M
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.79
$
20.92
$
16.01
$
14.99
$
12.43
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.01)
 
(.04)
 
(.09)
 
(.06)
 
.11 C
     Net realized and unrealized gain (loss)
 
1.49
 
(5.77)
 
5.00
 
1.15
 
2.48
  Total from investment operations
 
1.48  
 
(5.81)  
 
4.91  
 
1.09  
 
2.59
  Distributions from net investment income
 
-
 
-
 
-
 
(.07)
 
(.03)
  Distributions from net realized gain
 
(.23)
 
(.32)
 
-
 
-
 
-
     Total distributions
 
(.23)
 
(.32)
 
-
 
(.07)
 
(.03)
  Net asset value, end of period
$
16.04
$
14.79
$
20.92
$
16.01
$
14.99
 Total Return D,E
 
9.99%
 
(28.18)%
 
30.67%
 
7.27%
 
20.92%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.48%
 
1.57%
 
1.55%
 
1.59%
 
1.58%
    Expenses net of fee waivers, if any
 
1.48%
 
1.57%
 
1.55%
 
1.59%
 
1.58%
    Expenses net of all reductions
 
1.47%
 
1.57%
 
1.55%
 
1.58%
 
1.58%
    Net investment income (loss)
 
(.03)%
 
(.25)%
 
(.48)%
 
(.37)%
 
.83% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
27,016
$
26,250
$
38,761
$
30,353
$
28,534
    Portfolio turnover rate H
 
22%
 
22%
 
21%
 
23%
 
21%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .34%.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
ETotal returns do not include the effect of the sales charges.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® International Growth Fund Class C
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.33
$
20.39
$
15.68
$
14.68
$
12.20
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.09)
 
(.13)
 
(.18)
 
(.13)
 
.05 C
     Net realized and unrealized gain (loss)
 
1.45
 
(5.61)
 
4.89
 
1.13
 
2.43
  Total from investment operations
 
1.36  
 
(5.74)  
 
4.71  
 
1.00  
 
2.48
  Distributions from net realized gain
 
(.23)
 
(.32)
 
-
 
-
 
-
     Total distributions
 
(.23)
 
(.32)
 
-
 
-
 
-
  Net asset value, end of period
$
15.46
$
14.33
$
20.39
$
15.68
$
14.68
 Total Return D,E
 
9.47%
 
(28.58)%
 
30.04%
 
6.81%
 
20.33%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.98%
 
2.07%
 
2.05%
 
2.07%
 
2.04%
    Expenses net of fee waivers, if any
 
1.97%
 
2.06%
 
2.05%
 
2.07%
 
2.04%
    Expenses net of all reductions
 
1.97%
 
2.06%
 
2.05%
 
2.06%
 
2.03%
    Net investment income (loss)
 
(.53)%
 
(.74)%
 
(.97)%
 
(.85)%
 
.38% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
27,270
$
33,575
$
58,867
$
55,013
$
57,291
    Portfolio turnover rate H
 
22%
 
22%
 
21%
 
23%
 
21%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.11)%.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
ETotal returns do not include the effect of the contingent deferred sales charge.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity® International Growth Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
15.05
$
21.26
$
16.20
$
15.16
$
12.57
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.09
 
.05
 
.02
 
.03
 
.19 C
     Net realized and unrealized gain (loss)
 
1.51
 
(5.85)
 
5.06
 
1.17
 
2.51
  Total from investment operations
 
1.60  
 
(5.80)  
 
5.08  
 
1.20  
 
2.70
  Distributions from net investment income
 
(.04)
 
(.09)
 
(.02)
 
(.16)
 
(.11)
  Distributions from net realized gain
 
(.23)
 
(.32)
 
-
 
-
 
-
     Total distributions
 
(.27)
 
(.41)
 
(.02)
 
(.16)
 
(.11)
  Net asset value, end of period
$
16.38
$
15.05
$
21.26
$
16.20
$
15.16
 Total Return D
 
10.59%
 
(27.79)%
 
31.38%
 
7.93%
 
21.66%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.93%
 
1.01%
 
.99%
 
1.01%
 
.99%
    Expenses net of fee waivers, if any
 
.92%
 
1.01%
 
.99%
 
1.01%
 
.99%
    Expenses net of all reductions
 
.92%
 
1.01%
 
.99%
 
1.00%
 
.99%
    Net investment income (loss)
 
.52%
 
.31%
 
.09%
 
.21%
 
1.42% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,277,884
$
1,194,442
$
1,773,433
$
1,292,392
$
1,040,532
    Portfolio turnover rate G
 
22%
 
22%
 
21%
 
23%
 
21%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .93%.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® International Growth Fund Class I
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
15.01
$
21.20
$
16.16
$
15.13
$
12.55
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.09
 
.05
 
.01
 
.03
 
.20 C
     Net realized and unrealized gain (loss)
 
1.50
 
(5.83)
 
5.05
 
1.16
 
2.49
  Total from investment operations
 
1.59  
 
(5.78)  
 
5.06  
 
1.19  
 
2.69
  Distributions from net investment income
 
(.03)
 
(.09)
 
(.02)
 
(.16)
 
(.11)
  Distributions from net realized gain
 
(.23)
 
(.32)
 
-
 
-
 
-
     Total distributions
 
(.26)
 
(.41)
 
(.02)
 
(.16)
 
(.11)
  Net asset value, end of period
$
16.34
$
15.01
$
21.20
$
16.16
$
15.13
 Total Return D
 
10.59%
 
(27.78)%
 
31.36%
 
7.90%
 
21.64%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.94%
 
1.02%
 
1.00%
 
1.01%
 
.97%
    Expenses net of fee waivers, if any
 
.93%
 
1.02%
 
1.00%
 
1.01%
 
.97%
    Expenses net of all reductions
 
.93%
 
1.02%
 
1.00%
 
1.00%
 
.97%
    Net investment income (loss)
 
.51%
 
.30%
 
.07%
 
.21%
 
1.44% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,441,605
$
1,373,850
$
2,035,690
$
1,382,837
$
953,360
    Portfolio turnover rate G
 
22%
 
22%
 
21%
 
23%
 
21%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .96%.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® International Growth Fund Class Z
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
15.05
$
21.25
$
16.19
$
15.16
$
12.57
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.11
 
.08
 
.04
 
.05
 
.22 C
     Net realized and unrealized gain (loss)
 
1.51
 
(5.85)
 
5.06
 
1.16
 
2.50
  Total from investment operations
 
1.62  
 
(5.77)  
 
5.10  
 
1.21  
 
2.72
  Distributions from net investment income
 
(.06)
 
(.11)
 
(.04)
 
(.18)
 
(.13)
  Distributions from net realized gain
 
(.23)
 
(.32)
 
-
 
-
 
-
     Total distributions
 
(.29)
 
(.43)
 
(.04)
 
(.18)
 
(.13)
  Net asset value, end of period
$
16.38
$
15.05
$
21.25
$
16.19
$
15.16
 Total Return D
 
10.74%
 
(27.68)%
 
31.55%
 
8.01%
 
21.85%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.80%
 
.89%
 
.87%
 
.88%
 
.84%
    Expenses net of fee waivers, if any
 
.79%
 
.89%
 
.87%
 
.88%
 
.84%
    Expenses net of all reductions
 
.79%
 
.89%
 
.87%
 
.87%
 
.84%
    Net investment income (loss)
 
.65%
 
.43%
 
.20%
 
.34%
 
1.57% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,394,806
$
989,259
$
1,277,877
$
1,350,267
$
1,082,899
    Portfolio turnover rate G
 
22%
 
22%
 
21%
 
23%
 
21%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.08%.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity International Growth Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, International Growth, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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, 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. 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.  
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$1,242,559,771
Gross unrealized depreciation
(181,466,705)
Net unrealized appreciation (depreciation)
$1,061,093,066
Tax Cost
$3,278,038,741
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$20,796,642
Capital loss carryforward
$(79,045,408)
Net unrealized appreciation (depreciation) on securites and other investments
$1,060,899,720
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 Short-term
$(19,969,920)
 Long-term
(59,075,488)
Total capital loss carryforward
$(79,045,408)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$8,821,103
$23,472,059
Long-term Capital Gains
54,229,492
81,611,626
Total
$63,050,595
$105,083,685
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity International Growth Fund
1,156,782,587
958,996,707
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Growth as compared to its benchmark index, the MSCI EAFE Growth Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .71% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees
Retained by FDC
Class A
 -%
 .25%
$450,910
$4,238
Class M
 .25%
 .25%
 146,796
 536
Class C
 .75%
 .25%
             334,990
                22,385
 
 
 
$932,696
$27,159
 
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
 
 
Retained by FDC
Class A
$41,447
Class M
 2,116
Class CA
                      653
 
$44,216
 
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Class A
$373,369
.21
Class M
 66,360
.23
Class C
 73,753
.22
International Growth
 2,343,640
.17
Class I
 2,736,887
.18
Class Z
             548,425
.04
 
$6,142,434
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
 
 
% of Class-Level Average Net Assets
Class A
0.2000%
Class M
0.2000%
Class C
0.2000%
International Growth
0.1672%
Class I
0.1771%
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity International Growth Fund
.03
 
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
 
 
% of Average Net Assets
Fidelity International Growth Fund
0.0302%
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity International Growth Fund
$1,332
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity International Growth Fund
Borrower
$ 10,479,050
4.07%
$23,665
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity International Growth Fund
78,879,257
23,313,324
(5,554,504)
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity International Growth Fund
$7,938
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity International Growth Fund
$55,316
$-
$-
8. Expense Reductions.
Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $379. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction
Class M
$893
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $270,608.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2023
Year ended
October 31, 2022
Fidelity International Growth Fund
 
 
Distributions to shareholders
 
 
Class A
$ 2,422,202
 $3,874,293
Class M
 405,995
 584,059
Class C
 523,121
 921,429
International Growth
 20,712,364
 34,022,956
Class I
 22,283,776
 39,437,200
Class Z
       16,703,137
       26,243,748
Total  
$63,050,595
$105,083,685
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended
 October 31, 2023
Year ended
 October 31, 2022
Year ended
 October 31, 2023
Year ended
 October 31, 2022
Fidelity International Growth Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
1,715,103
1,571,011
$29,331,847
$27,633,662
Reinvestment of distributions
147,890
192,594
2,418,006
3,867,288
Shares redeemed
(1,838,431)
(2,239,322)
(31,184,405)
(38,758,166)
Net increase (decrease)
24,562
(475,717)
$565,448
$(7,257,216)
Class M
 
 
 
 
Shares sold
132,875
182,229
$2,258,104
$3,218,457
Reinvestment of distributions
25,006
29,196
405,854
583,619
Shares redeemed
(248,334)
(289,342)
(4,205,991)
(4,956,089)
Net increase (decrease)
(90,453)
(77,917)
$(1,542,033)
$(1,154,013)
Class C
 
 
 
 
Shares sold
198,976
235,265
$3,272,412
$4,302,683
Reinvestment of distributions
33,238
47,271
522,168
919,894
Shares redeemed
(810,575)
(828,106)
(13,278,845)
(13,580,412)
Net increase (decrease)
(578,361)
(545,570)
$(9,484,265)
$(8,357,835)
International Growth
 
 
 
 
Shares sold
14,951,508
16,241,408
$259,687,765
$290,344,779
Reinvestment of distributions
1,147,426
1,547,748
18,921,062
31,326,431
Shares redeemed
(17,451,945)
(21,846,639)
(300,038,938)
(372,519,642)
Net increase (decrease)
(1,353,011)
(4,057,483)
$(21,430,111)
$(50,848,432)
Class I
 
 
 
 
Shares sold
26,254,085
27,427,945
$452,275,393
$483,250,347
Reinvestment of distributions
1,326,495
1,891,163
21,820,838
38,182,588
Shares redeemed
(30,872,229)
(33,802,275)
(525,218,348)
(571,344,966)
Net increase (decrease)
(3,291,649)
(4,483,167)
$(51,122,117)
$(49,912,031)
Class Z
 
 
 
 
Shares sold
46,420,503
45,989,188
$799,082,627
$767,374,148
Reinvestment of distributions
410,878
542,351
6,767,160
10,966,334
Shares redeemed
(27,405,076)
(40,926,928)
(457,433,954)
(662,422,044)
Net increase (decrease)
19,426,305
5,604,611
$348,415,833
$115,918,438
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity International Growth Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity International Growth Fund (one of the funds constituting Fidelity Investment Trust, referred to hereafter as the "Fund") as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, the statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2023 and the financial highlights for each of the five years in the period ended October 31, 2023 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 14, 2023
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 322 funds. Mr. Chiel oversees 191 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).       
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Vijay C. Advani (1960)
Year of Election or Appointment: 2023
Member of the Advisory Board
Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).     
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Karen B. Peetz (1955)
Year of Election or Appointment: 2023
Member of the Advisory Board
Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).     
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).      
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).          
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
Fidelity® International Growth Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.19%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 915.70
 
$ 5.75
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.21
 
$ 6.06
 
Class M
 
 
 
1.46%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 914.50
 
$ 7.05
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,017.85
 
$ 7.43
 
Class C
 
 
 
1.95%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 912.10
 
$ 9.40
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,015.38
 
$ 9.91
 
Fidelity® International Growth Fund
 
 
 
.91%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 917.10
 
$ 4.40
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.62
 
$ 4.63
 
Class I
 
 
 
.92%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 916.90
 
$ 4.45
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.57
 
$ 4.69
 
Class Z
 
 
 
.78%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 917.60
 
$ 3.77
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.27
 
$ 3.97
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
Distributions (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund designates $102,362 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.
        
International Growth designates 58%, Class I designates 61%, and Class Z designates 42% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
 
International Growth, Class name I, and Class Z designate 100% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
 
 
Pay Date
Income
Taxes
Fidelity International Growth Fund
 
 
 
Class A
12/12/2022
$0.0000
$0.0000
Class M
12/12/2022
$0.0000
$0.0000
Class C
12/12/2022
$0.0000
$0.0000
International Growth
12/12/2022
$0.0573
$0.0223
Class I
12/12/2022
$0.0543
$0.0223
Class Z
12/12/2022
$0.0803
$0.0223
 
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity International Growth Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
Approval of Stub Period Continuation. At its May 2023 meeting, the Board of Trustees voted to continue the fund's management contract with FMR, and the sub-advisory agreements and sub-sub-advisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for two months from June 1, 2023 through July 31, 2023. The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board would consider the annual renewal for a full one year period in July 2023.
At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and the total expense ratio of the retail class, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the retail class of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the retail class of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the retail class of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2022.
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.
In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of the retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee, including the use of the retail class as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule.  The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through July 31, 2024.
 
 
1.912350.113
IGF-ANN-1223
Fidelity® Series Emerging Markets Fund
Fidelity® Series Emerging Markets Opportunities Fund
Fidelity® Series International Growth Fund
Fidelity® Series International Small Cap Fund
Fidelity® Series International Value Fund
 
 
Annual Report
October 31, 2023

Contents

Fidelity® Series Emerging Markets Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Series Emerging Markets Opportunities Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Series International Growth Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Series International Small Cap Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Series International Value Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2023 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Life of
Fund A
Fidelity® Series Emerging Markets Fund
14.04%
-0.77%
-3.02%
 
A   From August 29, 2018
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® Series Emerging Markets Fund, on August 29, 2018, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets Index performed over the same period.
 
Fidelity® Series Emerging Markets Fund
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuation also helped bolster non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Portfolio Manager John Chow:
For the fiscal year ending October 31, 2023, the fund gained 14.04%, versus 10.84% for the benchmark MSCI Emerging Markets (Net MA) Index. From a regional standpoint, security selection in emerging Asia, especially South Korea and India, contributed to the fund's performance versus the benchmark. By sector, the biggest relative contributor was security selection in consumer staples, especially within the food, beverage & tobacco industry. Investment choices in industrials and consumer discretionary also boosted relative performance. The top individual relative contributor was an overweight in PDD Holdings (+81%), one of the portfolio's largest holdings at period end, having increased our position the past 12 months. A second notable relative contributor was our stake in POSCO (+189%), though the stock was no longer held at period end. An overweight in Trip.com (+51%), another of the portfolio's more sizable holdings, further contributed. In contrast, on a regional basis, security selection in emerging Europe, the Middle East & Africa - South Africa, in particular - detracted from the fund's relative result, as did an underweight in emerging Asia, namely Taiwan. By sector, stock selection in financials pressured performance, especially banks. Subpar investment choices in energy also hampered the fund's result. Positioning in the technology hardware & equipment segment of the information technology sector hurt as well. The largest individual relative detractor was untimely positioning in Alibaba (+28%), one of the portfolio's biggest holdings. A non-benchmark stake in Lukoil returned about -33% and was the second-largest relative detractor. An overweight in Impala Platinum Holdings (-58%) also weighed on relative performance the past 12 months. Notable changes in positioning include decreased exposure to Indonesia and a higher allocation to equity markets in Taiwan. By sector, meaningful shifts include increased exposure to the industrials sector and a lower allocation to materials stocks.
 
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
 
Fidelity® Series Emerging Markets Fund
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
7.7
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
5.5
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
4.4
 
Alibaba Group Holding Ltd.  (China, Broadline Retail)
3.9
 
PDD Holdings, Inc. ADR  (China, Broadline Retail)
2.4
 
HDFC Bank Ltd.  (India, Banks)
2.0
 
Meituan Class B (China, Hotels, Restaurants & Leisure)
1.7
 
New Oriental Education & Technology Group, Inc. sponsored ADR  (China, Diversified Consumer Services)
1.6
 
ICICI Bank Ltd.  (India, Banks)
1.6
 
Trip.com Group Ltd. ADR  (China, Hotels, Restaurants & Leisure)
1.4
 
 
32.2
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
21.1
 
Financials
20.1
 
Consumer Discretionary
16.2
 
Communication Services
9.5
 
Industrials
5.5
 
Consumer Staples
5.2
 
Materials
4.1
 
Health Care
4.1
 
Energy
3.6
 
Utilities
1.5
 
Real Estate
0.7
 
 
Asset Allocation (% of Fund's net assets)
Futures - 4.6%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Series Emerging Markets Fund
Showing Percentage of Net Assets     
Common Stocks - 90.1%
 
 
Shares
Value ($)
 
Brazil - 3.8%
 
 
 
Banco BTG Pactual SA unit
 
8,715,773
51,170,106
Banco do Brasil SA
 
3,061,931
29,363,686
Hapvida Participacoes e Investimentos SA (a)(b)
 
50,640,905
37,063,508
Localiza Rent a Car SA
 
1,880,360
18,972,363
Localiza Rent a Car SA rights 11/10/23 (a)
 
13,068
18,144
Raia Drogasil SA
 
5,967,499
30,537,308
Vale SA
 
1,454,479
19,905,598
TOTAL BRAZIL
 
 
187,030,713
China - 31.6%
 
 
 
Advanced Micro-Fabrication Equipment, Inc., China (A Shares)
 
1,283,100
30,059,742
Airtac International Group
 
1,511,700
49,662,782
Alibaba Group Holding Ltd. (a)
 
16,367,262
168,502,257
Alibaba Group Holding Ltd. sponsored ADR (a)
 
270,100
22,294,054
Anta Sports Products Ltd.
 
982,129
11,107,379
Baidu, Inc. sponsored ADR (a)
 
114,588
12,031,740
BeiGene Ltd. ADR (a)
 
34,045
6,341,903
BYD Co. Ltd. (H Shares)
 
1,173,681
35,691,791
China Construction Bank Corp. (H Shares)
 
70,918,005
40,108,252
China Life Insurance Co. Ltd. (H Shares)
 
35,141,937
47,596,199
ENN Energy Holdings Ltd.
 
1,331,163
10,083,755
Flat Glass Group Co. Ltd. (c)
 
8,379,811
15,049,133
Haier Smart Home Co. Ltd.
 
7,797,449
22,240,891
Industrial & Commercial Bank of China Ltd. (H Shares)
 
53,735,270
25,752,347
Innovent Biologics, Inc. (a)(b)
 
3,842,000
22,641,535
JD.com, Inc. sponsored ADR
 
964,694
24,522,521
Kweichow Moutai Co. Ltd. (A Shares)
 
177,302
40,842,266
Li Auto, Inc. ADR (a)
 
727,052
24,581,628
Li Ning Co. Ltd.
 
1,713,147
5,249,774
Maxscend Microelectronics Co. Ltd. (A Shares)
 
440,800
9,096,073
Meituan Class B (a)(b)
 
5,723,775
81,134,592
NetEase, Inc. ADR (c)
 
553,758
59,207,805
New Oriental Education & Technology Group, Inc. sponsored ADR (a)
 
1,227,837
80,411,045
PDD Holdings, Inc. ADR (a)
 
1,143,907
116,015,048
PetroChina Co. Ltd. (H Shares)
 
57,944,677
37,821,398
Ping An Insurance Group Co. of China Ltd. (H Shares)
 
7,310,418
37,081,925
Sany Heavy Industry Co. Ltd. (A Shares)
 
5,802,200
11,474,807
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) (a)
 
1,492,619
58,351,593
Shenzhou International Group Holdings Ltd.
 
1,141,059
11,208,021
Sinotruk Hong Kong Ltd.
 
29,035,192
54,687,875
Tencent Holdings Ltd.
 
5,813,181
215,138,598
Trip.com Group Ltd. ADR (a)
 
2,035,312
69,200,608
Will Semiconductor Ltd.
 
343,700
5,186,672
Wuliangye Yibin Co. Ltd. (A Shares)
 
679,168
14,480,607
WuXi AppTec Co. Ltd. (H Shares) (b)
 
1,370,900
16,473,483
Wuxi Biologics (Cayman), Inc. (a)(b)
 
3,547,033
22,054,536
Zijin Mining Group Co. Ltd. (H Shares)
 
22,362,192
34,592,341
TOTAL CHINA
 
 
1,547,976,976
Greece - 0.2%
 
 
 
OPAP SA
 
668,600
11,319,131
Hungary - 0.5%
 
 
 
Richter Gedeon PLC
 
969,648
22,735,569
India - 14.7%
 
 
 
Axis Bank Ltd.
 
3,331,731
39,302,122
Bharti Airtel Ltd.
 
3,176,835
34,879,591
HDFC Bank Ltd.
 
5,450,488
96,687,654
HDFC Standard Life Insurance Co. Ltd. (b)
 
6,386,817
47,431,468
Hindustan Aeronautics Ltd.
 
1,429,324
31,271,105
Hindustan Unilever Ltd.
 
585,909
17,480,313
ICICI Bank Ltd.
 
7,018,595
77,194,249
Infosys Ltd.
 
1,923,151
31,618,295
ITC Ltd.
 
5,796,274
29,827,688
Larsen & Toubro Ltd.
 
1,842,786
64,830,034
Mankind Pharma Ltd.
 
634,711
13,293,489
NTPC Ltd.
 
22,874,387
64,787,371
Reliance Industries Ltd.
 
2,136,797
58,739,731
SRF Ltd.
 
1,090,925
28,757,753
Tata Consultancy Services Ltd.
 
345,573
13,985,880
Tata Steel Ltd.
 
8,361,034
11,927,540
Ultratech Cement Ltd.
 
565,867
57,251,012
TOTAL INDIA
 
 
719,265,295
Indonesia - 2.1%
 
 
 
PT Bank Central Asia Tbk
 
62,638,009
34,508,573
PT Bank Mandiri (Persero) Tbk
 
52,704,070
18,828,641
PT Bank Negara Indonesia (Persero) Tbk
 
40,281,508
12,156,419
PT Bank Rakyat Indonesia (Persero) Tbk
 
97,777,894
30,573,573
PT Telkom Indonesia Persero Tbk
 
38,783,448
8,501,945
TOTAL INDONESIA
 
 
104,569,151
Korea (South) - 12.4%
 
 
 
AMOREPACIFIC Corp.
 
142,360
13,342,969
Hansol Chemical Co. Ltd.
 
62,048
6,914,012
Hyundai Mipo Dockyard Co. Ltd. (a)
 
217,406
11,186,853
Hyundai Motor Co. Ltd.
 
420,463
52,893,153
JYP Entertainment Corp.
 
330,941
25,153,801
KB Financial Group, Inc.
 
1,015,678
38,658,494
Kia Corp.
 
604,672
34,494,577
Korea Aerospace Industries Ltd.
 
666,965
21,913,760
LG Chemical Ltd.
 
22,689
7,425,119
LG Innotek Co. Ltd.
 
54,814
9,084,129
NAVER Corp.
 
342,260
47,778,104
Samsung Electronics Co. Ltd.
 
5,432,711
270,011,673
SK Hynix, Inc.
 
788,459
68,369,954
TOTAL KOREA (SOUTH)
 
 
607,226,598
Mexico - 3.9%
 
 
 
America Movil S.A.B. de CV Series L
 
14,108,753
11,652,301
CEMEX S.A.B. de CV sponsored ADR (a)
 
1,701,116
10,155,663
Corporacion Inmobiliaria Vesta S.A.B. de CV ADR
 
862,878
27,128,884
Fomento Economico Mexicano S.A.B. de CV sponsored ADR
 
278,469
31,581,169
Gruma S.A.B. de CV Series B
 
2,271,443
39,526,308
Grupo Financiero Banorte S.A.B. de CV Series O
 
6,755,914
54,829,737
Wal-Mart de Mexico SA de CV Series V
 
4,022,800
14,398,540
TOTAL MEXICO
 
 
189,272,602
Peru - 0.3%
 
 
 
Credicorp Ltd. (United States)
 
117,597
14,694,921
Philippines - 0.1%
 
 
 
Ayala Land, Inc.
 
14,767,100
7,248,926
Russia - 0.1%
 
 
 
LUKOIL PJSC (d)
 
568,462
175,994
Sberbank of Russia (d)
 
5,098,115
31,353
Yandex NV Series A (a)(d)
 
273,678
2,983,090
TOTAL RUSSIA
 
 
3,190,437
Saudi Arabia - 2.9%
 
 
 
Al Rajhi Bank
 
2,250,962
40,260,036
Alinma Bank
 
3,943,308
34,581,201
Saudi Arabian Oil Co. (b)
 
1,371,194
12,171,010
Saudi Telecom Co.
 
1,365,897
13,980,820
The Saudi National Bank
 
4,750,441
42,482,486
TOTAL SAUDI ARABIA
 
 
143,475,553
South Africa - 2.5%
 
 
 
Absa Group Ltd.
 
2,477,970
22,591,907
Bid Corp. Ltd.
 
925,627
19,636,950
Capitec Bank Holdings Ltd. (c)
 
173,418
15,398,402
FirstRand Ltd.
 
2,667,973
8,795,185
Impala Platinum Holdings Ltd.
 
996,347
4,150,375
MTN Group Ltd.
 
1,026,257
5,009,731
Naspers Ltd. Class N
 
175,109
27,334,668
Standard Bank Group Ltd.
 
2,030,300
19,923,357
TOTAL SOUTH AFRICA
 
 
122,840,575
Taiwan - 13.8%
 
 
 
Alchip Technologies Ltd.
 
645,654
52,913,419
Chailease Holding Co. Ltd.
 
8,374,599
45,393,443
E Ink Holdings, Inc.
 
1,468,716
7,636,028
eMemory Technology, Inc.
 
595,605
37,286,776
Formosa Plastics Corp.
 
4,114,674
9,777,869
HIWIN Technologies Corp.
 
2,873,296
17,399,173
International Games Systems Co. Ltd.
 
1,329,365
25,603,676
King Yuan Electronics Co. Ltd.
 
10,566,137
25,014,027
MediaTek, Inc.
 
907,695
23,672,015
Realtek Semiconductor Corp.
 
809,803
10,084,699
Taiwan Semiconductor Manufacturing Co. Ltd.
 
23,140,292
377,648,176
Unimicron Technology Corp.
 
2,542,150
11,329,040
Yageo Corp.
 
2,086,967
33,998,755
TOTAL TAIWAN
 
 
677,757,096
Thailand - 1.0%
 
 
 
Bangkok Bank PCL (For. Reg.)
 
4,401,402
19,180,667
PTT Exploration and Production PCL (For. Reg.)
 
3,884,318
17,640,860
SCB X PCL (For. Reg.)
 
3,943,959
10,753,506
TOTAL THAILAND
 
 
47,575,033
United Arab Emirates - 0.2%
 
 
 
Adnoc Gas PLC
 
13,713,574
11,984,909
 
TOTAL COMMON STOCKS
 (Cost $4,370,890,491)
 
 
 
4,418,163,485
 
 
 
 
Nonconvertible Preferred Stocks - 1.6%
 
 
Shares
Value ($)
 
Brazil - 1.6%
 
 
 
Banco Bradesco SA (PN)
 
2,893,103
8,027,869
Gerdau SA
 
2,800,933
12,094,275
Itau Unibanco Holding SA
 
3,606,085
19,182,863
Petroleo Brasileiro SA - Petrobras sponsored ADR
 
2,633,002
39,495,030
 
 
 
 
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 (Cost $69,061,242)
 
 
 
78,800,037
 
 
 
 
Government Obligations - 0.2%
 
 
Principal
Amount (e)
 
Value ($)
 
United States of America - 0.2%
 
 
 
U.S. Treasury Bills, yield at date of purchase 5.34% to 5.4% 11/2/23 to 12/28/23 (f)
  (Cost $8,490,264)
 
8,540,000
8,490,269
 
 
 
 
Money Market Funds - 7.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (g)
 
314,965,743
315,028,737
Fidelity Securities Lending Cash Central Fund 5.40% (g)(h)
 
48,132,844
48,137,657
 
TOTAL MONEY MARKET FUNDS
 (Cost $363,166,394)
 
 
363,166,394
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.3%
 (Cost $4,811,608,391)
 
 
 
4,868,620,185
NET OTHER ASSETS (LIABILITIES) - 0.7%  
36,237,826
NET ASSETS - 100.0%
4,904,858,011
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE MSCI Emerging Markets Index Contracts (United States)
4,865
Dec 2023
223,595,400
(3,742,873)
(3,742,873)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 4.6%
 
For the period, the average monthly notional amount at value for futures contracts in the aggregate was $90,455,319.
 
 
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 $238,970,132 or 4.9% of net assets.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Level 3 security
 
(e)
Amount is stated in United States dollars unless otherwise noted.
 
(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 $3,939,578.
 
(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, 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.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
175,911,032
2,617,975,624
2,478,857,919
11,722,077
-
-
315,028,737
0.7%
Fidelity Securities Lending Cash Central Fund 5.40%
9,725,325
454,894,110
416,481,778
306,094
-
-
48,137,657
0.2%
Total
185,636,357
3,072,869,734
2,895,339,697
12,028,171
-
-
363,166,394
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
461,921,202
101,882,397
357,055,715
2,983,090
Consumer Discretionary
798,201,138
375,678,703
422,522,435
-
Consumer Staples
251,654,118
135,680,275
115,973,843
-
Energy
178,028,932
63,650,949
114,201,989
175,994
Financials
982,540,641
361,301,756
621,207,532
31,353
Health Care
198,955,616
66,140,980
132,814,636
-
Industrials
281,416,896
18,990,507
262,426,389
-
Information Technology
1,032,044,486
-
1,032,044,486
-
Materials
202,951,557
42,155,536
160,796,021
-
Real Estate
34,377,810
27,128,884
7,248,926
-
Utilities
74,871,126
-
74,871,126
-
 Government Obligations
8,490,269
-
8,490,269
-
  Money Market Funds
363,166,394
363,166,394
-
-
 Total Investments in Securities:
4,868,620,185
1,555,776,381
3,309,653,367
3,190,437
 Derivative Instruments:
 Liabilities
 
 
 
 
Futures Contracts
(3,742,873)
(3,742,873)
-
-
  Total Liabilities
(3,742,873)
(3,742,873)
-
-
 Total Derivative Instruments:
(3,742,873)
(3,742,873)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
0
(3,742,873)
Total Equity Risk
0
(3,742,873)
Total Value of Derivatives
0
(3,742,873)
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Fidelity® Series Emerging Markets Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $46,147,237) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $4,448,441,997)
$
4,505,453,791
 
 
Fidelity Central Funds (cost $363,166,394)
363,166,394
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $4,811,608,391)
 
 
$
4,868,620,185
Foreign currency held at value (cost $130,793)
 
 
114,643
Receivable for investments sold
 
 
40,869,754
Receivable for fund shares sold
 
 
112,459,012
Dividends receivable
 
 
5,011,562
Distributions receivable from Fidelity Central Funds
 
 
1,545,492
Receivable from investment adviser for expense reductions
 
 
62,895
Other receivables
 
 
1,292,952
  Total assets
 
 
5,029,976,495
Liabilities
 
 
 
 
Payable for investments purchased
$
40,333,136
 
 
Payable for fund shares redeemed
28,547,057
 
 
Payable for daily variation margin on futures contracts
829,181
 
 
Deferred taxes
6,591,794
 
 
Other payables and accrued expenses
679,659
 
 
Collateral on securities loaned
48,137,657
 
 
  Total Liabilities
 
 
 
125,118,484
Net Assets  
 
 
$
4,904,858,011
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
5,398,310,807
Total accumulated earnings (loss)
 
 
 
(493,452,796)
Net Assets
 
 
$
4,904,858,011
Net Asset Value, offering price and redemption price per share ($4,904,858,011 ÷ 635,744,143 shares)
 
 
$
7.72
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
100,133,122
Non-Cash dividends
 
 
7,004,906
Interest  
 
 
244,308
Income from Fidelity Central Funds (including $306,094 from security lending)
 
 
12,028,171
 Income before foreign taxes withheld
 
 
$
119,410,507
Less foreign taxes withheld
 
 
(11,929,259)
 Total Income
 
 
 
107,481,248
Expenses
 
 
 
 
Custodian fees and expenses
$
1,042,894
 
 
Independent trustees' fees and expenses
18,413
 
 
 Total expenses before reductions
 
1,061,307
 
 
 Expense reductions
 
(584,710)
 
 
 Total expenses after reductions
 
 
 
476,597
Net Investment income (loss)
 
 
 
107,004,651
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $7,280,947)
 
(255,850,963)
 
 
 Foreign currency transactions
 
(4,064,321)
 
 
 Futures contracts
 
(20,807,407)
 
 
Total net realized gain (loss)
 
 
 
(280,722,691)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of decrease in deferred foreign taxes of $273,004)  
 
412,458,220
 
 
 Assets and liabilities in foreign currencies
 
(1,429)
 
 
 Futures contracts
 
8,062,165
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
420,518,956
Net gain (loss)
 
 
 
139,796,265
Net increase (decrease) in net assets resulting from operations
 
 
$
246,800,916
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
107,004,651
$
74,510,346
Net realized gain (loss)
 
(280,722,691)
 
 
(324,627,707)
 
Change in net unrealized appreciation (depreciation)
 
420,518,956
 
(1,027,426,269)
 
Net increase (decrease) in net assets resulting from operations
 
246,800,916
 
 
(1,277,543,630)
 
Distributions to shareholders
 
(65,273,730)
 
 
(105,313,301)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
2,785,308,852
 
739,859,925
  Reinvestment of distributions
 
65,273,730
 
 
105,313,301
 
Cost of shares redeemed
 
(563,995,467)
 
(265,266,031)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
2,286,587,115
 
 
579,907,195
 
Total increase (decrease) in net assets
 
2,468,114,301
 
 
(802,949,736)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
2,436,743,710
 
3,239,693,446
 
End of period
$
4,904,858,011
$
2,436,743,710
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
345,359,955
 
84,221,344
  Issued in reinvestment of distributions
 
8,304,546
 
 
9,925,853
 
Redeemed
 
(69,208,198)
 
(29,402,412)
Net increase (decrease)
 
284,456,303
 
64,744,785
 
 
 
 
 
 
Financial Highlights
Fidelity® Series Emerging Markets Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
6.94
$
11.31
$
9.65
$
9.48
$
8.87
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.24
 
.23
 
.20
 
.17
 
.30 C
     Net realized and unrealized gain (loss)
 
.74
 
(4.24)
 
1.62
 
.22
 
.35
  Total from investment operations
 
.98  
 
(4.01)  
 
1.82  
 
.39  
 
.65
  Distributions from net investment income
 
(.20)
 
(.30)
 
(.16)
 
(.22)
 
(.04)
  Distributions from net realized gain
 
-
 
(.07)
 
-
 
-
 
-
     Total distributions
 
(.20)
 
(.36) D
 
(.16)
 
(.22)
 
(.04)
  Net asset value, end of period
$
7.72
$
6.94
$
11.31
$
9.65
$
9.48
 Total Return E,F
 
14.04%
 
(36.53)%
 
18.88%
 
4.16%
 
7.33%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.03%
 
.04%
 
.04%
 
.05%
 
.04%
    Expenses net of fee waivers, if any
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Expenses net of all reductions
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Net investment income (loss)
 
2.96%
 
2.61%
 
1.70%
 
1.86%
 
3.24% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,904,858
$
2,436,744
$
3,239,693
$
2,995,875
$
2,065,165
    Portfolio turnover rate I
 
90%
 
65%
 
78%
 
117% J
 
47%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.50%.
 
DTotal distributions per share do not sum due to rounding.
 
ETotal returns for periods of less than one year are not annualized.
 
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
JPortfolio turnover rate excludes securities received or delivered in-kind.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® Series Emerging Markets Opportunities Fund
14.40%
3.65%
2.63%
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Series Emerging Markets Opportunities Fund on October 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets Index performed over the same period.
 
Fidelity® Series Emerging Markets Opportunities Fund
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Co-Managers Priyanshu Bakshi, Di Chen and Lewis Chung:
For the fiscal year, the fund gained 14.40%, versus 10.84% for the benchmark MSCI Emerging Markets Net MA Index. From a regional standpoint, stock picks in Emerging Asia and an underweight in the Middle East contributed to the fund's performance versus the benchmark. By sector, security selection was the primary contributor, especially within consumer discretionary, where our picks in consumer discretionary distribution & retail contributed most. Security selection in materials also helped. The top individual relative contributor was an overweight in PDD (+83%). PDD was one of our biggest holdings. A second notable relative contributor was Posco Holdings (+71%). This period we decreased our position in Posco Holdings. In contrast, from a regional standpoint, security selection in Africa, primarily in South Africa, and an underweight in Emerging Asia, primarily in Taiwan, detracted from the fund's relative result. By sector, the biggest detractor from performance versus the benchmark was stock selection in financials, primarily within the financial services industry. An underweight in information technology, primarily within the technology hardware & equipment industry, also hampered the fund's result. Lastly, the fund's position in cash detracted. The largest individual relative detractor was an overweight in Impala Platinum Holdings (-58%). A second notable relative detractor was our non-benchmark stake in PagSeguro Digital (-48%). Notable changes in positioning include increased exposure to Taiwan and China. By sector, meaningful changes in positioning include increased exposure to the consumer discretionary sector and a lower allocation to industrials.
Note to shareholders:
On December 27, 2022, Lewis Chung assumed co-management responsibilities for the fund. On July 1, 2023, Guillermo de las Casas came off of the fund.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
 
Fidelity® Series Emerging Markets Opportunities Fund
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
7.4
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
4.6
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
4.1
 
Alibaba Group Holding Ltd.  (China, Broadline Retail)
3.0
 
HDFC Bank Ltd.  (India, Banks)
2.3
 
PDD Holdings, Inc. ADR  (China, Broadline Retail)
2.0
 
Reliance Industries Ltd.  (India, Oil, Gas & Consumable Fuels)
1.8
 
SK Hynix, Inc.  (Korea (South), Semiconductors & Semiconductor Equipment)
1.6
 
Infosys Ltd. (India, IT Consulting & Other Services)
1.6
 
China Construction Bank Corp. (H Shares)  (China, Banks)
1.4
 
 
29.8
 
 
Market Sectors (% of Fund's net assets)
 
Financials
22.5
 
Information Technology
19.5
 
Consumer Discretionary
15.4
 
Communication Services
9.3
 
Materials
7.6
 
Consumer Staples
6.4
 
Industrials
5.3
 
Energy
4.8
 
Health Care
3.6
 
Utilities
2.9
 
Real Estate
1.3
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Series Emerging Markets Opportunities Fund
Showing Percentage of Net Assets     
Common Stocks - 94.9%
 
 
Shares
Value ($)
 
Brazil - 6.0%
 
 
 
Cury Construtora e Incorporado SA
 
3,143,400
9,190,007
Cyrela Brazil Realty SA
 
1,904,800
6,796,718
Dexco SA
 
29,311,511
39,882,375
ENGIE Brasil Energia SA
 
4,621,800
36,026,527
Equatorial Energia SA
 
9,458,334
59,281,669
Hapvida Participacoes e Investimentos SA (a)(b)
 
61,245,200
44,824,672
Hypera SA (a)
 
3,565,400
21,420,333
Localiza Rent a Car SA
 
8,646,150
87,237,497
Localiza Rent a Car SA rights 11/10/23 (a)
 
63,400
88,025
LOG Commercial Properties e Participacoes SA
 
2,606,151
10,710,457
MercadoLibre, Inc. (a)
 
50,847
63,087,907
Multiplan Empreendimentos Imobiliarios SA (a)
 
455,600
2,235,641
PagSeguro Digital Ltd. (a)(c)
 
13,219,949
93,332,840
Raia Drogasil SA
 
24,662,792
126,206,185
Rede D'Oregon Sao Luiz SA (b)
 
783,900
3,361,515
Rumo SA
 
20,858,500
92,299,923
StoneCo Ltd. Class A (a)
 
5,511,848
54,649,973
Suzano Papel e Celulose SA
 
6,565,200
67,152,747
Transmissora Alianca de Energia Eletrica SA
 
4,534,900
30,393,072
Vale SA sponsored ADR (c)
 
13,040,370
178,783,473
XP, Inc. Class A
 
8,746,465
174,929,300
YDUQS Participacoes SA
 
3,769,779
13,256,941
TOTAL BRAZIL
 
 
1,215,147,797
Canada - 0.8%
 
 
 
Barrick Gold Corp.
 
9,976,800
159,429,264
Chile - 1.1%
 
 
 
Antofagasta PLC
 
6,322,144
103,353,161
Banco de Chile
 
1,078,313,300
110,783,137
TOTAL CHILE
 
 
214,136,298
China - 27.5%
 
 
 
Advanced Micro-Fabrication Equipment, Inc., China (A Shares)
 
1,436,800
33,660,539
Akeso, Inc. (a)(b)
 
3,560,545
19,994,441
Alibaba Group Holding Ltd. (a)
 
55,000,176
566,231,161
Alibaba Group Holding Ltd. sponsored ADR (a)
 
404,956
33,425,068
Angelalign Technology, Inc. (b)(c)
 
845,800
5,831,217
Anta Sports Products Ltd.
 
2,925,800
33,089,309
Asymchem Laboratories Tianjin Co. Ltd. (H Shares) (b)
 
840,400
10,928,837
Baidu, Inc.:
 
 
 
 Class A (a)
 
2,062,227
27,074,584
 sponsored ADR (a)
 
139,551
14,652,855
BeiGene Ltd. ADR (a)
 
217,000
40,422,760
Beijing Enlight Media Co. Ltd. (A Shares)
 
15,476,876
16,553,484
Bilibili, Inc. ADR (a)(c)
 
1,154,054
15,498,945
BYD Co. Ltd. (H Shares)
 
5,710,007
173,642,051
C&S Paper Co. Ltd. (A Shares)
 
22,252,600
33,042,672
China Communications Services Corp. Ltd. (H Shares)
 
76,630,000
31,343,686
China Construction Bank Corp. (H Shares)
 
491,178,000
277,789,694
China Gas Holdings Ltd.
 
36,096,000
32,450,554
China Jushi Co. Ltd. (A Shares)
 
44,724,100
70,796,620
China Life Insurance Co. Ltd. (H Shares)
 
92,444,690
125,206,982
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares)
 
4,509,628
6,803,655
China Overseas Land and Investment Ltd.
 
14,948,900
28,210,213
China Petroleum & Chemical Corp. (H Shares)
 
199,038,000
101,795,561
China Resources Beer Holdings Co. Ltd.
 
13,834,666
73,208,450
China Resources Land Ltd.
 
13,515,720
50,590,805
China Tower Corp. Ltd. (H Shares) (b)
 
122,798,824
11,451,097
Daqin Railway Co. Ltd. (A Shares)
 
82,255,400
81,088,662
Daqo New Energy Corp. ADR (a)
 
181,278
4,615,338
ENN Energy Holdings Ltd.
 
7,544,500
57,150,697
ESR Group Ltd. (b)
 
5,393,000
6,929,443
Greentown China Holdings Ltd.
 
10,694,500
10,375,175
Guangdong Investment Ltd.
 
46,124,000
31,474,191
Haier Smart Home Co. Ltd.
 
27,845,016
79,423,151
Haier Smart Home Co. Ltd. (A Shares)
 
1,171,203
3,559,279
Haitian International Holdings Ltd.
 
17,388,306
41,481,263
Innovent Biologics, Inc. (a)(b)
 
7,924,862
46,702,508
JD.com, Inc. Class A
 
5,263,429
66,914,828
JOYY, Inc. ADR
 
363,583
14,150,650
KE Holdings, Inc. ADR
 
2,310,700
33,990,397
Kingdee International Software Group Co. Ltd. (a)
 
4,210,000
5,586,116
Kunlun Energy Co. Ltd.
 
56,298,000
46,902,083
Kweichow Moutai Co. Ltd. (A Shares)
 
414,810
95,553,239
Lenovo Group Ltd.
 
66,718,000
77,641,879
Li Auto, Inc.:
 
 
 
 ADR (a)(c)
 
3,539,469
119,669,447
 Class A (a)
 
548,481
9,276,804
Longfor Properties Co. Ltd. (b)
 
2,636,435
3,838,020
Maxscend Microelectronics Co. Ltd. (A Shares)
 
646,400
13,338,706
Medlive Technology Co. Ltd. (b)
 
3,949,965
3,943,578
Meituan Class B (a)(b)
 
19,489,239
276,260,238
NetEase, Inc. ADR
 
774,375
82,796,175
New Oriental Education & Technology Group, Inc. (a)
 
1,197,100
7,805,137
New Oriental Education & Technology Group, Inc. sponsored ADR (a)
 
1,815,398
118,890,415
PDD Holdings, Inc. ADR (a)
 
3,921,563
397,724,919
Ping An Insurance Group Co. of China Ltd. (H Shares)
 
46,004,500
233,356,753
Proya Cosmetics Co. Ltd. (A Shares)
 
6,538,322
92,855,769
Shangri-La Asia Ltd. (a)
 
7,982,000
5,092,337
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) (a)
 
1,584,539
61,945,061
Sinopec Engineering Group Co. Ltd. (H Shares)
 
50,696,687
25,336,338
Sinopharm Group Co. Ltd. (H Shares)
 
10,756,000
25,720,642
Sinotruk Hong Kong Ltd.
 
16,663,661
31,386,058
Sunny Optical Technology Group Co. Ltd.
 
4,011,100
33,604,730
Tencent Holdings Ltd.
 
22,387,081
828,518,021
Tofflon Science & Technology Group Co. Ltd. (A Shares)
 
1,556,821
4,037,184
Tongdao Liepin Group (a)
 
6,814,426
5,006,747
TravelSky Technology Ltd. (H Shares)
 
23,095,000
36,483,938
Trip.com Group Ltd. ADR (a)
 
3,980,916
135,351,144
Tsingtao Brewery Co. Ltd. (H Shares)
 
11,249,384
85,310,030
Uni-President China Holdings Ltd.
 
38,725,000
26,355,883
WuXi AppTec Co. Ltd. (H Shares) (b)(c)
 
3,176,404
38,169,405
Wuxi Biologics (Cayman), Inc. (a)(b)
 
16,867,087
104,875,193
Xinyi Solar Holdings Ltd.
 
32,552,804
19,157,626
XPeng, Inc. ADR (a)(c)
 
2,578,579
37,337,824
Zai Lab Ltd. (a)
 
10,515,602
26,836,407
Zhuzhou CRRC Times Electric Co. Ltd. (H Shares)
 
5,109,600
16,490,560
ZTO Express, Inc. sponsored ADR
 
4,733,400
111,566,238
TOTAL CHINA
 
 
5,555,571,466
Greece - 1.0%
 
 
 
Alpha Bank SA (a)
 
86,748,700
129,422,207
Piraeus Financial Holdings SA (a)
 
22,339,347
65,947,964
TOTAL GREECE
 
 
195,370,171
Hong Kong - 0.9%
 
 
 
ASMPT Ltd.
 
4,494,604
38,067,279
Gushengtang Holdings Ltd.
 
654,700
3,921,951
Huanxi Media Group Ltd. (a)
 
129,191,425
11,880,799
Kerry Properties Ltd.
 
6,340,500
10,669,710
Prudential PLC
 
11,961,814
125,077,378
TOTAL HONG KONG
 
 
189,617,117
Hungary - 0.2%
 
 
 
Richter Gedeon PLC
 
1,656,600
38,842,697
India - 19.0%
 
 
 
Apollo Hospitals Enterprise Ltd.
 
1,131,100
65,474,739
Bajaj Auto Ltd.
 
1,211,636
77,268,328
Bajaj Finance Ltd.
 
2,126,377
191,358,478
Bharat Electronics Ltd.
 
51,779,600
82,931,032
Bharti Airtel Ltd.
 
17,766,964
195,069,760
Coal India Ltd.
 
22,809,400
86,073,857
Divi's Laboratories Ltd.
 
719,200
29,260,243
Eicher Motors Ltd.
 
1,394,633
55,180,415
Embassy Office Parks (REIT)
 
5,472,069
20,470,850
HDFC Bank Ltd.
 
26,462,097
469,418,163
HDFC Standard Life Insurance Co. Ltd. (b)
 
19,888,241
147,699,309
Hindustan Aeronautics Ltd.
 
2,620,200
57,325,386
ICICI Bank Ltd.
 
13,023,800
143,242,695
Indraprastha Gas Ltd.
 
9,819,494
45,093,090
Infosys Ltd.
 
3,034,734
49,893,697
Infosys Ltd. sponsored ADR
 
15,803,475
259,493,060
ITC Ltd.
 
25,529,254
131,373,815
JK Cement Ltd.
 
2,992,821
113,422,453
Larsen & Toubro Ltd.
 
4,240,516
149,183,245
Ltimindtree Ltd. (b)
 
258,472
15,720,966
Mahanagar Gas Ltd.
 
3,221,234
39,928,695
Mahindra & Mahindra Ltd.
 
1,406,300
24,638,481
MakeMyTrip Ltd. (a)
 
1,662,700
64,396,371
Mankind Pharma Ltd.
 
2,518,039
52,738,215
Maruti Suzuki India Ltd.
 
463,781
57,898,238
NTPC Ltd.
 
29,852,345
84,551,116
One97 Communications Ltd. (a)
 
6,185,057
68,430,139
Persistent Systems Ltd.
 
118,100
8,744,948
Petronet LNG Ltd.
 
10,959,980
26,262,841
Pine Labs Private Ltd. (a)(d)(e)
 
9,606
3,013,306
Power Grid Corp. of India Ltd.
 
34,271,672
83,212,154
Reliance Industries Ltd.
 
13,512,692
371,458,728
Shree Cement Ltd.
 
235,468
72,552,677
Sona Blw Precision Forgings Ltd. (b)
 
5,599,375
36,429,708
SRF Ltd.
 
2,143,800
56,512,474
Star Health & Allied Insurance Co. Ltd. (a)
 
12,376,100
86,196,187
Tata Motors Ltd.
 
2,854,395
21,552,880
Tata Steel Ltd.
 
76,841,000
109,618,507
Torrent Pharmaceuticals Ltd.
 
926,472
21,409,408
Zomato Ltd. (a)
 
128,549,652
162,544,515
TOTAL INDIA
 
 
3,837,043,169
Indonesia - 2.6%
 
 
 
First Resources Ltd.
 
53,989,346
59,610,983
PT Bank Central Asia Tbk
 
348,112,760
191,782,510
PT Bank Rakyat Indonesia (Persero) Tbk
 
623,075,239
194,825,593
PT Sumber Alfaria Trijaya Tbk
 
302,740,300
55,097,735
PT Telkom Indonesia Persero Tbk
 
107,116,000
23,481,521
TOTAL INDONESIA
 
 
524,798,342
Korea (South) - 10.1%
 
 
 
AMOREPACIFIC Corp.
 
604,969
56,701,900
ASICLAND Co. Ltd. (f)
 
17,300
319,765
Coway Co. Ltd.
 
1,088,000
34,765,251
Delivery Hero AG (a)(b)
 
822,552
20,862,104
Hyundai Motor Co. Ltd.
 
190,679
23,986,923
Jeisys Medical, Inc. (a)(c)
 
1,003,254
7,820,212
Kakao Corp.
 
1,186,016
33,379,291
Kakao Pay Corp. (a)
 
470,761
11,983,582
Kia Corp.
 
2,512,103
143,307,329
LG Chemical Ltd.
 
96,026
31,425,118
LG Corp.
 
1,043,328
59,630,540
LS Electric Co. Ltd.
 
391,530
18,597,677
NAVER Corp.
 
994,253
138,793,676
POSCO
 
184,696
56,456,285
Samsung Biologics Co. Ltd. (a)(b)
 
145,438
76,344,413
Samsung Electronics Co. Ltd.
 
18,542,375
921,576,300
Samsung SDI Co. Ltd.
 
286,592
90,610,497
SK Hynix, Inc.
 
3,630,234
314,789,901
TOTAL KOREA (SOUTH)
 
 
2,041,350,764
Mauritius - 0.0%
 
 
 
Jumo World Holding Ltd. (d)(e)
 
2,024,724
2,976,344
Jumo World Ltd. (a)(e)
 
2,021
0
TOTAL MAURITIUS
 
 
2,976,344
Mexico - 2.4%
 
 
 
CEMEX S.A.B. de CV sponsored ADR (a)
 
11,881,600
70,933,152
Corporacion Inmobiliaria Vesta S.A.B. de CV
 
7,406,684
23,223,687
Fibra Uno Administracion SA de CV
 
10,490,300
15,925,426
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B
 
1,553,500
18,121,725
Grupo Aeroportuario Norte S.A.B. de CV
 
2,815,051
21,489,571
Grupo Financiero Banorte S.A.B. de CV Series O
 
27,707,378
224,867,910
Wal-Mart de Mexico SA de CV Series V
 
28,330,400
101,401,116
TOTAL MEXICO
 
 
475,962,587
Netherlands - 0.1%
 
 
 
CTP BV (b)
 
878,177
12,785,779
Panama - 0.3%
 
 
 
Copa Holdings SA Class A
 
763,975
62,378,559
Peru - 0.5%
 
 
 
Credicorp Ltd. (United States)
 
732,422
91,523,453
Philippines - 0.4%
 
 
 
Ayala Land, Inc.
 
62,047,224
30,457,961
SM Investments Corp.
 
2,394,000
33,754,806
SM Prime Holdings, Inc.
 
20,721,800
10,937,466
TOTAL PHILIPPINES
 
 
75,150,233
Poland - 0.4%
 
 
 
CD Projekt RED SA (c)
 
1,234,658
30,778,146
Dino Polska SA (a)(b)
 
454,600
43,009,485
TOTAL POLAND
 
 
73,787,631
Romania - 0.1%
 
 
 
Societatea de Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA
 
468,948
11,658,887
Russia - 1.1%
 
 
 
Fix Price Group Ltd. GDR (Reg. S) (a)(e)
 
5,084,349
1,877,803
Gazprom OAO sponsored ADR (Reg. S) (a)(e)
 
10,986,900
2,509,847
LSR Group OJSC (e)
 
98,230
98,836
LUKOIL PJSC sponsored ADR (a)(e)
 
2,479,000
701,284
Novatek PJSC GDR (Reg. S) (a)(e)
 
648,900
33,742,800
Sberbank of Russia (e)
 
12,899,053
79,327
Sberbank of Russia sponsored ADR (a)(e)
 
19,633,994
349,485
Severstal PAO GDR (Reg. S) (a)(e)
 
6,035,400
142,496
TCS Group Holding PLC GDR (a)(e)
 
4,004,379
46,450,796
X5 Retail Group NV GDR (Reg. S) (a)(e)
 
6,393,700
64,448,496
Yandex NV Series A (a)(c)(e)
 
6,229,522
67,901,790
TOTAL RUSSIA
 
 
218,302,960
Saudi Arabia - 3.3%
 
 
 
Al Rajhi Bank
 
8,694,815
155,512,871
Alinma Bank
 
13,831,800
121,299,238
Bupa Arabia for Cooperative Insurance Co.
 
2,544,832
144,484,811
Saudi Arabian Oil Co. (b)
 
5,079,700
45,088,498
The Saudi National Bank
 
22,270,216
199,159,225
TOTAL SAUDI ARABIA
 
 
665,544,643
Singapore - 1.0%
 
 
 
Sea Ltd. ADR (a)
 
5,012,953
209,040,140
South Africa - 2.7%
 
 
 
Capitec Bank Holdings Ltd. (c)
 
1,722,061
152,907,929
Discovery Ltd.
 
14,623,000
100,883,989
Impala Platinum Holdings Ltd.
 
19,362,202
80,655,032
Naspers Ltd. Class N
 
619,516
96,706,988
Pick 'n Pay Stores Ltd. (c)
 
22,801,884
30,586,028
Shoprite Holdings Ltd.
 
6,911,676
88,569,582
TOTAL SOUTH AFRICA
 
 
550,309,548
Taiwan - 11.0%
 
 
 
Accton Technology Corp.
 
1,091,037
16,891,805
Alchip Technologies Ltd.
 
1,412,095
115,725,720
ASE Technology Holding Co. Ltd.
 
2,935,945
10,270,771
BizLink Holding, Inc.
 
4,996,327
38,904,348
Chailease Holding Co. Ltd.
 
30,547,047
165,576,362
Chroma ATE, Inc.
 
4,074,369
27,511,754
Delta Electronics, Inc.
 
4,851,561
43,688,067
E Ink Holdings, Inc.
 
712,000
3,701,772
eMemory Technology, Inc.
 
842,274
52,729,043
Formosa Plastics Corp.
 
27,678,000
65,772,372
Global Unichip Corp.
 
572,114
25,549,816
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
2,712,000
8,088,311
King Yuan Electronics Co. Ltd.
 
17,980,408
42,566,400
Lite-On Technology Corp.
 
4,226,242
13,148,322
Taiwan Semiconductor Manufacturing Co. Ltd.
 
90,774,984
1,481,442,295
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
241,209
20,818,749
Uni-President Enterprises Corp.
 
37,004,000
77,572,691
Unimicron Technology Corp.
 
4,162,030
18,548,002
TOTAL TAIWAN
 
 
2,228,506,600
Tanzania - 0.0%
 
 
 
Helios Towers PLC (a)
 
9,208,600
6,777,115
Thailand - 0.6%
 
 
 
Carabao Group PCL (For. Reg.)
 
15,745,100
29,413,619
Land & House PCL (For. Reg.)
 
32,339,500
6,755,824
PTT Global Chemical PCL (For. Reg.)
 
79,234,900
75,678,095
Supalai PCL (For. Reg.)
 
13,722,800
6,990,830
TOTAL THAILAND
 
 
118,838,368
United Arab Emirates - 0.1%
 
 
 
Emaar Properties PJSC
 
10,526,500
19,172,961
United States of America - 1.7%
 
 
 
FirstCash Holdings, Inc.
 
1,591,354
173,330,278
Globant SA (a)
 
4,479
762,729
Legend Biotech Corp. ADR (a)
 
397,300
26,249,611
Tenaris SA sponsored ADR
 
1,686,600
52,824,312
Titan Cement International Trading SA (g)
 
4,562,736
86,321,617
TOTAL UNITED STATES OF AMERICA
 
 
339,488,547
 
TOTAL COMMON STOCKS
 (Cost $18,252,835,410)
 
 
 
19,133,511,440
 
 
 
 
Preferred Stocks - 3.5%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.6%
 
 
 
China - 0.5%
 
 
 
ByteDance Ltd. Series E1 (a)(d)(e)
 
399,541
93,352,755
dMed Biopharmaceutical Co. Ltd. Series C (a)(d)(e)
 
769,712
4,533,604
 
 
 
97,886,359
India - 0.1%
 
 
 
Meesho Series F (a)(d)(e)
 
431,274
28,045,748
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
125,932,107
Nonconvertible Preferred Stocks - 2.9%
 
 
 
Brazil - 1.9%
 
 
 
Companhia de Transmissao de Energia Eletrica Paulista (PN)
 
6,031,800
25,351,087
Metalurgica Gerdau SA (PN)
 
49,435,422
101,287,828
Petroleo Brasileiro SA - Petrobras:
 
 
 
 (PN) sponsored ADR (non-vtg.) (c)
 
9,858,100
136,337,523
 sponsored ADR
 
8,323,635
124,854,525
 
 
 
387,830,963
India - 0.1%
 
 
 
Pine Labs Private Ltd.:
 
 
 
 Series 1 (a)(d)(e)
 
22,959
7,202,009
 Series A (a)(d)(e)
 
5,737
1,799,640
 Series B (a)(d)(e)
 
6,242
1,958,053
 Series B2 (a)(d)(e)
 
5,049
1,583,821
 Series C (a)(d)(e)
 
9,391
2,945,863
 Series C1 (a)(d)(e)
 
1,978
620,479
 Series D (a)(d)(e)
 
2,116
663,768
 
 
 
16,773,633
Korea (South) - 0.8%
 
 
 
Hyundai Motor Co. Ltd. Series 2
 
891,867
66,160,445
Samsung Electronics Co. Ltd.
 
2,317,999
92,408,290
 
 
 
158,568,735
United States of America - 0.1%
 
 
 
Gupshup, Inc. (a)(d)(e)
 
566,129
7,076,613
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 
 
570,249,944
 
TOTAL PREFERRED STOCKS
 (Cost $506,376,297)
 
 
 
696,182,051
 
 
 
 
Corporate Bonds - 0.2%
 
 
Principal
Amount (h)
 
Value ($)
 
Convertible Bonds - 0.2%
 
 
 
Brazil - 0.2%
 
 
 
Creditas Financial Solutions Ltd. 5% 7/28/27 (d)(e)
 
33,309,389
33,292,734
Nonconvertible Bonds - 0.0%
 
 
 
China - 0.0%
 
 
 
Ant International Co. Ltd. 3.55% 8/14/24 (d)(e)
 
12,904,612
12,840,089
 
TOTAL CORPORATE BONDS
 (Cost $46,214,001)
 
 
 
46,132,823
 
 
 
 
Government Obligations - 0.0%
 
 
Principal
Amount (h)
 
Value ($)
 
United States of America - 0.0%
 
 
 
U.S. Treasury Bills, yield at date of purchase 5.36% to 5.36% 11/30/23 (i)
  (Cost $2,270,294)
 
2,280,000
2,270,286
 
 
 
 
Money Market Funds - 3.6%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (j)
 
355,837,407
355,908,574
Fidelity Securities Lending Cash Central Fund 5.40% (j)(k)
 
380,095,191
380,133,200
 
TOTAL MONEY MARKET FUNDS
 (Cost $736,037,618)
 
 
736,041,774
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.2%
 (Cost $19,543,733,620)
 
 
 
20,614,138,374
NET OTHER ASSETS (LIABILITIES) - (2.2)%  
(448,426,037)
NET ASSETS - 100.0%
20,165,712,337
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE MSCI Emerging Markets Index Contracts (United States)
3
Dec 2023
137,880
(10,451)
(10,451)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.0%
 
 
 
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 $975,050,426 or 4.8% of net assets.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Restricted securities (including private placements) - 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 $201,904,826 or 1.0% of net assets.
 
(e)
Level 3 security
 
(f)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(g)
Affiliated company
 
(h)
Amount is stated in United States dollars unless otherwise noted.
 
(i)
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 $14,936.
 
(j)
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.
 
(k)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Ant International Co. Ltd. 3.55% 8/14/24
8/14/23
12,904,612
 
 
 
ByteDance Ltd. Series E1
11/18/20
43,779,377
 
 
 
Creditas Financial Solutions Ltd. 5% 7/28/27
1/28/22 - 7/28/23
33,309,389
 
 
 
dMed Biopharmaceutical Co. Ltd. Series C
12/01/20
10,932,333
 
 
 
Gupshup, Inc.
6/08/21
12,944,653
 
 
 
Jumo World Holding Ltd.
9/06/23
2,024,724
 
 
 
Meesho Series F
9/21/21
33,066,770
 
 
 
Pine Labs Private Ltd.
6/30/21
3,581,693
 
 
 
Pine Labs Private Ltd. Series 1
6/30/21
8,560,493
 
 
 
Pine Labs Private Ltd. Series A
6/30/21
2,139,098
 
 
 
Pine Labs Private Ltd. Series B
6/30/21
2,327,392
 
 
 
Pine Labs Private Ltd. Series B2
6/30/21
1,882,570
 
 
 
Pine Labs Private Ltd. Series C
6/30/21
3,501,528
 
 
 
Pine Labs Private Ltd. Series C1
6/30/21
737,517
 
 
 
Pine Labs Private Ltd. Series D
6/30/21
788,972
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
723,008,581
11,203,545,308
11,570,645,315
17,993,301
14,324
(14,324)
355,908,574
0.8%
Fidelity Securities Lending Cash Central Fund 5.40%
429,041,537
4,814,632,670
4,863,541,007
4,202,666
-
-
380,133,200
1.6%
Total
1,152,050,118
16,018,177,978
16,434,186,322
22,195,967
14,324
(14,324)
736,041,774
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
 
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 presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
JK Cement Ltd.
153,502,664
-
63,000,916
515,411
21,641,475
1,279,230
-
LOG Commercial Properties e Participacoes SA
24,979,870
1,289,316
14,150,887
728,098
(3,905,270)
2,497,428
-
Pick 'n Pay Stores Ltd.
119,922,945
287,922
35,437,696
2,204,172
(29,290,770)
(24,896,373)
-
Titan Cement International Trading SA
65,636,709
-
24,607,516
3,486,363
(9,202,457)
54,494,881
86,321,617
Zai Lab Ltd.
25,948,841
3,264,891
6,860,083
-
(13,688,095)
18,170,853
-
Zai Lab Ltd. ADR
1,098,404
-
1,681,573
-
(196,203)
779,372
-
Total
391,089,433
4,842,129
145,738,671
6,934,044
(34,641,320)
52,325,391
86,321,617
 
 
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
1,826,157,551
373,694,026
1,291,208,980
161,254,545
Consumer Discretionary
3,106,252,347
1,116,695,853
1,961,510,746
28,045,748
Consumer Staples
1,272,195,481
389,772,396
816,096,786
66,326,299
Energy
981,649,776
359,104,858
585,590,987
36,953,931
Financials
4,474,834,902
1,993,035,125
2,431,943,825
49,855,952
Health Care
785,608,846
175,121,588
605,953,654
4,533,604
Industrials
1,060,635,139
393,181,538
667,453,601
-
Information Technology
3,887,536,745
285,689,876
3,574,983,317
26,863,552
Materials
1,540,175,746
807,143,617
732,889,633
142,496
Real Estate
311,173,136
118,044,348
193,029,952
98,836
Utilities
583,473,822
162,711,242
420,762,580
-
 Corporate Bonds
46,132,823
-
-
46,132,823
 Government Obligations
2,270,286
-
2,270,286
-
  Money Market Funds
736,041,774
736,041,774
-
-
 Total Investments in Securities:
20,614,138,374
6,910,236,241
13,283,694,347
420,207,786
 Derivative Instruments:
 Liabilities
 
 
 
 
Futures Contracts
(10,451)
(10,451)
-
-
  Total Liabilities
(10,451)
(10,451)
-
-
 Total Derivative Instruments:
(10,451)
(10,451)
-
-
 
The following is a reconciliation of  Investments in Securities for which Level 3 inputs were used in determining value:
 
 
Investments in Securities:
 
  Beginning Balance
$
221,119,750
 
  Net Realized Gain (Loss) on Investment Securities
 
(18,817,997)
 
  Net Unrealized Gain (Loss) on Investment Securities
 
227,240,359
 
  Cost of Purchases
 
26,032,466
 
  Proceeds of Sales
 
(35,366,792)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
-
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
420,207,786
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2023
$
205,977,743
 
 
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. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's  Statement of Operations.
 
 
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
0
(10,451)
Total Equity Risk
0
(10,451)
Total Value of Derivatives
0
(10,451)
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Fidelity® Series Emerging Markets Opportunities Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $363,025,568) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $18,727,061,868)
$
19,791,774,983
 
 
Fidelity Central Funds (cost $736,037,618)
736,041,774
 
 
Other affiliated issuers (cost $80,634,134)
86,321,617
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $19,543,733,620)
 
 
$
20,614,138,374
Foreign currency held at value (cost $26,065)
 
 
26,058
Receivable for investments sold
 
 
252,093,889
Receivable for fund shares sold
 
 
5,974,789
Dividends receivable
 
 
29,023,820
Interest receivable
 
 
532,108
Distributions receivable from Fidelity Central Funds
 
 
1,910,556
Receivable from investment adviser for expense reductions
 
 
375,298
Other receivables
 
 
2,988,603
  Total assets
 
 
20,907,063,495
Liabilities
 
 
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
$
61,460,707
 
 
Delayed delivery
322,963
 
 
Payable for fund shares redeemed
202,397,654
 
 
Payable for daily variation margin on futures contracts
915
 
 
Deferred taxes
95,354,954
 
 
Other payables and accrued expenses
1,685,861
 
 
Collateral on securities loaned
380,128,104
 
 
  Total Liabilities
 
 
 
741,351,158
Net Assets  
 
 
$
20,165,712,337
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
20,895,052,455
Total accumulated earnings (loss)
 
 
 
(729,340,118)
Net Assets
 
 
$
20,165,712,337
Net Asset Value, offering price and redemption price per share ($20,165,712,337 ÷ 1,272,881,795 shares)
 
 
$
15.84
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends (including $6,934,044 earned from affiliated issuers)
 
 
$
636,964,277
Non-Cash dividends
 
 
59,985,114
Interest  
 
 
1,152,433
Income from Fidelity Central Funds (including $4,202,666 from security lending)
 
 
22,195,967
 Income before foreign taxes withheld
 
 
$
720,297,791
Less foreign taxes withheld
 
 
(68,723,578)
 Total Income
 
 
 
651,574,213
Expenses
 
 
 
 
Custodian fees and expenses
$
6,451,475
 
 
Independent trustees' fees and expenses
133,473
 
 
Interest
134,061
 
 
 Total expenses before reductions
 
6,719,009
 
 
 Expense reductions
 
(3,467,644)
 
 
 Total expenses after reductions
 
 
 
3,251,365
Net Investment income (loss)
 
 
 
648,322,848
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $30,385,994)
 
(754,254,217)
 
 
   Fidelity Central Funds
 
14,324
 
 
   Other affiliated issuers
 
(34,641,320)
 
 
 Foreign currency transactions
 
(19,936,253)
 
 
 Futures contracts
 
27,645,873
 
 
Total net realized gain (loss)
 
 
 
(781,171,593)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $22,187,594)  
 
3,525,814,147
 
 
   Fidelity Central Funds
 
(14,324)
 
 
   Other affiliated issuers
 
52,325,391
 
 
 Assets and liabilities in foreign currencies
 
3,749,028
 
 
 Futures contracts
 
4,764,598
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
3,586,638,840
Net gain (loss)
 
 
 
2,805,467,247
Net increase (decrease) in net assets resulting from operations
 
 
$
3,453,790,095
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
648,322,848
$
687,585,060
Net realized gain (loss)
 
(781,171,593)
 
 
(1,069,863,359)
 
Change in net unrealized appreciation (depreciation)
 
3,586,638,840
 
(10,801,411,227)
 
Net increase (decrease) in net assets resulting from operations
 
3,453,790,095
 
 
(11,183,689,526)
 
Distributions to shareholders
 
(559,062,771)
 
 
(3,331,305,613)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
1,881,171,940
 
7,263,042,676
  Reinvestment of distributions
 
559,062,771
 
 
3,331,305,613
 
Cost of shares redeemed
 
(7,499,526,249)
 
(2,937,614,184)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(5,059,291,538)
 
 
7,656,734,105
 
Total increase (decrease) in net assets
 
(2,164,564,214)
 
 
(6,858,261,034)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
22,330,276,551
 
29,188,537,585
 
End of period
$
20,165,712,337
$
22,330,276,551
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
114,358,773
 
398,835,244
  Issued in reinvestment of distributions
 
35,117,008
 
 
156,693,585
 
Redeemed
 
(452,937,950)
 
(161,208,420)
Net increase (decrease)
 
(303,462,169)
 
394,320,409
 
 
 
 
 
 
Financial Highlights
Fidelity® Series Emerging Markets Opportunities Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.17
$
24.69
$
21.49
$
19.39
$
17.66
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.46
 
.48
 
.47
 
.35
 
.57 C
     Net realized and unrealized gain (loss)
 
1.58
 
(8.30)
 
3.48
 
2.26
 
2.71
  Total from investment operations
 
2.04  
 
(7.82)  
 
3.95  
 
2.61  
 
3.28
  Distributions from net investment income
 
(.37)
 
(.68)
 
(.33)
 
(.50)
 
(.41)
  Distributions from net realized gain
 
-
 
(2.01)
 
(.41)
 
(.02)
 
(1.14)
     Total distributions
 
(.37)
 
(2.70) D
 
(.75) D
 
(.51) D
 
(1.55)
  Net asset value, end of period
$
15.84
$
14.17
$
24.69
$
21.49
$
19.39
 Total Return E
 
14.40%
 
(35.33)%
 
18.44%
 
13.66%
 
20.13%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.03%
 
.03%
 
.03%
 
.04%
 
.04%
    Expenses net of fee waivers, if any
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Expenses net of all reductions
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Net investment income (loss)
 
2.82%
 
2.64%
 
1.82%
 
1.78%
 
3.12% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
20,165,712
$
22,330,277
$
29,188,538
$
26,829,783
$
18,675,048
    Portfolio turnover rate H
 
41%
 
37%
 
69%
 
42% I
 
54%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.15 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.29%.
 
DTotal distributions per share do not sum due to rounding.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
IPortfolio turnover rate excludes securities received or delivered in-kind.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® Series International Growth Fund
11.31%
7.63%
5.84%
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Series International Growth Fund on October 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Growth Index performed over the same period.
 
Fidelity® Series International Growth Fund
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuation also helped bolster non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Portfolio Manager Jed Weiss:
For the fiscal year ending October 31, 2023, the fund gained 11.31%, versus 10.95% for the benchmark MSCI EAFE Growth Index (Net MA). From a regional standpoint, stock picking in Europe ex the U.K., primarily Ireland, along with an underweight in Asia Pacific ex Japan - Australia in particular - contributed to the fund's performance versus the benchmark. By sector, an underweight in health care proved beneficial, especially in the pharmaceuticals, biotechnology & life sciences industry. Picks and an overweight among materials stocks also helped, as did financials, especially in the financial services category. Further bolstering the portfolio's relative result was an underweight in consumer staples, namely among food, beverage & tobacco companies. The fund's non-benchmark stake in CRH gained about 51% and was the top individual relative contributor. Out-of-benchmark exposure to Linde (+10%), one of the portfolio's largest holdings added value compared with the benchmark as well. Outsized exposure to Safran (+41%), another of our more sizable positions, also helped the past 12 months. In contrast, on a regional basis, stock picking and an underweight in Japan, in addition to non-benchmark exposure to emerging markets, primarily Kenya, detracted from relative performance. Sector-wise, the biggest relative detractor was security selection in information technology, especially software & services firms. Investment choices in industrials and health care also pressured the portfolio's return. The fund's non-benchmark stake in ResMed returned about -36% and was the largest individual relative detractor. An outsized allocation to Misumi Group (-30%) and a smaller-than-benchmark position in Novo Nordisk (+79%) also hurt. The latter was among the portfolio's largest holdings at period end. Notable changes in positioning include increased exposure to equity markets in Denmark and a smaller cash allocation. By sector, meaningful shifts include increased exposure to materials sector and a lower allocation to consumer staples stocks.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
 
Fidelity® Series International Growth Fund
Top Holdings (% of Fund's net assets)
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
5.3
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
5.2
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
5.1
 
Nestle SA (Reg. S)  (United States of America, Food Products)
4.7
 
Linde PLC  (United States of America, Chemicals)
4.1
 
Safran SA  (France, Aerospace & Defense)
3.6
 
Keyence Corp.  (Japan, Electronic Equipment, Instruments & Components)
3.1
 
Atlas Copco AB (A Shares)  (Sweden, Machinery)
3.0
 
Marsh & McLennan Companies, Inc.  (United States of America, Insurance)
2.8
 
Airbus Group NV  (France, Aerospace & Defense)
2.8
 
 
39.7
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
26.1
 
Financials
17.7
 
Information Technology
16.7
 
Consumer Discretionary
12.8
 
Materials
8.8
 
Health Care
8.6
 
Consumer Staples
4.9
 
Energy
1.0
 
Communication Services
0.8
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Series International Growth Fund
Showing Percentage of Net Assets     
Common Stocks - 97.1%
 
 
Shares
Value ($)
 
Belgium - 0.6%
 
 
 
Azelis Group NV
 
2,354,310
40,106,636
KBC Group NV
 
588,800
32,334,182
TOTAL BELGIUM
 
 
72,440,818
Canada - 3.5%
 
 
 
CAE, Inc. (a)
 
4,077,400
85,149,814
Canadian Pacific Kansas City Ltd.
 
3,517,240
249,725,942
Franco-Nevada Corp.
 
921,528
112,105,119
TOTAL CANADA
 
 
446,980,875
Denmark - 5.7%
 
 
 
Novo Nordisk A/S Series B
 
6,936,000
669,159,172
Vestas Wind Systems A/S (a)
 
3,183,300
68,997,336
TOTAL DENMARK
 
 
738,156,508
Finland - 0.5%
 
 
 
Kone OYJ (B Shares)
 
1,513,400
65,478,324
France - 14.6%
 
 
 
Airbus Group NV
 
2,650,100
355,315,379
Edenred SA
 
3,180,555
169,074,944
Lectra
 
1,040,088
26,302,359
Legrand SA
 
2,421,444
209,470,361
LVMH Moet Hennessy Louis Vuitton SE
 
913,596
654,071,306
Safran SA
 
2,951,800
461,128,855
TOTAL FRANCE
 
 
1,875,363,204
Germany - 1.2%
 
 
 
Deutsche Borse AG
 
914,445
150,514,411
Hong Kong - 1.8%
 
 
 
AIA Group Ltd.
 
26,453,501
229,717,126
India - 2.1%
 
 
 
HDFC Bank Ltd.
 
8,246,596
146,288,556
Jio Financial Services Ltd.
 
1,075,000
2,852,232
Kotak Mahindra Bank Ltd.
 
2,933,600
61,308,181
Reliance Industries Ltd.
 
1,075,000
29,551,338
Reliance Industries Ltd. GDR (b)
 
588,500
32,132,100
TOTAL INDIA
 
 
272,132,407
Israel - 0.9%
 
 
 
NICE Ltd. sponsored ADR (a)(c)
 
724,254
111,788,605
Italy - 1.3%
 
 
 
Interpump Group SpA
 
1,689,520
70,434,636
Prada SpA
 
15,688,300
94,507,218
TOTAL ITALY
 
 
164,941,854
Japan - 10.4%
 
 
 
Azbil Corp.
 
4,801,505
141,878,080
Hoya Corp.
 
1,931,200
185,913,960
Keyence Corp.
 
1,035,387
400,817,686
Lasertec Corp.
 
902,400
149,058,635
Misumi Group, Inc.
 
6,682,606
101,165,723
OSG Corp.
 
2,238,146
25,538,571
Recruit Holdings Co. Ltd.
 
6,556,705
187,998,488
SHO-BOND Holdings Co. Ltd.
 
2,041,100
80,384,768
USS Co. Ltd.
 
3,820,900
66,785,121
TOTAL JAPAN
 
 
1,339,541,032
Kenya - 0.0%
 
 
 
Safaricom Ltd.
 
66,992,800
5,540,089
Netherlands - 6.1%
 
 
 
Aalberts Industries NV
 
677,263
21,082,724
ASML Holding NV (Netherlands)
 
1,136,646
683,261,109
IMCD NV
 
685,854
82,367,190
TOTAL NETHERLANDS
 
 
786,711,023
Norway - 0.2%
 
 
 
Schibsted ASA (B Shares)
 
1,583,854
29,349,140
Spain - 1.9%
 
 
 
Amadeus IT Holding SA Class A
 
4,326,064
246,356,115
Sweden - 6.5%
 
 
 
ASSA ABLOY AB (B Shares)
 
6,868,537
146,403,390
Atlas Copco AB (A Shares) (c)
 
29,298,144
379,382,301
Autoliv, Inc.
 
1,235,034
113,190,866
Epiroc AB (A Shares)
 
10,628,555
175,102,479
Lagercrantz Group AB (B Shares)
 
1,558,306
14,197,575
TOTAL SWEDEN
 
 
828,276,611
Switzerland - 1.1%
 
 
 
Schindler Holding AG:
 
 
 
 (participation certificate)
 
235,881
47,505,523
 (Reg.)
 
150,852
29,269,915
UBS Group AG
 
2,953,020
68,887,027
TOTAL SWITZERLAND
 
 
145,662,465
Taiwan - 2.2%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
17,050,885
278,269,422
United Kingdom - 6.8%
 
 
 
BAE Systems PLC
 
12,202,400
164,078,132
Compass Group PLC
 
11,441,200
288,448,511
InterContinental Hotel Group PLC ADR
 
2,581,030
186,169,694
Rightmove PLC
 
7,445,561
42,805,115
Sage Group PLC
 
6,141,900
72,456,963
Spectris PLC
 
3,127,178
117,828,783
TOTAL UNITED KINGDOM
 
 
871,787,198
United States of America - 29.7%
 
 
 
CRH PLC
 
5,586,740
299,281,662
Experian PLC
 
7,402,589
224,127,147
Linde PLC
 
1,364,101
521,304,838
Marsh & McLennan Companies, Inc.
 
1,917,131
363,583,894
MasterCard, Inc. Class A
 
616,331
231,956,172
Microsoft Corp.
 
210,400
71,138,344
Moody's Corp.
 
660,459
203,421,372
MSCI, Inc.
 
395,727
186,605,067
Nestle SA (Reg. S)
 
5,619,210
605,968,754
NOV, Inc.
 
3,339,400
66,654,424
Otis Worldwide Corp.
 
962,700
74,330,067
PriceSmart, Inc.
 
352,427
22,023,163
ResMed, Inc.
 
733,818
103,629,778
Roche Holding AG (participation certificate)
 
602,254
155,206,662
S&P Global, Inc.
 
563,080
196,689,475
Sherwin-Williams Co.
 
810,841
193,150,435
Synopsys, Inc. (a)
 
135,400
63,562,176
Visa, Inc. Class A
 
1,001,070
235,351,557
TOTAL UNITED STATES OF AMERICA
 
 
3,817,984,987
 
TOTAL COMMON STOCKS
 (Cost $8,657,895,760)
 
 
 
12,476,992,214
 
 
 
 
Convertible Preferred Stocks - 0.3%
 
 
Shares
Value ($)
 
China - 0.3%
 
 
 
ByteDance Ltd. Series E1 (a)(d)(e)
  (Cost $18,859,141)
 
172,113
40,214,202
 
 
 
 
Money Market Funds - 2.7%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (f)
 
270,554,764
270,608,875
Fidelity Securities Lending Cash Central Fund 5.40% (f)(g)
 
67,857,999
67,864,785
 
TOTAL MONEY MARKET FUNDS
 (Cost $338,473,660)
 
 
338,473,660
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.1%
 (Cost $9,015,228,561)
 
 
 
12,855,680,076
NET OTHER ASSETS (LIABILITIES) - (0.1)%  
(7,593,438)
NET ASSETS - 100.0%
12,848,086,638
 
 
 
 
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 $32,132,100 or 0.3% of net assets.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Restricted securities (including private placements) - 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 $40,214,202 or 0.3% of net assets.
 
(e)
Level 3 security
 
(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, 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.
 
(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 ($)
 
ByteDance Ltd. Series E1
11/18/20
18,859,141
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
350,149,852
2,613,163,565
2,692,704,542
12,522,712
-
-
270,608,875
0.6%
Fidelity Securities Lending Cash Central Fund 5.40%
459,204,500
3,159,324,013
3,550,663,728
1,181,327
-
-
67,864,785
0.3%
Total
809,354,352
5,772,487,578
6,243,368,270
13,704,039
-
-
338,473,660
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
117,908,546
77,694,344
-
40,214,202
Consumer Discretionary
1,649,528,831
545,716,675
1,103,812,156
-
Consumer Staples
627,991,917
22,023,163
605,968,754
-
Energy
128,337,862
98,786,524
29,551,338
-
Financials
2,278,584,196
1,687,903,690
590,680,506
-
Health Care
1,113,909,572
103,629,778
1,010,279,794
-
Industrials
3,344,543,701
989,577,918
2,354,965,783
-
Information Technology
2,130,559,737
477,274,805
1,653,284,932
-
Materials
1,125,842,054
1,125,842,054
-
-
  Money Market Funds
338,473,660
338,473,660
-
-
 Total Investments in Securities:
12,855,680,076
5,466,922,611
7,348,543,263
40,214,202
Fidelity® Series International Growth Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $65,969,581) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $8,676,754,901)
$
12,517,206,416
 
 
Fidelity Central Funds (cost $338,473,660)
338,473,660
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $9,015,228,561)
 
 
$
12,855,680,076
Foreign currency held at value (cost $517,366)
 
 
513,981
Receivable for investments sold
 
 
34,302,763
Receivable for fund shares sold
 
 
71,674,764
Dividends receivable
 
 
9,877,167
Reclaims receivable
 
 
30,521,137
Distributions receivable from Fidelity Central Funds
 
 
1,158,320
  Total assets
 
 
13,003,728,208
Liabilities
 
 
 
 
Payable for investments purchased
$
10,126,222
 
 
Payable for fund shares redeemed
76,778,248
 
 
Other payables and accrued expenses
872,315
 
 
Collateral on securities loaned
67,864,785
 
 
  Total Liabilities
 
 
 
155,641,570
Net Assets  
 
 
$
12,848,086,638
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
9,079,719,579
Total accumulated earnings (loss)
 
 
 
3,768,367,059
Net Assets
 
 
$
12,848,086,638
Net Asset Value, offering price and redemption price per share ($12,848,086,638 ÷ 867,904,472 shares)
 
 
$
14.80
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
197,228,280
Interest  
 
 
16,376
Income from Fidelity Central Funds (including $1,181,327 from security lending)
 
 
13,704,039
 Income before foreign taxes withheld
 
 
$
210,948,695
Less foreign taxes withheld
 
 
(19,513,294)
 Total Income
 
 
 
191,435,401
Expenses
 
 
 
 
Custodian fees and expenses
$
853,395
 
 
Independent trustees' fees and expenses
75,709
 
 
Interest
20,320
 
 
 Total expenses before reductions
 
949,424
 
 
 Expense reductions
 
(798)
 
 
 Total expenses after reductions
 
 
 
948,626
Net Investment income (loss)
 
 
 
190,486,775
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $147)
 
(167,138,437)
 
 
   Redemptions in-kind
 
187,812,495
 
 
 Foreign currency transactions
 
(1,764,205)
 
 
Total net realized gain (loss)
 
 
 
18,909,853
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of decrease in deferred foreign taxes of $2,129,671)  
 
1,206,208,732
 
 
 Assets and liabilities in foreign currencies
 
2,114,452
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
1,208,323,184
Net gain (loss)
 
 
 
1,227,233,037
Net increase (decrease) in net assets resulting from operations
 
 
$
1,417,719,812
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
190,486,775
$
182,935,807
Net realized gain (loss)
 
18,909,853
 
 
316,466,877
 
Change in net unrealized appreciation (depreciation)
 
1,208,323,184
 
(4,983,117,038)
 
Net increase (decrease) in net assets resulting from operations
 
1,417,719,812
 
 
(4,483,714,354)
 
Distributions to shareholders
 
(434,836,481)
 
 
(1,228,456,975)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
2,142,973,065
 
3,357,019,808
  Reinvestment of distributions
 
434,836,481
 
 
1,228,456,975
 
Cost of shares redeemed
 
(3,104,776,773)
 
(1,948,259,376)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(526,967,227)
 
 
2,637,217,407
 
Total increase (decrease) in net assets
 
455,916,104
 
 
(3,074,953,922)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
12,392,170,534
 
15,467,124,456
 
End of period
$
12,848,086,638
$
12,392,170,534
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
138,038,506
 
205,948,049
  Issued in reinvestment of distributions
 
29,420,601
 
 
65,032,132
 
Redeemed
 
(200,541,435)
 
(124,061,175)
Net increase (decrease)
 
(33,082,328)
 
146,919,006
 
 
 
 
 
 
Financial Highlights
Fidelity® Series International Growth Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.75
$
20.51
$
18.01
$
17.07
$
14.96
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.22
 
.21
 
.20
 
.20
 
.37 C
     Net realized and unrealized gain (loss)
 
1.33
 
(5.38)
 
5.19
 
1.38
 
2.74
  Total from investment operations
 
1.55  
 
(5.17)  
 
5.39  
 
1.58  
 
3.11
  Distributions from net investment income
 
(.20)
 
(.28)
 
(.24)
 
(.37)
 
(.28)
  Distributions from net realized gain
 
(.30)
 
(1.31)
 
(2.65)
 
(.27)
 
(.72)
     Total distributions
 
(.50)
 
(1.59)
 
(2.89)
 
(.64)
 
(1.00)
  Net asset value, end of period
$
14.80
$
13.75
$
20.51
$
18.01
$
17.07
 Total Return D
 
11.31%
 
(27.31)%
 
33.10%
 
9.39%
 
22.58%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Expenses net of fee waivers, if any
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Expenses net of all reductions
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Net investment income (loss)
 
1.42%
 
1.32%
 
1.06%
 
1.18%
 
2.38% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
12,848,087
$
12,392,171
$
15,467,124
$
11,557,995
$
16,501,791
    Portfolio turnover rate G
 
19% H
 
22% H
 
24%
 
16% H
 
24%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.92%.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
HPortfolio turnover rate excludes securities received or delivered in-kind.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® Series International Small Cap Fund
6.57%
4.48%
5.06%
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Series International Small Cap Fund on October 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Small Cap Index performed over the same period.
 
Fidelity® Series International Small Cap Fund
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuation also helped bolster non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Lead Manager Jed Weiss, Co-Manager Patrick Drouot and Co-Manager Preeti Sayana:
For the fiscal year ending October 31, 2023, the fund gained 6.50%, versus 6.67% for the benchmark MSCI EAFE Small Cap Index (Net MA). From a regional standpoint, an underweight in Asia Pacific ex Japan, primarily Australia, along with stock picks in Europe ex the U.K. - Sweden in particular - contributed to the fund's performance versus the benchmark. By sector, the biggest relative contributors were investment choices and an underweight in real estate, especially real estate investment trusts. Picks among communication services and industrials stocks also proved beneficial. The top individual relative contributor was our non-benchmark stake in Rheinmetall (+79%). Outsized exposure to Addtech (+22%), which was among the fund's largest holdings on October 31, also helped. An overweight in CTS Eventim (+28%) was another plus. The stock was one of the portfolio's more sizable positions at period end. In contrast, on a regional basis, security selection in Japan and picks in emerging markets detracted from the fund's relative result. Sector-wise, investment choices and an overweight in health care, primarily within the health care equipment & services industry, hurt most. Stock picks and smaller-than-benchmark exposure to consumer staples companies, primarily within the consumer staples distribution & retail category, further hampered the portfolio's result. Security selection in information technology, especially software & services firms, was detrimental to performance as well. The biggest individual relative detractor was our stake in ResMed (-36%), followed by Misumi Group (-30%) and Digital Hearts Holdings (-56%). All of these stocks were non-benchmark positions. Notable changes in positioning these past 12 months include a higher allocation to equity markets in the Netherlands. By sector, meaningful shifts include decreased exposure to health care and a higher allocation to financials.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
 
Fidelity® Series International Small Cap Fund
Top Holdings (% of Fund's net assets)
 
Azbil Corp.  (Japan, Electronic Equipment, Instruments & Components)
3.0
 
Spectris PLC  (United Kingdom, Electronic Equipment, Instruments & Components)
3.0
 
Lagercrantz Group AB (B Shares)  (Sweden, Electronic Equipment, Instruments & Components)
2.8
 
AddTech AB (B Shares)  (Sweden, Trading Companies & Distributors)
2.7
 
CTS Eventim AG  (Germany, Entertainment)
2.4
 
Aalberts Industries NV  (Netherlands, Machinery)
2.0
 
Interpump Group SpA  (Italy, Machinery)
2.0
 
Morningstar, Inc.  (United States of America, Capital Markets)
1.7
 
SHO-BOND Holdings Co. Ltd.  (Japan, Construction & Engineering)
1.6
 
OBIC Co. Ltd. (Japan, IT Services)
1.6
 
 
22.8
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
28.8
 
Information Technology
18.9
 
Consumer Discretionary
10.8
 
Health Care
6.9
 
Financials
6.7
 
Communication Services
6.5
 
Consumer Staples
4.9
 
Materials
4.4
 
Real Estate
3.2
 
Energy
2.4
 
Utilities
0.5
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Series International Small Cap Fund
Showing Percentage of Net Assets     
Common Stocks - 94.0%
 
 
Shares
Value ($)
 
Australia - 1.0%
 
 
 
Imdex Ltd.
 
11,094,033
11,636,630
Steadfast Group Ltd.
 
6,116,015
21,031,411
TOTAL AUSTRALIA
 
 
32,668,041
Austria - 0.1%
 
 
 
AT&S Austria Technologie & Systemtechnik AG
 
150,000
3,758,371
Belgium - 1.4%
 
 
 
Azelis Group NV
 
807,072
13,748,802
Fagron NV
 
227,500
3,991,100
Galapagos NV (a)
 
85,000
2,828,058
KBC Ancora
 
722,579
27,294,822
TOTAL BELGIUM
 
 
47,862,782
Brazil - 0.1%
 
 
 
LOG Commercial Properties e Participacoes SA
 
562,700
2,312,519
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA
 
1,000,000
1,553,032
TOTAL BRAZIL
 
 
3,865,551
Canada - 4.1%
 
 
 
CAE, Inc. (a)
 
1,185,900
24,765,577
Cameco Corp.
 
80,000
3,272,800
ECN Capital Corp.
 
533,950
739,271
Lumine Group, Inc.
 
364,900
4,589,043
McCoy Global, Inc.
 
1,106,750
1,205,114
MTY Food Group, Inc.
 
93,600
3,521,938
North West Co., Inc.
 
200,000
5,099,694
Onex Corp. (sub. vtg.)
 
80,000
4,483,577
Osisko Gold Royalties Ltd.
 
974,700
11,913,586
Parkland Corp.
 
182,500
5,523,364
Pason Systems, Inc.
 
1,270,700
12,177,828
Quebecor, Inc. Class B (sub. vtg.)
 
160,000
3,300,955
Real Matters, Inc. (a)
 
950,000
3,349,919
Richelieu Hardware Ltd.
 
1,775,620
53,111,749
Total Energy Services, Inc.
 
319,700
1,908,863
TOTAL CANADA
 
 
138,963,278
China - 0.5%
 
 
 
Chlitina Holding Ltd.
 
2,142,000
12,889,650
JOYY, Inc. ADR
 
79,300
3,086,356
TOTAL CHINA
 
 
15,976,006
Denmark - 0.4%
 
 
 
Spar Nord Bank A/S
 
936,553
14,180,239
Egypt - 0.2%
 
 
 
Integrated Diagnostics Holdings PLC (a)(b)
 
16,028,734
6,106,948
Finland - 0.7%
 
 
 
Huhtamaki Oyj
 
136,689
4,687,479
Musti Group OYJ
 
908,878
17,896,936
Nanoform Finland PLC (a)
 
450,000
757,071
Olvi Oyj (A Shares)
 
74,900
2,215,085
TOTAL FINLAND
 
 
25,556,571
France - 3.4%
 
 
 
Altarea SCA
 
33,495
2,381,639
ARGAN SA
 
75,600
5,167,506
Elis SA
 
430,000
7,038,587
Exail Technologies SA (a)(c)
 
190,000
3,393,538
Exclusive Networks SA (a)
 
480,000
7,628,478
Laurent-Perrier Group SA
 
104,531
13,051,302
Lectra
 
1,060,210
26,811,216
LISI
 
304,288
7,034,982
Maisons du Monde SA (b)
 
270,700
1,359,386
Stef SA
 
75,000
8,062,722
Thermador Groupe SA
 
77,100
5,473,985
Vallourec SA (a)
 
250,000
2,995,746
Vetoquinol SA
 
298,648
25,185,156
Worldline SA (a)(b)
 
180,000
2,281,687
TOTAL FRANCE
 
 
117,865,930
Germany - 6.0%
 
 
 
CTS Eventim AG
 
1,354,770
81,780,156
Gerresheimer AG
 
58,503
5,441,188
Instone Real Estate Group BV (b)
 
500,000
2,846,289
Nexus AG
 
618,016
30,113,142
NORMA Group AG
 
107,000
1,881,662
Rheinmetall AG
 
120,000
34,333,229
Scout24 AG (b)
 
330,500
20,289,713
Stabilus Se
 
454,629
28,814,472
Talanx AG
 
1,791
112,661
TOTAL GERMANY
 
 
205,612,512
Greece - 0.2%
 
 
 
Mytilineos SA
 
154,600
5,722,107
Hungary - 0.2%
 
 
 
Richter Gedeon PLC
 
363,700
8,527,761
India - 0.3%
 
 
 
Embassy Office Parks (REIT)
 
1,772,219
6,629,820
Mahanagar Gas Ltd.
 
318,200
3,944,237
TOTAL INDIA
 
 
10,574,057
Indonesia - 0.2%
 
 
 
PT Selamat Sempurna Tbk
 
55,532,360
7,582,864
Ireland - 1.8%
 
 
 
AerCap Holdings NV (a)
 
411,000
25,531,320
Cairn Homes PLC
 
11,314,234
13,270,570
Cairn Homes PLC
 
5,395,900
6,360,274
Greencore Group PLC (a)
 
2,250,000
2,457,184
Irish Residential Properties REIT PLC
 
10,274,300
9,892,825
Mincon Group PLC
 
4,031,318
2,474,012
TOTAL IRELAND
 
 
59,986,185
Israel - 1.3%
 
 
 
Ituran Location & Control Ltd.
 
943,735
23,338,567
Maytronics Ltd.
 
334,000
3,106,977
NICE Ltd. sponsored ADR (a)
 
70,000
10,804,500
Tel Aviv Stock Exchange Ltd. (a)
 
1,620,557
7,216,731
TOTAL ISRAEL
 
 
44,466,775
Italy - 2.5%
 
 
 
Banca Generali SpA
 
140,000
4,535,863
BFF Bank SpA (b)
 
529,000
5,079,594
Industrie de Nora SpA
 
198,400
2,798,327
Intercos SpA
 
269,000
3,836,798
Interpump Group SpA
 
1,633,037
68,079,908
MARR SpA
 
131,400
1,557,185
TOTAL ITALY
 
 
85,887,675
Japan - 31.6%
 
 
 
ABC-MART, Inc.
 
204,900
3,173,705
Ai Holdings Corp.
 
416,292
6,444,357
Aoki Super Co. Ltd.
 
309,187
5,269,080
Arcland Sakamoto Co. Ltd.
 
193,700
2,074,832
Artnature, Inc.
 
1,214,900
6,488,808
As One Corp.
 
115,100
3,668,225
ASKUL Corp.
 
620,000
8,093,721
Aucnet, Inc.
 
757,060
8,814,367
Azbil Corp.
 
3,466,390
102,427,201
BayCurrent Consulting, Inc.
 
139,300
3,497,371
Broadleaf Co. Ltd. (d)
 
6,232,673
22,027,448
Central Automotive Products Ltd.
 
186,579
4,178,744
Chiba Bank Ltd.
 
831,900
6,196,446
CKD Corp.
 
267,000
3,357,672
Curves Holdings Co. Ltd. (d)
 
5,887,359
25,681,624
Daiichikosho Co. Ltd.
 
1,831,428
27,071,180
Daikokutenbussan Co. Ltd.
 
179,300
7,598,549
Dexerials Corp.
 
308,300
7,032,422
Digital Hearts Holdings Co. Ltd. (d)
 
1,280,850
7,796,576
Dowa Holdings Co. Ltd.
 
90,000
2,751,332
Elan Corp.
 
588,200
2,907,448
Fujitec Co. Ltd.
 
475,300
10,318,820
Fukuoka Financial Group, Inc.
 
290,000
7,665,785
Funai Soken Holdings, Inc.
 
1,021,757
16,793,506
Fuyo General Lease Co. Ltd.
 
28,800
2,341,461
Goldcrest Co. Ltd.
 
1,537,300
21,922,400
Inaba Denki Sangyo Co. Ltd.
 
396,300
8,264,001
Iwatani Corp.
 
100,000
4,782,852
Iwatsuka Confectionary Co. Ltd.
 
105,800
3,563,654
JINS Holdings, Inc.
 
123,200
3,400,912
JTOWER, Inc. (a)
 
260,300
9,472,595
Justsystems Corp.
 
150,000
2,673,067
Kamigumi Co. Ltd.
 
450,800
9,145,177
Kansai Electric Power Co., Inc.
 
740,000
9,474,843
Katitas Co. Ltd.
 
150,000
2,002,116
Kobayashi Pharmaceutical Co. Ltd.
 
416,800
17,206,868
Kobe Bussan Co. Ltd. (c)
 
82,300
2,036,765
Koshidaka Holdings Co. Ltd. (d)
 
4,447,659
31,643,463
Kusuri No Aoki Holdings Co. Ltd.
 
205,658
13,474,231
Kyoritsu Maintenance Co. Ltd. (c)
 
118,800
4,543,624
Kyoto Financial Group, Inc.
 
88,153
4,997,730
Lasertec Corp.
 
213,360
35,242,853
Maeda Kosen Co. Ltd.
 
167,300
3,259,280
Maruwa Ceramic Co. Ltd.
 
50,600
8,878,453
MCJ Co. Ltd.
 
850,000
6,115,220
Medikit Co. Ltd.
 
695,300
12,283,224
Meitec Group Holdings, Inc.
 
201,000
3,537,619
Miroku Jyoho Service Co., Ltd. (c)
 
618,891
6,338,416
Misumi Group, Inc.
 
1,731,300
26,209,568
Mitsuboshi Belting Ltd.
 
242,952
7,013,762
Miura Co. Ltd.
 
147,900
2,867,634
Nagaileben Co. Ltd.
 
1,528,000
21,086,174
Net One Systems Co. Ltd.
 
179,400
2,738,169
Nihon Parkerizing Co. Ltd.
 
5,690,468
41,299,031
Nippon Concept Corp.
 
135,000
1,590,911
Nippon Gas Co. Ltd.
 
303,700
4,564,460
Nitto Kohki Co. Ltd.
 
270,000
3,386,899
NOF Corp.
 
261,900
10,332,202
NS Tool Co. Ltd. (d)
 
1,434,000
10,284,096
NSD Co. Ltd.
 
1,697,080
29,527,310
OBIC Co. Ltd.
 
359,600
53,154,761
Osaka Soda Co. Ltd.
 
77,700
4,563,369
OSG Corp.
 
2,120,875
24,200,440
Outsourcing, Inc.
 
400,000
2,972,362
PALTAC Corp.
 
135,000
4,376,225
Paramount Bed Holdings Co. Ltd.
 
616,612
10,505,624
Pilot Corp.
 
129,800
4,404,829
Prestige International, Inc.
 
600,000
2,435,461
ProNexus, Inc.
 
1,284,577
10,004,513
Qol Holdings Co. Ltd.
 
300,000
3,462,928
Relo Group, Inc.
 
603,600
5,984,140
Renesas Electronics Corp. (a)
 
150,000
1,970,343
Roland Corp.
 
140,000
4,047,956
San-Ai Obbli Co. Ltd.
 
1,576,710
17,024,522
Sekisui Jushi Corp.
 
180,000
2,935,356
SHO-BOND Holdings Co. Ltd.
 
1,372,000
54,033,561
Shoei Co. Ltd.
 
1,380,000
18,386,800
SK Kaken Co. Ltd.
 
526,920
24,628,143
Software Service, Inc.
 
181,500
10,341,598
Sumco Corp.
 
491,400
6,349,946
SWCC Showa Holdings Co. Ltd.
 
293,500
4,080,915
Techno Medica Co. Ltd.
 
283,000
4,276,958
The Monogatari Corp.
 
735,288
19,912,009
TIS, Inc.
 
702,836
15,051,130
Tocalo Co. Ltd.
 
1,467,849
13,267,543
Toyo Suisan Kaisha Ltd.
 
145,000
6,688,988
Tsuruha Holdings, Inc.
 
64,635
4,747,874
USS Co. Ltd.
 
1,693,300
29,597,018
YAKUODO Holdings Co. Ltd.
 
821,800
15,137,096
Yamato Holdings Co. Ltd.
 
215,000
3,581,044
YONEX Co. Ltd.
 
975,000
10,563,002
TOTAL JAPAN
 
 
1,081,516,713
Kenya - 0.0%
 
 
 
Safaricom Ltd.
 
2,593,346
214,461
Korea (South) - 0.5%
 
 
 
BGF Retail Co. Ltd.
 
110,318
11,264,576
Hansol Chemical Co. Ltd.
 
18,660
2,079,285
Soulbrain Co. Ltd.
 
18,000
3,103,693
TOTAL KOREA (SOUTH)
 
 
16,447,554
Luxembourg - 0.1%
 
 
 
L'Occitane Ltd.
 
1,150,000
2,955,766
Novem Group SA
 
255,000
1,608,100
TOTAL LUXEMBOURG
 
 
4,563,866
Mexico - 0.1%
 
 
 
Bolsa Mexicana de Valores S.A.B. de CV
 
1,156,900
1,803,786
Netherlands - 4.5%
 
 
 
Aalberts Industries NV
 
2,236,135
69,609,321
BE Semiconductor Industries NV
 
290,000
29,856,408
IMCD NV
 
310,129
37,244,741
Koninklijke Heijmans NV (Certificaten Van Aandelen)
 
300,000
3,440,941
TKH Group NV (bearer) (depositary receipt)
 
142,800
5,209,814
Van Lanschot Kempen NV (Bearer)
 
305,761
8,201,377
TOTAL NETHERLANDS
 
 
153,562,602
Norway - 2.4%
 
 
 
Europris ASA (b)
 
674,800
3,820,723
Kongsberg Gruppen ASA
 
1,231,008
50,249,947
Medistim ASA
 
440,375
7,628,050
Selvaag Bolig ASA
 
840,200
2,000,664
Sparebanken Midt-Norge
 
721,800
8,748,738
TGS ASA
 
340,000
4,632,372
Volue A/S (a)
 
3,247,442
5,447,797
TOTAL NORWAY
 
 
82,528,291
Philippines - 0.1%
 
 
 
Robinsons Land Corp.
 
11,000,000
2,697,741
Singapore - 0.2%
 
 
 
Boustead Singapore Ltd.
 
9,000,000
5,356,684
Spain - 0.9%
 
 
 
Cie Automotive SA
 
248,200
6,318,647
Compania de Distribucion Integral Logista Holdings SA
 
457,000
11,208,728
Fluidra SA (c)
 
619,020
10,885,852
Grupo Catalana Occidente SA
 
28,477
911,478
TOTAL SPAIN
 
 
29,324,705
Sweden - 10.3%
 
 
 
AAK AB
 
246,700
4,685,387
Addlife AB
 
1,585,326
10,325,081
AddTech AB (B Shares)
 
6,246,065
91,432,170
Alligo AB (B Shares)
 
745,270
5,848,685
Arjo AB
 
370,000
1,235,051
Autoliv, Inc.
 
408,900
37,475,685
Bergman & Beving AB (B Shares)
 
1,406,054
18,844,042
Betsson AB (B Shares)
 
540,000
5,427,841
BHG Group AB (a)(c)
 
1,203,200
1,061,731
Dometic Group AB (b)
 
491,200
3,023,121
Hemnet Group AB
 
1,810,100
31,410,342
HEXPOL AB (B Shares)
 
375,500
3,320,225
INVISIO AB
 
1,240,047
18,618,841
JM AB (B Shares)
 
615,600
6,551,723
John Mattson Fastighetsforetag (a)(c)
 
1,242,353
5,943,288
Lagercrantz Group AB (B Shares)
 
10,360,623
94,394,632
Rusta AB
 
1,100,000
4,464,074
Swedish Logistic Property AB (a)
 
2,500,000
5,823,094
Teqnion AB (a)
 
182,939
3,367,895
TOTAL SWEDEN
 
 
353,252,908
Switzerland - 1.2%
 
 
 
Kardex AG
 
14,990
2,890,393
Tecan Group AG
 
104,285
29,853,036
VZ Holding AG
 
81,662
8,007,751
TOTAL SWITZERLAND
 
 
40,751,180
Taiwan - 0.5%
 
 
 
Addcn Technology Co. Ltd.
 
2,264,641
13,841,044
International Games Systems Co. Ltd.
 
248,000
4,776,500
TOTAL TAIWAN
 
 
18,617,544
United Kingdom - 13.5%
 
 
 
Allfunds Group PLC (c)
 
375,000
1,911,722
B&M European Value Retail SA
 
871,031
5,598,377
Baltic Classifieds Group PLC
 
3,487,200
8,366,833
Beazley PLC
 
77,429
484,202
Bodycote PLC
 
5,788,808
40,386,678
Cab Payments Holdings Ltd. (c)
 
3,670,900
2,730,619
Clarkson PLC
 
588,634
18,923,790
Close Brothers Group PLC
 
1,429
13,843
DCC PLC (United Kingdom)
 
165,000
9,155,073
Dechra Pharmaceuticals PLC
 
283,013
13,099,069
Direct Line Insurance Group PLC (a)
 
4,000,000
7,355,903
Domino's Pizza UK & IRL PLC
 
1,209,100
5,040,730
DP Poland PLC (a)
 
32,210,430
3,132,013
Dr. Martens Ltd.
 
2,800,000
3,961,395
Endava PLC ADR (a)
 
65,000
3,260,400
Games Workshop Group PLC
 
30,000
3,600,771
GlobalData PLC
 
1,000,000
1,823,175
Grainger Trust PLC
 
1,156,700
3,197,042
H&T Group PLC
 
580,000
3,440,210
Harbour Energy PLC
 
875,800
2,701,678
Hill & Smith Holdings PLC
 
465,514
9,324,532
Howden Joinery Group PLC
 
3,987,682
30,903,376
Inchcape PLC
 
474,500
3,841,029
Indivior PLC (a)
 
512,800
9,816,703
InterContinental Hotel Group PLC ADR
 
456,000
32,891,280
J.D. Wetherspoon PLC (a)
 
333,500
2,561,828
John Wood Group PLC (a)
 
2,200,000
3,794,392
Lancashire Holdings Ltd.
 
1,632,633
11,271,300
Londonmetric Properity PLC
 
1,000,000
2,010,354
LSL Property Services PLC
 
694,900
1,993,294
Mears Group PLC
 
854,908
2,675,677
On The Beach Group PLC (a)(b)
 
2,387,000
2,756,215
Petershill Partners PLC (b)
 
1,600,000
2,870,407
Pets At Home Group PLC
 
1,201,500
4,100,700
Premier Foods PLC
 
2,885,600
4,110,559
Rightmove PLC
 
3,664,463
21,067,285
RS GROUP PLC
 
500,000
4,115,514
Sabre Insurance Group PLC (b)
 
5,832,581
10,421,140
Sage Group PLC
 
895,000
10,558,456
Softcat PLC
 
280,945
4,319,654
Spectris PLC
 
2,712,228
102,193,903
Spirax-Sarco Engineering PLC
 
179,897
17,912,284
Synthomer PLC (a)(c)
 
973,595
2,242,460
Tate & Lyle PLC
 
514,700
3,944,358
Ten Entertainment Group PLC
 
887,600
3,182,559
Unite Group PLC
 
969,074
10,229,723
Urban Logistics REIT PLC
 
3,600,000
4,559,396
Vistry Group PLC
 
400,000
3,437,293
TOTAL UNITED KINGDOM
 
 
461,289,194
United States of America - 3.7%
 
 
 
Eneti, Inc.
 
400,000
4,060,000
Morningstar, Inc. (c)
 
231,100
58,523,764
NOV, Inc.
 
1,071,900
21,395,124
PriceSmart, Inc.
 
234,112
14,629,659
Ramaco Resources, Inc. (c)
 
320,000
3,769,600
Ramaco Resources, Inc. Class B (c)
 
50,018
625,725
ResMed, Inc.
 
111,300
15,717,786
WestRock Co.
 
230,000
8,263,900
TOTAL UNITED STATES OF AMERICA
 
 
126,985,558
 
TOTAL COMMON STOCKS
 (Cost $2,812,821,260)
 
 
 
3,214,076,440
 
 
 
 
Investment Companies - 1.6%
 
 
Shares
Value ($)
 
United States of America - 1.6%
 
 
 
iShares MSCI EAFE Small-Cap ETF
  (Cost $55,861,020)
 
985,000
53,002,850
 
 
 
 
Money Market Funds - 4.6%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (e)
 
133,216,669
133,243,313
Fidelity Securities Lending Cash Central Fund 5.40% (e)(f)
 
25,434,438
25,436,981
 
TOTAL MONEY MARKET FUNDS
 (Cost $158,679,333)
 
 
158,680,294
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.2%
 (Cost $3,027,361,613)
 
 
 
3,425,759,584
NET OTHER ASSETS (LIABILITIES) - (0.2)%  
(7,456,127)
NET ASSETS - 100.0%
3,418,303,457
 
 
 
 
Security Type Abbreviations
ETF
-
EXCHANGE-TRADED FUND
 
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 $60,855,223 or 1.8% of net assets.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Affiliated company
 
(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, 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.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
121,291,715
867,593,027
855,641,430
7,356,399
-
1
133,243,313
0.3%
Fidelity Securities Lending Cash Central Fund 5.40%
18,451,075
285,323,528
278,337,622
224,679
-
-
25,436,981
0.1%
Total
139,742,790
1,152,916,555
1,133,979,052
7,581,078
-
1
158,680,294
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
 
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 presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Broadleaf Co. Ltd.
21,927,817
815,563
-
40,486
-
(715,932)
22,027,448
Curves Holdings Co. Ltd.
29,217,035
4,806,316
-
343,096
-
(8,341,727)
25,681,624
Digital Hearts Holdings Co. Ltd.
18,366,423
161,395
597,559
175,885
(605,049)
(9,528,634)
7,796,576
Goldcrest Co. Ltd.
20,638,219
1,026,768
3,860,470
868,169
(3,136,230)
7,254,113
-
Koshidaka Holdings Co. Ltd.
26,779,211
10,857,211
4,540,285
322,044
142,729
(1,595,403)
31,643,463
NS Tool Co. Ltd.
10,526,821
630,552
-
251,352
-
(873,277)
10,284,096
Total
127,455,526
18,297,805
8,998,314
2,001,032
(3,598,550)
(13,800,860)
97,433,207
 
 
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
224,677,420
169,516,101
55,161,319
-
Consumer Discretionary
375,442,782
189,371,916
186,070,866
-
Consumer Staples
168,372,044
55,587,211
112,784,833
-
Energy
81,414,655
59,607,281
21,807,374
-
Financials
234,853,518
192,620,685
42,232,833
-
Health Care
235,694,451
167,797,142
67,897,309
-
Industrials
986,164,692
752,624,948
233,539,744
-
Information Technology
640,729,097
326,961,425
313,767,672
-
Materials
147,800,472
44,147,507
103,652,965
-
Real Estate
100,943,769
61,707,552
39,236,217
-
Utilities
17,983,540
-
17,983,540
-
 Investment Companies
53,002,850
53,002,850
-
-
  Money Market Funds
158,680,294
158,680,294
-
-
 Total Investments in Securities:
3,425,759,584
2,231,624,912
1,194,134,672
-
Fidelity® Series International Small Cap Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $24,513,146) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $2,754,735,962)
$
3,169,646,083
 
 
Fidelity Central Funds (cost $158,679,333)
158,680,294
 
 
Other affiliated issuers (cost $113,946,318)
97,433,207
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $3,027,361,613)
 
 
$
3,425,759,584
Cash
 
 
185,221
Foreign currency held at value (cost $9,685)
 
 
9,683
Receivable for investments sold
 
 
3,622,673
Receivable for fund shares sold
 
 
394,338,879
Dividends receivable
 
 
9,517,507
Reclaims receivable
 
 
5,115,264
Distributions receivable from Fidelity Central Funds
 
 
647,371
Other receivables
 
 
161,627
  Total assets
 
 
3,839,357,809
Liabilities
 
 
 
 
Payable for investments purchased
$
1,906,249
 
 
Payable for fund shares redeemed
393,637,658
 
 
Other payables and accrued expenses
73,464
 
 
Collateral on securities loaned
25,436,981
 
 
  Total Liabilities
 
 
 
421,054,352
Net Assets  
 
 
$
3,418,303,457
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
2,925,047,400
Total accumulated earnings (loss)
 
 
 
493,256,057
Net Assets
 
 
$
3,418,303,457
Net Asset Value, offering price and redemption price per share ($3,418,303,457 ÷ 235,361,219 shares)
 
 
$
14.52
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends (including $2,001,032 earned from affiliated issuers)
 
 
$
77,214,629
Interest  
 
 
7,534
Income from Fidelity Central Funds (including $224,679 from security lending)
 
 
7,581,078
 Income before foreign taxes withheld
 
 
$
84,803,241
Less foreign taxes withheld
 
 
(9,598,979)
 Total Income
 
 
 
75,204,262
Expenses
 
 
 
 
Custodian fees and expenses
$
303,876
 
 
Independent trustees' fees and expenses
20,934
 
 
 Total expenses before reductions
 
324,810
 
 
 Expense reductions
 
(5,497)
 
 
 Total expenses after reductions
 
 
 
319,313
Net Investment income (loss)
 
 
 
74,884,949
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $926,453)
 
51,385,067
 
 
   Affiliated issuers
 
(3,598,550)
 
 
 Foreign currency transactions
 
(486,483)
 
 
Total net realized gain (loss)
 
 
 
47,300,034
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of decrease in deferred foreign taxes of $1,565,129)  
 
106,928,848
 
 
   Fidelity Central Funds
 
1
 
 
   Other affiliated issuers
 
(13,800,860)
 
 
 Assets and liabilities in foreign currencies
 
509,897
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
93,637,886
Net gain (loss)
 
 
 
140,937,920
Net increase (decrease) in net assets resulting from operations
 
 
$
215,822,869
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
74,884,949
$
78,778,239
Net realized gain (loss)
 
47,300,034
 
 
170,598,372
 
Change in net unrealized appreciation (depreciation)
 
93,637,886
 
(1,772,210,175)
 
Net increase (decrease) in net assets resulting from operations
 
215,822,869
 
 
(1,522,833,564)
 
Distributions to shareholders
 
(211,666,578)
 
 
(562,935,286)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
786,276,246
 
318,375,461
  Reinvestment of distributions
 
211,666,578
 
 
562,935,286
 
Cost of shares redeemed
 
(830,053,983)
 
(397,219,829)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
167,888,841
 
 
484,090,918
 
Total increase (decrease) in net assets
 
172,045,132
 
 
(1,601,677,932)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
3,246,258,325
 
4,847,936,257
 
End of period
$
3,418,303,457
$
3,246,258,325
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
51,964,278
 
18,537,989
  Issued in reinvestment of distributions
 
14,026,944
 
 
27,025,218
 
Redeemed
 
(54,776,134)
 
(22,410,759)
Net increase (decrease)
 
11,215,088
 
23,152,448
 
 
 
 
 
 
Financial Highlights
Fidelity® Series International Small Cap Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.48
$
24.12
$
17.55
$
16.71
$
16.43
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.32
 
.35
 
.29
 
.22
 
.36
     Net realized and unrealized gain (loss)
 
.67
 
(7.16)
 
6.45
 
1.36
 
1.47
  Total from investment operations
 
.99  
 
(6.81)  
 
6.74  
 
1.58  
 
1.83
  Distributions from net investment income
 
(.21)
 
(.47)
 
(.17)
 
(.36)
 
(.37)
  Distributions from net realized gain
 
(.73)
 
(2.35)
 
-
 
(.38)
 
(1.18)
     Total distributions
 
(.95) C
 
(2.83) C
 
(.17)
 
(.74)
 
(1.55)
  Net asset value, end of period
$
14.52
$
14.48
$
24.12
$
17.55
$
16.71
 Total Return D
 
6.57%
 
(31.82)%
 
38.60%
 
9.60%
 
12.77%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Expenses net of fee waivers, if any
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Expenses net of all reductions
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Net investment income (loss)
 
2.02%
 
2.03%
 
1.34%
 
1.36%
 
2.28%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,418,303
$
3,246,258
$
4,847,936
$
3,653,041
$
3,498,064
    Portfolio turnover rate G
 
26%
 
25%
 
32%
 
24% H
 
23%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
HPortfolio turnover rate excludes securities received or delivered in-kind.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® Series International Value Fund
18.99%
5.87%
3.26%
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Series International Value Fund on October 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Value Index performed over the same period.
 
Fidelity® Series International Value Fund
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuation also helped bolster non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Portfolio Manager Alex Zavratsky:
For the fiscal year ending October 31, 2023, the fund gained 18.99%, versus 18.45% for the benchmark MSCI EAFE Value Index (Net MA). From a regional standpoint, an underweight in Asia Pacific ex Japan, primarily in Hong Kong, along with security selection and an overweight in Japan, contributed to the fund's performance versus the benchmark. By sector, an underweight in consumer staples led the way, where an underweight among food, beverage & tobacco stocks contributed most. Smaller-than-benchmark exposure to real estate, especially real estate investment trusts, also helped. An underweight in communication services and outsized exposure financials, primarily among insurance providers, further boosted the fund's relative performance. The top individual relative contributor was our non-benchmark stake in Rheinmetall (+78%). Not owning British American Tobacco, a benchmark component that returned approximately -18%, was the second-largest relative contributor. A larger-than-benchmark position in BAE Systems (+48%) also helped. The stock was one of our largest holdings on October 31. In contrast, on a regional basis, security selection and an underweight in Europe ex the U.K., namely France, in addition to investment choices in the U.K., pressured the fund's relative result. By sector, the biggest detractor from performance versus the benchmark was stock picking in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry. Investment choices in financials, especially among insurance firms, hampered the portfolio's relative return as well. An overweight in information technology also proved detrimental, especially in the semiconductors & semiconductor equipment industry. Lastly, the fund's position in cash was a notable detractor these past 12 months. The largest individual relative detractor was our stake in Prudential (-35%), which we established the past year. The second-largest relative detractor was an underweight in HSBC (+48%), another holding we initiated this period. A non-benchmark stake in Teleperformance (-57%) also hurt. Notable changes in positioning include lower allocations to equity markets in Switzerland and Australia. By sector, meaningful shifts include increased exposure to the consumer discretionary sector and a lower allocation to health care stocks.
 
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
 
Fidelity® Series International Value Fund
Top Holdings (% of Fund's net assets)
 
Shell PLC ADR  (Netherlands, Oil, Gas & Consumable Fuels)
4.9
 
TotalEnergies SE  (France, Oil, Gas & Consumable Fuels)
3.9
 
BHP Group Ltd.  (Australia, Metals & Mining)
3.5
 
Toyota Motor Corp.  (Japan, Automobiles)
3.2
 
Hitachi Ltd.  (Japan, Industrial Conglomerates)
2.4
 
BAE Systems PLC  (United Kingdom, Aerospace & Defense)
2.3
 
Mitsubishi UFJ Financial Group, Inc.  (Japan, Banks)
2.2
 
AXA SA  (France, Insurance)
2.2
 
UBS Group AG  (Switzerland, Capital Markets)
2.1
 
Banco Santander SA (Spain)  (Spain, Banks)
2.0
 
 
28.7
 
 
Market Sectors (% of Fund's net assets)
 
Financials
32.1
 
Industrials
15.4
 
Energy
13.0
 
Materials
12.8
 
Consumer Discretionary
8.9
 
Health Care
5.5
 
Information Technology
5.2
 
Communication Services
2.1
 
Utilities
1.0
 
Consumer Staples
0.5
 
Real Estate
0.5
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Series International Value Fund
Showing Percentage of Net Assets     
Common Stocks - 96.3%
 
 
Shares
Value ($)
 
Australia - 7.9%
 
 
 
BHP Group Ltd.
 
15,741,922
445,614,091
Flutter Entertainment PLC (a)
 
295,400
46,334,619
Glencore PLC
 
47,508,027
251,641,987
Macquarie Group Ltd.
 
1,393,488
143,236,597
Woodside Energy Group Ltd.
 
5,546,620
120,804,287
TOTAL AUSTRALIA
 
 
1,007,631,581
Belgium - 0.9%
 
 
 
KBC Group NV
 
1,335,887
73,360,755
UCB SA
 
566,700
41,410,121
TOTAL BELGIUM
 
 
114,770,876
Canada - 0.1%
 
 
 
Nutrien Ltd.
 
162,113
8,706,815
Denmark - 0.5%
 
 
 
DSV A/S
 
400,400
59,715,867
Finland - 1.0%
 
 
 
Mandatum Holding OY
 
2,760,087
10,665,476
Sampo Oyj (A Shares)
 
2,967,887
116,537,321
TOTAL FINLAND
 
 
127,202,797
France - 12.2%
 
 
 
Air Liquide SA
 
952,899
163,281,390
Airbus Group NV
 
532,187
71,353,619
ALTEN
 
455,908
53,690,703
AXA SA
 
9,334,879
276,596,436
BNP Paribas SA
 
3,032,570
174,384,982
Capgemini SA
 
581,548
102,776,274
Teleperformance
 
114,031
13,048,968
TotalEnergies SE
 
7,455,392
498,448,737
VINCI SA
 
1,216,929
134,561,192
Vivendi SA
 
8,587,055
76,830,902
TOTAL FRANCE
 
 
1,564,973,203
Germany - 10.2%
 
 
 
Bayer AG (b)
 
2,079,782
89,864,393
Covestro AG (a)(b)(c)
 
773,100
39,019,416
DHL Group
 
3,003,707
116,831,454
Fresenius SE & Co. KGaA
 
2,330,100
59,763,206
Hannover Reuck SE
 
736,763
162,384,208
Infineon Technologies AG
 
1,455,500
42,515,476
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
427,817
171,336,793
Rheinmetall AG
 
653,741
187,041,994
RWE AG
 
3,547,600
135,621,743
Siemens AG
 
1,831,807
243,078,710
Vonovia SE (b)
 
2,637,341
60,717,093
TOTAL GERMANY
 
 
1,308,174,486
Hong Kong - 0.9%
 
 
 
Prudential PLC
 
11,173,850
116,838,120
India - 0.7%
 
 
 
Reliance Industries Ltd. GDR (c)
 
1,584,000
86,486,400
Indonesia - 0.6%
 
 
 
PT Bank Rakyat Indonesia (Persero) Tbk
 
229,407,037
71,731,886
Ireland - 1.5%
 
 
 
Bank of Ireland Group PLC
 
11,961,700
106,948,901
Ryanair Holdings PLC sponsored ADR (a)
 
1,030,000
90,331,000
TOTAL IRELAND
 
 
197,279,901
Italy - 3.9%
 
 
 
Eni SpA
 
14,088,100
230,307,492
Mediobanca SpA
 
10,444,955
124,553,863
Prysmian SpA
 
1,542,700
57,604,956
UniCredit SpA
 
3,267,100
81,904,941
TOTAL ITALY
 
 
494,371,252
Japan - 24.3%
 
 
 
Daiichi Sankyo Kabushiki Kaisha
 
713,500
18,397,023
DENSO Corp.
 
10,612,284
156,704,526
Eisai Co. Ltd.
 
708,800
37,551,060
Fast Retailing Co. Ltd.
 
299,600
66,330,363
FUJIFILM Holdings Corp.
 
1,497,149
81,890,763
Fujitsu Ltd.
 
715,900
92,743,091
Hitachi Ltd.
 
4,826,500
305,935,558
Hoya Corp.
 
390,509
37,593,763
Ibiden Co. Ltd.
 
1,259,644
53,706,752
INPEX Corp.
 
6,456,400
93,688,017
Itochu Corp.
 
5,109,553
184,051,370
LY Corp.
 
12,140,600
30,952,297
Minebea Mitsumi, Inc.
 
3,242,551
50,840,940
Mitsubishi UFJ Financial Group, Inc.
 
33,427,824
280,430,933
NOF Corp.
 
637,600
25,153,922
ORIX Corp.
 
8,102,633
147,357,333
Renesas Electronics Corp. (a)
 
8,662,600
113,788,623
Shin-Etsu Chemical Co. Ltd.
 
5,929,890
177,323,745
SoftBank Group Corp.
 
1,434,337
58,741,940
Sony Group Corp.
 
1,093,045
90,874,544
Sumitomo Mitsui Financial Group, Inc.
 
4,818,363
232,283,544
Suzuki Motor Corp.
 
3,293,582
127,830,544
TIS, Inc.
 
1,908,556
40,871,447
Tokio Marine Holdings, Inc.
 
8,669,945
193,966,056
Toyota Motor Corp.
 
23,306,220
407,713,172
TOTAL JAPAN
 
 
3,106,721,326
Korea (South) - 0.8%
 
 
 
Samsung Electronics Co. Ltd.
 
2,147,085
106,712,471
Luxembourg - 0.3%
 
 
 
ArcelorMittal SA (Netherlands)
 
1,746,058
38,575,883
Netherlands - 5.3%
 
 
 
Shell PLC ADR
 
9,763,748
636,010,545
Universal Music Group NV
 
1,955,660
47,891,827
TOTAL NETHERLANDS
 
 
683,902,372
Singapore - 1.1%
 
 
 
United Overseas Bank Ltd.
 
7,022,189
138,510,576
South Africa - 1.0%
 
 
 
Anglo American PLC (United Kingdom)
 
4,565,276
116,321,455
Thungela Resources Ltd. (b)
 
739,074
6,536,085
TOTAL SOUTH AFRICA
 
 
122,857,540
Spain - 2.5%
 
 
 
Banco Santander SA (Spain) (b)
 
68,958,672
252,897,281
Cellnex Telecom SA (c)
 
1,349,538
39,671,166
Unicaja Banco SA (c)
 
26,845,131
27,893,546
TOTAL SPAIN
 
 
320,461,993
Sweden - 1.7%
 
 
 
Alleima AB
 
69,014
419,805
Investor AB (B Shares)
 
10,800,072
197,764,354
Sandvik AB
 
1,544,200
26,302,387
TOTAL SWEDEN
 
 
224,486,546
Switzerland - 4.4%
 
 
 
Swiss Life Holding AG
 
158,040
101,080,275
UBS Group AG (b)
 
11,655,091
273,428,435
Zurich Insurance Group Ltd.
 
388,960
184,121,559
TOTAL SWITZERLAND
 
 
558,630,269
United Kingdom - 9.1%
 
 
 
AstraZeneca PLC (United Kingdom)
 
1,368,099
171,291,128
B&M European Value Retail SA
 
10,108,300
64,969,072
BAE Systems PLC
 
21,836,170
293,617,483
Barratt Developments PLC
 
18,300,573
92,065,563
Beazley PLC
 
8,080,517
50,531,434
HSBC Holdings PLC (United Kingdom)
 
8,770,700
63,328,186
Imperial Brands PLC
 
2,908,337
61,959,766
Lloyds Banking Group PLC
 
205,208,748
99,875,096
NatWest Group PLC
 
13,986,100
30,431,197
Rolls-Royce Holdings PLC (a)
 
17,875,400
47,052,104
Standard Chartered PLC (United Kingdom)
 
25,174,722
192,771,280
TOTAL UNITED KINGDOM
 
 
1,167,892,309
United States of America - 5.4%
 
 
 
CRH PLC
 
3,564,508
191,538,996
Ferguson PLC
 
542,855
81,354,956
Linde PLC
 
443,374
169,439,808
Sanofi SA
 
2,719,306
246,929,899
TOTAL UNITED STATES OF AMERICA
 
 
689,263,659
 
TOTAL COMMON STOCKS
 (Cost $10,025,345,306)
 
 
 
12,315,898,128
 
 
 
 
Nonconvertible Preferred Stocks - 0.7%
 
 
Shares
Value ($)
 
Germany - 0.7%
 
 
 
Porsche Automobil Holding SE (Germany)
  (Cost $123,513,284)
 
1,897,077
84,909,574
 
 
 
 
Money Market Funds - 3.6%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (d)
 
292,117,198
292,175,622
Fidelity Securities Lending Cash Central Fund 5.40% (d)(e)
 
171,011,057
171,028,158
 
TOTAL MONEY MARKET FUNDS
 (Cost $463,203,780)
 
 
463,203,780
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.6%
 (Cost $10,612,062,370)
 
 
 
12,864,011,482
NET OTHER ASSETS (LIABILITIES) - (0.6)%  
(77,248,970)
NET ASSETS - 100.0%
12,786,762,512
 
 
 
 
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 $193,070,528 or 1.5% of net assets.
 
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, 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.
 
(e)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
391,984,399
3,296,333,692
3,396,142,469
12,521,115
-
-
292,175,622
0.6%
Fidelity Securities Lending Cash Central Fund 5.40%
513,502,912
3,775,112,041
4,117,586,795
4,197,517
-
-
171,028,158
0.7%
Total
905,487,311
7,071,445,733
7,513,729,264
16,718,632
-
-
463,203,780
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
254,088,132
76,830,902
177,257,230
-
Consumer Discretionary
1,137,731,977
203,369,254
934,362,723
-
Consumer Staples
61,959,766
-
61,959,766
-
Energy
1,672,281,563
729,033,030
943,248,533
-
Financials
4,097,151,364
2,046,275,481
2,050,875,883
-
Health Care
702,800,593
101,173,327
601,627,266
-
Industrials
1,962,722,558
605,929,195
1,356,793,363
-
Information Technology
688,695,600
53,690,703
635,004,897
-
Materials
1,627,037,313
447,700,723
1,179,336,590
-
Real Estate
60,717,093
-
60,717,093
-
Utilities
135,621,743
135,621,743
-
-
  Money Market Funds
463,203,780
463,203,780
-
-
 Total Investments in Securities:
12,864,011,482
4,862,828,138
8,001,183,344
-
Fidelity® Series International Value Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $157,742,574) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $10,148,858,590)
$
12,400,807,702
 
 
Fidelity Central Funds (cost $463,203,780)
463,203,780
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $10,612,062,370)
 
 
$
12,864,011,482
Foreign currency held at value (cost $14,785)
 
 
14,785
Receivable for investments sold
 
 
50,336,487
Receivable for fund shares sold
 
 
171,444,581
Dividends receivable
 
 
46,235,351
Reclaims receivable
 
 
38,195,542
Interest receivable
 
 
40,967
Distributions receivable from Fidelity Central Funds
 
 
1,035,461
Other receivables
 
 
245
  Total assets
 
 
13,171,314,901
Liabilities
 
 
 
 
Payable to custodian bank
$
371
 
 
Payable for investments purchased
170,538,757
 
 
Payable for fund shares redeemed
42,738,470
 
 
Other payables and accrued expenses
246,633
 
 
Collateral on securities loaned
171,028,158
 
 
  Total Liabilities
 
 
 
384,552,389
Net Assets  
 
 
$
12,786,762,512
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
11,330,904,984
Total accumulated earnings (loss)
 
 
 
1,455,857,528
Net Assets
 
 
$
12,786,762,512
Net Asset Value, offering price and redemption price per share ($12,786,762,512 ÷ 1,201,493,317 shares)
 
 
$
10.64
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
485,370,192
Interest  
 
 
68,743
Income from Fidelity Central Funds (including $4,197,517 from security lending)
 
 
16,718,632
 Income before foreign taxes withheld
 
 
$
502,157,567
Less foreign taxes withheld
 
 
(41,577,647)
 Total Income
 
 
 
460,579,920
Expenses
 
 
 
 
Custodian fees and expenses
$
752,777
 
 
Independent trustees' fees and expenses
75,957
 
 
Interest
70,341
 
 
 Total expenses before reductions
 
899,075
 
 
 Expense reductions
 
(2,621)
 
 
 Total expenses after reductions
 
 
 
896,454
Net Investment income (loss)
 
 
 
459,683,466
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
67,030,007
 
 
   Redemptions in-kind
 
125,106,946
 
 
 Foreign currency transactions
 
(1,824,091)
 
 
Total net realized gain (loss)
 
 
 
190,312,862
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
1,673,297,390
 
 
 Assets and liabilities in foreign currencies
 
2,450,327
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
1,675,747,717
Net gain (loss)
 
 
 
1,866,060,579
Net increase (decrease) in net assets resulting from operations
 
 
$
2,325,744,045
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
459,683,466
$
571,708,614
Net realized gain (loss)
 
190,312,862
 
 
(148,251,550)
 
Change in net unrealized appreciation (depreciation)
 
1,675,747,717
 
(2,774,795,334)
 
Net increase (decrease) in net assets resulting from operations
 
2,325,744,045
 
 
(2,351,338,270)
 
Distributions to shareholders
 
(425,784,758)
 
 
(770,910,384)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
1,992,285,965
 
2,577,499,861
  Reinvestment of distributions
 
425,784,758
 
 
770,910,384
 
Cost of shares redeemed
 
(3,899,245,756)
 
(3,188,665,043)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(1,481,175,033)
 
 
159,745,202
 
Total increase (decrease) in net assets
 
418,784,254
 
 
(2,962,503,452)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
12,367,978,258
 
15,330,481,710
 
End of period
$
12,786,762,512
$
12,367,978,258
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
187,826,877
 
248,540,462
  Issued in reinvestment of distributions
 
42,493,489
 
 
70,596,189
 
Redeemed
 
(368,035,186)
 
(298,779,921)
Net increase (decrease)
 
(137,714,820)
 
20,356,730
 
 
 
 
 
 
Financial Highlights
Fidelity® Series International Value Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
9.24
$
11.62
$
8.25
$
9.82
$
9.68
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.37
 
.42
 
.43 C
 
.26
 
.39
     Net realized and unrealized gain (loss)
 
1.36
 
(2.24)
 
3.23
 
(1.43)
 
.10
  Total from investment operations
 
1.73  
 
(1.82)  
 
3.66  
 
(1.17)  
 
.49
  Distributions from net investment income
 
(.33)
 
(.56)
 
(.29)
 
(.36)
 
(.35)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.04)
 
-
     Total distributions
 
(.33)
 
(.56)
 
(.29)
 
(.40)
 
(.35)
  Net asset value, end of period
$
10.64
$
9.24
$
11.62
$
8.25
$
9.82
 Total Return D
 
18.99%
 
(16.40)%
 
44.95%
 
(12.55)%
 
5.48%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Expenses net of fee waivers, if any
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Expenses net of all reductions
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Net investment income (loss)
 
3.42%
 
4.09%
 
3.97% C
 
2.92%
 
4.23%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
12,786,763
$
12,367,978
$
15,330,482
$
11,605,710
$
15,992,396
    Portfolio turnover rate G
 
30% H
 
31% H
 
34%
 
36% H
 
41%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 3.00%.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
HPortfolio turnover rate excludes securities received or delivered in-kind.
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity Series Emerging Markets Fund, Fidelity Series Emerging Markets Opportunities Fund, Fidelity Series International Growth Fund, Fidelity Series International Small Cap Fund and Fidelity Series International Value Fund (the Funds) are funds of Fidelity Investment Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
Valuation techniques used to value each 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 service 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, 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. 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. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and U.S. government and government agency obligations are valued by pricing services 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 services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. ETFs are valued at their last sale price or official closing price as reported by a third party pricing service 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. 
 
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 (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
 
Fidelity Series Emerging Markets Opportunities Fund:
 
Asset Type
Fair Value
Valuation Technique(s)
Unobservable Input
Amount or Range/Weighted Average
Impact to Valuation from an Increase in InputA
Equities
 $     374,074,963
Market comparable
Enterprise value/Revenue multiple (EV/R)
2.5 - 9.8 / 4.5
Increase
 
 
Market approach
Transaction price
$13.75 - $15.25 / $14.50
Increase
 
 
 
Discount rate
20.0% - 50.0% / 20.8%
Decrease
 
 
Indicative market price
Bid price
$65.00
Increase
 
 
Recovery value
Recovery value
$0.00
Increase
 
 
Black scholes
Discount rate
4.9%
Increase
 
 
 
Volatility
60.0%
Increase
 
 
 
Term
3.0
Increase
Corporate Bonds
 $       46,132,823
Market comparable
Enterprise value/Revenue multiple (EV/R)
6.0
Increase
 
 
Discounted cash flow
Discount rate
4.3%
Decrease
 
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
 
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023, as well as a roll forward of Level 3 investments, is included at the end of each Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or reclaims receivable, as applicable. Fidelity Series International Small Cap Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. Fidelity Series Emerging Markets Fund did not recognize dividend income during the period on certain Russian securities due to restrictions imposed by the Russian government on these dividend payments. There is uncertainty regarding the timeline for these restrictions to be lifted and the collectability of these and future dividend payments on Russian securities.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests Fidelity Series Emerging Markets Fund, Fidelity Series Emerging Markets Opportunities Fund, Fidelity Series International Growth Fund and Fidelity Series International Small Cap Fund are subject to a tax imposed on capital gains by certain countries in which they invest. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes or Other payables and accrued expenses on each applicable Fund's Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
 
 
Tax cost
Gross unrealized appreciation
Gross unrealized depreciation
Net unrealized appreciation (depreciation)
Fidelity Series Emerging Markets Fund 
$4,918,458,539
$429,640,496
$ (479,478,850)
$ (49,838,354)
Fidelity Series Emerging Markets Opportunities Fund 
19,959,704,346
4,366,341,080
 (3,711,907,052)
654,434,028
Fidelity Series International Growth Fund 
9,065,584,934
4,261,664,018
 (471,568,876)
3,790,095,142
Fidelity Series International Small Cap Fund 
3,056,488,016
807,805,973
 (438,534,405)
369,271,568
Fidelity Series International Value Fund
10,815,895,056
2,670,463,160
 (622,346,734)
2,048,116,426
 
The tax-based components of distributable earnings as of period end were as follows for each Fund:
 
 
Undistributed ordinary income
Undistributed long-term capital gain
Capital loss carryforward
Net unrealized appreciation (depreciation) on securities and other investments
Fidelity Series Emerging Markets Fund 
$107,719,166
$ -
$ (544,644,298)
$ (49,935,872)
Fidelity Series Emerging Markets Opportunities Fund 
529,987,738
-
 (1,817,785,323)
653,812,421
Fidelity Series International Growth Fund 
156,463,871
-
 (176,883,349)
3,789,409,571
Fidelity Series International Small Cap Fund 
77,948,649
46,111,788
-
369,042,653
Fidelity Series International Value Fund
410,344,554
-
 (999,877,736)
2,045,390,711
 
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 
Short-term
Long-term
Total capital loss carryforward
Fidelity Series Emerging Markets Fund 
$ (416,445,717)
$ (128,198,581)
$  (544,644,298)
Fidelity Series Emerging Markets Opportunities Fund 
 (1,148,522,328)
 (669,262,994)
  (1,817,785,322)
Fidelity Series International Growth Fund 
 (49,487,799)
 (127,395,550)
  (176,883,349)
 
 
 
 
Fidelity Series International Value Fund
 (999,877,736)
 -
  (999,877,736)
 
 
 
The tax character of distributions paid was as follows:
 
October 31, 2023
 
 
 
 
Ordinary Income
Long-term Capital Gains
Total
Fidelity Series Emerging Markets Fund 
$65,273,730
$ -
$65,273,730
Fidelity Series Emerging Markets Opportunities Fund 
 559,062,771
 -
 559,062,771
Fidelity Series International Growth Fund 
 172,554,159
 262,282,322
 434,836,481
Fidelity Series International Small Cap Fund 
 47,608,217
 164,058,361
 211,666,578
Fidelity Series International Value Fund
 425,784,758
 -
 425,784,758
 
October 31, 2022
 
 
 
 
Ordinary Income
Long-term Capital Gains
Total
Fidelity Series Emerging Markets Fund 
$105,313,301
$ -
$105,313,301
Fidelity Series Emerging Markets Opportunities Fund 
 1,355,505,288
 1,975,800,325
 3,331,305,613
Fidelity Series International Growth Fund 
 332,369,715
 896,087,260
 1,228,456,975
Fidelity Series International Small Cap Fund 
 97,971,051
 464,964,235
 562,935,286
Fidelity Series International Value Fund
 770,910,384
 -
 770,910,384
 
 
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncement. In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. They also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. They also require additional disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the potential impact of ASU 2022-03 to the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. Each Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Series Emerging Markets Fund
5,118,633,788
3,048,839,852
Fidelity Series Emerging Markets Opportunities Fund
9,079,118,043
13,156,198,514
Fidelity Series International Growth Fund
2,418,777,172
2,730,206,467
Fidelity Series International Small Cap Fund
970,180,533
930,180,882
Fidelity Series International Value Fund
3,961,094,059
4,970,606,875
 
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
 
Fidelity Series International Growth Fund
24,781,944
187,812,495
380,697,437
 
Fidelity Series International Value Fund
36,205,694
125,106,946
383,424,293
 
 
 
 
 
 
 
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds do not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Funds, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
Amount
Fidelity Series Emerging Markets Fund
$1,022
Fidelity Series Emerging Markets Opportunities Fund
66,288
Fidelity Series International Growth Fund
4,177
Fidelity Series International Small Cap Fund
1,264
Fidelity Series International Value Fund
5,913
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), each Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity Series Emerging Markets Opportunities Fund 
 Borrower
$ 235,012,250
5.13%
$ 134,061
Fidelity Series International Growth Fund 
 Borrower
$86,931,000
4.21%
$  20,320
Fidelity Series International Value Fund
 Borrower
$ 68,204,125
4.64%
$ 70,341
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Series Emerging Markets Fund
 28,621,316
 41,737,288
  (8,537,426)
Fidelity Series Emerging Markets Opportunities Fund
 75,799,167
 210,607,439
  (8,054,769)
Fidelity Series International Growth Fund
 128,171,572
 64,705,596
  (17,445,749)
Fidelity Series International Small Cap Fund
 26,101,074
 21,522,668
  (1,058,307)
Fidelity Series International Value Fund
 115,378,755
 118,283,839
 12,054,956
 
Prior Fiscal Year Affiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Fidelity Series International Growth Fund
3,489,700
20,221,102
47,323,914
Fidelity Series International Value Fund
5,171,078
9,807,643
46,949,274
 
 
Other. During the period, the investment adviser reimbursed the Funds for certain losses as follows:
 
 
Amount ($)
Fidelity Series Emerging Markets Fund
 1,946
Fidelity Series Emerging Markets Opportunities Fund
10,371
 
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
 
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Series Emerging Markets Fund
$33,157
$-
$-
Fidelity Series Emerging Markets Opportunities Fund
$453,181
$1
$-
Fidelity Series International Growth Fund
$127,177
$-
$-
Fidelity Series International Small Cap Fund
$23,326
$3
$-
Fidelity Series International Value Fund
$453,950
$2,429
$-
 
9. Expense Reductions.
The investment adviser contractually agreed to reimburse each Fund to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2027. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement.
 
The following Funds were in reimbursement during the period:
 
 
Expense Limitations
Reimbursement
Fidelity Series Emerging Markets Fund
.013%
$ 574,102
Fidelity Series Emerging Markets Opportunities Fund
.013%
$ 3,461,152
 
 
Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.
 
 
Custodian credits
Fidelity Series Emerging Markets Fund 
$10,608
Fidelity Series Emerging Markets Opportunities Fund 
 6,492
Fidelity Series International Growth Fund 
 798
Fidelity Series International Small Cap Fund 
 5,497
Fidelity Series International Value Fund 
 2,621
 
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Funds.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity Series Emerging Markets Fund, Fidelity Series Emerging Markets Opportunities Fund, Fidelity Series International Small Cap Fund, and Fidelity Series International Value Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of Fidelity Series Emerging Markets Fund, Fidelity Series Emerging Markets Opportunities Fund, Fidelity Series International Small Cap Fund, and Fidelity Series International Value Fund (the "Funds"), each a fund of Fidelity Investment Trust, including the schedules of investments, as of October 31, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2023, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.
 
 
 
 
 
 
 
 
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 14, 2023
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Series International Growth Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Series International Growth Fund (one of the funds constituting Fidelity Investment Trust, referred to hereafter as the "Fund") as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, the statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2023 and the financial highlights for each of the five years in the period ended October 31, 2023 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 14, 2023
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 322 funds. Mr. Chiel oversees 191 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the funds' Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).       
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Vijay C. Advani (1960)
Year of Election or Appointment: 2023
Member of the Advisory Board
Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).     
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Karen B. Peetz (1955)
Year of Election or Appointment: 2023
Member of the Advisory Board
Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).     
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).      
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).          
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® Series Emerging Markets Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 959.00
 
$ .05
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,025.16
 
$ .05
 
 
 
 
 
 
 
 
 
 
Fidelity® Series Emerging Markets Opportunities Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 961.20
 
$ .05
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,025.16
 
$ .05
 
 
 
 
 
 
 
 
 
 
Fidelity® Series International Growth Fund
 
 
 
-%-D
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 921.50
 
$-E
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,025.21
 
$-E
 
 
 
 
 
 
 
 
 
 
 
Fidelity® Series International Small Cap Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 892.40
 
$ .05
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,025.16
 
$ .05
 
 
 
 
 
 
 
 
 
 
Fidelity® Series International Value Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 980.60
 
$ .05
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,025.16
 
$ .05
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
D   Amount represents less than .005%.
 
E   Amount represents less than $.005.
 
 
 
 
 
 
 
 
 
 
Distributions (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended October 31, 2023, or, if subsequently determined to be different, the net capital gain of such year.
 
Fidelity Series International Small Cap Fund
$51,028,676
 
 
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:
 
Fidelity Series International Growth Fund
 
December 2022
12%
Fidelity Series International Small Cap Fund
 
December 2022
3%
 
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
Fund Fidelity Series Emerging Markets Fund
 
December 2022
37.99%
Fidelity Series Emerging Market Opportunities Fund
 
December 2022
58.62%
Fidelity Series International Growth Fund
 
December 2022
77.72%
Fidelity Series International Small Cap Fund
 
December 2022
94.87%
Fidelity Series International Value Fund
 
December 2022
89.26%
 
The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends:
 
Fund Fidelity Series Emerging Markets Fund
$2,887,336
Fidelity Series Emerging Market Opportunities Fund
$10,301,066
Fidelity Series International Growth Fund
$4,692,189
Fidelity Series International Small Cap Fund
$1,779,360
Fidelity Series International Value Fund
$5,938,946
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
 
 
Pay Date
Income
Taxes
Fund Fidelity Series Emerging Markets Fund
12/12/22
$0.2219
$0.0239
Fidelity Series Emerging Market Opportunities Fund
12/12/22
$0.4373
$0.0643
Fidelity Series International Growth Fund
12/12/22
$0.1860
$0.0195
Fidelity Series International Small Cap Fund
12/12/22
$0.2543
$0.0413
Fidelity Series International Value Fund
12/12/22
$0.3571
$0.0231
 
The funds will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Series Emerging Markets Fund
Fidelity Series Emerging Markets Opportunities Fund
Fidelity Series International Growth Fund
Fidelity Series International Small Cap Fund
Fidelity Series International Value Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of each fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
Approval of Stub Period Continuation. At its May 2023 meeting, the Board of Trustees voted to continue each fund's management contract with FMR, and the sub-advisory agreements and sub-sub-advisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for two months from June 1, 2023 through July 31, 2023. The Board considered that the approval of each fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of each fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under each fund's Advisory Contracts; or (iv) the day-to-day management of each fund or the persons primarily responsible for such management. The Board also considered that since its last approval of each fund's Advisory Contracts, FMR had provided additional information on each fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that each fund's Advisory Contracts are fair and reasonable, and that each fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board would consider the annual renewal for a full one year period in July 2023.
At its July 2023 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and the fact that no fee is payable under the management contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the funds, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of each fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending.
Investment Performance. The Board reviewed each fund's absolute investment performance, as well as each fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew each fund's Advisory Contracts, as the funds are not publicly offered as a stand-alone investment product. In this regard, the Board noted that each fund is designed to offer an investment option for other investment companies, 529 plans, and collective investment trusts managed by Fidelity and ultimately to enhance the performance of those investment companies, 529 plans, and collective investment trusts.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered that each fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in each fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of each fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that each fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.
The Board further considered that FMR has contractually agreed to reimburse each fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.013% through February 28, 2026.
Based on its review, the Board considered that each fund does not pay a management fee and concluded that the total expense ratio of each fund was reasonable in light of the services that each fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund were not relevant to the renewal of the Advisory Contracts because each fund pays no advisory fees and FMR bears all expenses of each fund with certain exceptions.
Economies of Scale. The Board concluded that because each fund pays no advisory fees and FMR bears all expenses of each fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew each fund's Advisory Contracts.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances, and that each fund's Advisory Contracts should be renewed through July 31, 2024.
 
1.907943.113
GSV-S-ANN-1223
Fidelity® Series Sustainable Emerging Markets Fund
Fidelity® Series Sustainable Non-U.S. Developed Markets Fund
 
 
Annual Report
October 31, 2023

Contents

Fidelity® Series Sustainable Emerging Markets Fund

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Series Sustainable Non-U.S. Developed Markets Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2023 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR  (Taiwan, Semiconductors & Semiconductor Equipment)
8.1
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
5.0
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
4.1
 
HDFC Bank Ltd. sponsored ADR  (India, Banks)
4.0
 
Reliance Industries Ltd. GDR  (India, Oil, Gas & Consumable Fuels)
3.3
 
Alibaba Group Holding Ltd.  (China, Broadline Retail)
3.0
 
ICICI Bank Ltd. sponsored ADR  (India, Banks)
2.8
 
Infosys Ltd. sponsored ADR  (India, IT Services)
2.8
 
PDD Holdings, Inc. ADR  (China, Broadline Retail)
2.0
 
China Construction Bank Corp. (H Shares)  (China, Banks)
1.9
 
 
37.0
 
 
Market Sectors (% of Fund's net assets)
 
Financials
23.5
 
Information Technology
21.1
 
Consumer Discretionary
14.1
 
Communication Services
9.1
 
Consumer Staples
6.8
 
Industrials
5.9
 
Energy
4.8
 
Materials
3.4
 
Health Care
2.9
 
Utilities
2.2
 
Real Estate
1.9
 
 
Asset Allocation (% of Fund's net assets)
Futures - 3.2%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Series Sustainable Emerging Markets Fund
Showing Percentage of Net Assets     
Common Stocks - 93.1%
 
 
Shares
Value ($)
 
Brazil - 5.7%
 
 
 
Banco BTG Pactual SA unit
 
300
1,761
Banco do Brasil SA
 
1,300
12,467
Cury Construtora e Incorporado SA
 
1,100
3,216
Cyrela Brazil Realty SA
 
500
1,784
ENGIE Brasil Energia SA
 
1,900
14,810
Equatorial Energia SA
 
1,800
11,282
Hapvida Participacoes e Investimentos SA (a)(b)
 
21,500
15,736
Hypera SA (a)
 
700
4,205
Localiza Rent a Car SA
 
2,900
29,260
Localiza Rent a Car SA rights 11/10/23 (a)
 
18
25
LOG Commercial Properties e Participacoes SA
 
1,000
4,110
MercadoLibre, Inc. (a)
 
15
18,611
Multiplan Empreendimentos Imobiliarios SA (a)
 
800
3,926
Natura & Co. Holding SA
 
3,300
8,345
Raia Drogasil SA
 
7,100
36,333
Rede D'Oregon Sao Luiz SA (b)
 
500
2,144
StoneCo Ltd. Class A (a)
 
1,106
10,966
Suzano Papel e Celulose SA
 
1,700
17,389
Transmissora Alianca de Energia Eletrica SA
 
1,800
12,064
XP, Inc. Class A
 
1,556
31,120
YDUQS Participacoes SA
 
1,800
6,330
TOTAL BRAZIL
 
 
245,884
Chile - 1.2%
 
 
 
Antofagasta PLC
 
1,814
29,655
Banco de Chile
 
210,396
21,616
TOTAL CHILE
 
 
51,271
China - 27.8%
 
 
 
Akeso, Inc. (a)(b)
 
1,011
5,677
Alibaba Group Holding Ltd. (a)
 
12,704
130,789
Alibaba Group Holding Ltd. sponsored ADR (a)
 
134
11,060
Baidu, Inc.:
 
 
 
 Class A (a)
 
739
9,702
 sponsored ADR (a)
 
51
5,355
BeiGene Ltd. ADR (a)
 
79
14,716
BYD Co. Ltd. (H Shares)
 
1,485
45,159
China Communications Services Corp. Ltd. (H Shares)
 
16,198
6,625
China Construction Bank Corp. (H Shares)
 
146,982
83,127
China Gas Holdings Ltd.
 
6,400
5,754
China Life Insurance Co. Ltd. (H Shares)
 
18,556
25,132
China Resources Beer Holdings Co. Ltd.
 
4,129
21,849
China Tower Corp. Ltd. (H Shares) (b)
 
46,966
4,380
ENN Energy Holdings Ltd.
 
2,508
18,998
ESR Group Ltd. (b)
 
2,598
3,338
Flat Glass Group Co. Ltd.
 
1,000
1,796
Guangdong Investment Ltd.
 
13,865
9,461
Haier Smart Home Co. Ltd.
 
5,014
14,302
Haier Smart Home Co. Ltd. ADR
 
798
9,112
Haitian International Holdings Ltd.
 
5,000
11,928
Industrial & Commercial Bank of China Ltd. (H Shares)
 
51,291
24,581
Innovent Biologics, Inc. (a)(b)
 
1,035
6,099
JD.com, Inc.:
 
 
 
 Class A
 
523
6,649
 sponsored ADR
 
114
2,898
JOYY, Inc. ADR
 
93
3,620
KE Holdings, Inc. ADR
 
175
2,574
Kingdee International Software Group Co. Ltd. (a)
 
3,000
3,981
Kunlun Energy Co. Ltd.
 
13,765
11,468
Lenovo Group Ltd.
 
30,607
35,618
Li Auto, Inc.:
 
 
 
 ADR (a)
 
719
24,309
 Class A (a)
 
771
13,040
Meituan Class B (a)(b)
 
4,171
59,124
NetEase, Inc. ADR
 
280
29,938
New Oriental Education & Technology Group, Inc. sponsored ADR (a)
 
584
38,246
PDD Holdings, Inc. ADR (a)
 
838
84,990
Ping An Insurance Group Co. of China Ltd. (H Shares)
 
9,996
50,704
Shangri-La Asia Ltd. (a)
 
17,906
11,424
Sinopec Engineering Group Co. Ltd. (H Shares)
 
23,500
11,744
Sinotruk Hong Kong Ltd.
 
8,499
16,008
Sunny Optical Technology Group Co. Ltd.
 
392
3,284
Tencent Holdings Ltd.
 
4,840
179,122
Tongdao Liepin Group (a)
 
5,415
3,979
TravelSky Technology Ltd. (H Shares)
 
7,123
11,252
Trip.com Group Ltd. ADR (a)
 
1,087
36,958
Tsingtao Brewery Co. Ltd. (H Shares)
 
2,016
15,288
Uni-President China Holdings Ltd.
 
18,705
12,730
WuXi AppTec Co. Ltd. (H Shares) (b)
 
1,041
12,509
Wuxi Biologics (Cayman), Inc. (a)(b)
 
4,707
29,267
XPeng, Inc. ADR (a)
 
629
9,108
Zai Lab Ltd. (a)
 
1,613
4,116
ZTO Express, Inc. sponsored ADR
 
619
14,590
TOTAL CHINA
 
 
1,207,478
Greece - 1.4%
 
 
 
Alpha Bank SA (a)
 
32,020
47,771
OPAP SA
 
812
13,747
TOTAL GREECE
 
 
61,518
Hong Kong - 1.3%
 
 
 
ASMPT Ltd.
 
1,100
9,317
Gushengtang Holdings Ltd.
 
200
1,198
Huanxi Media Group Ltd. (a)
 
69,070
6,352
Kerry Properties Ltd.
 
5,693
9,580
Prudential PLC
 
3,003
31,401
TOTAL HONG KONG
 
 
57,848
India - 14.6%
 
 
 
HDFC Bank Ltd. sponsored ADR
 
3,045
172,195
ICICI Bank Ltd. sponsored ADR
 
5,599
124,242
Infosys Ltd. sponsored ADR
 
7,532
123,675
Larsen & Toubro Ltd. GDR
 
2,090
73,568
Reliance Industries Ltd. GDR (b)
 
2,603
142,124
TOTAL INDIA
 
 
635,804
Indonesia - 4.3%
 
 
 
First Resources Ltd.
 
22,829
25,206
PT Bank Central Asia Tbk
 
119,400
65,780
PT Bank Mandiri (Persero) Tbk
 
5,300
1,893
PT Bank Negara Indonesia (Persero) Tbk
 
4,100
1,237
PT Bank Rakyat Indonesia (Persero) Tbk
 
169,300
52,937
PT Sumber Alfaria Trijaya Tbk
 
78,800
14,341
PT Telkom Indonesia Persero Tbk
 
107,300
23,522
TOTAL INDONESIA
 
 
184,916
Korea (South) - 11.9%
 
 
 
AMOREPACIFIC Corp.
 
107
10,029
Coway Co. Ltd.
 
271
8,659
Delivery Hero AG (a)(b)
 
473
11,997
Hyundai Motor Co. Ltd.
 
35
4,403
Jeisys Medical, Inc. (a)
 
538
4,194
JYP Entertainment Corp.
 
64
4,864
Kakao Corp.
 
623
17,534
Kakao Pay Corp. (a)
 
26
662
KB Financial Group, Inc.
 
744
28,318
Kia Corp.
 
375
21,393
Korea Aerospace Industries Ltd.
 
53
1,741
LG Chemical Ltd.
 
12
3,927
LG Corp.
 
141
8,059
LS Electric Co. Ltd.
 
83
3,943
NAVER Corp.
 
403
56,257
NCSOFT Corp.
 
27
4,658
POSCO
 
37
11,310
Samsung Biologics Co. Ltd. (a)(b)
 
37
19,422
Samsung Electronics Co. Ltd.
 
4,389
218,138
Samsung SDI Co. Ltd.
 
35
11,066
SK Hynix, Inc.
 
777
67,376
TOTAL KOREA (SOUTH)
 
 
517,950
Mexico - 3.5%
 
 
 
Corporacion Inmobiliaria Vesta S.A.B. de CV
 
3,351
10,507
Corporacion Inmobiliaria Vesta S.A.B. de CV ADR
 
367
11,538
Fibra Uno Administracion SA de CV
 
2,500
3,795
Gruma S.A.B. de CV Series B
 
1,067
18,567
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B
 
648
7,559
Grupo Aeroportuario Norte S.A.B. de CV
 
1,200
9,161
Grupo Financiero Banorte S.A.B. de CV Series O
 
6,591
53,491
Wal-Mart de Mexico SA de CV Series V
 
10,532
37,696
TOTAL MEXICO
 
 
152,314
Netherlands - 0.5%
 
 
 
CTP BV (b)
 
1,459
21,242
Panama - 0.5%
 
 
 
Copa Holdings SA Class A
 
243
19,841
Philippines - 0.6%
 
 
 
SM Investments Corp.
 
1,371
19,331
SM Prime Holdings, Inc.
 
16,800
8,867
TOTAL PHILIPPINES
 
 
28,198
Poland - 0.6%
 
 
 
CD Projekt RED SA
 
472
11,766
Dino Polska SA (a)(b)
 
156
14,759
TOTAL POLAND
 
 
26,525
South Africa - 3.2%
 
 
 
Absa Group Ltd.
 
901
8,215
Bid Corp. Ltd.
 
535
11,350
Capitec Bank Holdings Ltd.
 
343
30,456
Discovery Ltd.
 
3,523
24,305
FirstRand Ltd.
 
298
982
Impala Platinum Holdings Ltd.
 
4,898
20,403
Pick 'n Pay Stores Ltd.
 
4,936
6,621
Shoprite Holdings Ltd.
 
1,744
22,348
Standard Bank Group Ltd.
 
1,258
12,345
TOTAL SOUTH AFRICA
 
 
137,025
Taiwan - 13.6%
 
 
 
ASE Technology Holding Co. Ltd.
 
1,000
3,498
ASUSTeK Computer, Inc.
 
1,000
10,477
BizLink Holding, Inc.
 
1,000
7,787
Chailease Holding Co. Ltd.
 
8,000
43,363
Chroma ATE, Inc.
 
1,000
6,752
Delta Electronics, Inc.
 
3,000
27,015
Formosa Plastics Corp.
 
14,000
33,269
HIWIN Technologies Corp.
 
2,000
12,111
International Games Systems Co. Ltd.
 
1,000
19,260
King Yuan Electronics Co. Ltd.
 
5,000
11,837
Lite-On Technology Corp.
 
4,000
12,444
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
4,090
353,012
Uni-President Enterprises Corp.
 
23,000
48,216
TOTAL TAIWAN
 
 
589,041
Tanzania - 0.3%
 
 
 
Helios Towers PLC (a)
 
17,800
13,100
Thailand - 0.0%
 
 
 
Bangkok Bank PCL (For. Reg.)
 
100
436
United States of America - 2.1%
 
 
 
FirstCash Holdings, Inc.
 
456
49,668
Globant SA (a)
 
71
12,091
Legend Biotech Corp. ADR (a)
 
106
7,003
Tenaris SA sponsored ADR
 
260
8,143
Titan Cement International Trading SA
 
691
13,073
TOTAL UNITED STATES OF AMERICA
 
 
89,978
 
TOTAL COMMON STOCKS
 (Cost $4,273,278)
 
 
 
4,040,369
 
 
 
 
Nonconvertible Preferred Stocks - 2.6%
 
 
Shares
Value ($)
 
Brazil - 2.1%
 
 
 
Companhia de Transmissao de Energia Eletrica Paulista (PN)
 
3,400
14,290
Itau Unibanco Holding SA
 
1,800
9,575
Metalurgica Gerdau SA (PN)
 
5,900
12,088
Petroleo Brasileiro SA - Petrobras:
 
 
 
 (PN) sponsored ADR (non-vtg.)
 
1,689
23,359
 sponsored ADR
 
2,054
30,810
TOTAL BRAZIL
 
 
90,122
Korea (South) - 0.5%
 
 
 
Hyundai Motor Co. Ltd. Series 2
 
188
13,946
Samsung Electronics Co. Ltd.
 
271
10,804
TOTAL KOREA (SOUTH)
 
 
24,750
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 (Cost $104,653)
 
 
 
114,872
 
 
 
 
Money Market Funds - 2.7%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (c)
 
 (Cost $118,523)
 
 
118,499
118,523
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 98.4%
 (Cost $4,496,454)
 
 
 
4,273,764
NET OTHER ASSETS (LIABILITIES) - 1.6%  
67,407
NET ASSETS - 100.0%
4,341,171
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE MSCI Emerging Markets Index Contracts (United States)
3
Dec 2023
137,880
(2,959)
(2,959)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 3.2%
 
For the period, the average monthly notional amount at value for futures contracts in the aggregate was $88,378.
 
 
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 $347,818 or 8.0% 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, 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
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
-
4,683,179
4,564,656
6,860
-
-
118,523
0.0%
Total
-
4,683,179
4,564,656
6,860
-
-
118,523
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
393,409
63,779
329,630
-
Consumer Discretionary
612,506
272,366
340,140
-
Consumer Staples
303,678
156,019
147,659
-
Energy
204,436
204,436
-
-
Financials
1,020,746
611,175
409,571
-
Health Care
126,286
43,804
82,482
-
Industrials
253,281
154,004
99,277
-
Information Technology
922,181
488,778
433,403
-
Materials
141,114
72,205
68,909
-
Real Estate
79,477
57,692
21,785
-
Utilities
98,127
52,446
45,681
-
  Money Market Funds
118,523
118,523
-
-
 Total Investments in Securities:
4,273,764
2,295,227
1,978,537
-
 Derivative Instruments:
 Liabilities
 
 
 
 
Futures Contracts
(2,959)
(2,959)
-
-
  Total Liabilities
(2,959)
(2,959)
-
-
 Total Derivative Instruments:
(2,959)
(2,959)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
0
(2,959)
Total Equity Risk
0
(2,959)
Total Value of Derivatives
0
(2,959)
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Fidelity® Series Sustainable Emerging Markets Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $4,377,931)
$
4,155,241
 
 
Fidelity Central Funds (cost $118,523)
118,523
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $4,496,454)
 
 
$
4,273,764
Segregated cash with brokers for derivative instruments
 
 
8,612
Cash
 
 
47,502
Receivable for fund shares sold
 
 
5,319
Dividends receivable
 
 
8,519
Distributions receivable from Fidelity Central Funds
 
 
532
Receivable from investment adviser for expense reductions
 
 
2,757
  Total assets
 
 
4,347,005
Liabilities
 
 
 
 
Payable for fund shares redeemed
$
184
 
 
Payable for daily variation margin on futures contracts
915
 
 
Custody fee payable
4,735
 
 
  Total Liabilities
 
 
 
5,834
Net Assets  
 
 
$
4,341,171
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
4,535,384
Total accumulated earnings (loss)
 
 
 
(194,213)
Net Assets
 
 
$
4,341,171
Net Asset Value, offering price and redemption price per share ($4,341,171 ÷ 451,158 shares)
 
 
$
9.62
 
Statement of Operations
 
 
 
For the period May 11, 2023 (commencement of operations) through October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
69,190
Interest  
 
 
78
Income from Fidelity Central Funds  
 
 
6,860
 Income before foreign taxes withheld
 
 
$
76,128
Less foreign taxes withheld
 
 
(6,061)
 Total Income
 
 
 
70,067
Expenses
 
 
 
 
Custodian fees and expenses
$
6,414
 
 
Independent trustees' fees and expenses
7
 
 
 Total expenses before reductions
 
6,421
 
 
 Expense reductions
 
(6,259)
 
 
 Total expenses after reductions
 
 
 
162
Net Investment income (loss)
 
 
 
69,905
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(26,149)
 
 
 Foreign currency transactions
 
(1,368)
 
 
 Futures contracts
 
(10,954)
 
 
Total net realized gain (loss)
 
 
 
(38,471)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(222,690)
 
 
 Assets and liabilities in foreign currencies
 
3
 
 
 Futures contracts
 
(2,959)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(225,646)
Net gain (loss)
 
 
 
(264,117)
Net increase (decrease) in net assets resulting from operations
 
 
$
(194,212)
Statement of Changes in Net Assets
 
 
For the period May 11, 2023 (commencement of operations) through October 31, 2023
Increase (Decrease) in Net Assets
 
 
Operations
 
Net investment income (loss)
$
69,905
Net realized gain (loss)
 
(38,471)
 
Change in net unrealized appreciation (depreciation)
 
(225,646)
Net increase (decrease) in net assets resulting from operations
 
(194,212)
 
Share transactions
 
 
Proceeds from sales of shares
 
4,692,849
Cost of shares redeemed
 
(157,466)
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
4,535,383
 
Total increase (decrease) in net assets
 
4,341,171
 
 
 
 
Net Assets
 
 
Beginning of period
 
-
End of period
$
4,341,171
 
 
 
Other Information
 
 
Shares
 
 
Sold
 
466,593
Redeemed
 
(15,435)
Net increase (decrease)
 
451,158
 
 
 
 
Financial Highlights
Fidelity® Series Sustainable Emerging Markets Fund
 
Years ended October 31,
 
2023 A 
  Selected Per-Share Data 
 
 
  Net asset value, beginning of period
$
10.00
  Income from Investment Operations
 
 
     Net investment income (loss) B,C
 
.16
     Net realized and unrealized gain (loss)
 
(.54)
  Total from investment operations
 
(.38)  
  Net asset value, end of period
$
9.62
 Total Return D,E
 
(3.80)%
 Ratios to Average Net Assets B,F,G
 
 
    Expenses before reductions
 
.31% H
    Expenses net of fee waivers, if any
 
.01% H
    Expenses net of all reductions
 
.01% H
    Net investment income (loss)
 
3.40% H
 Supplemental Data
 
 
    Net assets, end of period (000 omitted)
$
4,341
    Portfolio turnover rate I
 
36% J
 
AFor the period May 11, 2023 (commencement of operations) through October 31, 2023.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CCalculated based on average shares outstanding during the period.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAnnualized.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
JAmount not annualized.
 
 
Top Holdings (% of Fund's net assets)
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
2.6
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
2.4
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
2.0
 
Linde PLC  (United States of America, Chemicals)
1.7
 
TotalEnergies SE  (France, Oil, Gas & Consumable Fuels)
1.7
 
Nestle SA (Reg. S)  (United States of America, Food Products)
1.6
 
BAE Systems PLC  (United Kingdom, Aerospace & Defense)
1.4
 
Shell PLC ADR  (Netherlands, Oil, Gas & Consumable Fuels)
1.4
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
1.1
 
Marsh & McLennan Companies, Inc.  (United States of America, Insurance)
1.1
 
 
17.0
 
 
Market Sectors (% of Fund's net assets)
 
Financials
21.7
 
Industrials
20.1
 
Information Technology
11.5
 
Consumer Discretionary
10.3
 
Materials
8.4
 
Health Care
7.9
 
Energy
6.7
 
Consumer Staples
5.6
 
Communication Services
1.8
 
Real Estate
1.3
 
Utilities
0.6
 
 
Asset Allocation (% of Fund's net assets)
Futures - 2.9%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Series Sustainable Non-U.S. Developed Markets Fund
Showing Percentage of Net Assets     
Common Stocks - 95.9%
 
 
Shares
Value ($)
 
Australia - 2.3%
 
 
 
ASX Ltd.
 
128
4,573
BlueScope Steel Ltd.
 
164
1,966
Brambles Ltd.
 
1,446
12,068
Cochlear Ltd.
 
28
4,292
Computershare Ltd.
 
292
4,608
DEXUS Property Group unit
 
1,009
4,167
EBOS Group Ltd.
 
430
8,778
Flutter Entertainment PLC (a)
 
90
14,117
Flutter Entertainment PLC (Ireland) (a)
 
7
1,096
Fortescue Metals Group Ltd.
 
284
4,040
IGO Ltd.
 
532
3,221
Imdex Ltd.
 
1,927
2,021
Lendlease Group unit
 
543
2,151
Macquarie Group Ltd.
 
88
9,046
Mineral Resources Ltd.
 
118
4,349
Mirvac Group unit
 
5,231
6,069
Orica Ltd.
 
493
4,607
Pilbara Minerals Ltd.
 
1,284
3,016
QBE Insurance Group Ltd.
 
144
1,428
REA Group Ltd.
 
59
5,416
Suncorp Group Ltd.
 
419
3,566
Transurban Group unit
 
2,744
20,658
Woodside Energy Group Ltd.
 
1,523
33,171
TOTAL AUSTRALIA
 
 
158,424
Austria - 0.4%
 
 
 
Mondi PLC
 
274
4,426
OMV AG
 
277
12,122
Verbund AG
 
62
5,379
Wienerberger AG
 
81
1,966
TOTAL AUSTRIA
 
 
23,893
Belgium - 1.0%
 
 
 
Azelis Group NV
 
611
10,409
Fagron NV
 
143
2,509
KBC Ancora
 
215
8,121
KBC Group NV
 
807
44,317
Umicore SA
 
102
2,427
TOTAL BELGIUM
 
 
67,783
Brazil - 0.4%
 
 
 
Wheaton Precious Metals Corp.
 
630
26,608
Canada - 9.7%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
1,066
58,029
Andlauer Healthcare Group, Inc.
 
163
4,565
Bank of Montreal
 
598
45,188
Brookfield Asset Management Ltd. Class A
 
131
3,755
Brookfield Corp. (Canada) Class A
 
737
21,471
CAE, Inc. (a)
 
1,280
26,731
Cameco Corp.
 
427
17,468
Cameco Corp.
 
127
5,196
Canadian National Railway Co.
 
233
24,653
Canadian Natural Resources Ltd.
 
186
11,811
Canadian Pacific Kansas City Ltd.
 
828
58,788
Cogeco Communications, Inc.
 
26
1,024
Computer Modelling Group Ltd.
 
781
5,159
Definity Financial Corp.
 
168
4,645
Dollarama, Inc.
 
108
7,375
Enbridge, Inc.
 
729
23,362
Franco-Nevada Corp.
 
218
26,520
Intact Financial Corp.
 
164
23,042
Jamieson Wellness, Inc. (b)
 
78
1,281
Magna International, Inc. Class A (sub. vtg.)
 
190
9,130
Metro, Inc.
 
235
11,937
Nutrien Ltd.
 
497
26,693
Parkland Corp.
 
398
12,045
Pason Systems, Inc.
 
530
5,079
PrairieSky Royalty Ltd.
 
1,766
31,009
Real Matters, Inc. (a)
 
413
1,456
Richelieu Hardware Ltd.
 
249
7,448
Royal Bank of Canada
 
516
41,213
Shopify, Inc. Class A (a)
 
558
26,352
Sun Life Financial, Inc.
 
1,051
48,005
The Toronto-Dominion Bank
 
1,002
55,969
Thomson Reuters Corp.
 
57
6,828
TMX Group Ltd.
 
523
10,892
Triple Flag Precious Metals Corp.
 
116
1,475
TOTAL CANADA
 
 
665,594
Chile - 0.1%
 
 
 
Antofagasta PLC
 
315
5,150
Lundin Mining Corp.
 
609
3,803
TOTAL CHILE
 
 
8,953
China - 0.1%
 
 
 
BOC Hong Kong (Holdings) Ltd.
 
2,005
5,302
Prosus NV
 
156
4,363
TOTAL CHINA
 
 
9,665
Denmark - 3.3%
 
 
 
Carlsberg A/S Series B
 
34
4,052
DSV A/S
 
217
32,363
Genmab A/S (a)
 
13
3,675
Novo Nordisk A/S Series B
 
1,686
162,659
Novozymes A/S Series B
 
50
2,244
ORSTED A/S (b)
 
21
1,015
Pandora A/S
 
53
5,997
Vestas Wind Systems A/S (a)
 
702
15,216
TOTAL DENMARK
 
 
227,221
Finland - 1.0%
 
 
 
Kesko Oyj
 
262
4,426
Metso Corp.
 
768
6,750
Musti Group OYJ
 
98
1,930
Neste OYJ
 
277
9,294
Nokia Corp.
 
2,645
8,810
Nordea Bank Abp
 
2,138
22,467
UPM-Kymmene Corp.
 
124
4,168
Wartsila Corp.
 
608
7,231
TOTAL FINLAND
 
 
65,076
France - 10.5%
 
 
 
Air Liquide SA
 
143
24,503
Airbus Group NV
 
376
50,413
ALTEN
 
175
20,609
AXA SA
 
1,304
38,638
BNP Paribas SA
 
510
29,327
Capgemini SA
 
195
34,462
Compagnie Generale des Etablissements Michelin SCA Series B
 
821
24,391
Covivio
 
257
10,986
Danone SA
 
289
17,193
Dassault Systemes SA
 
443
18,249
Edenred SA
 
772
41,039
EssilorLuxottica SA
 
64
11,555
Exclusive Networks SA (a)
 
123
1,955
Gecina SA
 
64
6,271
Hermes International SCA
 
2
3,724
Kering SA
 
14
5,694
L'Oreal SA
 
78
32,786
Lectra
 
333
8,421
Legrand SA
 
324
28,028
LVMH Moet Hennessy Louis Vuitton SE
 
195
139,606
Pernod Ricard SA
 
89
15,774
Societe Generale Series A
 
699
15,708
Stef SA
 
25
2,688
Teleperformance
 
45
5,150
Thermador Groupe SA
 
36
2,556
TotalEnergies SE
 
1,752
117,134
Valeo SA
 
647
8,516
Worldline SA (a)(b)
 
116
1,470
TOTAL FRANCE
 
 
716,846
Germany - 5.5%
 
 
 
adidas AG
 
15
2,654
Allianz SE
 
78
18,271
Commerzbank AG
 
615
6,605
Covestro AG (a)(b)
 
7
353
Deutsche Borse AG
 
275
45,264
Deutsche Lufthansa AG (a)
 
589
4,116
DHL Group
 
268
10,424
Fresenius SE & Co. KGaA
 
151
3,873
GEA Group AG
 
276
9,412
Hannover Reuck SE
 
151
33,281
Henkel AG & Co. KGaA
 
230
14,536
Infineon Technologies AG
 
1,023
29,882
LEG Immobilien AG (a)
 
85
5,292
Merck KGaA
 
226
34,040
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
102
40,850
Puma AG
 
79
4,455
Rheinmetall AG
 
126
36,050
SAP SE
 
246
32,997
Siemens AG
 
286
37,952
Siemens Healthineers AG (b)
 
83
4,068
Zalando SE (a)(b)
 
94
2,187
TOTAL GERMANY
 
 
376,562
Greece - 0.0%
 
 
 
Mytilineos SA
 
59
2,184
Hong Kong - 1.1%
 
 
 
AIA Group Ltd.
 
3,594
31,210
Hang Seng Bank Ltd.
 
501
5,728
Hong Kong Exchanges and Clearing Ltd.
 
203
7,101
MTR Corp. Ltd.
 
3,512
13,129
Prudential PLC
 
1,382
14,451
Swire Pacific Ltd. (A Shares)
 
518
3,309
Swire Properties Ltd.
 
432
836
TOTAL HONG KONG
 
 
75,764
India - 0.3%
 
 
 
HDFC Bank Ltd. sponsored ADR
 
367
20,754
Indonesia - 0.2%
 
 
 
PT Bank Rakyat Indonesia (Persero) Tbk
 
25,400
7,942
PT Selamat Sempurna Tbk
 
15,200
2,076
TOTAL INDONESIA
 
 
10,018
Ireland - 0.5%
 
 
 
Bank of Ireland Group PLC
 
1,197
10,702
Kerry Group PLC Class A
 
105
8,097
Kingspan Group PLC (Ireland)
 
262
17,598
TOTAL IRELAND
 
 
36,397
Israel - 0.4%
 
 
 
Bank Hapoalim BM (Reg.)
 
127
907
Elbit Systems Ltd. (Israel)
 
30
5,569
Ituran Location & Control Ltd.
 
143
3,536
NICE Ltd. (a)
 
21
3,245
NICE Ltd. sponsored ADR (a)
 
72
11,113
Wix.com Ltd. (a)
 
68
5,433
TOTAL ISRAEL
 
 
29,803
Italy - 2.1%
 
 
 
Assicurazioni Generali SpA
 
1,717
34,055
Banca Generali SpA
 
55
1,782
BFF Bank SpA (b)
 
235
2,257
Enel SpA
 
646
4,101
Eni SpA
 
917
14,991
GVS SpA (a)(b)
 
271
1,210
Industrie de Nora SpA
 
119
1,678
Intesa Sanpaolo SpA
 
6,611
17,227
Prada SpA
 
2,240
13,494
Recordati SpA
 
269
12,410
Terna - Rete Elettrica Nazionale
 
293
2,240
UniCredit SpA
 
1,610
40,362
TOTAL ITALY
 
 
145,807
Japan - 15.8%
 
 
 
Ajinomoto Co., Inc.
 
504
18,407
Ana Holdings, Inc. (a)
 
400
7,853
Asahi Kasei Corp.
 
3,102
19,070
Astellas Pharma, Inc.
 
296
3,744
BayCurrent Consulting, Inc.
 
96
2,410
Bridgestone Corp.
 
201
7,607
Capcom Co. Ltd.
 
198
6,373
Curves Holdings Co. Ltd.
 
1,018
4,441
Daifuku Co. Ltd.
 
400
6,609
Daiichi Sankyo Kabushiki Kaisha
 
206
5,312
Daiwa Securities Group, Inc.
 
5,189
29,922
DENSO Corp.
 
400
5,907
Dexerials Corp.
 
100
2,281
Eisai Co. Ltd.
 
201
10,649
Elan Corp.
 
207
1,023
ENEOS Holdings, Inc.
 
999
3,702
FANUC Corp.
 
591
14,667
Fast Retailing Co. Ltd.
 
100
22,140
FUJIFILM Holdings Corp.
 
497
27,185
Fujitsu Ltd.
 
201
26,039
Hankyu Hanshin Holdings, Inc.
 
700
22,025
Hitachi Ltd.
 
800
50,709
Honda Motor Co. Ltd.
 
1,782
18,263
Hoya Corp.
 
704
67,773
Ibiden Co. Ltd.
 
390
16,628
Itochu Corp.
 
1,477
53,203
JFE Holdings, Inc.
 
378
5,267
KDDI Corp.
 
798
23,872
Koshidaka Holdings Co. Ltd.
 
592
4,212
Kubota Corp.
 
594
7,989
Kurita Water Industries Ltd.
 
200
6,077
LIXIL Group Corp.
 
600
6,579
LY Corp.
 
1,100
2,804
Marubeni Corp.
 
689
10,074
MatsukiyoCocokara & Co.
 
300
5,263
Minebea Mitsumi, Inc.
 
298
4,672
Mitsubishi Heavy Industries Ltd.
 
94
4,841
Mitsui Chemicals, Inc.
 
99
2,495
Miura Co. Ltd.
 
101
1,958
NEC Corp.
 
97
4,671
Nitto Denko Corp.
 
96
6,212
Nomura Holdings, Inc.
 
797
3,079
Nomura Research Institute Ltd.
 
397
10,421
OMRON Corp.
 
300
10,748
Oriental Land Co. Ltd.
 
301
9,736
ORIX Corp.
 
1,180
21,460
Panasonic Holdings Corp.
 
200
1,755
Persol Holdings Co. Ltd.
 
4,000
5,998
Rakuten Group, Inc.
 
1,296
4,794
Recruit Holdings Co. Ltd.
 
979
28,071
Renesas Electronics Corp. (a)
 
1,682
22,094
San-Ai Obbli Co. Ltd.
 
200
2,160
Seiko Epson Corp.
 
300
4,165
Sekisui Chemical Co. Ltd.
 
298
4,082
SG Holdings Co. Ltd.
 
791
11,212
Shin-Etsu Chemical Co. Ltd.
 
1,200
35,884
Shionogi & Co. Ltd.
 
2
93
SoftBank Corp.
 
1,400
15,830
SoftBank Group Corp.
 
99
4,054
Sompo Holdings, Inc.
 
298
12,909
Sony Group Corp.
 
691
57,449
Sumitomo Chemical Co. Ltd.
 
6,182
15,713
Sumitomo Metal Mining Co. Ltd.
 
199
5,590
Sysmex Corp.
 
201
9,628
T&D Holdings, Inc.
 
300
5,352
TDK Corp.
 
99
3,704
TIS, Inc.
 
496
10,622
Tokio Marine Holdings, Inc.
 
2,575
57,609
Tokyo Electron Ltd.
 
200
26,428
Tokyo Gas Co. Ltd.
 
97
2,178
Toray Industries, Inc.
 
2,997
14,499
Toyota Motor Corp.
 
3,300
57,729
USS Co. Ltd.
 
304
5,314
YAKUODO Holdings Co. Ltd.
 
100
1,842
Yamaha Corp.
 
399
10,657
Yamaha Motor Co. Ltd.
 
702
17,155
Yaskawa Electric Corp.
 
396
12,962
Yokogawa Electric Corp.
 
360
6,536
TOTAL JAPAN
 
 
1,080,440
Korea (South) - 0.2%
 
 
 
Samsung Electronics Co. Ltd.
 
303
15,059
Netherlands - 5.5%
 
 
 
Adyen BV (a)(b)
 
1
674
Akzo Nobel NV
 
172
11,513
ASM International NV (Netherlands)
 
32
13,154
ASML Holding NV (Netherlands)
 
293
176,131
BE Semiconductor Industries NV
 
24
2,471
ING Groep NV (Certificaten Van Aandelen)
 
667
8,551
Koninklijke KPN NV
 
4,145
13,932
Shell PLC:
 
 
 
 ADR
 
1,212
78,950
 (London)
 
572
18,434
TKH Group NV (bearer) (depositary receipt)
 
32
1,167
Topicus.Com, Inc. (a)
 
20
1,317
Universal Music Group NV
 
343
8,400
Wolters Kluwer NV
 
296
37,928
TOTAL NETHERLANDS
 
 
372,622
New Zealand - 0.1%
 
 
 
Meridian Energy Ltd.
 
696
1,960
Xero Ltd. (a)
 
68
4,649
TOTAL NEW ZEALAND
 
 
6,609
Norway - 1.0%
 
 
 
DNB Bank ASA
 
768
13,839
Equinor ASA
 
573
19,209
Gjensidige Forsikring ASA
 
478
7,159
Kongsberg Gruppen ASA
 
271
11,062
Norsk Hydro ASA
 
578
3,296
Orkla ASA
 
425
2,927
Schibsted ASA (B Shares)
 
285
5,281
Telenor ASA
 
444
4,537
Volue A/S (a)
 
594
996
TOTAL NORWAY
 
 
68,306
Portugal - 0.3%
 
 
 
Galp Energia SGPS SA Class B
 
1,347
20,253
Singapore - 0.9%
 
 
 
CapitaLand Investment Ltd.
 
2,633
5,654
City Developments Ltd.
 
2,111
9,744
Keppel (REIT) (c)
 
722
419
Keppel Corp. Ltd.
 
3,610
16,387
STMicroelectronics NV (France)
 
365
13,914
United Overseas Bank Ltd.
 
705
13,906
TOTAL SINGAPORE
 
 
60,024
South Africa - 0.2%
 
 
 
Anglo American PLC (United Kingdom)
 
608
15,492
Spain - 2.0%
 
 
 
Amadeus IT Holding SA Class A
 
1,134
64,578
Banco Bilbao Vizcaya Argentaria SA
 
1,357
10,676
Banco Santander SA (Spain)
 
9,926
36,402
Corp. ACCIONA Energias Renovables SA
 
125
3,383
Iberdrola SA
 
131
1,457
Industria de Diseno Textil SA
 
173
5,958
Naturgy Energy Group SA
 
374
10,566
Redeia Corp. SA
 
324
5,041
TOTAL SPAIN
 
 
138,061
Sweden - 3.5%
 
 
 
Addlife AB
 
216
1,407
AddTech AB (B Shares)
 
1,347
19,718
Alfa Laval AB
 
131
4,232
ASSA ABLOY AB (B Shares)
 
652
13,897
Atlas Copco AB (A Shares)
 
5,182
67,102
Autoliv, Inc.
 
156
14,297
Bergman & Beving AB (B Shares)
 
290
3,887
Boliden AB
 
464
11,878
Dometic Group AB (b)
 
239
1,471
Epiroc AB (A Shares)
 
1,559
25,684
EQT AB
 
31
563
Essity AB (B Shares)
 
138
3,144
H&M Hennes & Mauritz AB (B Shares)
 
161
2,153
Hemnet Group AB
 
266
4,616
Indutrade AB
 
634
11,198
Investor AB (B Shares)
 
113
2,069
INVISIO AB
 
351
5,270
Nibe Industrier AB (B Shares)
 
292
1,679
Sandvik AB
 
124
2,112
Svenska Cellulosa AB SCA (B Shares)
 
648
8,879
Svenska Handelsbanken AB (A Shares)
 
681
5,806
Swedbank AB (A Shares)
 
155
2,538
Tele2 AB (B Shares)
 
848
6,012
Telia Co. AB
 
4,674
9,909
Volvo AB (A Shares)
 
425
8,506
TOTAL SWEDEN
 
 
238,027
Switzerland - 3.8%
 
 
 
ABB Ltd. (Reg.)
 
1,112
37,361
Alcon, Inc. (Switzerland)
 
226
16,104
Banque Cantonale Vaudoise
 
12
1,353
Compagnie Financiere Richemont SA Series A
 
235
27,724
DSM-Firmenich AG
 
94
8,513
Geberit AG (Reg.)
 
8
3,710
Givaudan SA
 
4
13,280
Kardex AG
 
15
2,892
Kuehne & Nagel International AG
 
56
15,052
Logitech International SA (Reg.)
 
163
12,751
Novartis AG
 
22
2,060
Partners Group Holding AG
 
10
10,518
Sandoz Group AG
 
4
104
SGS SA (Reg.)
 
114
9,271
Sig Group AG
 
512
11,251
Straumann Holding AG
 
23
2,704
Swiss Life Holding AG
 
23
14,710
Tecan Group AG
 
21
6,012
Temenos Group AG
 
108
7,734
VAT Group AG (b)
 
19
6,699
Zurich Insurance Group Ltd.
 
103
48,757
TOTAL SWITZERLAND
 
 
258,560
Taiwan - 0.3%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
239
20,628
United Kingdom - 10.5%
 
 
 
3i Group PLC
 
1,209
28,505
Ashtead Group PLC
 
200
11,435
AstraZeneca PLC (United Kingdom)
 
625
78,252
B&M European Value Retail SA
 
837
5,380
BAE Systems PLC
 
7,077
95,160
Barratt Developments PLC
 
2,637
13,266
Beazley PLC
 
1,193
7,460
Berkeley Group Holdings PLC
 
49
2,404
Bodycote PLC
 
385
2,686
Burberry Group PLC
 
226
4,648
CNH Industrial NV
 
896
9,921
Compass Group PLC
 
2,343
59,070
Croda International PLC
 
154
8,195
DCC PLC (United Kingdom)
 
187
10,376
Dechra Pharmaceuticals PLC
 
79
3,656
Deliveroo PLC Class A (a)(b)
 
1,122
1,773
Diageo PLC
 
1,238
46,816
Diploma PLC
 
280
9,672
Entain PLC
 
139
1,572
Hill & Smith Holdings PLC
 
104
2,083
Howden Joinery Group PLC
 
793
6,146
Informa PLC
 
574
4,965
InterContinental Hotel Group PLC ADR
 
293
21,134
J Sainsbury PLC
 
2,740
8,569
Johnson Matthey PLC
 
317
5,756
Kingfisher PLC
 
2,981
7,612
Lloyds Banking Group PLC
 
19,622
9,550
London Stock Exchange Group PLC
 
200
20,179
NatWest Group PLC
 
4,109
8,940
On The Beach Group PLC (a)(b)
 
1,107
1,278
RELX PLC (London Stock Exchange)
 
1,682
58,748
Rentokil Initial PLC
 
2,288
11,652
Rightmove PLC
 
1,375
7,905
Sage Group PLC
 
3,631
42,835
Schroders PLC
 
3,007
13,497
Segro PLC
 
991
8,586
Spectris PLC
 
831
31,311
Spirax-Sarco Engineering PLC
 
14
1,394
SSE PLC
 
230
4,565
St. James's Place PLC
 
655
5,092
Standard Chartered PLC (United Kingdom)
 
3,685
28,217
Synthomer PLC (a)
 
22
51
Taylor Wimpey PLC
 
1,056
1,422
Ten Entertainment Group PLC
 
209
749
Unilever PLC
 
86
4,073
TOTAL UNITED KINGDOM
 
 
716,556
United States of America - 12.9%
 
 
 
CBRE Group, Inc. (a)
 
245
16,988
CDW Corp.
 
74
14,830
CRH PLC
 
769
41,195
CRH PLC
 
873
46,911
CyberArk Software Ltd. (a)
 
35
5,727
Eneti, Inc.
 
187
1,898
Experian PLC
 
1,064
32,215
Ferguson PLC
 
236
35,368
ICON PLC (a)
 
81
19,761
James Hardie Industries PLC CDI (a)
 
85
2,121
Linde PLC
 
310
118,470
Marsh & McLennan Companies, Inc.
 
394
74,722
MasterCard, Inc. Class A
 
85
31,990
Microsoft Corp.
 
51
17,244
Moody's Corp.
 
96
29,568
Morningstar, Inc.
 
28
7,091
MSCI, Inc.
 
60
28,293
Nestle SA (Reg. S)
 
1,001
107,947
NOV, Inc.
 
588
11,736
Otis Worldwide Corp.
 
66
5,096
PriceSmart, Inc.
 
53
3,312
ResMed, Inc.
 
115
16,240
Roche Holding AG (participation certificate)
 
29
7,474
S&P Global, Inc.
 
143
49,951
Sanofi SA
 
320
29,058
Schneider Electric SA
 
277
42,618
Sherwin-Williams Co.
 
86
20,486
Swiss Re Ltd.
 
155
16,890
Synopsys, Inc. (a)
 
28
13,144
Thermo Fisher Scientific, Inc.
 
12
5,337
Visa, Inc. Class A
 
129
30,328
TOTAL UNITED STATES OF AMERICA
 
 
884,009
 
TOTAL COMMON STOCKS
 (Cost $7,087,949)
 
 
 
6,561,998
 
 
 
 
Nonconvertible Preferred Stocks - 0.0%
 
 
Shares
Value ($)
 
Germany - 0.0%
 
 
 
Sartorius AG (non-vtg.)
  (Cost $3,970)
 
12
2,999
 
 
 
 
Money Market Funds - 3.6%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (d)
 
 (Cost $246,454)
 
 
246,405
246,454
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.5%
 (Cost $7,338,373)
 
 
 
6,811,451
NET OTHER ASSETS (LIABILITIES) - 0.5%  
32,951
NET ASSETS - 100.0%
6,844,402
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE MSCI EAFE Index Contracts (United States)
2
Dec 2023
197,410
(335)
(335)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 2.9%
 
 
 
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 $25,736 or 0.4% of net assets.
 
(c)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(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, 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
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
-
7,501,259
7,254,805
9,251
-
-
246,454
0.0%
Total
-
7,501,259
7,254,805
9,251
-
-
246,454
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
124,930
34,340
90,590
-
Consumer Discretionary
718,535
207,627
510,908
-
Consumer Staples
370,411
117,496
252,915
-
Energy
447,126
238,325
208,801
-
Financials
1,516,056
983,794
532,262
-
Health Care
541,814
147,344
394,470
-
Industrials
1,359,016
548,314
810,702
-
Information Technology
775,640
269,965
505,675
-
Materials
587,656
411,867
175,789
-
Real Estate
81,928
49,579
32,349
-
Utilities
41,885
31,174
10,711
-
  Money Market Funds
246,454
246,454
-
-
 Total Investments in Securities:
6,811,451
3,286,279
3,525,172
-
 Derivative Instruments:
 Liabilities
 
 
 
 
Futures Contracts
(335)
(335)
-
-
  Total Liabilities
(335)
(335)
-
-
 Total Derivative Instruments:
(335)
(335)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
0
(335)
Total Equity Risk
0
(335)
Total Value of Derivatives
0
(335)
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Fidelity® Series Sustainable Non-U.S. Developed Markets Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $7,091,919)
$
6,564,997
 
 
Fidelity Central Funds (cost $246,454)
246,454
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $7,338,373)
 
 
$
6,811,451
Segregated cash with brokers for derivative instruments
 
 
6,340
Foreign currency held at value (cost $1,193)
 
 
1,190
Receivable for fund shares sold
 
 
14,436
Dividends receivable
 
 
15,655
Interest receivable
 
 
9
Distributions receivable from Fidelity Central Funds
 
 
671
Receivable for daily variation margin on futures contracts
 
 
590
  Total assets
 
 
6,850,342
Liabilities
 
 
 
 
Payable for investments purchased on a delayed delivery basis
$
422
 
 
Payable for fund shares redeemed
518
 
 
Custody fee payable
4,976
 
 
Other payables and accrued expenses
24
 
 
  Total Liabilities
 
 
 
5,940
Net Assets  
 
 
$
6,844,402
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
7,341,596
Total accumulated earnings (loss)
 
 
 
(497,194)
Net Assets
 
 
$
6,844,402
Net Asset Value, offering price and redemption price per share ($6,844,402 ÷ 732,893 shares)
 
 
$
9.34
 
Statement of Operations
 
 
 
For the period May 11, 2023 (commencement of operations) through October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
72,495
Interest  
 
 
142
Income from Fidelity Central Funds  
 
 
9,251
 Income before foreign taxes withheld
 
 
$
81,888
Less foreign taxes withheld
 
 
(8,303)
 Total Income
 
 
 
73,585
Expenses
 
 
 
 
Custodian fees and expenses
$
9,047
 
 
Independent trustees' fees and expenses
11
 
 
 Total expenses before reductions
 
9,058
 
 
 Expense reductions
 
(8,724)
 
 
 Total expenses after reductions
 
 
 
334
Net Investment income (loss)
 
 
 
73,251
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(24,017)
 
 
 Foreign currency transactions
 
(259)
 
 
 Futures contracts
 
(18,741)
 
 
Total net realized gain (loss)
 
 
 
(43,017)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(526,922)
 
 
 Assets and liabilities in foreign currencies
 
(172)
 
 
 Futures contracts
 
(335)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(527,429)
Net gain (loss)
 
 
 
(570,446)
Net increase (decrease) in net assets resulting from operations
 
 
$
(497,195)
Statement of Changes in Net Assets
 
 
For the period May 11, 2023 (commencement of operations) through October 31, 2023
Increase (Decrease) in Net Assets
 
 
Operations
 
Net investment income (loss)
$
73,251
Net realized gain (loss)
 
(43,017)
 
Change in net unrealized appreciation (depreciation)
 
(527,429)
Net increase (decrease) in net assets resulting from operations
 
(497,195)
 
Share transactions
 
 
Proceeds from sales of shares
 
7,829,024
Cost of shares redeemed
 
(487,427)
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
7,341,597
 
Total increase (decrease) in net assets
 
6,844,402
 
 
 
 
Net Assets
 
 
Beginning of period
 
-
End of period
$
6,844,402
 
 
 
Other Information
 
 
Shares
 
 
Sold
 
782,048
Redeemed
 
(49,155)
Net increase (decrease)
 
732,893
 
 
 
 
Financial Highlights
Fidelity® Series Sustainable Non-U.S. Developed Markets Fund
 
Years ended October 31,
 
2023 A 
  Selected Per-Share Data 
 
 
  Net asset value, beginning of period
$
10.00
  Income from Investment Operations
 
 
     Net investment income (loss) B,C
 
.11
     Net realized and unrealized gain (loss)
 
(.77)
  Total from investment operations
 
(.66)  
  Net asset value, end of period
$
9.34
 Total Return D,E
 
(6.60)%
 Ratios to Average Net Assets C,F,G
 
 
    Expenses before reductions
 
.29% H
    Expenses net of fee waivers, if any
 
.01% H
    Expenses net of all reductions
 
.01% H
    Net investment income (loss)
 
2.35% H
 Supplemental Data
 
 
    Net assets, end of period (000 omitted)
$
6,844
    Portfolio turnover rate I
 
8% J
 
AFor the period May 11, 2023 (commencement of operations) through October 31, 2023.
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAnnualized.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
JAmount not annualized.
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity Series Sustainable Emerging Markets Fund and Fidelity Series Sustainable Non-U.S. Developed Markets Fund (the Funds) are funds of Fidelity Investment Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
Valuation techniques used to value each 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 service 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, 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. 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.
 
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 (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of each Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards, futures transactions and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
 
 
Tax cost
Gross unrealized appreciation
Gross unrealized depreciation
Net unrealized appreciation (depreciation)
Fidelity Series Sustainable Emerging Markets Fund 
$4,512,089
$143,782
$ (382,107)
$ (238,325)
Fidelity Series Sustainable Non-U.S. Developed Markets Fund 
7,341,762
166,838
 (697,149)
 (530,311)
 
The tax-based components of distributable earnings as of period end were as follows for each Fund:
 
 
Undistributed ordinary income
Capital loss carryforward
Net unrealized appreciation (depreciation) on securities and other investments
Fidelity Series Sustainable Emerging Markets Fund 
$77,556
$ (33,447)
$(238,322)
Fidelity Series Sustainable Non-U.S. Developed Markets Fund 
76,866
 (43,577)
 (530,483)
 
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 
Short-term
Long-term
Total capital loss carryforward
Fidelity Series Sustainable Emerging Markets Fund 
$(25,100)
$(8,347)
$(33,447)
Fidelity Series Sustainable Non-U.S. Developed Markets Fund 
 (32,131)
 (11,446)
  (43,577)
 
The tax character of distributions paid was as follows:
 
October 31, 2023A
 
 
 
 
 
 
Tax-Exempt Income
Ordinary Income
Long-term Capital Gains
Tax Return of Capital
Total
Fidelity Series Sustainable Emerging Markets Fund 
$-
$-
$-
$-
$-
Fidelity Series Sustainable Non-U.S. Developed Markets Fund 
-
 -
 -
 -
 -
 
A For the period May 11, 2023 (commencement of operations) through October 31, 2023.
 
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. Each Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Series Sustainable Emerging Markets Fund
5,946,915
1,533,585
Fidelity Series Sustainable Non-U.S. Developed Markets Fund
7,635,308
518,601
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds do not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Funds, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity Series Sustainable Emerging Markets Fund
$155
Fidelity Series Sustainable Non-U.S. Developed Markets Fund
 4
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Series Sustainable Emerging Markets Fund
 21,668
 -
 -
Fidelity Series Sustainable Non-U.S. Developed Markets Fund
 39,958
 -
 -
7. Expense Reductions.
The investment adviser contractually agreed to reimburse each Fund to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2027. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement.
 
The following Funds were in reimbursement during the period:
 
 
Expense Limitations
Reimbursement
Fidelity Series Sustainable Emerging Markets Fund
.013%
$ 6,142
Fidelity Series Sustainable Non-U.S. Developed Markets Fund
.013%
$ 8,634
 
Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.
 
 
Custodian credits
Fidelity Series Sustainable Emerging Markets Fund 
$117
Fidelity Series Sustainable Non-U.S. Developed Markets Fund 
 90
8. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Funds.
9. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity Series Sustainable Emerging Markets Fund and Fidelity Series Sustainable Non-U.S. Developed Markets Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of Fidelity Series Sustainable Emerging Markets Fund and Fidelity Series Sustainable Non-U.S. Developed Markets Fund (the "Funds"), each a fund of Fidelity Investment Trust, including the schedules of investments, as of October 31, 2023, the related statements of operations, the statements of changes in net assets, and the financial highlights for the period from May 11, 2023 (commencement of operations) through October 31, 2023, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of October 31, 2023, and the results of their operations, the changes in their net assets and the financial highlights for the period from May 11, 2023 (commencement of operations) through October 31, 2023, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 15, 2023
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 322 funds. Mr. Chiel oversees 191 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the funds' Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).       
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Vijay C. Advani (1960)
Year of Election or Appointment: 2023
Member of the Advisory Board
Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).     
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Karen B. Peetz (1955)
Year of Election or Appointment: 2023
Member of the Advisory Board
Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).     
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).      
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).          
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 11, 2023 to October 31, 2023) for each fund. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (May 1, 2023 to October 31, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period
 
 
 
 
 
 
 
 
 
 
Fidelity® Series Sustainable Emerging Markets Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 962.00
 
$ .05C  
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,025.16
 
$ .05D
 
 
 
 
 
 
 
 
 
 
Fidelity® Series Sustainable Non-U.S. Developed Markets Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 934.00
 
$ .05C  
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,025.16
 
$ .05D
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Actual expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 174 / 365 (to reflect the period May 11, 2023 to October 31, 2023) for each fund.
 
D   Hypothetical expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
 
 
 
 
 
 
 
Distributions (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
 
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Series Sustainable Non-U.S. Developed Markets Fund
Fidelity Series Sustainable Emerging Markets Fund 
At its January 2023 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements with affiliates of FMR (together, the Advisory Contracts) for the funds. FMR and the sub-advisers are collectively referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy, and the purpose of Series funds generally. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the funds.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Administrative Services. The Board considered the nature, extent, quality, and cost of advisory and administrative services to be performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the funds. The Board also considered the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors.
Investment Performance. The funds are new and therefore had no historical performance for the Board to review at the time it approved the funds' Advisory Contracts. The Board considered the Investment Advisers' strength in fundamental, research-driven security selection, which the Board is familiar with through its supervision of other Fidelity funds. The Board also considered the fact that it oversees funds managed by FMR that have similar investment objectives and policies as the funds.
Based on its review, the Board concluded that the nature, extent, and quality of services to be provided to each fund under the Advisory Contracts should benefit the shareholders of each fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered that the funds will not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in the funds. In reviewing the Advisory Contracts, the Board also considered the projected total expense ratio of each fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of each fund, with certain exceptions. The Board also noted that each fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with each fund's securities lending program, if applicable.
The Board also noted that FMR has contractually agreed to reimburse each fund to the extent that total operating expenses (excluding interest, fees and expenses of the Independent Trustees, and acquired fund fees and expenses (including fees and expenses associated with a wholly owned subsidiary), if any, as well as non-operating expenses such as brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable), as a percentage of its average net assets exceed  0.013% through February 28, 2027.
Based on its review, the Board considered that the funds will not pay a management fee and concluded that each fund's projected total expense ratio was reasonable in light of the services that each fund and its shareholders will receive and the other factors considered.
Costs of the Services and Profitability. The funds are new and therefore no revenue, cost, or profitability data were available for the Board to review in respect of each fund at the time it approved the Advisory Contracts. The Board also noted that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the funds are not relevant to approval of the Advisory Contracts because each fund pays no advisory fees and FMR bears all expenses of each fund, with certain exceptions. In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider Fidelity's profits in respect of all the Fidelity funds.
Economies of Scale. The Board concluded that because the funds will pay no advisory fees and FMR will bear all expenses of the funds, with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to approve each fund's Advisory Contracts.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Advisory Contracts, the Board received information explaining that the fund is offered exclusively to other Fidelity funds, Fidelity managed 529 plans and collective investment trusts, which use the funds to gain exposure to a specific type of investment. The Board also noted that those Fidelity funds investing in the funds will benefit from investing in one centralized fund as the funds may deliver more uniform asset class performance and offer additional opportunities to generate returns and diversify the investing funds' equity allocations.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the funds' Advisory Contracts should be approved.
 
1.9908948.100
SMKC-ANN-1223
Fidelity® International Small Cap Fund
 
 
Annual Report
October 31, 2023
Includes Fidelity and Fidelity Advisor share classes

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2023 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Class A  (incl. 5.75% sales charge)  
6.38%
2.86%
4.06%
Class M  (incl. 3.50% sales charge)  
8.68%
3.06%
4.01%
Class C  
(incl. contingent deferred sales charge)
 
11.06%
3.30%
4.04%
Fidelity® International Small Cap Fund
13.19%
4.37%
4.97%
Class I
13.20%
4.38%
4.99%
Class Z
13.38%
4.52%
5.07%
 
 
Prior to April 1, 2014, the fund compared its performance to a different benchmark. The fund's historical performance may not represent its current investment policies.
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® International Small Cap Fund, a class of the fund, on October 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA Small Cap Index performed over the same period.
 
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuation also helped bolster non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Portfolio Manager David Jenkins:
For the fiscal year ending October 31, 2023, the fund's share classes (excluding sales charges, if applicable) gained about 12% to 13%, versus 8.98% for the Fidelity International Small Cap Fund Linked Index and 8.98% for the broad-based MSCI All Country World ex US Small Cap Linked Index. From a regional standpoint, security selection in the U.K., along with picks and an underweight in Asia-Pacific ex-Japan, contributed to the fund's performance versus the benchmark. By sector, investment choices proved to be the primary contributor, especially within industrials, where our stock picks among capital goods firms helped most. Security selection in communication services was another plus. Stock selection in consumer discretionary and consumer staples also boosted the fund's relative performance. The top individual relative contributor was a stake in Mytilineos (+127%), one of the portfolio's biggest holdings. A stake in Rheinmetall gained 78% and was the second-largest relative contributor. The stock also was the fund's largest holding on October 31. Another notable relative contributor was our stake in Ashtead Technology Holdings (+103%), also one of the portfolio's more sizable holdings at period end. All of these relative contributors were non-benchmark positions. In contrast, on a regional basis, stock picks and an underweight in Japan, in addition to smaller-than-benchmark exposure to emerging markets, namely India, weighed on the fund's relative result. By sector, the biggest detractor from performance versus the benchmark was stock picking in materials. Investment choices among health care companies, especially in the pharmaceuticals, biotechnology & life sciences industry, also hampered the fund's result. Further pressuring performance was security selection and an underweight in energy. The fund's non-benchmark stake in Hypera Pharma returned roughly -37% and was the largest individual relative detractor. The firm was among the fund's largest holdings this period. A second notable relative detractor the past 12 months was avoiding EcoPro, a benchmark component that gained 887%. An outsized stake in Star Petroleum Refining (-34%) also hurt. Notable changes in positioning include decreased exposure to equity markets in China and a higher allocation to Mexico. By sector, meaningful shifts include increased exposure to the consumer staples sector and a lower allocation to health care stocks.
Note to shareholders:
After a thoughtful and deliberate transition, Sam Chamovitz came off the fund on September 30, 2023, leaving David Jenkins as sole portfolio manager.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
Top Holdings (% of Fund's net assets)
 
Rheinmetall AG  (Germany, Aerospace & Defense)
1.4
 
Ashtead Technology Holdings PLC  (United Kingdom, Trading Companies & Distributors)
1.2
 
Gruma S.A.B. de CV Series B (Mexico, Food Products)
1.1
 
Talanx AG  (Germany, Insurance)
1.1
 
Renesas Electronics Corp.  (Japan, Semiconductors & Semiconductor Equipment)
1.1
 
International Games Systems Co. Ltd.  (Taiwan, Entertainment)
1.1
 
Mytilineos SA  (Greece, Industrial Conglomerates)
1.0
 
Richter Gedeon PLC  (Hungary, Pharmaceuticals)
1.0
 
Compania de Distribucion Integral Logista Holdings SA  (Spain, Air Freight & Logistics)
0.9
 
RHI Magnesita NV  (United States of America, Construction Materials)
0.9
 
 
10.8
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
19.8
 
Consumer Discretionary
14.0
 
Financials
12.5
 
Consumer Staples
10.8
 
Information Technology
9.5
 
Materials
8.3
 
Health Care
5.8
 
Real Estate
5.8
 
Communication Services
4.0
 
Energy
3.2
 
Utilities
1.2
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 94.9%
 
 
Shares
Value ($)
 
Australia - 3.5%
 
 
 
EBOS Group Ltd.
 
618,595
12,628,136
Flight Centre Travel Group Ltd. (a)
 
1,241,931
14,763,261
GUD Holdings Ltd.
 
2,849,195
19,375,399
Imdex Ltd.
 
12,986,983
13,622,162
Inghams Group Ltd.
 
13,428,082
31,450,439
Nanosonics Ltd. (b)
 
4,720,837
11,266,647
National Storage REIT unit
 
8,738,696
11,141,704
Servcorp Ltd. (c)
 
7,066,585
13,569,097
SomnoMed Ltd. (b)(c)
 
5,478,184
1,718,117
TOTAL AUSTRALIA
 
 
129,534,962
Austria - 2.2%
 
 
 
EuroTeleSites AG
 
2,012,735
6,772,366
Mayr-Melnhof Karton AG
 
213,300
25,051,893
Strabag SE
 
285,697
11,290,755
Telekom Austria AG
 
2,700,000
18,855,342
Wienerberger AG
 
808,900
19,634,279
TOTAL AUSTRIA
 
 
81,604,635
Belgium - 1.1%
 
 
 
Econocom Group SA
 
4,581,895
11,223,359
Fagron NV
 
1,586,600
27,834,196
TOTAL BELGIUM
 
 
39,057,555
Brazil - 1.8%
 
 
 
Afya Ltd. (b)
 
264,216
4,253,878
Atacadao SA
 
9,788,400
17,414,975
Hypera SA (b)
 
4,493,400
26,995,604
YDUQS Participacoes SA
 
5,099,500
17,933,086
TOTAL BRAZIL
 
 
66,597,543
Canada - 4.9%
 
 
 
CCL Industries, Inc. Class B
 
378,600
14,802,734
Computer Modelling Group Ltd.
 
3,070,263
20,280,230
ECN Capital Corp.
 
4,904,970
6,791,089
Genesis Land Development Corp. (c)
 
4,033,799
7,126,596
Lassonde Industries, Inc. Class A (sub. vtg.)
 
246,099
24,463,492
McCoy Global, Inc.
 
1,327,470
1,445,451
North West Co., Inc.
 
1,093,800
27,890,224
Open Text Corp.
 
668,096
22,306,000
Parkland Corp.
 
652,900
19,760,024
Quebecor, Inc. Class A
 
461,100
10,061,573
Richelieu Hardware Ltd.
 
303,400
9,075,199
Total Energy Services, Inc.
 
667,696
3,986,676
VerticalScope Holdings, Inc. (b)
 
677,619
2,428,532
Western Forest Products, Inc. (c)
 
17,341,175
9,003,531
TOTAL CANADA
 
 
179,421,351
China - 3.1%
 
 
 
Best Pacific International Holdings Ltd.
 
22,158,900
2,945,374
Chervon Holdings Ltd.
 
3,345,000
8,238,901
Far East Horizon Ltd.
 
24,099,000
16,956,939
Impro Precision Industries Ltd. (d)
 
22,065,300
5,947,300
Precision Tsugami China Corp. Ltd.
 
9,795,453
10,071,695
Qingdao Port International Co. Ltd. (H Shares) (d)
 
34,475,000
17,221,841
Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares)
 
4,773,466
17,139,016
Sinopharm Group Co. Ltd. (H Shares)
 
6,564,000
15,696,383
Weifu High-Technology Group Co. Ltd. (B Shares)
 
7,210,386
8,144,375
Xingda International Holdings Ltd.
 
66,427,353
11,218,488
TOTAL CHINA
 
 
113,580,312
Denmark - 0.5%
 
 
 
Spar Nord Bank A/S
 
1,194,575
18,086,920
Finland - 1.2%
 
 
 
Huhtamaki Oyj (a)
 
824,500
28,274,596
Nanoform Finland PLC (b)
 
546,683
919,728
Tokmanni Group Corp.
 
998,096
13,465,089
TOTAL FINLAND
 
 
42,659,413
France - 2.1%
 
 
 
Altarea SCA (a)
 
133,357
9,482,259
Antin Infrastructure Partners SA
 
373,955
4,447,463
ARGAN SA
 
242,000
16,541,489
Elior SA (a)(b)(d)
 
3,035,300
5,742,432
Lectra
 
361,754
9,148,249
Maisons du Monde SA (d)
 
1,033,507
5,190,006
Thermador Groupe SA
 
358,666
25,464,751
TOTAL FRANCE
 
 
76,016,649
Germany - 4.5%
 
 
 
DWS Group GmbH & Co. KGaA (d)
 
226,600
6,631,913
JOST Werke AG (d)
 
437,020
20,022,390
NORMA Group AG
 
623,692
10,968,012
Rheinmetall AG
 
172,725
49,418,392
Stabilus Se
 
316,900
20,085,182
Takkt AG
 
1,279,912
16,386,726
Talanx AG
 
632,867
39,809,894
TOTAL GERMANY
 
 
163,322,509
Greece - 1.0%
 
 
 
Mytilineos SA
 
978,216
36,206,061
Hong Kong - 1.9%
 
 
 
ASMPT Ltd.
 
2,691,000
22,791,562
China Metal Recycling (Holdings) Ltd. (b)(e)
 
436,800
1
HKT Trust/HKT Ltd. unit
 
10,770,000
11,155,404
Magnificent Hotel Investment Ltd. (b)
 
316,412,000
3,623,883
Pico Far East Holdings Ltd.
 
61,300,071
10,749,517
Sino Land Ltd.
 
11,082,375
11,063,850
WH Group Ltd. (d)
 
19,230,500
11,485,092
TOTAL HONG KONG
 
 
70,869,309
Hungary - 1.0%
 
 
 
Richter Gedeon PLC
 
1,492,304
34,990,409
India - 2.2%
 
 
 
Embassy Office Parks (REIT)
 
5,069,400
18,964,477
IndusInd Bank Ltd. (b)
 
956,800
16,570,229
Mahanagar Gas Ltd.
 
1,575,600
19,530,295
Shriram Transport Finance Co. Ltd.
 
1,092,652
24,648,541
TOTAL INDIA
 
 
79,713,542
Indonesia - 0.7%
 
 
 
PT Avia Avian Tbk
 
203,834,400
6,414,097
PT Selamat Sempurna Tbk
 
147,354,400
20,121,033
TOTAL INDONESIA
 
 
26,535,130
Ireland - 1.6%
 
 
 
AerCap Holdings NV (b)
 
286,472
17,795,641
Dalata Hotel Group PLC
 
4,560,609
19,350,577
Irish Residential Properties REIT PLC
 
15,083,700
14,523,657
Mincon Group PLC (c)
 
13,529,844
8,303,238
TOTAL IRELAND
 
 
59,973,113
Italy - 2.2%
 
 
 
Banca Generali SpA
 
565,700
18,328,127
BFF Bank SpA (d)
 
2,405,056
23,093,967
MARR SpA (b)
 
985,827
11,682,760
Recordati SpA
 
552,011
25,466,012
TOTAL ITALY
 
 
78,570,866
Japan - 19.2%
 
 
 
Amano Corp.
 
980,150
20,020,862
Arcland Sakamoto Co. Ltd.
 
2,098,534
22,478,599
ASKUL Corp.
 
1,561,100
20,379,206
Capcom Co. Ltd.
 
595,900
19,181,621
Central Automotive Products Ltd.
 
428,800
9,603,682
DaikyoNishikawa Corp.
 
2,441,100
12,210,933
Dexerials Corp.
 
783,200
17,865,044
Dip Corp.
 
587,900
11,651,812
Funai Soken Holdings, Inc.
 
1,128,800
18,552,855
GMO Internet, Inc.
 
1,142,200
16,635,889
Hokuhoku Financial Group, Inc.
 
1,100,000
12,842,591
Inaba Denki Sangyo Co. Ltd.
 
1,225,400
25,553,133
Isuzu Motors Ltd.
 
1,623,900
18,107,543
Justsystems Corp.
 
510,200
9,091,992
Kamigumi Co. Ltd.
 
1,341,300
27,210,352
Kansai Electric Power Co., Inc.
 
1,995,800
25,553,909
Kyoto Financial Group, Inc.
 
292,600
16,588,610
Maruwa Ceramic Co. Ltd.
 
157,000
27,547,769
Meitec Group Holdings, Inc.
 
958,100
16,862,650
Minebea Mitsumi, Inc.
 
1,087,200
17,046,538
Mitani Shoji Co. Ltd.
 
1,094,900
10,036,168
Nishimoto Co. Ltd.
 
366,100
14,521,294
NOF Corp.
 
709,900
28,006,226
NSD Co. Ltd.
 
1,364,400
23,739,047
PALTAC Corp.
 
697,700
22,616,978
Park24 Co. Ltd. (b)
 
767,700
8,648,758
Persol Holdings Co. Ltd.
 
11,078,000
16,610,530
Prestige International, Inc.
 
2,099,100
8,520,459
Relo Group, Inc.
 
1,325,000
13,136,160
Renesas Electronics Corp. (b)
 
2,989,700
39,271,564
Roland Corp.
 
726,500
21,006,001
S Foods, Inc.
 
1,137,623
24,064,934
San-Ai Obbli Co. Ltd.
 
1,799,200
19,426,857
Ship Healthcare Holdings, Inc.
 
1,454,200
22,451,552
Sumco Corp.
 
1,248,900
16,138,477
TIS, Inc.
 
679,300
14,547,110
TKC Corp.
 
301,500
7,033,097
Tsuruha Holdings, Inc. (a)
 
374,200
27,487,499
TOTAL JAPAN
 
 
702,248,301
Korea (South) - 1.6%
 
 
 
Hyundai Marine & Fire Insurance Co. Ltd.
 
546,046
12,718,719
Soulbrain Co. Ltd.
 
158,300
27,295,251
Vitzrocell Co. Ltd. (c)
 
1,372,541
17,271,915
TOTAL KOREA (SOUTH)
 
 
57,285,885
Mexico - 4.2%
 
 
 
Bolsa Mexicana de Valores S.A.B. de CV
 
10,383,882
16,190,078
GCC S.A.B. de CV
 
2,930,800
26,095,808
Genomma Lab Internacional SA de CV
 
17,396,561
13,045,732
Gruma S.A.B. de CV Series B
 
2,317,600
40,329,505
Grupo Comercial Chedraui S.A.B. de CV
 
5,130,600
29,786,450
Qualitas Controladora S.A.B. de CV
 
3,581,235
29,579,106
TOTAL MEXICO
 
 
155,026,679
Netherlands - 1.2%
 
 
 
Acomo NV
 
874,199
17,852,306
Arcadis NV
 
406,750
17,180,856
Van Lanschot Kempen NV (Bearer)
 
283,041
7,591,962
TOTAL NETHERLANDS
 
 
42,625,124
Norway - 1.5%
 
 
 
Europris ASA (d)
 
4,507,200
25,519,799
Selvaag Bolig ASA
 
2,186,000
5,205,251
Sparebanken Midt-Norge
 
2,032,500
24,635,371
TOTAL NORWAY
 
 
55,360,421
Peru - 0.4%
 
 
 
Intercorp Financial Services, Inc.
 
683,100
12,828,618
Philippines - 1.3%
 
 
 
Century Pacific Food, Inc.
 
59,549,800
29,322,843
Robinsons Land Corp.
 
78,319,100
19,207,692
TOTAL PHILIPPINES
 
 
48,530,535
Romania - 0.6%
 
 
 
Banca Transilvania SA
 
4,760,605
22,576,096
Singapore - 1.7%
 
 
 
Boustead Singapore Ltd.
 
13,666,712
8,134,251
HRnetgroup Ltd.
 
30,633,200
15,425,758
Mapletree Industrial (REIT)
 
14,230,731
22,369,330
The Hour Glass Ltd.
 
12,996,880
15,803,861
TOTAL SINGAPORE
 
 
61,733,200
Spain - 3.6%
 
 
 
Cie Automotive SA
 
852,000
21,690,119
Compania de Distribucion Integral Logista Holdings SA
 
1,388,500
34,055,403
Grupo Catalana Occidente SA
 
733,122
23,465,421
Indra Sistemas SA
 
1,941,877
27,224,776
Prosegur Compania de Seguridad SA (Reg.)
 
6,982,481
10,432,086
Viscofan Envolturas Celulosicas SA
 
268,900
15,534,961
TOTAL SPAIN
 
 
132,402,766
Sweden - 1.4%
 
 
 
Alligo AB (B Shares)
 
866,597
6,800,828
Granges AB
 
1,987,476
19,104,782
Haypp Group (b)
 
1,154,900
4,645,486
HEXPOL AB (B Shares)
 
1,875,600
16,584,327
Nordnet AB
 
376,000
5,305,287
TOTAL SWEDEN
 
 
52,440,710
Switzerland - 0.5%
 
 
 
Anhui Heli Co. Ltd. ELS (UBS AG London Branch Bank Warrant Programme) Class A warrants 1/5/24 (b)(d)
 
8,014,256
18,457,253
Taiwan - 3.3%
 
 
 
International Games Systems Co. Ltd.
 
2,037,000
39,232,782
Lumax International Corp. Ltd.
 
4,537,292
11,372,799
Sporton International, Inc.
 
1,966,977
12,974,422
Test Research, Inc.
 
7,892,000
14,640,416
Tripod Technology Corp.
 
4,536,000
23,204,681
Yageo Corp.
 
845,578
13,775,301
Yung Chi Paint & Varnish Manufacturing Co. Ltd.
 
2,538,000
5,732,177
TOTAL TAIWAN
 
 
120,932,578
Thailand - 0.4%
 
 
 
Star Petroleum Refining PCL (For. Reg.)
 
70,104,800
14,373,470
United Kingdom - 15.3%
 
 
 
Alliance Pharma PLC (a)
 
18,161,527
8,840,808
Ashtead Technology Holdings PLC (c)
 
7,272,000
42,426,011
B&M European Value Retail SA
 
4,638,800
29,814,957
Bodycote PLC
 
1,967,871
13,729,212
Cranswick PLC
 
450,000
19,110,520
DCC PLC (United Kingdom)
 
420,200
23,314,920
Direct Line Insurance Group PLC (b)
 
8,403,700
15,454,201
Grainger Trust PLC
 
6,741,166
18,632,133
Harbour Energy PLC
 
4,471,994
13,795,261
Hiscox Ltd.
 
2,484,148
28,321,575
Indivior PLC (b)
 
731,500
14,003,351
Informa PLC
 
2,889,633
24,992,847
J.D. Wetherspoon PLC (b)
 
2,015,900
15,485,426
Jet2 PLC
 
1,762,100
21,460,279
John Wood Group PLC (b)
 
12,397,900
21,382,950
Lancashire Holdings Ltd.
 
2,100,900
14,504,101
LSL Property Services PLC
 
4,204,235
12,059,688
Luxfer Holdings PLC sponsored
 
1,079,659
8,928,780
Mears Group PLC (c)
 
7,409,314
23,189,551
On The Beach Group PLC (b)(d)
 
6,731,236
7,772,407
Pets At Home Group PLC
 
2,742,500
9,360,108
Premier Foods PLC
 
17,360,500
24,730,161
Rathbone Brothers PLC
 
846,400
15,410,778
RS GROUP PLC
 
2,280,653
18,772,117
Sabre Insurance Group PLC (d)
 
9,562,200
17,084,893
Savills PLC
 
2,052,000
19,641,064
Tate & Lyle PLC
 
3,343,443
25,622,182
Ten Entertainment Group PLC (c)
 
5,931,311
21,267,175
Vistry Group PLC
 
1,740,898
14,959,940
WH Smith PLC
 
1,159,600
16,349,455
TOTAL UNITED KINGDOM
 
 
560,416,851
United States of America - 3.2%
 
 
 
Adient PLC (b)
 
485,600
16,359,864
Adtalem Global Education, Inc. (b)
 
554,100
28,702,380
Antero Resources Corp. (b)
 
920,100
27,087,744
RHI Magnesita NV (a)
 
1,054,291
32,881,699
WestRock Co.
 
300,000
10,779,000
TOTAL UNITED STATES OF AMERICA
 
 
115,810,687
 
TOTAL COMMON STOCKS
 (Cost $3,535,635,619)
 
 
 
3,469,789,453
 
 
 
 
Money Market Funds - 3.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (f)
 
93,362,924
93,381,597
Fidelity Securities Lending Cash Central Fund 5.40% (f)(g)
 
31,089,240
31,092,349
 
TOTAL MONEY MARKET FUNDS
 (Cost $124,473,946)
 
 
124,473,946
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 98.3%
 (Cost $3,660,109,565)
 
 
 
3,594,263,399
NET OTHER ASSETS (LIABILITIES) - 1.7%  
61,129,479
NET ASSETS - 100.0%
3,655,392,878
 
 
 
 
Security Type Abbreviations
ELS
-
EQUITY-LINKED SECURITY
 
Legend
 
(a)
Security or a portion of the security is on loan at period end.
 
(b)
Non-income producing
 
(c)
Affiliated company
 
(d)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $164,169,293 or 4.5% of net assets.
 
(e)
Level 3 security
 
(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, 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.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
-
557,473,936
464,092,339
2,955,272
-
-
93,381,597
0.2%
Fidelity Securities Lending Cash Central Fund 5.40%
28,602,852
339,399,634
336,910,137
281,769
-
-
31,092,349
0.1%
Total
28,602,852
896,873,570
801,002,476
3,237,041
-
-
124,473,946
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
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 presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Ashtead Technology Holdings PLC
19,751,365
1,332,381
-
89,580
-
21,342,265
42,426,011
Genesis Land Development Corp.
5,655,343
-
-
405,932
-
1,471,253
7,126,596
Mears Group PLC
17,260,781
-
1,811,259
1,060,913
(2,490,810)
10,230,839
23,189,551
Mincon Group PLC
13,237,160
-
-
184,176
-
(4,933,922)
8,303,238
Servcorp Ltd.
15,413,681
-
-
1,024,210
-
(1,844,584)
13,569,097
SomnoMed Ltd.
3,698,161
505,948
7,215
-
(25,592)
(2,453,185)
1,718,117
Ten Entertainment Group PLC
14,590,349
-
-
768,395
-
6,676,826
21,267,175
Vitzrocell Co. Ltd.
12,328,605
-
1,730,761
191,205
258,145
6,415,926
17,271,915
Western Forest Products, Inc.
11,450,665
3,982,512
275,142
459,558
(453,829)
(5,700,675)
9,003,531
Total
113,386,110
5,820,841
3,824,377
4,183,969
(2,712,086)
31,204,743
143,875,231
 
 
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
143,429,984
63,110,660
80,319,324
-
Consumer Discretionary
508,499,701
277,862,184
230,637,517
-
Consumer Staples
392,749,637
254,417,536
138,332,101
-
Energy
121,258,433
87,458,106
33,800,327
-
Financials
450,462,489
350,136,860
100,325,629
-
Health Care
215,856,675
152,095,840
63,760,835
-
Industrials
729,909,976
445,306,390
284,603,586
-
Information Technology
349,452,328
90,182,614
259,269,714
-
Materials
300,421,579
202,212,649
98,208,929
1
Real Estate
212,664,447
103,212,137
109,452,310
-
Utilities
45,084,204
-
45,084,204
-
  Money Market Funds
124,473,946
124,473,946
-
-
 Total Investments in Securities:
3,594,263,399
2,150,468,922
1,443,794,476
1
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $29,598,389) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $3,386,640,102)
$
3,325,914,222
 
 
Fidelity Central Funds (cost $124,473,946)
124,473,946
 
 
Other affiliated issuers (cost $148,995,517)
143,875,231
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $3,660,109,565)
 
 
$
3,594,263,399
Cash
 
 
397,451
Foreign currency held at value (cost $87,767,120)
 
 
86,211,842
Receivable for investments sold
 
 
1,312,951
Receivable for fund shares sold
 
 
6,943,435
Dividends receivable
 
 
7,868,129
Reclaims receivable
 
 
3,190,580
Distributions receivable from Fidelity Central Funds
 
 
436,938
Prepaid expenses
 
 
4,953
Other receivables
 
 
14,305
  Total assets
 
 
3,700,643,983
Liabilities
 
 
 
 
Payable for investments purchased
$
3,851,915
 
 
Payable for fund shares redeemed
4,367,434
 
 
Accrued management fee
3,012,275
 
 
Distribution and service plan fees payable
40,362
 
 
Other affiliated payables
542,789
 
 
Other payables and accrued expenses
2,348,075
 
 
Collateral on securities loaned
31,088,255
 
 
  Total Liabilities
 
 
 
45,251,105
Net Assets  
 
 
$
3,655,392,878
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
3,789,389,163
Total accumulated earnings (loss)
 
 
 
(133,996,285)
Net Assets
 
 
$
3,655,392,878
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($108,866,350 ÷ 4,055,392 shares)(a)
 
 
$
26.84
Maximum offering price per share (100/94.25 of $26.84)
 
 
$
28.48
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($15,515,131 ÷ 581,350 shares)(a)
 
 
$
26.69
Maximum offering price per share (100/96.50 of $26.69)
 
 
$
27.66
Class C :
 
 
 
 
Net Asset Value and offering price per share ($12,603,181 ÷ 491,564 shares)(a)
 
 
$
25.64
International Small Cap :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,342,755,054 ÷ 48,890,243 shares)
 
 
$
27.46
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($924,094,263 ÷ 33,406,106 shares)
 
 
$
27.66
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,251,558,899 ÷ 45,270,491 shares)
 
 
$
27.65
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends (including $4,183,969 earned from affiliated issuers)
 
 
$
111,153,833
Income from Fidelity Central Funds (including $281,769 from security lending)
 
 
3,237,041
 Income before foreign taxes withheld
 
 
$
114,390,874
Less foreign taxes withheld
 
 
(9,705,918)
 Total Income
 
 
 
104,684,956
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
28,858,256
 
 
 Performance adjustment
3,560,470
 
 
Transfer agent fees
4,707,717
 
 
Distribution and service plan fees
509,862
 
 
Accounting fees
1,396,638
 
 
Custodian fees and expenses
436,698
 
 
Independent trustees' fees and expenses
19,249
 
 
Registration fees
211,521
 
 
Audit
104,282
 
 
Legal
3,246
 
 
Interest
29,538
 
 
Miscellaneous
15,905
 
 
 Total expenses before reductions
 
39,853,382
 
 
 Expense reductions
 
(214,662)
 
 
 Total expenses after reductions
 
 
 
39,638,720
Net Investment income (loss)
 
 
 
65,046,236
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $172,631)
 
(46,550,543)
 
 
   Affiliated issuers
 
(2,712,086)
 
 
 Foreign currency transactions
 
(243,339)
 
 
Total net realized gain (loss)
 
 
 
(49,505,968)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $912,248)  
 
302,905,925
 
 
   Affiliated issuers
 
31,204,743
 
 
 Assets and liabilities in foreign currencies
 
(1,160,832)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
332,949,836
Net gain (loss)
 
 
 
283,443,868
Net increase (decrease) in net assets resulting from operations
 
 
$
348,490,104
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
65,046,236
$
78,961,606
Net realized gain (loss)
 
(49,505,968)
 
 
(56,580,886)
 
Change in net unrealized appreciation (depreciation)
 
332,949,836
 
(993,174,796)
 
Net increase (decrease) in net assets resulting from operations
 
348,490,104
 
 
(970,794,076)
 
Distributions to shareholders
 
(22,796,062)
 
 
(242,362,167)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
398,485,883
 
 
612,399,770
 
Total increase (decrease) in net assets
 
724,179,925
 
 
(600,756,473)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
2,931,212,953
 
3,531,969,426
 
End of period
$
3,655,392,878
$
2,931,212,953
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® International Small Cap Fund Class A
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
23.88
$
34.31
$
24.75
$
26.32
$
25.78
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.44
 
.58
 
.31
 
.27
 
.49
     Net realized and unrealized gain (loss)
 
2.63
 
(8.74)
 
9.42
 
(1.26)
 
1.43
  Total from investment operations
 
3.07  
 
(8.16)  
 
9.73  
 
(.99)  
 
1.92
  Distributions from net investment income
 
(.11)
 
(.75)
 
(.17)
 
(.44)
 
(.38)
  Distributions from net realized gain
 
-
 
(1.52)
 
-
 
(.14)
 
(1.00)
     Total distributions
 
(.11)
 
(2.27)
 
(.17)
 
(.58)
 
(1.38)
  Net asset value, end of period
$
26.84
$
23.88
$
34.31
$
24.75
$
26.32
 Total Return C,D
 
12.87%
 
(25.19)%
 
39.43%
 
(3.91)%
 
8.00%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.43%
 
1.29%
 
1.29%
 
1.36%
 
1.47%
    Expenses net of fee waivers, if any
 
1.43%
 
1.29%
 
1.29%
 
1.36%
 
1.47%
    Expenses net of all reductions
 
1.43%
 
1.29%
 
1.29%
 
1.35%
 
1.46%
    Net investment income (loss)
 
1.56%
 
2.06%
 
.95%
 
1.09%
 
1.94%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
108,866
$
95,906
$
136,131
$
92,044
$
105,786
    Portfolio turnover rate G
 
10%
 
17%
 
28%
 
43%
 
28%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DTotal returns do not include the effect of the sales charges.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® International Small Cap Fund Class M
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
23.73
$
34.12
$
24.62
$
26.18
$
25.62
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.36
 
.50
 
.22
 
.19
 
.41
     Net realized and unrealized gain (loss)
 
2.64
 
(8.70)
 
9.38
 
(1.25)
 
1.43
  Total from investment operations
 
3.00  
 
(8.20)  
 
9.60  
 
(1.06)  
 
1.84
  Distributions from net investment income
 
(.04)
 
(.66)
 
(.10)
 
(.36)
 
(.27)
  Distributions from net realized gain
 
-
 
(1.52)
 
-
 
(.14)
 
(1.00)
     Total distributions
 
(.04)
 
(2.19) C
 
(.10)
 
(.50)
 
(1.28) C
  Net asset value, end of period
$
26.69
$
23.73
$
34.12
$
24.62
$
26.18
 Total Return D,E
 
12.62%
 
(25.43)%
 
39.07%
 
(4.19)%
 
7.65%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.71%
 
1.57%
 
1.57%
 
1.67%
 
1.78%
    Expenses net of fee waivers, if any
 
1.70%
 
1.56%
 
1.57%
 
1.67%
 
1.78%
    Expenses net of all reductions
 
1.70%
 
1.56%
 
1.57%
 
1.65%
 
1.77%
    Net investment income (loss)
 
1.29%
 
1.79%
 
.68%
 
.78%
 
1.62%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
15,515
$
13,761
$
19,926
$
12,492
$
16,013
    Portfolio turnover rate H
 
10%
 
17%
 
28%
 
43%
 
28%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
ETotal returns do not include the effect of the sales charges.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® International Small Cap Fund Class C
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
22.88
$
32.93
$
23.80
$
25.27
$
24.77
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.21
 
.35
 
.06
 
.08
 
.28
     Net realized and unrealized gain (loss)
 
2.55
 
(8.40)
 
9.07
 
(1.23)
 
1.39
  Total from investment operations
 
2.76  
 
(8.05)  
 
9.13  
 
(1.15)  
 
1.67
  Distributions from net investment income
 
-
 
(.48)
 
-
 
(.18)
 
(.17)
  Distributions from net realized gain
 
-
 
(1.52)
 
-
 
(.14)
 
(1.00)
     Total distributions
 
-
 
(2.00)
 
-
 
(.32)
 
(1.17)
  Net asset value, end of period
$
25.64
$
22.88
$
32.93
$
23.80
$
25.27
 Total Return C,D
 
12.06%
 
(25.77)%
 
38.36%
 
(4.65)%
 
7.17%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.20%
 
2.06%
 
2.05%
 
2.13%
 
2.24%
    Expenses net of fee waivers, if any
 
2.19%
 
2.05%
 
2.05%
 
2.13%
 
2.24%
    Expenses net of all reductions
 
2.19%
 
2.05%
 
2.05%
 
2.11%
 
2.23%
    Net investment income (loss)
 
.80%
 
1.30%
 
.19%
 
.32%
 
1.16%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
12,603
$
13,556
$
21,683
$
17,659
$
23,937
    Portfolio turnover rate G
 
10%
 
17%
 
28%
 
43%
 
28%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DTotal returns do not include the effect of the contingent deferred sales charge.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity® International Small Cap Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
24.43
$
35.05
$
25.28
$
26.86
$
26.29
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.52
 
.67
 
.41
 
.34
 
.57
     Net realized and unrealized gain (loss)
 
2.70
 
(8.94)
 
9.61
 
(1.27)
 
1.45
  Total from investment operations
 
3.22  
 
(8.27)  
 
10.02  
 
(.93)  
 
2.02
  Distributions from net investment income
 
(.19)
 
(.83)
 
(.25)
 
(.51)
 
(.45)
  Distributions from net realized gain
 
-
 
(1.52)
 
-
 
(.14)
 
(1.00)
     Total distributions
 
(.19)
 
(2.35)
 
(.25)
 
(.65)
 
(1.45)
  Net asset value, end of period
$
27.46
$
24.43
$
35.05
$
25.28
$
26.86
 Total Return C
 
13.19%
 
(25.01)%
 
39.83%
 
(3.61)%
 
8.27%
 Ratios to Average Net Assets B,D,E
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.17%
 
1.02%
 
1.01%
 
1.08%
 
1.19%
    Expenses net of fee waivers, if any
 
1.16%
 
1.02%
 
1.01%
 
1.08%
 
1.19%
    Expenses net of all reductions
 
1.16%
 
1.02%
 
1.01%
 
1.07%
 
1.18%
    Net investment income (loss)
 
1.83%
 
2.33%
 
1.23%
 
1.37%
 
2.22%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,342,755
$
1,145,773
$
1,534,214
$
1,122,746
$
1,282,412
    Portfolio turnover rate F
 
10%
 
17%
 
28%
 
43%
 
28%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® International Small Cap Fund Class I
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
24.60
$
35.27
$
25.44
$
27.03
$
26.45
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.53
 
.68
 
.41
 
.35
 
.58
     Net realized and unrealized gain (loss)
 
2.71
 
(8.99)
 
9.67
 
(1.28)
 
1.46
  Total from investment operations
 
3.24  
 
(8.31)  
 
10.08  
 
(.93)  
 
2.04
  Distributions from net investment income
 
(.18)
 
(.84)
 
(.25)
 
(.52)
 
(.46)
  Distributions from net realized gain
 
-
 
(1.52)
 
-
 
(.14)
 
(1.00)
     Total distributions
 
(.18)
 
(2.36)
 
(.25)
 
(.66)
 
(1.46)
  Net asset value, end of period
$
27.66
$
24.60
$
35.27
$
25.44
$
27.03
 Total Return C
 
13.20%
 
(24.98)%
 
39.80%
 
(3.62)%
 
8.28%
 Ratios to Average Net Assets B,D,E
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.16%
 
1.02%
 
1.02%
 
1.08%
 
1.19%
    Expenses net of fee waivers, if any
 
1.15%
 
1.01%
 
1.02%
 
1.08%
 
1.18%
    Expenses net of all reductions
 
1.15%
 
1.01%
 
1.02%
 
1.06%
 
1.18%
    Net investment income (loss)
 
1.84%
 
2.34%
 
1.22%
 
1.38%
 
2.22%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
924,094
$
696,515
$
1,080,258
$
605,100
$
777,771
    Portfolio turnover rate F
 
10%
 
17%
 
28%
 
43%
 
28%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® International Small Cap Fund Class Z
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
24.59
$
35.26
$
25.43
$
27.03
$
26.46
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.56
 
.70
 
.45
 
.38
 
.61
     Net realized and unrealized gain (loss)
 
2.72
 
(8.97)
 
9.67
 
(1.28)
 
1.47
  Total from investment operations
 
3.28  
 
(8.27)  
 
10.12  
 
(.90)  
 
2.08
  Distributions from net investment income
 
(.22)
 
(.88)
 
(.29)
 
(.56)
 
(.50)
  Distributions from net realized gain
 
-
 
(1.52)
 
-
 
(.14)
 
(1.00)
     Total distributions
 
(.22)
 
(2.40)
 
(.29)
 
(.70)
 
(1.51) C
  Net asset value, end of period
$
27.65
$
24.59
$
35.26
$
25.43
$
27.03
 Total Return D,E
 
13.38%
 
(24.89)%
 
39.99%
 
(3.51)%
 
8.44%
 Ratios to Average Net Assets A,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.03%
 
.89%
 
.89%
 
.94%
 
1.05%
    Expenses net of fee waivers, if any
 
1.03%
 
.89%
 
.89%
 
.94%
 
1.05%
    Expenses net of all reductions
 
1.03%
 
.89%
 
.89%
 
.93%
 
1.04%
    Net investment income (loss)
 
1.96%
 
2.47%
 
1.35%
 
1.51%
 
2.35%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,251,559
$
965,701
$
739,757
$
275,127
$
245,252
    Portfolio turnover rate H
 
10%
 
17%
 
28%
 
43%
 
28%
 
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
BCalculated based on average shares outstanding during the period.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity International Small Cap Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, International Small Cap, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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, 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. 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards, certain foreign taxes and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$542,070,532
Gross unrealized depreciation
(650,240,285)
Net unrealized appreciation (depreciation)
$(108,169,753)
Tax Cost
$3,702,433,152
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$72,348,728
Capital loss carryforward
$(94,234,749)
Net unrealized appreciation (depreciation) on securities and other investments
$(109,938,678)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
Short-term
$(51,144,509)
Long-term
(43,090,240)
Total capital loss carryforward  
$(94,234,749)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$22,796,062
$136,799,647
Long-term Capital Gains
-
105,562,520
Total
$22,796,062
$242,362,167
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity International Small Cap Fund
649,831,964
332,656,860
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Small Cap as compared to its benchmark index, the MSCI ACWI (All Country World Index) ex USA Small Cap Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .93% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees
Retained by FDC
Class A
 - %
 .25%
$284,303
$2,664
Class M
 .25%
 .25%
 82,456
 201
Class C
 .75%
 .25%
             143,103
                10,840
 
 
 
$509,862
$13,705
 
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
 
 
Retained by FDC
Class A
$13,455
Class M
 1,227
Class CA
 87
 
$14,769
 
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Class A
$220,465
.19
Class M
 35,583
.22
Class C
 29,791
.21
International Small Cap
 2,508,236
.18
Class I
 1,450,702
.17
Class Z
 462,940
.04
 
$4,707,717
 
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
 
 
% of Class-Level Average Net Assets
Class A
0.1909%
Class M
0.2000%
Class C
0.2000%
International Small Cap
0.1743%
Class I
0.1723%
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity International Small Cap Fund
.04
 
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
 
 
% of Average Net Assets
Fidelity International Small Cap Fund
0.0385%
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity International Small Cap Fund
$2,135
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity International Small Cap Fund.
 Borrower
$ 10,391,750
4.13%
$28,590
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity International Small Cap Fund
 12,095,723
 25,895,654
 (3,031,398)
 
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity International Small Cap Fund
$6,205
 
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity International Small Cap Fund
$30,264
$-
$-
 
8. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
 
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity International Small Cap Fund
$9,529,000
3.58%
$948
 
9. Expense Reductions.
Through arrangements with each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction
 
 
Class M
 402
Class C
 23
 
$425
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $214,237.
 
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2023
Year ended
October 31, 2022
Fidelity International Small Cap Fund
 
 
Distributions to shareholders
 
 
Class A
$440,641
 $9,065,367
Class M
 19,955
 1,272,726
Class C
 -
 1,312,589
International Small Cap
 8,831,165
 100,730,178
Class I
 5,018,235
 74,208,475
Class Z
 8,486,066
 55,772,832
Total  
$22,796,062
$242,362,167
 
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended
 October 31, 2023
Year ended
 October 31, 2022
Year ended
 October 31, 2023
Year ended
 October 31, 2022
Fidelity International Small Cap Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
918,692
830,534
$25,838,409
$23,685,249
Reinvestment of distributions
16,707
295,136
437,544
8,995,592
Shares redeemed
(896,876)
(1,076,634)
(25,017,177)
(30,435,716)
Net increase (decrease)
38,523
49,036
$1,258,776
$2,245,125
Class M
 
 
 
 
Shares sold
114,850
86,516
$3,220,186
$2,471,290
Reinvestment of distributions
763
41,863
19,926
1,271,367
Shares redeemed
(114,079)
(132,638)
(3,149,104)
(3,771,297)
Net increase (decrease)
1,534
(4,259)
$91,008
$(28,640)
Class C
 
 
 
 
Shares sold
51,153
60,983
$1,355,166
$1,691,801
Reinvestment of distributions
-
44,584
-
1,311,796
Shares redeemed
(152,016)
(171,531)
(4,049,390)
(4,624,227)
Net increase (decrease)
(100,863)
(65,964)
$(2,694,224)
$(1,620,630)
International Small Cap
 
 
 
 
Shares sold
12,448,015
13,356,832
$353,729,600
$375,220,830
Reinvestment of distributions
303,022
2,945,011
8,099,784
91,615,712
Shares redeemed
(10,758,826)
(13,181,058)
(307,464,961)
(380,933,549)
Net increase (decrease)
1,992,211
3,120,785
$54,364,423
$85,902,993
Class I
 
 
 
 
Shares sold
14,669,013
13,697,966
$422,708,769
$404,258,743
Reinvestment of distributions
178,126
2,305,754
4,795,157
72,208,170
Shares redeemed
(9,758,006)
(18,313,122)
(275,755,333)
(518,387,511)
Net increase (decrease)
5,089,133
(2,309,402)
$151,748,593
$(41,920,598)
Class Z
 
 
 
 
Shares sold
18,575,488
35,845,899
$542,508,039
$1,046,158,928
Reinvestment of distributions
206,606
1,517,664
5,553,574
47,460,406
Shares redeemed
(12,784,069)
(19,068,812)
(354,344,306)
(525,797,814)
Net increase (decrease)
5,998,025
18,294,751
$193,717,307
$567,821,520
 
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity International Small Cap Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity International Small Cap Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2023, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 14, 2023
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
 
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 322 funds. Mr. Chiel oversees 191 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).       
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Vijay C. Advani (1960)
Year of Election or Appointment: 2023
Member of the Advisory Board
Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).     
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Karen B. Peetz (1955)
Year of Election or Appointment: 2023
Member of the Advisory Board
Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).     
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).      
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).          
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
Fidelity® International Small Cap Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.47%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 935.80
 
$ 7.17
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,017.80
 
$ 7.48
 
Class M
 
 
 
1.74%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 934.50
 
$ 8.48
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,016.43
 
$ 8.84
 
Class C
 
 
 
2.24%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 932.40
 
$ 10.91
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,013.91
 
$ 11.37
 
Fidelity® International Small Cap Fund
 
 
 
1.21%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 936.90
 
$ 5.91
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.11
 
$ 6.16
 
Class I
 
 
 
1.20%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 937.00
 
$ 5.86
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.16
 
$ 6.11
 
Class Z
 
 
 
1.07%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 937.90
 
$ 5.23
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.81
 
$ 5.45
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
Distributions (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund designates $24,106 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.
 
Class A, Class M, International Small Cap, Class I, and Class Z designate 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
 
 
Pay Date
Income
Taxes
Insert Fund Name
 
 
 
Class A
12/12/2022
$0.2209
$0.1099
Class M
12/12/2022
$0.1449
$0.1099
Class C
12/12/2022
$0.0000
$0.0000
International Small Cap
12/12/2022
$0.2969
$0.1099
Class I
12/12/2022
$0.2919
$0.1099
Class Z
12/12/2022
$0.3329
$0.1099
 
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity International Small Cap Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
Approval of Stub Period Continuation. At its May 2023 meeting, the Board of Trustees voted to continue the fund's management contract with FMR, and the sub-advisory agreements and sub-sub-advisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for two months from June 1, 2023 through July 31, 2023. The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board would consider the annual renewal for a full one year period in July 2023.
At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and the total expense ratio of the retail class, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the retail class of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the retail class of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the retail class of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2022.
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.
In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of the retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee, including the use of the retail class as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through July 31, 2024.
 
 
1.793585.120
ISC-ANN-1223
Fidelity® SAI Sustainable Emerging Markets Equity Fund
 
 
Annual Report
October 31, 2023
 
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2023 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Life of
Fund A
Fidelity® SAI Sustainable Emerging Markets Equity Fund
13.74%
-8.98%
 
A   From April 14, 2022
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity SAI Sustainable Emerging Markets Equity Fund, on April 14, 2022, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets Index performed over the same period.
 
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuation also helped bolster non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Portfolio Manager John Chow:
For the fiscal year ending October 31, 2023, the fund gained 13.74%, versus 10.84% for the benchmark MSCI Emerging Markets (Net MA) Index. From a regional standpoint, stock picking in Emerging Asia and an underweight in Middle East, primarily Saudi Arabia, contributed to the fund's performance versus the benchmark. By sector, the biggest contributor to performance versus the benchmark was stock selection in consumer discretionary. Picks and an underweight in industrials, primarily within the capital goods industry, also boosted relative performance. Further bolstering our relative result was an underweight in utilities. The top individual relative contributor was an overweight in Taiwan Semiconductor (+43%), the fund's largest holding. A second notable relative contributor was an overweight in PDD (+81%), another of the portfolio's biggest holdings at period end. We increased our investment in PDD the past 12 months. An overweight in NetEase (+95%) also contributed. The stock was among the fund's largest holdings this period. In contrast, from a regional standpoint, picks in Latin America, primarily in Brazil, along with investment choices and an underweight in Emerging Europe, primarily Poland and Turkey, detracted from the fund's relative result. By sector, the biggest detractor from performance versus the benchmark was security selection in financials, especially among banks. Also hurting our result were stock picks in the multisector and energy categories. The biggest individual relative detractor was an overweight in Localiza Rent A Car (-25%). A second notable relative detractor was our non-benchmark stake in iShares MSCI India ETF (+2%), though it was no longer held at period end. Another notable relative detractor was our non-benchmark stake in Sea (-44%). Notable changes in positioning include increased exposure to the Multi-Country - Emerging Markets category and cash. By sector, meaningful changes in positioning include lower allocations to the multisector group and materials.
Note to shareholders:
Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the fund's exposure to certain issuers, sectors, regions, and countries, and may affect the fund's performance.
 
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR  (Taiwan, Semiconductors & Semiconductor Equipment)
8.7
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
6.4
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
5.4
 
Alibaba Group Holding Ltd.  (China, Broadline Retail)
4.4
 
PDD Holdings, Inc. ADR  (China, Broadline Retail)
3.0
 
SK Hynix, Inc.  (Korea (South), Semiconductors & Semiconductor Equipment)
1.9
 
New Oriental Education & Technology Group, Inc. sponsored ADR  (China, Diversified Consumer Services)
1.9
 
China Construction Bank Corp. (H Shares)  (China, Banks)
1.7
 
Reliance Industries Ltd. GDR  (India, Oil, Gas & Consumable Fuels)
1.7
 
NetEase, Inc. ADR  (China, Entertainment)
1.5
 
 
36.6
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
23.6
 
Financials
21.3
 
Consumer Discretionary
17.5
 
Communication Services
11.2
 
Consumer Staples
4.8
 
Industrials
4.7
 
Health Care
4.3
 
Materials
3.6
 
Energy
2.3
 
Utilities
1.3
 
Real Estate
0.8
 
 
Asset Allocation (% of Fund's net assets)
Futures - 0.7%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 94.0%
 
 
Shares
Value ($)
 
Brazil - 4.1%
 
 
 
Banco BTG Pactual SA unit
 
10,952
64,299
Banco do Brasil SA
 
4,311
41,342
Hapvida Participacoes e Investimentos SA (a)(b)
 
73,385
53,710
Localiza Rent a Car SA
 
4,835
48,784
Localiza Rent a Car SA rights 11/10/23 (a)
 
23
32
Raia Drogasil SA
 
9,927
50,799
TOTAL BRAZIL
 
 
258,966
China - 32.7%
 
 
 
Alibaba Group Holding Ltd. (a)
 
24,249
249,645
Alibaba Group Holding Ltd. sponsored ADR (a)
 
338
27,899
Baidu, Inc. sponsored ADR (a)
 
175
18,375
BeiGene Ltd. ADR (a)
 
76
14,157
BYD Co. Ltd. (H Shares)
 
1,685
51,241
China Construction Bank Corp. (H Shares)
 
189,477
107,160
China Life Insurance Co. Ltd. (H Shares)
 
37,363
50,604
China Merchants Bank Co. Ltd. (H Shares)
 
2,758
10,462
ENN Energy Holdings Ltd.
 
2,099
15,900
Flat Glass Group Co. Ltd.
 
13,913
24,986
Haier Smart Home Co. Ltd.
 
11,004
31,387
Innovent Biologics, Inc. (a)(b)
 
5,612
33,072
JD.com, Inc. sponsored ADR
 
1,465
37,240
Kweichow Moutai Co. Ltd. (A Shares)
 
163
37,548
Li Auto, Inc. ADR (a)
 
1,052
35,568
Meituan Class B (a)(b)
 
6,667
94,505
NetEase, Inc. ADR
 
888
94,945
New Oriental Education & Technology Group, Inc. sponsored ADR (a)
 
1,808
118,406
PDD Holdings, Inc. ADR (a)
 
1,869
189,554
Ping An Insurance Group Co. of China Ltd. (H Shares)
 
14,197
72,014
Qingdao Port International Co. Ltd. (H Shares) (b)
 
23,607
11,793
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) (a)
 
2,277
89,016
Shenzhou International Group Holdings Ltd.
 
1,522
14,950
Sinotruk Hong Kong Ltd.
 
40,253
75,817
Tencent Holdings Ltd.
 
9,180
339,740
Trip.com Group Ltd. ADR (a)
 
2,217
75,378
Will Semiconductor Ltd.
 
1,100
16,600
Wuliangye Yibin Co. Ltd. (A Shares)
 
917
19,551
WuXi AppTec Co. Ltd. (H Shares) (b)
 
1,786
21,462
Wuxi Biologics (Cayman), Inc. (a)(b)
 
6,444
40,067
Zijin Mining Group Co. Ltd. (H Shares)
 
18,057
27,933
TOTAL CHINA
 
 
2,046,975
Greece - 0.5%
 
 
 
OPAP SA
 
1,827
30,930
Hungary - 0.5%
 
 
 
Richter Gedeon PLC
 
1,373
32,193
India - 13.8%
 
 
 
Axis Bank Ltd.
 
4,498
53,060
Bharti Airtel Ltd.
 
5,852
64,251
HDFC Bank Ltd.
 
3,363
59,657
HDFC Bank Ltd. sponsored ADR
 
1,061
60,000
HDFC Standard Life Insurance Co. Ltd. (b)
 
8,942
66,407
Hindustan Unilever Ltd.
 
845
25,210
ICICI Bank Ltd.
 
6,327
69,588
Infosys Ltd. sponsored ADR
 
2,466
40,492
Larsen & Toubro Ltd.
 
2,537
89,253
NTPC Ltd.
 
22,821
64,636
Reliance Industries Ltd. GDR (b)
 
1,893
103,358
SRF Ltd.
 
1,841
48,530
Tata Consultancy Services Ltd.
 
459
18,576
Tata Steel Ltd.
 
16,059
22,909
Ultratech Cement Ltd.
 
746
75,476
TOTAL INDIA
 
 
861,403
Indonesia - 2.9%
 
 
 
PT Bank Central Asia Tbk
 
138,341
76,215
PT Bank Mandiri (Persero) Tbk
 
92,372
33,000
PT Bank Negara Indonesia (Persero) Tbk
 
53,615
16,180
PT Bank Rakyat Indonesia (Persero) Tbk
 
116,476
36,420
PT Telkom Indonesia Persero Tbk
 
90,464
19,831
TOTAL INDONESIA
 
 
181,646
Korea (South) - 13.4%
 
 
 
AMOREPACIFIC Corp.
 
336
31,492
Hansol Chemical Co. Ltd.
 
109
12,146
Hyundai Marine & Fire Insurance Co. Ltd.
 
476
11,087
Hyundai Mipo Dockyard Co. Ltd. (a)
 
93
4,785
Hyundai Motor Co. Ltd.
 
706
88,813
JYP Entertainment Corp.
 
467
35,495
KB Financial Group, Inc.
 
889
33,837
LG Chemical Ltd.
 
36
11,781
LG Corp.
 
252
14,403
LG Innotek Co. Ltd.
 
74
12,264
NAVER Corp.
 
427
59,607
Samsung Electronics Co. Ltd.
 
8,116
403,374
SK Hynix, Inc.
 
1,374
119,144
TOTAL KOREA (SOUTH)
 
 
838,228
Mexico - 3.7%
 
 
 
Corporacion Inmobiliaria Vesta S.A.B. de CV ADR
 
1,230
38,671
Fomento Economico Mexicano S.A.B. de CV sponsored ADR
 
264
29,940
Grupo Aeroportuario Norte S.A.B. de CV
 
1,681
12,832
Grupo Financiero Banorte S.A.B. de CV Series O
 
9,507
77,157
Wal-Mart de Mexico SA de CV Series V
 
19,603
70,164
TOTAL MEXICO
 
 
228,764
Peru - 0.4%
 
 
 
Credicorp Ltd. (United States)
 
206
25,742
Philippines - 0.2%
 
 
 
Ayala Land, Inc.
 
27,288
13,395
Saudi Arabia - 1.4%
 
 
 
Al Rajhi Bank
 
2,744
49,078
The Saudi National Bank
 
4,604
41,173
TOTAL SAUDI ARABIA
 
 
90,251
Singapore - 0.3%
 
 
 
Sea Ltd. ADR (a)
 
385
16,055
South Africa - 3.0%
 
 
 
Absa Group Ltd.
 
4,182
38,128
Bid Corp. Ltd.
 
1,594
33,816
Capitec Bank Holdings Ltd.
 
239
21,222
FirstRand Ltd.
 
3,684
12,145
MTN Group Ltd.
 
1,778
8,679
Naspers Ltd. Class N
 
307
47,923
Standard Bank Group Ltd.
 
2,706
26,554
TOTAL SOUTH AFRICA
 
 
188,467
Taiwan - 16.0%
 
 
 
Alchip Technologies Ltd.
 
964
79,003
Chailease Holding Co. Ltd.
 
11,434
61,977
E Ink Holdings, Inc.
 
1,980
10,294
E.SUN Financial Holdings Co. Ltd.
 
19,572
14,410
eMemory Technology, Inc.
 
908
56,844
HIWIN Technologies Corp.
 
6,489
39,294
International Games Systems Co. Ltd.
 
2,380
45,839
King Yuan Electronics Co. Ltd.
 
14,137
33,468
MediaTek, Inc.
 
1,517
39,562
Realtek Semiconductor Corp.
 
1,115
13,885
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
6,272
541,340
Unimicron Technology Corp.
 
4,327
19,283
Yageo Corp.
 
2,783
45,338
TOTAL TAIWAN
 
 
1,000,537
Thailand - 1.1%
 
 
 
Bangkok Bank PCL (For. Reg.)
 
3,951
17,218
PTT Exploration and Production PCL (For. Reg.)
 
7,699
34,965
SCB X PCL (For. Reg.)
 
5,399
14,721
TOTAL THAILAND
 
 
66,904
 
TOTAL COMMON STOCKS
 (Cost $6,040,021)
 
 
 
5,880,456
 
 
 
 
Nonconvertible Preferred Stocks - 1.4%
 
 
Shares
Value ($)
 
Brazil - 1.4%
 
 
 
Banco Bradesco SA (PN)
 
4,166
11,560
Gerdau SA
 
3,854
16,641
Itau Unibanco Holding SA
 
10,638
56,590
 
 
 
 
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 (Cost $89,049)
 
 
 
84,791
 
 
 
 
Government Obligations - 0.3%
 
 
Principal
Amount (c)
 
Value ($)
 
United States of America - 0.3%
 
 
 
U.S. Treasury Bills, yield at date of purchase 5.38% 1/25/24 (d)
  (Cost $19,749)
 
20,000
19,749
 
 
 
 
Money Market Funds - 10.1%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (e)
 
 (Cost $633,452)
 
 
633,326
633,452
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 105.8%
 (Cost $6,782,271)
 
 
 
6,618,448
NET OTHER ASSETS (LIABILITIES) - (5.8)%  
(361,104)
NET ASSETS - 100.0%
6,257,344
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE MSCI Emerging Markets Index Contracts (United States)
1
Dec 2023
45,960
194
194
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.7%
 
For the period, the average monthly notional amount at value for futures contracts in the aggregate was $102,158.
 
 
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 $424,374 or 6.8% of net assets.
 
(c)
Amount is stated in United States dollars unless otherwise noted.
 
(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 $19,749.
 
(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, 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
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
56,344
3,878,024
3,300,916
12,562
-
-
633,452
0.0%
Total
56,344
3,878,024
3,300,916
12,562
-
-
633,452
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
702,817
138,054
564,763
-
Consumer Discretionary
1,093,439
562,898
530,541
-
Consumer Staples
298,520
184,719
113,801
-
Energy
138,323
103,358
34,965
-
Financials
1,329,007
524,990
804,017
-
Health Care
283,677
100,060
183,617
-
Industrials
296,993
61,648
235,345
-
Information Technology
1,474,453
581,832
892,621
-
Materials
215,416
16,641
198,775
-
Real Estate
52,066
38,671
13,395
-
Utilities
80,536
-
80,536
-
 Government Obligations
19,749
-
19,749
-
  Money Market Funds
633,452
633,452
-
-
 Total Investments in Securities:
6,618,448
2,946,323
3,672,125
-
 Derivative Instruments:
 Assets
 
 
 
 
Futures Contracts
194
194
-
-
  Total Assets
194
194
-
-
 Total Derivative Instruments:
194
194
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
194
0
Total Equity Risk
194
0
Total Value of Derivatives
194
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $6,148,819)
$
5,984,996
 
 
Fidelity Central Funds (cost $633,452)
633,452
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $6,782,271)
 
 
$
6,618,448
Foreign currency held at value (cost $6,628)
 
 
6,627
Receivable for investments sold
 
 
39,380
Receivable for fund shares sold
 
 
101,458
Dividends receivable
 
 
3,565
Distributions receivable from Fidelity Central Funds
 
 
2,455
Prepaid expenses
 
 
5
Receivable from investment adviser for expense reductions
 
 
10,377
Other receivables
 
 
16
  Total assets
 
 
6,782,331
Liabilities
 
 
 
 
Payable for investments purchased
$
446,834
 
 
Payable for fund shares redeemed
9,570
 
 
Accrued management fee
3,476
 
 
Payable for daily variation margin on futures contracts
2,221
 
 
Audit fee payable
41,209
 
 
Other payables and accrued expenses
21,677
 
 
  Total Liabilities
 
 
 
524,987
Net Assets  
 
 
$
6,257,344
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
6,733,635
Total accumulated earnings (loss)
 
 
 
(476,291)
Net Assets
 
 
$
6,257,344
Net Asset Value, offering price and redemption price per share ($6,257,344 ÷ 730,528 shares)
 
 
$
8.57
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
75,649
Non-Cash dividends
 
 
6,765
Interest  
 
 
649
Income from Fidelity Central Funds  
 
 
12,562
 Income before foreign taxes withheld
 
 
$
95,625
Less foreign taxes withheld
 
 
(9,838)
 Total Income
 
 
 
85,787
Expenses
 
 
 
 
Management fee
$
25,617
 
 
Custodian fees and expenses
44,527
 
 
Independent trustees' fees and expenses
15
 
 
Registration fees
32,201
 
 
Audit
63,451
 
 
Legal
2
 
 
Miscellaneous
8
 
 
 Total expenses before reductions
 
165,821
 
 
 Expense reductions
 
(134,907)
 
 
 Total expenses after reductions
 
 
 
30,914
Net Investment income (loss)
 
 
 
54,873
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $931)
 
(200,333)
 
 
 Foreign currency transactions
 
(6,570)
 
 
 Futures contracts
 
(19,997)
 
 
Total net realized gain (loss)
 
 
 
(226,900)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $2,684)  
 
214,840
 
 
 Assets and liabilities in foreign currencies
 
50
 
 
 Futures contracts
 
194
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
215,084
Net gain (loss)
 
 
 
(11,816)
Net increase (decrease) in net assets resulting from operations
 
 
$
43,057
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
For the period April 14, 2022 (commencement of operations) through October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
54,873
$
12,746
Net realized gain (loss)
 
(226,900)
 
 
(131,753)
 
Change in net unrealized appreciation (depreciation)
 
215,084
 
(381,337)
 
Net increase (decrease) in net assets resulting from operations
 
43,057
 
 
(500,344)
 
Distributions to shareholders
 
(19,218)
 
 
-
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
4,888,662
 
2,279,784
  Reinvestment of distributions
 
18,756
 
 
-
 
Cost of shares redeemed
 
(446,184)
 
(7,169)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
4,461,234
 
 
2,272,615
 
Total increase (decrease) in net assets
 
4,485,073
 
 
1,772,271
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,772,271
 
-
 
End of period
$
6,257,344
$
1,772,271
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
544,845
 
233,926
  Issued in reinvestment of distributions
 
2,130
 
 
-
 
Redeemed
 
(49,495)
 
(878)
Net increase (decrease)
 
497,480
 
233,048
 
 
 
 
 
 
Financial Highlights
Fidelity SAI Sustainable Emerging Markets Equity Fund
 
Years ended October 31,
 
2023  
 
2022 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
7.60
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.15
 
.06
     Net realized and unrealized gain (loss)
 
.90 D
 
(2.46)
  Total from investment operations
 
1.05  
 
(2.40)  
  Distributions from net investment income
 
(.08)
 
-
     Total distributions
 
(.08)
 
-
  Net asset value, end of period
$
8.57
$
7.60
 Total Return E,F
 
13.74%
 
(24.00)%
 Ratios to Average Net Assets C,G,H
 
 
 
 
    Expenses before reductions
 
4.99%
 
6.38% I,J
    Expenses net of fee waivers, if any
 
.94%
 
.96% I
    Expenses net of all reductions
 
.93%
 
.96% I
    Net investment income (loss)
 
1.65%
 
1.27% I
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
6,257
$
1,772
    Portfolio turnover rate K
 
87%
 
74% I
 
AFor the period April 14, 2022 (commencement of operations) through October 31, 2022.
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
 
ETotal returns for periods of less than one year are not annualized.
 
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAnnualized.
 
JAudit fees are not annualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity SAI Sustainable Emerging Markets Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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, 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. 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 services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. ETFs are valued at their last sale price or official closing price as reported by a third party pricing service 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$206,460
Gross unrealized depreciation
(489,044)
Net unrealized appreciation (depreciation)
$(282,584)
Tax Cost
$6,901,032
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$66,848
Capital loss carryforward
$(257,931)
Net unrealized appreciation (depreciation) on securities and other investments
$(282,524)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
Short-term
$(220,676)
Long-term
(37,254)
Total Capital loss carryforward
$(257,930)
 
Due to large subscriptions in the period, approximately $143,423 of the Fund's realized capital losses are subject to limitation. Due to this limitation, the Fund will only be permitted to use approximately $97,911 of those capital losses per year to offset capital gains.
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$19,218
$-
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity SAI Sustainable Emerging Markets Equity Fund
6,991,217
2,764,489
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .77% of the Fund's average net assets.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity SAI Sustainable Emerging Markets Equity Fund
$15
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity SAI Sustainable Emerging Markets Equity Fund
 93,950
 54,874
 (7,180)
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity SAI Sustainable Emerging Markets Equity Fund
$3
8. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .95% of average net assets. This reimbursement will remain in place through February 28, 2025. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $134,337.
 
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $434.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $136.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:
 
Fund
Affiliated %
Fidelity SAI Sustainable Emerging Markets Equity Fund 
28%
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity SAI Sustainable Emerging Markets Equity Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity SAI Sustainable Emerging Markets Equity Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2023, the related statement of operations for the year then ended, and the statement of changes in net assets and the financial highlights for the year then ended and for the period from April 14, 2022 (commencement of operations) through October 31, 2022, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, and the results of its operations for the year then ended, and the changes in its net assets and financial highlights for the year then ended and for the period from April 14, 2022 (commencement of operations) through October 31, 2022, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 13, 2023
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 322 funds. Mr. Chiel oversees 191 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).       
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Vijay C. Advani (1960)
Year of Election or Appointment: 2023
Member of the Advisory Board
Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).     
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Karen B. Peetz (1955)
Year of Election or Appointment: 2023
Member of the Advisory Board
Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).     
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).      
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).          
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® SAI Sustainable Emerging Markets Equity Fund
 
 
 
.95%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 950.10
 
$ 4.67
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.42
 
$ 4.84
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
Distributions (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund designates $388 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.
 
The fund designates 92.62% and 82.24%, of the dividends distributed in December during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $.0816 and $.0116, and $.0028 and $.0000 for the dividends paid December 12, 2022 and December 29, 2022, respectively.
 
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity SAI Sustainable Emerging Markets Equity Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
Approval of Stub Period Continuation. At its May 2023 meeting, the Board of Trustees voted to continue the fund's management contract with FMR, and the sub-advisory agreements and sub-sub-advisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for two months from June 1, 2023 through July 31, 2023. The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board would consider the annual renewal for a full one year period in July 2023.
At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the period ended September 30, 2022 and below the competitive median of the asset size peer group for the period ended September 30, 2022. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for the period ended September 30, 2022 and below the competitive median of the total expense asset size peer group for the period ended September 30, 2022.
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.  Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through July 31, 2024.
 
1.9905647.101
ESP-ANN-1223
Fidelity® Enduring Opportunities Fund
 
 
Annual Report
October 31, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2023 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Life of
Fund A
Fidelity® Enduring Opportunities Fund
9.96%
5.48%
 
A   From November 5, 2019
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® Enduring Opportunities Fund, on November 5, 2019, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) Index performed over the same period.
 
Market Recap:
Global equities gained 10.91% for the 12 months ending October 31, 2023, according to the MSCI All Country World Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -18.07% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 18.36% year to date through July, including gains in June (+5.83%) and July (+3.68%). The rally for international equities sputtered for the next three months (-9.54%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds, and particularly weak economic conditions in the eurozone and China. Still, the three-month decline left global stocks up 7.07% year to date through October. Currency fluctuation also bolstered non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin, while the U.S. middled (+10%). All but three of 11 sectors advanced, with information technology (+29%) and communication services (+27%) leading. Conversely, the real estate sector (-3%) lagged most, followed by health care and utilities (-1% each).
Comments from Co-Manager Michael Kim:
For the fiscal year ending October 31, 2023, the fund gained 9.96%, versus 10.91% for the benchmark MSCI All Country World Index (Net MA). From a regional standpoint, stock picking in Japan and Europe ex the U.K., primarily in Italy, detracted from the fund's relative result. By sector, security selection was the primary detractor, especially within financials, where our stock selection in banks hurt most. Stock picking in industrials, primarily within the capital goods industry, and in information technology, primarily within the semiconductors & semiconductor equipment industry, also hampered the fund's result. An overweight in real estate, especially within the equity real estate investment trusts (REITs) industry, further detracted. The largest individual relative detractor was an average underweight in Nvidia (+202%). Nvidia was an investment we established during the 12-month period and was among the fund's biggest holdings at period end. A small stake in SVB Financial Group returned -100% and was a second notable relative detractor. Avoiding Broadcom, a benchmark component that gained 84%, also hurt. In contrast, from a regional standpoint, stock picking in Canada and an underweight in emerging markets contributed to the fund's performance versus the benchmark. By sector, the biggest contributor was an underweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry. Security selection and an underweight in consumer staples, primarily within the food, beverage & tobacco industry, and picks and an overweight in consumer discretionary, primarily within the consumer durables & apparel industry, also boosted the fund's relative performance. The top individual relative contributor was an overweight in Meta Platforms (+223%), a stock that was one of the fund's largest holdings. The second-largest contributor was a non-benchmark stake in Qualitas Controlado (+120%). Avoiding Pfizer, a benchmark component that returned about -32%, also helped. By sector, meaningful changes in positioning include lower allocations to the consumer staples and health care sectors.
Note to shareholders:
On December 27, 2022, Fahim Razzaque came off of the fund.
On June 30, 2023, Risteard Hogan assumed co-management responsibilities for the fund, succeeding Christopher Lee.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
Top Holdings (% of Fund's net assets)
 
Microsoft Corp.
4.4
 
Amazon.com, Inc.
2.5
 
NVIDIA Corp.
2.0
 
Meta Platforms, Inc. Class A
1.5
 
Alphabet, Inc. Class A
1.4
 
Alphabet, Inc. Class C
1.3
 
Tesla, Inc.
1.3
 
UnitedHealth Group, Inc.
1.2
 
Visa, Inc. Class A
1.0
 
JPMorgan Chase & Co.
1.0
 
 
17.6
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
20.6
 
Consumer Discretionary
18.9
 
Industrials
15.1
 
Financials
12.1
 
Communication Services
7.7
 
Health Care
7.7
 
Consumer Staples
5.5
 
Materials
4.3
 
Real Estate
4.2
 
Energy
2.2
 
Utilities
0.6
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 98.5%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 7.7%
 
 
 
Diversified Telecommunication Services - 0.1%
 
 
 
Elisa Corp. (A Shares)
 
363
15,394
Entertainment - 1.3%
 
 
 
Netflix, Inc. (a)
 
167
68,752
Sea Ltd. ADR (a)
 
418
17,431
The Walt Disney Co. (a)
 
684
55,808
 
 
 
141,991
Interactive Media & Services - 6.1%
 
 
 
Adevinta ASA Class B (a)
 
2,741
24,058
Alphabet, Inc.:
 
 
 
 Class A (a)
 
1,253
155,472
 Class C (a)
 
1,127
141,213
Hemnet Group AB
 
1,213
21,049
Kakao Corp.
 
572
16,098
LY Corp.
 
7,791
19,863
Match Group, Inc. (a)
 
920
31,832
Meta Platforms, Inc. Class A (a)
 
549
165,397
NAVER Corp.
 
163
22,754
Rightmove PLC
 
2,316
13,315
Tencent Holdings Ltd.
 
1,889
69,910
 
 
 
680,961
Media - 0.2%
 
 
 
Schibsted ASA (A Shares)
 
957
19,121
TOTAL COMMUNICATION SERVICES
 
 
857,467
CONSUMER DISCRETIONARY - 18.9%
 
 
 
Automobile Components - 0.5%
 
 
 
Aptiv PLC (a)
 
330
28,776
DENSO Corp.
 
2,052
30,301
 
 
 
59,077
Automobiles - 2.3%
 
 
 
Ferrari NV (Italy)
 
86
25,980
Maruti Suzuki India Ltd.
 
277
34,581
Tesla, Inc. (a)
 
700
140,588
Toyota Motor Corp.
 
3,324
58,149
 
 
 
259,298
Broadline Retail - 3.4%
 
 
 
Amazon.com, Inc. (a)
 
2,058
273,899
B&M European Value Retail SA
 
4,042
25,979
Dollarama, Inc.
 
393
26,838
MercadoLibre, Inc. (a)
 
27
33,500
Prosus NV
 
642
18,095
 
 
 
378,311
Diversified Consumer Services - 0.3%
 
 
 
Duolingo, Inc. (a)
 
192
28,042
Hotels, Restaurants & Leisure - 4.3%
 
 
 
Amadeus IT Holding SA Class A
 
496
28,246
Chipotle Mexican Grill, Inc. (a)
 
28
54,382
Churchill Downs, Inc.
 
382
41,959
Compass Group PLC
 
1,215
30,632
Domino's Pizza, Inc.
 
99
33,560
Doordash, Inc. (a)
 
524
39,274
Flutter Entertainment PLC (a)
 
104
16,313
Hilton Worldwide Holdings, Inc.
 
336
50,914
Oriental Land Co. Ltd.
 
972
31,440
Restaurant Brands Asia Ltd. (a)
 
12,252
16,404
Vail Resorts, Inc.
 
131
27,805
Wingstop, Inc.
 
227
41,489
Yum! Brands, Inc.
 
311
37,587
Zomato Ltd. (a)
 
21,289
26,919
 
 
 
476,924
Household Durables - 0.6%
 
 
 
Berkeley Group Holdings PLC
 
397
19,475
Maytronics Ltd.
 
1,154
10,735
NVR, Inc. (a)
 
7
37,888
 
 
 
68,098
Leisure Products - 0.3%
 
 
 
Roland Corp.
 
647
18,707
SHIMANO, Inc.
 
129
18,564
 
 
 
37,271
Specialty Retail - 4.4%
 
 
 
Carvana Co. Class A (a)
 
920
24,840
Fast Retailing Co. Ltd.
 
136
30,110
Five Below, Inc. (a)
 
218
37,928
Floor & Decor Holdings, Inc. Class A (a)
 
404
33,290
Lowe's Companies, Inc.
 
311
59,267
National Vision Holdings, Inc. (a)
 
2,141
33,271
Nitori Holdings Co. Ltd.
 
184
19,926
The Home Depot, Inc.
 
295
83,984
TJX Companies, Inc.
 
596
52,490
Ulta Beauty, Inc. (a)
 
99
37,750
Wayfair LLC Class A (a)
 
635
27,057
WH Smith PLC
 
1,154
16,271
Workman Co. Ltd.
 
659
16,978
ZOZO, Inc.
 
833
15,839
 
 
 
489,001
Textiles, Apparel & Luxury Goods - 2.8%
 
 
 
adidas AG
 
108
19,107
Hermes International SCA
 
16
29,789
lululemon athletica, Inc. (a)
 
196
77,122
LVMH Moet Hennessy Louis Vuitton SE
 
80
57,274
Moncler SpA
 
333
17,244
NIKE, Inc. Class B
 
481
49,432
Prada SpA
 
2,910
17,530
PVH Corp.
 
335
24,907
Shenzhou International Group Holdings Ltd.
 
1,715
16,846
 
 
 
309,251
TOTAL CONSUMER DISCRETIONARY
 
 
2,105,273
CONSUMER STAPLES - 5.5%
 
 
 
Beverages - 1.3%
 
 
 
Ambev SA
 
9,685
24,704
Davide Campari Milano NV
 
1,556
17,172
Kweichow Moutai Co. Ltd. (A Shares)
 
115
26,491
Monster Beverage Corp.
 
783
40,011
Pernod Ricard SA
 
167
29,598
 
 
 
137,976
Consumer Staples Distribution & Retail - 2.8%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
518
28,198
Casey's General Stores, Inc.
 
164
44,593
Clicks Group Ltd.
 
1,582
23,312
Cosmos Pharmaceutical Corp.
 
150
15,610
Costco Wholesale Corp.
 
168
92,810
Wal-Mart de Mexico SA de CV Series V
 
8,533
30,542
Walmart, Inc.
 
487
79,581
 
 
 
314,646
Food Products - 0.5%
 
 
 
Freshpet, Inc. (a)
 
482
27,667
McCormick & Co., Inc. (non-vtg.)
 
399
25,496
 
 
 
53,163
Household Products - 0.2%
 
 
 
Unicharm Corp.
 
664
22,562
Personal Care Products - 0.7%
 
 
 
Hindustan Unilever Ltd.
 
887
26,463
L'Oreal SA
 
97
40,772
Shiseido Co. Ltd.
 
471
14,938
 
 
 
82,173
TOTAL CONSUMER STAPLES
 
 
610,520
ENERGY - 2.2%
 
 
 
Energy Equipment & Services - 0.5%
 
 
 
Schlumberger Ltd.
 
1,026
57,107
Oil, Gas & Consumable Fuels - 1.7%
 
 
 
Cheniere Energy, Inc.
 
260
43,269
Hess Corp.
 
322
46,497
Parkland Corp.
 
761
23,032
PrairieSky Royalty Ltd.
 
2,270
39,859
Reliance Industries Ltd.
 
1,219
33,510
 
 
 
186,167
TOTAL ENERGY
 
 
243,274
FINANCIALS - 12.1%
 
 
 
Banks - 2.7%
 
 
 
Bank of America Corp.
 
2,432
64,059
Credicorp Ltd. (United States)
 
253
31,615
FinecoBank SpA
 
1,536
18,065
JPMorgan Chase & Co.
 
786
109,301
KBC Group NV
 
396
21,746
PNC Financial Services Group, Inc.
 
278
31,823
PT Bank Central Asia Tbk
 
53,349
29,391
 
 
 
306,000
Capital Markets - 3.5%
 
 
 
Avanza Bank Holding AB
 
742
12,497
Banca Generali SpA
 
585
18,953
Bolsa Mexicana de Valores S.A.B. de CV
 
13,232
20,631
Brookfield Corp. (Canada) Class A
 
823
23,976
Charles Schwab Corp.
 
796
41,424
CME Group, Inc.
 
209
44,613
HUB24 Ltd.
 
1,140
22,011
Moody's Corp.
 
120
36,960
Morningstar, Inc.
 
154
38,999
Netwealth Group Ltd.
 
1,886
15,324
Nordnet AB
 
1,221
17,228
Partners Group Holding AG
 
19
19,985
S&P Global, Inc.
 
147
51,349
VZ Holding AG
 
239
23,436
 
 
 
387,386
Financial Services - 2.5%
 
 
 
Adyen BV (a)(b)
 
30
20,235
Block, Inc. Class A (a)
 
528
21,252
Edenred SA
 
403
21,423
Fiserv, Inc. (a)
 
411
46,751
Flywire Corp. (a)
 
1,282
34,473
Visa, Inc. Class A
 
469
110,262
Zenkoku Hosho Co. Ltd.
 
657
21,010
 
 
 
275,406
Insurance - 3.4%
 
 
 
American Financial Group, Inc.
 
313
34,230
Arch Capital Group Ltd. (a)
 
378
32,765
Arthur J. Gallagher & Co.
 
185
43,566
Assurant, Inc.
 
240
35,736
Chubb Ltd.
 
268
57,518
Globe Life, Inc.
 
313
36,421
Hannover Reuck SE
 
142
31,297
Qualitas Controladora S.A.B. de CV
 
5,255
43,404
Steadfast Group Ltd.
 
5,820
20,013
The Travelers Companies, Inc.
 
252
42,195
 
 
 
377,145
TOTAL FINANCIALS
 
 
1,345,937
HEALTH CARE - 7.5%
 
 
 
Biotechnology - 0.3%
 
 
 
Repligen Corp. (a)
 
159
21,395
Zai Lab Ltd. (a)
 
7,076
18,058
 
 
 
39,453
Health Care Equipment & Supplies - 3.3%
 
 
 
Align Technology, Inc. (a)
 
128
23,628
Boston Scientific Corp. (a)
 
1,047
53,596
Coloplast A/S Series B
 
165
17,193
Fisher & Paykel Healthcare Corp.
 
1,258
15,259
Hoya Corp.
 
275
26,474
IDEXX Laboratories, Inc. (a)
 
83
33,156
Inspire Medical Systems, Inc. (a)
 
158
23,251
Intuitive Surgical, Inc. (a)
 
163
42,742
Masimo Corp. (a)
 
417
33,831
ResMed, Inc.
 
178
25,137
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) (a)
 
486
18,999
Straumann Holding AG
 
192
22,574
The Cooper Companies, Inc.
 
113
35,228
 
 
 
371,068
Health Care Providers & Services - 2.1%
 
 
 
Apollo Hospitals Enterprise Ltd.
 
437
25,296
Humana, Inc.
 
103
53,940
Surgery Partners, Inc. (a)
 
870
20,123
UnitedHealth Group, Inc.
 
247
132,283
 
 
 
231,642
Health Care Technology - 0.3%
 
 
 
Veeva Systems, Inc. Class A (a)
 
159
30,641
Life Sciences Tools & Services - 1.5%
 
 
 
10X Genomics, Inc. (a)
 
566
19,968
Danaher Corp.
 
287
55,110
Lonza Group AG
 
45
15,759
Sartorius Stedim Biotech
 
66
12,329
West Pharmaceutical Services, Inc.
 
131
41,696
Wuxi Biologics (Cayman), Inc. (a)(b)
 
3,155
19,617
 
 
 
164,479
TOTAL HEALTH CARE
 
 
837,283
INDUSTRIALS - 14.9%
 
 
 
Aerospace & Defense - 1.2%
 
 
 
HEICO Corp.
 
226
35,801
INVISIO AB
 
1,159
17,402
Northrop Grumman Corp.
 
109
51,386
Safran SA
 
215
33,587
 
 
 
138,176
Air Freight & Logistics - 1.2%
 
 
 
C.H. Robinson Worldwide, Inc.
 
428
35,023
Delhivery Private Ltd. (a)
 
4,535
22,506
DHL Group
 
725
28,199
DSV A/S
 
145
21,625
ZTO Express, Inc. sponsored ADR
 
919
21,661
 
 
 
129,014
Building Products - 1.1%
 
 
 
ASSA ABLOY AB (B Shares)
 
1,195
25,472
Kingspan Group PLC (Ireland)
 
315
21,158
Reliance Worldwide Corp. Ltd.
 
7,856
17,511
The AZEK Co., Inc. (a)
 
1,066
27,929
Trex Co., Inc. (a)
 
505
28,386
 
 
 
120,456
Commercial Services & Supplies - 1.5%
 
 
 
Casella Waste Systems, Inc. Class A (a)
 
455
34,330
Cintas Corp.
 
84
42,598
Copart, Inc.
 
1,184
51,528
GFL Environmental, Inc.
 
625
18,005
Waste Connections, Inc. (Canada)
 
135
17,480
 
 
 
163,941
Electrical Equipment - 1.2%
 
 
 
AMETEK, Inc.
 
283
39,838
Eaton Corp. PLC
 
258
53,641
Generac Holdings, Inc. (a)
 
305
25,641
Nidec Corp.
 
481
17,644
 
 
 
136,764
Ground Transportation - 0.7%
 
 
 
Localiza Rent a Car SA
 
2,311
23,317
Old Dominion Freight Lines, Inc.
 
99
37,289
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA
 
13,622
21,155
 
 
 
81,761
Industrial Conglomerates - 1.0%
 
 
 
General Electric Co.
 
548
59,529
Honeywell International, Inc.
 
284
52,046
 
 
 
111,575
Machinery - 2.4%
 
 
 
Atlas Copco AB (A Shares)
 
2,298
29,757
Fortive Corp.
 
554
36,165
IDEX Corp.
 
167
31,965
Indutrade AB
 
1,208
21,336
Japan Steel Works Ltd.
 
966
15,673
Minebea Mitsumi, Inc.
 
935
14,660
Misumi Group, Inc.
 
855
12,944
Miura Co. Ltd.
 
820
15,899
Rational AG
 
22
12,512
SMC Corp.
 
48
22,165
Tocalo Co. Ltd.
 
1,606
14,516
VAT Group AG (b)
 
53
18,685
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares)
 
4,467
16,352
 
 
 
262,629
Marine Transportation - 0.1%
 
 
 
SITC International Holdings Co. Ltd.
 
8,782
13,528
Passenger Airlines - 0.2%
 
 
 
Ryanair Holdings PLC sponsored ADR (a)
 
221
19,382
Professional Services - 3.3%
 
 
 
BayCurrent Consulting, Inc.
 
540
13,558
Centre Testing International Group Co. Ltd. (A Shares)
 
4,438
9,184
Ceridian HCM Holding, Inc. (a)
 
584
37,382
Equifax, Inc.
 
198
33,575
Experian PLC
 
879
26,613
Funai Soken Holdings, Inc.
 
852
14,003
Headhunter Group PLC ADR (a)(c)
 
622
1,693
Paycom Software, Inc.
 
120
29,396
Recruit Holdings Co. Ltd.
 
903
25,891
RELX PLC (London Stock Exchange)
 
939
32,797
Sporton International, Inc.
 
3,398
22,414
Thomson Reuters Corp.
 
225
26,951
TriNet Group, Inc. (a)
 
289
29,695
Verisk Analytics, Inc.
 
195
44,335
Wolters Kluwer NV
 
161
20,630
 
 
 
368,117
Trading Companies & Distributors - 1.0%
 
 
 
AddTech AB (B Shares)
 
979
14,331
Ashtead Group PLC
 
479
27,387
Azelis Group NV
 
826
14,071
Ferguson PLC
 
284
42,657
IMCD NV
 
158
18,975
 
 
 
117,421
TOTAL INDUSTRIALS
 
 
1,662,764
INFORMATION TECHNOLOGY - 20.6%
 
 
 
Electronic Equipment, Instruments & Components - 1.9%
 
 
 
Amphenol Corp. Class A
 
526
42,369
Azbil Corp.
 
666
19,679
CDW Corp.
 
223
44,689
Keyence Corp.
 
84
32,518
Lagercrantz Group AB (B Shares)
 
2,284
20,809
Murata Manufacturing Co. Ltd.
 
1,428
24,461
Teledyne Technologies, Inc. (a)
 
84
31,466
 
 
 
215,991
IT Services - 1.9%
 
 
 
Cloudflare, Inc. (a)
 
613
34,751
Kainos Group PLC
 
981
13,378
Nagarro SE (a)
 
139
9,773
SHIFT, Inc. (a)
 
109
19,777
Shopify, Inc. Class A (a)
 
364
17,177
Softcat PLC
 
1,081
16,621
Tata Consultancy Services Ltd.
 
842
34,077
Twilio, Inc. Class A (a)
 
517
26,501
VeriSign, Inc. (a)
 
191
38,135
 
 
 
210,190
Semiconductors & Semiconductor Equipment - 5.8%
 
 
 
Advantest Corp.
 
692
17,825
ASM International NV (Netherlands)
 
58
23,842
ASML Holding NV (Netherlands)
 
108
64,921
BE Semiconductor Industries NV
 
189
19,458
Disco Corp.
 
134
23,664
eMemory Technology, Inc.
 
499
31,239
Monolithic Power Systems, Inc.
 
88
38,873
NVIDIA Corp.
 
543
221,435
Silicon Laboratories, Inc. (a)
 
339
31,249
Taiwan Semiconductor Manufacturing Co. Ltd.
 
6,368
103,925
Teradyne, Inc.
 
356
29,644
Tokyo Electron Ltd.
 
269
35,545
 
 
 
641,620
Software - 10.6%
 
 
 
Adobe, Inc. (a)
 
146
77,681
ANSYS, Inc. (a)
 
120
33,391
Atlassian Corp. PLC (a)
 
143
25,832
ATOSS Software AG
 
90
18,951
Bill Holdings, Inc. (a)
 
408
37,246
Confluent, Inc. (a)
 
1,109
32,061
Constellation Software, Inc.
 
17
34,080
Constellation Software, Inc. warrants 8/22/28 (a)(c)
 
17
0
Dassault Systemes SA
 
758
31,225
Fortnox AB
 
3,520
13,919
HubSpot, Inc. (a)
 
98
41,529
Lumine Group, Inc.
 
1,322
16,626
Microsoft Corp.
 
1,462
494,315
Money Forward, Inc. (a)
 
614
15,508
Procore Technologies, Inc. (a)
 
587
35,860
Salesforce, Inc. (a)
 
370
74,307
SAP SE
 
332
44,532
ServiceNow, Inc. (a)
 
88
51,203
Synopsys, Inc. (a)
 
99
46,475
Topicus.Com, Inc. (a)
 
259
17,054
Workday, Inc. Class A (a)
 
180
38,108
 
 
 
1,179,903
Technology Hardware, Storage & Peripherals - 0.4%
 
 
 
Seagate Technology Holdings PLC
 
597
40,745
TOTAL INFORMATION TECHNOLOGY
 
 
2,288,449
MATERIALS - 4.3%
 
 
 
Chemicals - 2.7%
 
 
 
Air Products & Chemicals, Inc.
 
151
42,648
Ecolab, Inc.
 
222
37,238
Givaudan SA
 
8
26,560
Linde PLC
 
159
60,763
NOF Corp.
 
431
17,003
Shin-Etsu Chemical Co. Ltd.
 
1,086
32,475
Sika AG
 
119
28,375
Solar Industries India Ltd.
 
438
28,925
Symrise AG
 
185
18,905
 
 
 
292,892
Construction Materials - 0.8%
 
 
 
Martin Marietta Materials, Inc.
 
113
46,210
Vulcan Materials Co.
 
234
45,979
 
 
 
92,189
Metals & Mining - 0.8%
 
 
 
First Quantum Minerals Ltd.
 
931
10,789
Freeport-McMoRan, Inc.
 
1,128
38,104
Press Metal Aluminium Holdings
 
19,537
20,195
Ternium SA sponsored ADR
 
583
21,857
 
 
 
90,945
TOTAL MATERIALS
 
 
476,026
REAL ESTATE - 4.2%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 2.8%
 
 
 
American Tower Corp.
 
255
45,438
Big Yellow Group PLC
 
1,115
12,942
Embassy Office Parks (REIT)
 
6,240
23,344
Equinix, Inc.
 
63
45,967
Equity Lifestyle Properties, Inc.
 
518
34,084
Extra Space Storage, Inc.
 
210
21,754
National Storage REIT unit
 
15,614
19,908
Prologis (REIT), Inc.
 
385
38,789
Safestore Holdings PLC
 
1,505
12,503
Segro PLC
 
1,591
13,784
Sun Communities, Inc.
 
248
27,588
Warehouses de Pauw
 
822
20,283
 
 
 
316,384
Real Estate Management & Development - 1.4%
 
 
 
Ayala Land, Inc.
 
36,338
17,838
CBRE Group, Inc. (a)
 
454
31,480
Colliers International Group, Inc.
 
176
15,955
CoStar Group, Inc. (a)
 
490
35,971
Grainger Trust PLC
 
6,615
18,283
Katitas Co. Ltd.
 
926
12,360
Oberoi Realty Ltd.
 
1,739
23,761
 
 
 
155,648
TOTAL REAL ESTATE
 
 
472,032
UTILITIES - 0.6%
 
 
 
Electric Utilities - 0.4%
 
 
 
Constellation Energy Corp.
 
427
48,217
Gas Utilities - 0.2%
 
 
 
Nippon Gas Co. Ltd.
 
1,244
18,697
TOTAL UTILITIES
 
 
66,914
 
TOTAL COMMON STOCKS
 (Cost $10,092,294)
 
 
 
10,965,939
 
 
 
 
Nonconvertible Preferred Stocks - 0.4%
 
 
Shares
Value ($)
 
HEALTH CARE - 0.2%
 
 
 
Life Sciences Tools & Services - 0.2%
 
 
 
Sartorius AG (non-vtg.)
 
63
15,745
INDUSTRIALS - 0.2%
 
 
 
Passenger Airlines - 0.2%
 
 
 
Azul SA (a)
 
9,189
23,475
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 (Cost $36,715)
 
 
 
39,220
 
 
 
 
Money Market Funds - 1.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (d)
 
 (Cost $160,448)
 
 
160,416
160,448
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.3%
 (Cost $10,289,457)
 
 
 
11,165,607
NET OTHER ASSETS (LIABILITIES) - (0.3)%  
(32,004)
NET ASSETS - 100.0%
11,133,603
 
 
 
 
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 $58,537 or 0.5% of net assets.
 
(c)
Level 3 security
 
(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, 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
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
-
1,941,742
1,781,294
4,870
-
-
160,448
0.0%
Total
-
1,941,742
1,781,294
4,870
-
-
160,448
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
857,467
728,842
128,625
-
Consumer Discretionary
2,105,273
1,665,073
440,200
-
Consumer Staples
610,520
463,684
146,836
-
Energy
243,274
209,764
33,510
-
Financials
1,345,937
1,217,953
127,984
-
Health Care
853,028
713,566
139,462
-
Industrials
1,686,239
1,294,485
390,061
1,693
Information Technology
2,288,449
1,789,553
498,896
-
Materials
476,026
358,523
117,503
-
Real Estate
472,032
374,821
97,211
-
Utilities
66,914
48,217
18,697
-
  Money Market Funds
160,448
160,448
-
-
 Total Investments in Securities:
11,165,607
9,024,929
2,138,985
1,693
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $10,129,009)
$
11,005,159
 
 
Fidelity Central Funds (cost $160,448)
160,448
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $10,289,457)
 
 
$
11,165,607
Cash
 
 
8,120
Foreign currency held at value (cost $355)
 
 
356
Receivable for fund shares sold
 
 
4,947
Dividends receivable
 
 
10,095
Distributions receivable from Fidelity Central Funds
 
 
708
Prepaid expenses
 
 
17
Receivable from investment adviser for expense reductions
 
 
14,921
  Total assets
 
 
11,204,771
Liabilities
 
 
 
 
Payable for fund shares redeemed
$
27,154
 
 
Accrued management fee
2,929
 
 
Other affiliated payables
2,833
 
 
Audit fee payable
32,777
 
 
Other payables and accrued expenses
5,475
 
 
  Total Liabilities
 
 
 
71,168
Net Assets  
 
 
$
11,133,603
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
11,293,341
Total accumulated earnings (loss)
 
 
 
(159,738)
Net Assets
 
 
$
11,133,603
Net Asset Value, offering price and redemption price per share ($11,133,603 ÷ 925,281 shares)
 
 
$
12.03
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
147,984
Income from Fidelity Central Funds  
 
 
4,870
 Income before foreign taxes withheld
 
 
$
152,854
Less foreign taxes withheld
 
 
(11,638)
 Total Income
 
 
 
141,216
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
68,229
 
 
 Performance adjustment
(22,092)
 
 
Transfer agent fees
30,668
 
 
Accounting fees and expenses
4,202
 
 
Custodian fees and expenses
8,671
 
 
Independent trustees' fees and expenses
72
 
 
Registration fees
22,472
 
 
Audit
66,421
 
 
Legal
428
 
 
Miscellaneous
52
 
 
 Total expenses before reductions
 
179,123
 
 
 Expense reductions
 
(67,283)
 
 
 Total expenses after reductions
 
 
 
111,840
Net Investment income (loss)
 
 
 
29,376
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $3,605)
 
(25,360)
 
 
 Foreign currency transactions
 
372
 
 
Total net realized gain (loss)
 
 
 
(24,988)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of decrease in deferred foreign taxes of $1,557)  
 
1,076,798
 
 
 Assets and liabilities in foreign currencies
 
243
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
1,077,041
Net gain (loss)
 
 
 
1,052,053
Net increase (decrease) in net assets resulting from operations
 
 
$
1,081,429
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
29,376
$
8,806
Net realized gain (loss)
 
(24,988)
 
 
(933,940)
 
Change in net unrealized appreciation (depreciation)
 
1,077,041
 
(6,033,124)
 
Net increase (decrease) in net assets resulting from operations
 
1,081,429
 
 
(6,958,258)
 
Distributions to shareholders
 
-
 
 
(572,700)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
1,803,511
 
3,817,785
  Reinvestment of distributions
 
-
 
 
537,633
 
Cost of shares redeemed
 
(2,959,519)
 
(7,108,348)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(1,156,008)
 
 
(2,752,930)
 
Total increase (decrease) in net assets
 
(74,579)
 
 
(10,283,888)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
11,208,182
 
21,492,070
 
End of period
$
11,133,603
$
11,208,182
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
142,807
 
278,587
  Issued in reinvestment of distributions
 
-
 
 
33,571
 
Redeemed
 
(242,007)
 
(575,644)
Net increase (decrease)
 
(99,200)
 
(263,486)
 
 
 
 
 
 
Financial Highlights
Fidelity® Enduring Opportunities Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 A
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.94
$
16.69
$
11.91
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.03
 
.01
 
(.04)
 
(.01)
     Net realized and unrealized gain (loss)
 
1.06
 
(5.32)
 
4.82
 
1.93
  Total from investment operations
 
1.09  
 
(5.31)  
 
4.78  
 
1.92  
  Distributions from net investment income
 
-
 
(.03)
 
-
 
- D
  Distributions from net realized gain
 
-
 
(.41)
 
-
 
-
  Tax return of capital
 
-
 
-
 
-
 
(.01)
     Total distributions
 
-
 
(.44)
 
-
 
(.01)
  Net asset value, end of period
$
12.03
$
10.94
$
16.69
$
11.91
 Total Return E,F
 
9.96%
 
(32.65)%
 
40.13%
 
19.22%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.51%
 
1.41%
 
1.70%
 
2.63% I
    Expenses net of fee waivers, if any
 
.94%
 
.98%
 
1.08%
 
1.10% I
    Expenses net of all reductions
 
.94%
 
.98%
 
1.08%
 
1.09% I
    Net investment income (loss)
 
.25%
 
.05%
 
(.25)%
 
(.10)% I
 Supplemental Data
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
11,134
$
11,208
$
21,492
$
10,055
    Portfolio turnover rate J
 
19%
 
15%
 
23%
 
17% I
 
AFor the period November 5, 2019 (commencement of operations) through October 31, 2020.
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DAmount represents less than $.005 per share.
 
ETotal returns for periods of less than one year are not annualized.
 
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAnnualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity Enduring Opportunities Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
 
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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, 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. 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$2,185,990
Gross unrealized depreciation
(1,343,389)
Net unrealized appreciation (depreciation)
$842,601
Tax Cost
$10,323,006
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$30,401
Capital loss carryforward
$(1,028,754)
Net unrealized appreciation (depreciation) on securities and other investments
$842,438
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 Short-term
$(472,241)
 Long-term
(556,513)
Total capital loss carryforward
$(1,028,754)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$-
$161,718
Long-term Capital Gains
-
410,982
Total
$-
$572,700
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Enduring Opportunities Fund
2,287,178
3,499,541
 
5. Fees and Other Transactions with Affiliates.
 
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .35% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the MSCI ACWI (All Country World Index) Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .39% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .26% of average net assets.
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of 0.2000% of average net assets.
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity Enduring Opportunities Fund
.04
 
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
 
 
% of Average Net Assets
Fidelity Enduring Opportunities Fund
0.0354%
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity Enduring Opportunities Fund
$12
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Enduring Opportunities Fund
 7,377
 89,417
 15,966
 
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity Enduring Opportunities Fund
$22
 
7. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .95% of average net assets. This reimbursement will remain in place through February 28, 2025. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $66,268.
 
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $292.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $723.
8. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:
 
Fund
Affiliated %
Fidelity Enduring Opportunities Fund.
 21%
9. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
 
 
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Enduring Opportunities Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Enduring Opportunities Fund (one of the funds constituting Fidelity Investment Trust, referred to hereafter as the "Fund") as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, the statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the three years in the period ended October 31, 2023 and for the period November 5, 2019 (commencement of operations) through October 31, 2020 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2023 and the financial highlights for each of the three years in the period ended October 31, 2023 and for the period November 5, 2019 (commencement of operations) through October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 14, 2023
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 322 funds. Mr. Chiel oversees 191 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).       
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Vijay C. Advani (1960)
Year of Election or Appointment: 2023
Member of the Advisory Board
Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).     
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Karen B. Peetz (1955)
Year of Election or Appointment: 2023
Member of the Advisory Board
Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).     
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).      
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).          
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® Enduring Opportunities Fund **
 
 
 
.94%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 967.80
 
$ 4.66  
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.47
 
$ 4.79  
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
** If fees and changes to the expense contract and/or expense cap, effective December 1, 2023, had been in effect during the current period, the restated annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:
 
 
 
 
Annualized Expense Ratio- A
 
Expenses Paid
 
 
 
 
 
 
Fidelity® Enduring Opportunities Fund
 
 
 
.88%
 
 
Actual
 
 
 
 
 
$ 4.37
Hypothetical- B
 
 
 
 
 
$ 4.48
 
 
 
 
 
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
 
 
 
 
 
B   5% return per year before expenses
 
 
 
 
 
 
 
 
 
 
Distributions (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Enduring Opportunities Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
Approval of Stub Period Continuation. At its May 2023 meeting, the Board of Trustees voted to continue the fund's management contract with FMR, and the sub-advisory agreements and sub-sub-advisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for two months from June 1, 2023 through July 31, 2023. The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board would consider the annual renewal for a full one year period in July 2023.
At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. The fund underperformed its benchmark and peers for the one- and three-year periods ended February 28, 2023, and as a result, the Board continues to engage in discussions with FMR about the steps it is taking to address the fund's performance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods  than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2022.
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.
Other Contractual Arrangements. The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.95% through February 29, 2024.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.  Further based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.  
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through July 31, 2024.
 
1.9896221.103
IDF-ANN-1223
Fidelity® International Small Cap Opportunities Fund
 
 
Annual Report
October 31, 2023
Includes Fidelity and Fidelity Advisor share classes

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2023 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Class A  (incl. 5.75% sales charge)  
-2.22%
1.84%
3.87%
Class M  (incl. 3.50% sales charge)  
-0.19%
2.05%
3.83%
Class C  
(incl. contingent deferred sales charge)
 
1.97%
2.27%
3.84%
Fidelity® International Small Cap Opportunities Fund
4.11%
3.38%
4.80%
Class I
4.02%
3.35%
4.79%
Class Z
4.19%
3.49%
4.86%
 
 
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® International Small Cap Opportunities Fund, a class of the fund, on October 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Small Cap Index performed over the same period.
 
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuation also helped bolster non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Portfolio Manager Jed Weiss:
For the fiscal year ending October 31, 2023, the fund's share classes (excluding sales charges, if applicable) gained about 3% to 4%, versus 6.67% for the benchmark MSCI EAFE Small Cap Index (Net MA). From a regional standpoint, security selection in Japan and emerging markets notably detracted from the fund's relative result. By sector, picks among health care firms weighed most on relative performance, especially in the health care equipment & services industry. Subpar investment choices in consumer staples, primarily within the consumer staples distribution & retail category, also hurt. Stock picks in information technology proved to be another performance headwind, particularly among software & services companies. Further detracting from the portfolio's relative return were security selection and an underweight in financials, especially banks. The largest individual relative detractor was a stake in ResMed (-36%), followed by Misumi Group (-30%) and Digital Hearts Holdings (-56%). All of these relative detractors were non-benchmark positions. In contrast, on a regional basis, security selection and an underweight in Asia Pacific ex Japan - namely Australia - along with picks in Europe ex the U.K., primarily Sweden, contributed to the fund's performance versus the benchmark. By sector, investment choices and an underweight in real estate, primarily among equity real estate investment trusts, added the most value compared with the benchmark. Picks in communication services also bolstered relative performance. Further aiding the portfolio's relative return was outsized exposure to industrials firms, particularly within the capital goods industry. Lastly, the fund's position in cash was a key contributor as well. The top individual relative contributor was an overweight in Addtech (+22%), the fund's top holding these past 12 months. A second notable relative contributor was an outsized stake in CTS Eventim (+28%), another of the portfolio's biggest holdings on October 31. A non-benchmark position in Rheinmetall (+79%) also helped. Notable changes in positioning this period include increased exposure to cash and equity markets in Germany. By sector, meaningful shifts include lower allocations to the health care and consumer staples sectors.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
Top Holdings (% of Fund's net assets)
 
Spectris PLC  (United Kingdom, Electronic Equipment, Instruments & Components)
3.7
 
Azbil Corp.  (Japan, Electronic Equipment, Instruments & Components)
3.7
 
AddTech AB (B Shares)  (Sweden, Trading Companies & Distributors)
3.5
 
Lagercrantz Group AB (B Shares)  (Sweden, Electronic Equipment, Instruments & Components)
3.3
 
CTS Eventim AG  (Germany, Entertainment)
3.0
 
Interpump Group SpA  (Italy, Machinery)
2.8
 
Aalberts Industries NV  (Netherlands, Machinery)
2.4
 
Morningstar, Inc.  (United States of America, Capital Markets)
2.3
 
SHO-BOND Holdings Co. Ltd.  (Japan, Construction & Engineering)
2.0
 
OBIC Co. Ltd. (Japan, IT Services)
2.0
 
 
28.7
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
30.3
 
Information Technology
21.3
 
Consumer Discretionary
9.9
 
Health Care
7.8
 
Communication Services
7.1
 
Financials
4.8
 
Consumer Staples
4.7
 
Materials
3.1
 
Real Estate
2.2
 
Energy
2.0
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 93.2%
 
 
Shares
Value ($)
 
Australia - 1.0%
 
 
 
Imdex Ltd.
 
4,147,753
4,350,615
Steadfast Group Ltd.
 
1,715,000
5,897,446
TOTAL AUSTRALIA
 
 
10,248,061
Belgium - 1.6%
 
 
 
Azelis Group NV
 
305,300
5,200,911
KBC Ancora
 
273,989
10,349,707
TOTAL BELGIUM
 
 
15,550,618
Canada - 3.9%
 
 
 
CAE, Inc. (a)
 
446,900
9,332,774
McCoy Global, Inc.
 
630,215
686,227
Osisko Gold Royalties Ltd.
 
370,000
4,522,445
Pason Systems, Inc.
 
492,300
4,717,986
Richelieu Hardware Ltd.
 
620,663
18,565,063
TOTAL CANADA
 
 
37,824,495
China - 0.5%
 
 
 
Chlitina Holding Ltd.
 
829,500
4,991,580
Denmark - 0.5%
 
 
 
Spar Nord Bank A/S
 
346,634
5,248,345
Egypt - 0.2%
 
 
 
Integrated Diagnostics Holdings PLC (a)(b)
 
5,996,716
2,284,749
Finland - 0.7%
 
 
 
Musti Group OYJ
 
341,496
6,724,480
France - 2.9%
 
 
 
Laurent-Perrier Group SA
 
35,632
4,448,862
Lectra
 
426,210
10,778,250
LISI
 
155,310
3,590,687
Vetoquinol SA
 
112,417
9,480,190
TOTAL FRANCE
 
 
28,297,989
Germany - 6.7%
 
 
 
CTS Eventim AG
 
481,054
29,038,635
Nexus AG
 
291,358
14,196,566
Rheinmetall AG
 
35,000
10,013,858
Scout24 AG (b)
 
117,200
7,195,021
Stabilus Se
 
78,636
4,983,965
TOTAL GERMANY
 
 
65,428,045
India - 0.3%
 
 
 
Embassy Office Parks (REIT)
 
661,870
2,476,036
Ireland - 1.9%
 
 
 
AerCap Holdings NV (a)(c)
 
155,000
9,628,600
Cairn Homes PLC
 
4,286,800
5,028,027
Irish Residential Properties REIT PLC
 
3,923,200
3,777,535
TOTAL IRELAND
 
 
18,434,162
Israel - 1.6%
 
 
 
Ituran Location & Control Ltd.
 
355,577
8,793,419
NICE Ltd. sponsored ADR (a)
 
26,500
4,090,275
Tel Aviv Stock Exchange Ltd. (a)
 
674,096
3,001,912
TOTAL ISRAEL
 
 
15,885,606
Italy - 2.8%
 
 
 
Interpump Group SpA
 
646,943
26,970,497
Japan - 32.1%
 
 
 
Ai Holdings Corp.
 
157,100
2,431,967
Aoki Super Co. Ltd.
 
175,000
2,982,302
Artnature, Inc.
 
483,700
2,583,452
Aucnet, Inc. (c)
 
306,977
3,574,100
Azbil Corp.
 
1,215,592
35,919,125
Broadleaf Co. Ltd.
 
2,509,998
8,870,809
Central Automotive Products Ltd.
 
151,500
3,393,092
Curves Holdings Co. Ltd.
 
2,240,026
9,771,360
Daiichikosho Co. Ltd.
 
672,600
9,942,010
Daikokutenbussan Co. Ltd.
 
67,500
2,860,580
Digital Hearts Holdings Co. Ltd.
 
529,314
3,221,952
Fujitec Co. Ltd.
 
203,000
4,407,154
Funai Soken Holdings, Inc.
 
290,650
4,777,097
Goldcrest Co. Ltd.
 
595,530
8,492,452
Iwatsuka Confectionary Co. Ltd.
 
18,900
636,607
Kobayashi Pharmaceutical Co. Ltd.
 
160,550
6,628,030
Koshidaka Holdings Co. Ltd.
 
1,472,400
10,475,586
Kusuri No Aoki Holdings Co. Ltd.
 
78,500
5,143,136
Lasertec Corp.
 
80,144
13,238,204
Medikit Co. Ltd.
 
294,400
5,200,893
Miroku Jyoho Service Co., Ltd. (c)
 
238,400
2,441,590
Misumi Group, Inc.
 
660,268
9,995,575
Mitsuboshi Belting Ltd.
 
89,780
2,591,852
Nagaileben Co. Ltd.
 
671,327
9,264,213
Nihon Parkerizing Co. Ltd.
 
1,657,100
12,026,537
NS Tool Co. Ltd.
 
554,700
3,978,095
NSD Co. Ltd.
 
476,349
8,287,944
OBIC Co. Ltd.
 
130,600
19,304,816
OSG Corp.
 
809,800
9,240,298
Paramount Bed Holdings Co. Ltd.
 
217,220
3,700,920
ProNexus, Inc.
 
497,100
3,871,503
San-Ai Obbli Co. Ltd.
 
574,300
6,201,003
SHO-BOND Holdings Co. Ltd.
 
502,100
19,774,236
Shoei Co. Ltd.
 
517,604
6,896,436
SK Kaken Co. Ltd.
 
200,400
9,366,659
Software Service, Inc.
 
67,600
3,851,747
Techno Medica Co. Ltd.
 
80,791
1,220,988
The Monogatari Corp.
 
282,600
7,652,965
TIS, Inc.
 
211,800
4,535,666
Tocalo Co. Ltd.
 
540,636
4,886,682
USS Co. Ltd.
 
632,100
11,048,411
YAKUODO Holdings Co. Ltd.
 
251,900
4,639,857
YONEX Co. Ltd.
 
370,400
4,012,857
TOTAL JAPAN
 
 
313,340,758
Kenya - 0.0%
 
 
 
Safaricom Ltd.
 
751,217
62,123
Korea (South) - 0.5%
 
 
 
BGF Retail Co. Ltd.
 
44,596
4,553,700
Netherlands - 5.0%
 
 
 
Aalberts Industries NV
 
762,980
23,751,035
BE Semiconductor Industries NV
 
110,000
11,324,844
IMCD NV
 
114,517
13,752,845
TOTAL NETHERLANDS
 
 
48,828,724
Norway - 2.3%
 
 
 
Kongsberg Gruppen ASA
 
427,281
17,441,680
Medistim ASA
 
175,242
3,035,492
Volue A/S (a)
 
963,944
1,617,079
TOTAL NORWAY
 
 
22,094,251
Spain - 0.3%
 
 
 
Fluidra SA
 
145,001
2,549,933
Sweden - 11.3%
 
 
 
Addlife AB
 
604,344
3,936,036
AddTech AB (B Shares)
 
2,354,665
34,468,442
Autoliv, Inc.
 
154,800
14,187,420
Bergman & Beving AB (B Shares)
 
417,154
5,590,729
Hemnet Group AB
 
570,600
9,901,520
INVISIO AB
 
374,778
5,627,151
John Mattson Fastighetsforetag (a)(c)
 
471,026
2,253,339
Lagercrantz Group AB (B Shares)
 
3,556,312
32,401,214
Teqnion AB (a)(c)
 
72,885
1,341,808
TOTAL SWEDEN
 
 
109,707,659
Switzerland - 1.0%
 
 
 
Tecan Group AG
 
34,821
9,967,997
Taiwan - 0.6%
 
 
 
Addcn Technology Co. Ltd.
 
940,535
5,748,366
United Kingdom - 11.2%
 
 
 
Bodycote PLC
 
2,056,267
14,345,923
Clarkson PLC
 
184,953
5,945,990
Dechra Pharmaceuticals PLC
 
106,495
4,929,050
DP Poland PLC (a)
 
15,541,591
1,511,202
Howden Joinery Group PLC
 
1,461,900
11,329,300
InterContinental Hotel Group PLC ADR
 
172,000
12,406,360
Rightmove PLC
 
1,386,393
7,970,482
Sage Group PLC
 
345,000
4,070,019
Spectris PLC
 
963,878
36,317,913
Spirax-Sarco Engineering PLC
 
67,991
6,769,841
Unite Group PLC
 
364,800
3,850,896
TOTAL UNITED KINGDOM
 
 
109,446,976
United States of America - 4.3%
 
 
 
Morningstar, Inc.
 
87,400
22,133,176
NOV, Inc.
 
405,000
8,083,800
PriceSmart, Inc.
 
87,960
5,496,620
ResMed, Inc.
 
41,495
5,859,924
TOTAL UNITED STATES OF AMERICA
 
 
41,573,520
 
TOTAL COMMON STOCKS
 (Cost $764,462,153)
 
 
 
908,238,670
 
 
 
 
Investment Companies - 1.5%
 
 
Shares
Value ($)
 
United States of America - 1.5%
 
 
 
iShares MSCI EAFE Small-Cap ETF
  (Cost $15,847,316)
 
280,000
15,066,800
 
 
 
 
Money Market Funds - 5.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (d)
 
47,744,983
47,754,532
Fidelity Securities Lending Cash Central Fund 5.40% (d)(e)
 
4,475,067
4,475,514
 
TOTAL MONEY MARKET FUNDS
 (Cost $52,230,046)
 
 
52,230,046
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.1%
 (Cost $832,539,515)
 
 
 
975,535,516
NET OTHER ASSETS (LIABILITIES) - (0.1)%  
(655,794)
NET ASSETS - 100.0%
974,879,722
 
 
 
 
Security Type Abbreviations
ETF
-
EXCHANGE-TRADED FUND
 
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 $9,479,770 or 1.0% of net assets.
 
(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, 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.
 
(e)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
26,881,448
176,323,111
155,450,026
1,790,529
-
(1)
47,754,532
0.1%
Fidelity Securities Lending Cash Central Fund 5.40%
13,986,458
255,492,566
265,003,510
108,177
-
-
4,475,514
0.0%
Total
40,867,906
431,815,677
420,453,536
1,898,706
-
(1)
52,230,046
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
69,858,157
54,167,781
15,690,376
-
Consumer Discretionary
96,682,296
39,857,489
56,824,807
-
Consumer Staples
44,964,726
9,945,482
35,019,244
-
Energy
19,689,016
13,488,013
6,201,003
-
Financials
46,630,586
40,733,140
5,897,446
-
Health Care
76,928,765
53,690,004
23,238,761
-
Industrials
294,723,524
231,201,032
63,522,492
-
Information Technology
207,645,086
109,393,013
98,252,073
-
Materials
30,266,256
4,522,445
25,743,811
-
Real Estate
20,850,258
9,881,770
10,968,488
-
 Investment Companies
15,066,800
15,066,800
-
-
  Money Market Funds
52,230,046
52,230,046
-
-
 Total Investments in Securities:
975,535,516
634,177,015
341,358,501
-
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $4,323,729) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $780,309,469)
$
923,305,470
 
 
Fidelity Central Funds (cost $52,230,046)
52,230,046
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $832,539,515)
 
 
$
975,535,516
Cash
 
 
74,459
Foreign currency held at value (cost $100,160)
 
 
100,085
Receivable for investments sold
 
 
35,453
Receivable for fund shares sold
 
 
491,624
Dividends receivable
 
 
2,966,316
Reclaims receivable
 
 
1,623,697
Distributions receivable from Fidelity Central Funds
 
 
233,589
Prepaid expenses
 
 
1,511
Other receivables
 
 
2,926
  Total assets
 
 
981,065,176
Liabilities
 
 
 
 
Payable for investments purchased
$
336,038
 
 
Payable for fund shares redeemed
638,589
 
 
Accrued management fee
515,471
 
 
Distribution and service plan fees payable
11,445
 
 
Other affiliated payables
156,736
 
 
Other payables and accrued expenses
48,051
 
 
Collateral on securities loaned
4,479,124
 
 
  Total Liabilities
 
 
 
6,185,454
Net Assets  
 
 
$
974,879,722
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
794,709,014
Total accumulated earnings (loss)
 
 
 
180,170,708
Net Assets
 
 
$
974,879,722
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($26,559,237 ÷ 1,585,764 shares)(a)
 
 
$
16.75
Maximum offering price per share (100/94.25 of $16.75)
 
 
$
17.77
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($9,588,774 ÷ 583,453 shares)(a)
 
 
$
16.43
Maximum offering price per share (100/96.50 of $16.43)
 
 
$
17.03
Class C :
 
 
 
 
Net Asset Value and offering price per share ($2,035,719 ÷ 130,180 shares)(a)
 
 
$
15.64
International Small Cap Opportunities :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($632,320,222 ÷ 36,941,373 shares)
 
 
$
17.12
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($81,122,052 ÷ 4,747,579 shares)
 
 
$
17.09
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($223,253,718 ÷ 13,076,229 shares)
 
 
$
17.07
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
20,159,488
Income from Fidelity Central Funds (including $108,177 from security lending)
 
 
1,898,706
 Income before foreign taxes withheld
 
 
$
22,058,194
Less foreign taxes withheld
 
 
(1,917,777)
 Total Income
 
 
 
20,140,417
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
8,908,675
 
 
 Performance adjustment
(533,939)
 
 
Transfer agent fees
1,481,005
 
 
Distribution and service plan fees
158,794
 
 
Accounting fees
478,109
 
 
Custodian fees and expenses
89,031
 
 
Independent trustees' fees and expenses
6,359
 
 
Registration fees
94,504
 
 
Audit
89,814
 
 
Legal
1,327
 
 
Interest
4,911
 
 
Miscellaneous
5,294
 
 
 Total expenses before reductions
 
10,783,884
 
 
 Expense reductions
 
(65,390)
 
 
 Total expenses after reductions
 
 
 
10,718,494
Net Investment income (loss)
 
 
 
9,421,923
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $391,791)
 
34,721,508
 
 
 Foreign currency transactions
 
(120,059)
 
 
Total net realized gain (loss)
 
 
 
34,601,449
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of decrease in deferred foreign taxes of $650,013)  
 
5,986,825
 
 
   Fidelity Central Funds
 
(1)
 
 
 Assets and liabilities in foreign currencies
 
145,561
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
6,132,385
Net gain (loss)
 
 
 
40,733,834
Net increase (decrease) in net assets resulting from operations
 
 
$
50,155,757
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
9,421,923
$
8,172,300
Net realized gain (loss)
 
34,601,449
 
 
72,325,342
 
Change in net unrealized appreciation (depreciation)
 
6,132,385
 
(657,801,200)
 
Net increase (decrease) in net assets resulting from operations
 
50,155,757
 
 
(577,303,558)
 
Distributions to shareholders
 
(64,708,392)
 
 
(145,923,001)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
(52,713,432)
 
 
(23,291,061)
 
Total increase (decrease) in net assets
 
(67,266,067)
 
 
(746,517,620)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,042,145,789
 
1,788,663,409
 
End of period
$
974,879,722
$
1,042,145,789
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® International Small Cap Opportunities Fund Class A
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.17
$
28.35
$
20.86
$
19.02
$
17.33
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.10
 
.06
 
(.06)
 
(.04)
 
.11
     Net realized and unrealized gain (loss)
 
.61
 
(8.93)
 
7.55
 
2.05
 
2.01
  Total from investment operations
 
.71  
 
(8.87)  
 
7.49  
 
2.01  
 
2.12
  Distributions from net investment income
 
-
 
-
 
-
 
(.11)
 
(.11)
  Distributions from net realized gain
 
(1.13)
 
(2.31)
 
-
 
(.05)
 
(.31)
     Total distributions
 
(1.13)
 
(2.31)
 
-
 
(.17) C
 
(.43) C
  Net asset value, end of period
$
16.75
$
17.17
$
28.35
$
20.86
$
19.02
 Total Return D,E
 
3.74%
 
(33.79)%
 
35.91%
 
10.58%
 
12.61%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.31%
 
1.49%
 
1.50%
 
1.57%
 
1.49%
    Expenses net of fee waivers, if any
 
1.31%
 
1.48%
 
1.50%
 
1.57%
 
1.49%
    Expenses net of all reductions
 
1.31%
 
1.48%
 
1.50%
 
1.56%
 
1.48%
    Net investment income (loss)
 
.56%
 
.30%
 
(.25)%
 
(.20)%
 
.64%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
26,559
$
26,380
$
45,981
$
37,771
$
41,679
    Portfolio turnover rate H
 
10%
 
13%
 
21%
 
20%
 
17%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
ETotal returns do not include the effect of the sales charges.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® International Small Cap Opportunities Fund Class M
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.91
$
28.02
$
20.67
$
18.85
$
17.17
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.06
 
.01
 
(.13)
 
(.09)
 
.06
     Net realized and unrealized gain (loss)
 
.59
 
(8.81)
 
7.48
 
2.03
 
1.99
  Total from investment operations
 
.65  
 
(8.80)  
 
7.35  
 
1.94  
 
2.05
  Distributions from net investment income
 
-
 
-
 
-
 
(.06)
 
(.06)
  Distributions from net realized gain
 
(1.13)
 
(2.31)
 
-
 
(.05)
 
(.31)
     Total distributions
 
(1.13)
 
(2.31)
 
-
 
(.12) C
 
(.37)
  Net asset value, end of period
$
16.43
$
16.91
$
28.02
$
20.67
$
18.85
 Total Return D,E
 
3.43%
 
(33.95)%
 
35.56%
 
10.29%
 
12.29%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.57%
 
1.74%
 
1.75%
 
1.84%
 
1.77%
    Expenses net of fee waivers, if any
 
1.56%
 
1.74%
 
1.75%
 
1.84%
 
1.77%
    Expenses net of all reductions
 
1.56%
 
1.74%
 
1.75%
 
1.83%
 
1.77%
    Net investment income (loss)
 
.31%
 
.05%
 
(.50)%
 
(.47)%
 
.36%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
9,589
$
10,115
$
16,378
$
13,141
$
13,875
    Portfolio turnover rate H
 
10%
 
13%
 
21%
 
20%
 
17%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
ETotal returns do not include the effect of the sales charges.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® International Small Cap Opportunities Fund Class C
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.22
$
27.10
$
20.09
$
18.31
$
16.69
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.04)
 
(.09)
 
(.25)
 
(.18)
 
(.02)
     Net realized and unrealized gain (loss)
 
.59
 
(8.48)
 
7.26
 
1.96
 
1.93
  Total from investment operations
 
.55  
 
(8.57)  
 
7.01  
 
1.78  
 
1.91
  Distributions from net realized gain
 
(1.13)
 
(2.31)
 
-
 
-
 
(.29)
     Total distributions
 
(1.13)
 
(2.31)
 
-
 
-
 
(.29)
  Net asset value, end of period
$
15.64
$
16.22
$
27.10
$
20.09
$
18.31
 Total Return C,D
 
2.93%
 
(34.28)%
 
34.89%
 
9.72%
 
11.74%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.10%
 
2.26%
 
2.26%
 
2.33%
 
2.27%
    Expenses net of fee waivers, if any
 
2.10%
 
2.25%
 
2.26%
 
2.33%
 
2.26%
    Expenses net of all reductions
 
2.10%
 
2.25%
 
2.26%
 
2.33%
 
2.26%
    Net investment income (loss)
 
(.23)%
 
(.47)%
 
(1.01)%
 
(.96)%
 
(.13)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,036
$
3,314
$
6,770
$
7,253
$
9,424
    Portfolio turnover rate G
 
10%
 
13%
 
21%
 
20%
 
17%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DTotal returns do not include the effect of the contingent deferred sales charge.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity® International Small Cap Opportunities Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.47
$
28.77
$
21.10
$
19.24
$
17.53
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.16
 
.13
 
.01
 
.02
 
.17
     Net realized and unrealized gain (loss)
 
.63
 
(9.09)
 
7.66
 
2.07
 
2.02
  Total from investment operations
 
.79  
 
(8.96)  
 
7.67  
 
2.09  
 
2.19
  Distributions from net investment income
 
- C
 
(.04)
 
-
 
(.17)
 
(.17)
  Distributions from net realized gain
 
(1.13)
 
(2.31)
 
-
 
(.05)
 
(.31)
     Total distributions
 
(1.14) D
 
(2.34) D
 
-
 
(.23) D
 
(.48)
  Net asset value, end of period
$
17.12
$
17.47
$
28.77
$
21.10
$
19.24
 Total Return E
 
4.11%
 
(33.62)%
 
36.35%
 
10.90%
 
12.97%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.01%
 
1.19%
 
1.21%
 
1.26%
 
1.19%
    Expenses net of fee waivers, if any
 
1.00%
 
1.19%
 
1.20%
 
1.26%
 
1.19%
    Expenses net of all reductions
 
1.00%
 
1.19%
 
1.20%
 
1.25%
 
1.19%
    Net investment income (loss)
 
.87%
 
.60%
 
.05%
 
.11%
 
.94%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
632,320
$
700,271
$
1,268,421
$
1,152,472
$
1,040,989
    Portfolio turnover rate H
 
10%
 
13%
 
21%
 
20%
 
17%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CAmount represents less than $.005 per share.
 
DTotal distributions per share do not sum due to rounding.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® International Small Cap Opportunities Fund Class I
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.46
$
28.75
$
21.09
$
19.22
$
17.51
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.15
 
.13
 
.01
 
.02
 
.17
     Net realized and unrealized gain (loss)
 
.62
 
(9.07)
 
7.65
 
2.07
 
2.02
  Total from investment operations
 
.77  
 
(8.94)  
 
7.66  
 
2.09  
 
2.19
  Distributions from net investment income
 
(.01)
 
(.04)
 
-
 
(.16)
 
(.16)
  Distributions from net realized gain
 
(1.13)
 
(2.31)
 
-
 
(.05)
 
(.31)
     Total distributions
 
(1.14)
 
(2.35)
 
-
 
(.22) C
 
(.48) C
  Net asset value, end of period
$
17.09
$
17.46
$
28.75
$
21.09
$
19.22
 Total Return D
 
4.02%
 
(33.60)%
 
36.32%
 
10.90%
 
12.93%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.05%
 
1.20%
 
1.22%
 
1.28%
 
1.20%
    Expenses net of fee waivers, if any
 
1.04%
 
1.19%
 
1.22%
 
1.27%
 
1.19%
    Expenses net of all reductions
 
1.04%
 
1.19%
 
1.22%
 
1.27%
 
1.19%
    Net investment income (loss)
 
.83%
 
.59%
 
.04%
 
.09%
 
.93%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
81,122
$
82,705
$
141,310
$
113,041
$
142,854
    Portfolio turnover rate G
 
10%
 
13%
 
21%
 
20%
 
17%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® International Small Cap Opportunities Fund Class Z
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.44
$
28.73
$
21.05
$
19.20
$
17.51
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.18
 
.15
 
.04
 
.05
 
.19
     Net realized and unrealized gain (loss)
 
.62
 
(9.05)
 
7.64
 
2.05
 
2.02
  Total from investment operations
 
.80  
 
(8.90)  
 
7.68  
 
2.10  
 
2.21
  Distributions from net investment income
 
(.04)
 
(.08)
 
-
 
(.20)
 
(.20)
  Distributions from net realized gain
 
(1.13)
 
(2.31)
 
-
 
(.05)
 
(.31)
     Total distributions
 
(1.17)
 
(2.39)
 
-
 
(.25)
 
(.52) C
  Net asset value, end of period
$
17.07
$
17.44
$
28.73
$
21.05
$
19.20
 Total Return D
 
4.19%
 
(33.52)%
 
36.48%
 
11.03%
 
13.10%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.89%
 
1.07%
 
1.09%
 
1.14%
 
1.05%
    Expenses net of fee waivers, if any
 
.88%
 
1.07%
 
1.09%
 
1.13%
 
1.05%
    Expenses net of all reductions
 
.88%
 
1.07%
 
1.09%
 
1.13%
 
1.05%
    Net investment income (loss)
 
.98%
 
.72%
 
.16%
 
.23%
 
1.08%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
223,254
$
219,360
$
309,803
$
82,476
$
76,527
    Portfolio turnover rate G
 
10%
 
13%
 
21%
 
20%
 
17%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity International Small Cap Opportunities Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, International Small Cap Opportunities, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
 
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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. 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 service 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC) and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$258,881,050
Gross unrealized depreciation
(120,694,150)
Net unrealized appreciation (depreciation)
$138,186,900
Tax Cost
$837,348,616
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$10,239,162
Undistributed long-term capital gain
$31,849,119
Net unrealized appreciation (depreciation) on securities and other investments
$138,059,909
 
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$593,300
$ 2,549,889
Long-term Capital Gains
64,115,092
143,373,112
Total
$64,708,392
$ 145,923,001
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity International Small Cap Opportunities Fund
104,500,348
234,052,891
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Small Cap Opportunities as compared to its benchmark index, the MSCI EAFE Small Cap Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .78% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees
Retained by FDC
Class A
- %
.25%
$72,134
$250
Class M
.25%
.25%
55,224
166
Class C
.75%
.25%
31,436
1,209
 
 
 
$158,794
$1,625
 
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
 
For the period, sales charge amounts retained by FDC were as follows:
 
Retained by FDC
Class A
$2,163
Class M
 505
Class CA
                        31
 
$2,699
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Class A
$62,299
.22
Class M
24,423
.22
Class C
7,894
.25
International Small Cap Opportunities
1,133,042
.16
Class I
151,758
.20
Class Z
101,589
.04
 
$1,481,005
 
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
 
 
% of Class-Level Average Net Assets
Class A
0.2000%
Class M
0.2000%
Class C
0.2000%
International Small Cap Opportunities
0.1547%
Class I
0.2000%
 
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity International Small Cap Opportunities Fund
.04
 
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
 
 
% of Class-Level Average Net Assets
Fidelity International Small Cap Opportunities Fund
0.0441%
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity International Small Cap Opportunities Fund
$ 129
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity International Small Cap Opportunities Fund 
Borrower
$ 9,180,000
4.82%
$4,911
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity International Small Cap Opportunities Fund
3,091,312
12,385,884
(558,433)
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity International Small Cap Opportunities Fund
$1,970
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity International Small Cap Opportunities Fund
$7,549
$-
$-
8. Expense Reductions.
During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
Expense reduction
 
 
Class M
$352
 
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $65,038.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2023
Year ended
October 31, 2022
Fidelity International Small Cap Opportunities Fund
 
 
Distributions to shareholders
 
 
Class A
$ 1,724,252
 $3,712,302
Class M
 668,890
 1,347,073
Class C
 228,866
 565,280
International Small Cap Opportunities
 42,205,549
 103,110,108
Class I
 5,288,952
 11,507,400
Class Z
       14,591,883
       25,680,838
Total  
$     64,708,392
$  145,923,001
 
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended
October 31, 2023
Year ended
October 31, 2022
Year ended
October 31, 2023
Year ended
October 31, 2022
Fidelity International Small Cap Opportunities Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
171,839
107,181
$3,136,955
$2,213,121
Reinvestment of distributions
94,841
146,450
1,693,860
3,629,027
Shares redeemed
(217,502)
(339,023)
(3,984,745)
(7,042,478)
Net increase (decrease)
49,178
(85,392)
$846,070
$(1,200,330)
Class M
 
 
 
 
Shares sold
21,269
19,908
$383,026
$424,699
Reinvestment of distributions
37,879
54,676
665,150
1,337,368
Shares redeemed
(74,046)
(60,774)
(1,330,926)
(1,238,854)
Net increase (decrease)
(14,898)
13,810
$(282,750)
$523,213
Class C
 
 
 
 
Shares sold
7,494
9,960
$129,355
$199,008
Reinvestment of distributions
13,606
23,946
228,441
564,404
Shares redeemed
(95,302)
(79,310)
(1,646,239)
(1,567,463)
Net increase (decrease)
(74,202)
(45,404)
$(1,288,443)
$(804,051)
International Small Cap Opportunities
 
 
 
 
Shares sold
2,233,362
2,966,612
$41,954,989
$62,249,598
Reinvestment of distributions
1,900,059
3,165,438
34,581,075
79,642,429
Shares redeemed
(7,265,881)
(10,146,566)
(137,436,859)
(202,796,085)
Net increase (decrease)
(3,132,460)
(4,014,516)
$(60,900,795)
$(60,904,058)
Class I
 
 
 
 
Shares sold
2,306,791
698,127
$42,956,688
$14,776,475
Reinvestment of distributions
193,260
335,375
3,513,459
8,427,973
Shares redeemed
(2,490,268)
(1,211,577)
(47,134,219)
(25,532,337)
Net increase (decrease)
9,783
(178,075)
$(664,072)
$(2,327,889)
Class Z
 
 
 
 
Shares sold
1,446,980
2,588,492
$27,457,499
$51,781,304
Reinvestment of distributions
741,352
928,091
13,440,712
23,276,518
Shares redeemed
(1,687,699)
(1,722,683)
(31,321,653)
(33,635,768)
Net increase (decrease)
500,633
1,793,900
$9,576,558
$41,422,054
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity International Small Cap Opportunities Fund
25%
 
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
 
 
To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity International Small Cap Opportunities Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity International Small Cap Opportunities Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2023, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 13, 2023
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 322 funds. Mr. Chiel oversees 191 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).       
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Vijay C. Advani (1960)
Year of Election or Appointment: 2023
Member of the Advisory Board
Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).     
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Karen B. Peetz (1955)
Year of Election or Appointment: 2023
Member of the Advisory Board
Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).     
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).      
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).          
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
Fidelity® International Small Cap Opportunities Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.24%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 883.40
 
$ 5.89
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,018.95
 
$ 6.31
 
Class M
 
 
 
1.49%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 882.40
 
$ 7.07
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,017.69
 
$ 7.58
 
Class C
 
 
 
2.00%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 880.10
 
$ 9.48
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,015.12
 
$ 10.16
 
Fidelity® International Small Cap Opportunities Fund
 
 
 
.93%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 885.20
 
$ 4.42
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.52
 
$ 4.74
 
Class I
 
 
 
.99%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 884.60
 
$ 4.70
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.21
 
$ 5.04
 
Class Z
 
 
 
.81%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 885.40
 
$ 3.85
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.12
 
$ 4.13
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
Distributions (Unaudited)
 
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
 
The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2023, $34,527,634, or, if subsequently determined to be different, the net capital gain of such year.
 
 
International Small Cap Opportunities designates 18%; Class I designates 16%; and Class Z designates 11%; of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
 
 
International Small Cap Opportunities, Class I and Class Z designate 100% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
 
Pay Date
Income
Taxes
Fidelity International Small Cap Opportunities Fund
 
 
 
Class A
12/12/2022
$0.0000
$0.0000
Class M
12/12/2022
$0.0000
$0.0000
Class C
12/12/2022
$0.0000
$0.0000
International Small Cap Opportunities
12/12/2022
$0.0564
$0.0534
Class I
12/12/2022
$0.0604
$0.0534
Class Z
12/12/2022
$0.0894
$0.0534
 
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity International Small Cap Opportunities Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
Approval of Stub Period Continuation. At its May 2023 meeting, the Board of Trustees voted to continue the fund's management contract with FMR, and the sub-advisory agreements and sub-sub-advisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for two months from June 1, 2023 through July 31, 2023. The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board would consider the annual renewal for a full one year period in July 2023.
At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and the total expense ratio of the retail class, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the retail class of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the retail class of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the retail class of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2022.
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.
In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of the retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee, including the use of the retail class as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board also considered that although the fund is partially closed to new investors, it continues to incur investment management expenses, and marketing and distribution expenses related to the retention of existing shareholders and assets. The Board further noted that the fund may continue to realize benefits from the group fee structure, even though assets may not be expected to grow significantly at the fund level. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through July 31, 2024.
 
 
1.815075.119
ILS-ANN-1223
Fidelity® Sustainable International Equity Fund
 
 
Annual Report
October 31, 2023
Includes Fidelity and Fidelity Advisor share classes

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2023 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Life of
Fund A
Class A  (incl. 5.75% sales charge)  
3.14%
-15.88%
Class M  (incl. 3.50% sales charge)  
5.26%
-14.95%
Class C  
(incl. contingent deferred sales charge)
 
7.66%
-13.58%
Fidelity® Sustainable International Equity Fund
9.73%
-12.73%
Class I
9.73%
-12.73%
Class Z
9.86%
-12.60%
 
A   From February 10, 2022
Class C shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 1% and 0%, respectively.
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® Sustainable International Equity Fund, a class of the fund, on February 10, 2022, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.
 
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuation also helped bolster non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Co-Managers Niamh Brodie-Machura and William Kennedy:
For the fiscal year ending October 31, 2023, the fund's share classes (excluding sales charges, if applicable) gained about 9% to 10%, versus 14.65% for the benchmark MSCI EAFE Index (Net MA). From a regional standpoint, stock picks in Europe ex the U.K. and investment choices in the U.K. notably detracted from the fund's relative result. Investment choices in emerging markets and Canada also hindered performance versus the benchmark. By sector, security selection was the primary detractor, especially within financials, where our picks among banks hurt most. Security selection in the consumer discretionary and utilities sectors and positioning in energy also hampered the fund's result versus the benchmark. The biggest individual relative detractor was an overweight in Finland-based Neste (-21%). A non-benchmark stake in HDFC Bank (-9%), which is in India, and an overweight in Orsted (-28%) in Denmark also hurt relative performance. Orsted was not held at period end. In contrast, from a regional standpoint, an underweight in Asia Pacific ex Japan helped performance most versus the benchmark. By sector, the biggest contributor to relative performance was stock selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry. Stock picks and an overweight in information technology, primarily within the technology hardware & equipment industry, and an underweight in real estate also boosted relative performance. The top individual relative contributor was an overweight in Denmark-headquartered Novo-Nordisk (+44%), a position we established this period. Novo-Nordisk was the fund's top holding on October 31. Other notable relative contributors included overweights in Itochu (+41%) and Hitachi (+40%), Japan-based companies that were among the fund's largest holdings. By sector, meaningful changes included a higher allocation to information technology.
Note to shareholders:
Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
Top Holdings (% of Fund's net assets)
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
5.6
 
Sony Group Corp.  (Japan, Household Durables)
3.7
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
3.6
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
3.2
 
Itochu Corp.  (Japan, Trading Companies & Distributors)
2.9
 
Nestle SA (Reg. S)  (United States of America, Food Products)
2.9
 
ORIX Corp.  (Japan, Financial Services)
2.8
 
Hitachi Ltd.  (Japan, Industrial Conglomerates)
2.6
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
2.3
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
2.2
 
 
31.8
 
 
Market Sectors (% of Fund's net assets)
 
Financials
21.4
 
Health Care
14.8
 
Industrials
13.2
 
Information Technology
13.2
 
Consumer Discretionary
10.3
 
Consumer Staples
9.5
 
Materials
6.5
 
Utilities
4.0
 
Communication Services
2.2
 
Energy
1.1
 
Real Estate
0.6
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 96.8%
 
 
Shares
Value ($)
 
Australia - 1.8%
 
 
 
Bapcor Ltd.
 
13,815
47,024
Macquarie Group Ltd.
 
719
73,906
TOTAL AUSTRALIA
 
 
120,930
Austria - 2.0%
 
 
 
Verbund AG
 
1,017
88,239
Wienerberger AG
 
2,030
49,274
TOTAL AUSTRIA
 
 
137,513
Belgium - 1.4%
 
 
 
KBC Group NV
 
583
32,016
UCB SA
 
860
62,842
TOTAL BELGIUM
 
 
94,858
China - 0.5%
 
 
 
Chervon Holdings Ltd.
 
14,888
36,670
Denmark - 6.0%
 
 
 
Novo Nordisk A/S Series B
 
3,895
375,774
Vestas Wind Systems A/S (a)
 
1,320
28,611
TOTAL DENMARK
 
 
404,385
Finland - 1.1%
 
 
 
Neste OYJ
 
2,189
73,446
France - 11.8%
 
 
 
Air Liquide SA
 
512
87,732
AXA SA
 
4,024
119,233
BNP Paribas SA
 
2,100
120,758
Capgemini SA
 
263
46,480
Edenred SA
 
653
34,713
L'Oreal SA
 
270
113,489
LVMH Moet Hennessy Louis Vuitton SE
 
220
157,505
Pernod Ricard SA
 
657
116,441
Worldline SA (a)(b)
 
577
7,314
TOTAL FRANCE
 
 
803,665
Germany - 8.4%
 
 
 
Deutsche Borse AG
 
373
61,394
DHL Group
 
1,244
48,386
Gerresheimer AG
 
594
55,246
Merck KGaA
 
760
114,472
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
294
117,744
SAP SE
 
403
54,055
Siemens AG
 
910
120,756
TOTAL GERMANY
 
 
572,053
Hong Kong - 3.7%
 
 
 
AIA Group Ltd.
 
17,003
147,651
Hang Seng Bank Ltd.
 
5,365
61,339
Prudential PLC
 
3,969
41,501
TOTAL HONG KONG
 
 
250,491
India - 1.2%
 
 
 
HDFC Bank Ltd. sponsored ADR
 
1,446
81,771
Ireland - 1.3%
 
 
 
Dalata Hotel Group PLC
 
15,478
65,673
Kingspan Group PLC (Ireland)
 
314
21,091
TOTAL IRELAND
 
 
86,764
Italy - 1.0%
 
 
 
Prysmian SpA
 
1,733
64,711
Japan - 18.7%
 
 
 
Eisai Co. Ltd.
 
575
30,463
FUJIFILM Holdings Corp.
 
1,831
100,152
Fujitsu Ltd.
 
573
74,231
Hitachi Ltd.
 
2,838
179,891
Hoya Corp.
 
1,246
119,951
Itochu Corp.
 
5,463
196,783
ORIX Corp.
 
10,454
190,120
Persol Holdings Co. Ltd.
 
27,131
40,681
Sony Group Corp.
 
3,018
250,913
TIS, Inc.
 
1,107
23,706
Tokyo Electron Ltd.
 
483
63,823
TOTAL JAPAN
 
 
1,270,714
Korea (South) - 0.7%
 
 
 
SK Hynix, Inc.
 
537
46,565
Netherlands - 9.2%
 
 
 
ASML Holding NV (Netherlands)
 
359
215,802
BE Semiconductor Industries NV
 
318
32,739
Heineken NV (Bearer)
 
571
51,301
ING Groep NV (Certificaten Van Aandelen)
 
7,239
92,808
Koninklijke KPN NV
 
43,358
145,734
Wolters Kluwer NV
 
683
87,517
TOTAL NETHERLANDS
 
 
625,901
New Zealand - 0.8%
 
 
 
Contact Energy Ltd.
 
12,683
57,612
Norway - 1.9%
 
 
 
DNB Bank ASA
 
6,961
125,437
Schibsted ASA (A Shares)
 
329
6,574
TOTAL NORWAY
 
 
132,011
Spain - 1.4%
 
 
 
CaixaBank SA
 
5,687
23,121
EDP Renovaveis SA
 
637
10,238
Iberdrola SA
 
5,306
59,013
TOTAL SPAIN
 
 
92,372
Sweden - 2.0%
 
 
 
Boliden AB
 
3,445
88,189
Instalco AB
 
1,724
4,816
Investor AB (B Shares)
 
1,544
28,273
Lagercrantz Group AB (B Shares)
 
1,680
15,306
TOTAL SWEDEN
 
 
136,584
Taiwan - 2.2%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
9,201
150,160
United Kingdom - 13.1%
 
 
 
3i Group PLC
 
1,847
43,548
AstraZeneca PLC (United Kingdom)
 
1,968
246,401
Barratt Developments PLC
 
5,622
28,283
Beazley PLC
 
3,146
19,673
Big Yellow Group PLC
 
1,008
11,700
Bunzl PLC
 
595
21,204
Compass Group PLC
 
4,481
112,972
Diageo PLC
 
2,977
112,578
Endava PLC ADR (a)
 
250
12,540
Grainger Trust PLC
 
10,931
30,213
Impax Asset Management Group PLC
 
849
3,973
London Stock Exchange Group PLC
 
347
35,011
National Grid PLC
 
4,350
51,865
Reckitt Benckiser Group PLC
 
856
57,272
Renewi PLC (a)
 
1,071
7,641
Sage Group PLC
 
4,461
52,627
Smart Metering Systems PLC
 
5,274
40,962
TOTAL UNITED KINGDOM
 
 
888,463
United States of America - 6.6%
 
 
 
CRH PLC
 
2,402
129,072
Ferguson PLC
 
243
36,417
Linde PLC
 
236
90,190
Nestle SA (Reg. S)
 
1,805
194,649
TOTAL UNITED STATES OF AMERICA
 
 
450,328
 
TOTAL COMMON STOCKS
 (Cost $6,677,172)
 
 
 
6,577,967
 
 
 
 
Money Market Funds - 3.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (c)
 
 (Cost $226,885)
 
 
226,840
226,885
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.2%
 (Cost $6,904,057)
 
 
 
6,804,852
NET OTHER ASSETS (LIABILITIES) - (0.2)%  
(11,616)
NET ASSETS - 100.0%
6,793,236
 
 
 
 
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 $7,314 or 0.1% 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, 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
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
225,629
2,952,294
2,951,038
11,275
-
-
226,885
0.0%
Total
225,629
2,952,294
2,951,038
11,275
-
-
226,885
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
152,308
6,574
145,734
-
Consumer Discretionary
699,040
93,956
605,084
-
Consumer Staples
645,730
116,441
529,289
-
Energy
73,446
73,446
-
-
Financials
1,461,304
450,914
1,010,390
-
Health Care
1,005,149
232,560
772,589
-
Industrials
899,467
332,745
566,722
-
Information Technology
888,186
113,212
774,974
-
Materials
444,457
356,725
87,732
-
Real Estate
41,913
41,913
-
-
Utilities
266,967
98,477
168,490
-
  Money Market Funds
226,885
226,885
-
-
 Total Investments in Securities:
6,804,852
2,143,848
4,661,004
-
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $6,677,172)
$
6,577,967
 
 
Fidelity Central Funds (cost $226,885)
226,885
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $6,904,057)
 
 
$
6,804,852
Cash
 
 
15,972
Foreign currency held at value (cost $5)
 
 
5
Receivable for fund shares sold
 
 
91
Dividends receivable
 
 
13,971
Reclaims receivable
 
 
9,489
Distributions receivable from Fidelity Central Funds
 
 
1,110
Prepaid expenses
 
 
10
Receivable from investment adviser for expense reductions
 
 
4,965
  Total assets
 
 
6,850,465
Liabilities
 
 
 
 
Payable for fund shares redeemed
$
1,104
 
 
Accrued management fee
3,571
 
 
Distribution and service plan fees payable
321
 
 
Other affiliated payables
1,664
 
 
Audit fee payable
47,999
 
 
Other payables and accrued expenses
2,570
 
 
  Total Liabilities
 
 
 
57,229
Net Assets  
 
 
$
6,793,236
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
7,361,715
Total accumulated earnings (loss)
 
 
 
(568,479)
Net Assets
 
 
$
6,793,236
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($352,985 ÷ 44,967 shares)(a)
 
 
$
7.85
Maximum offering price per share (100/94.25 of $7.85)
 
 
$
8.33
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($196,169 ÷ 25,049 shares)(a)
 
 
$
7.83
Maximum offering price per share (100/96.50 of $7.83)
 
 
$
8.11
Class C :
 
 
 
 
Net Asset Value and offering price per share ($194,412 ÷ 25,000 shares)(a)
 
 
$
7.78
Fidelity Sustainable International Equity Fund :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($5,562,733 ÷ 706,702 shares)
 
 
$
7.87
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($199,451 ÷ 25,340 shares)
 
 
$
7.87
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($287,486 ÷ 36,435 shares)
 
 
$
7.89
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
187,401
Income from Fidelity Central Funds  
 
 
11,275
 Income before foreign taxes withheld
 
 
$
198,676
Less foreign taxes withheld
 
 
(24,250)
 Total Income
 
 
 
174,426
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
46,660
 
 
 Performance adjustment
(2,969)
 
 
Transfer agent fees
15,043
 
 
Distribution and service plan fees
4,002
 
 
Accounting fees and expenses
3,444
 
 
Custodian fees and expenses
13,736
 
 
Independent trustees' fees and expenses
33
 
 
Registration fees
106,699
 
 
Audit
74,007
 
 
Legal
6
 
 
Miscellaneous
22
 
 
 Total expenses before reductions
 
260,683
 
 
 Expense reductions
 
(185,187)
 
 
 Total expenses after reductions
 
 
 
75,496
Net Investment income (loss)
 
 
 
98,930
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(273,821)
 
 
 Foreign currency transactions
 
634
 
 
Total net realized gain (loss)
 
 
 
(273,187)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
561,747
 
 
 Assets and liabilities in foreign currencies
 
(218)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
561,529
Net gain (loss)
 
 
 
288,342
Net increase (decrease) in net assets resulting from operations
 
 
$
387,272
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
For the period February 10, 2022 (commencement of operations) through October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
98,930
$
29,662
Net realized gain (loss)
 
(273,187)
 
 
(295,162)
 
Change in net unrealized appreciation (depreciation)
 
561,529
 
(661,097)
 
Net increase (decrease) in net assets resulting from operations
 
387,272
 
 
(926,597)
 
Distributions to shareholders
 
(29,290)
 
 
-
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
1,623,323
 
 
5,738,528
 
Total increase (decrease) in net assets
 
1,981,305
 
 
4,811,931
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
4,811,931
 
-
 
End of period
$
6,793,236
$
4,811,931
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Sustainable International Equity Fund Class A
 
Years ended October 31,
 
2023  
 
2022 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
7.20
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.10
 
.07
     Net realized and unrealized gain (loss)
 
.58
 
(2.87)
  Total from investment operations
 
.68  
 
(2.80)  
  Distributions from net investment income
 
(.03)
 
-
     Total distributions
 
(.03)
 
-
  Net asset value, end of period
$
7.85
$
7.20
 Total Return D,E,F
 
9.43%
 
(28.00)%
 Ratios to Average Net Assets C,G,H
 
 
 
 
    Expenses before reductions
 
3.91%
 
7.77% I,J
    Expenses net of fee waivers, if any
 
1.29%
 
1.30% I
    Expenses net of all reductions
 
1.29%
 
1.28% I
    Net investment income (loss)
 
1.23%
 
1.18% I
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
353
$
185
    Portfolio turnover rate K
 
36%
 
43% I
 
AFor the period February 10, 2022 (commencement of operations) through October 31, 2022
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FTotal returns do not include the effect of the sales charges.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAnnualized.
 
JAudit fees are not annualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Sustainable International Equity Fund Class M
 
Years ended October 31,
 
2023  
 
2022 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
7.19
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.08
 
.05
     Net realized and unrealized gain (loss)
 
.57
 
(2.86)
  Total from investment operations
 
.65  
 
(2.81)  
  Distributions from net investment income
 
(.01)
 
-
     Total distributions
 
(.01)
 
-
  Net asset value, end of period
$
7.83
$
7.19
 Total Return D,E,F
 
9.08%
 
(28.10)%
 Ratios to Average Net Assets C,G,H
 
 
 
 
    Expenses before reductions
 
4.24%
 
8.02% I,J
    Expenses net of fee waivers, if any
 
1.55%
 
1.55% I
    Expenses net of all reductions
 
1.54%
 
1.55% I
    Net investment income (loss)
 
.98%
 
.91% I
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
196
$
180
    Portfolio turnover rate K
 
36%
 
43% I
 
AFor the period February 10, 2022 (commencement of operations) through October 31, 2022
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FTotal returns do not include the effect of the sales charges.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAnnualized.
 
JAudit fees are not annualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Sustainable International Equity Fund Class C
 
Years ended October 31,
 
2023  
 
2022 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
7.16
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.04
 
.02
     Net realized and unrealized gain (loss)
 
.58
 
(2.86)
  Total from investment operations
 
.62  
 
(2.84)  
  Net asset value, end of period
$
7.78
$
7.16
 Total Return D,E,F
 
8.66%
 
(28.40)%
 Ratios to Average Net Assets C,G,H
 
 
 
 
    Expenses before reductions
 
4.73%
 
8.51% I,J
    Expenses net of fee waivers, if any
 
2.04%
 
2.05% J
    Expenses net of all reductions
 
2.04%
 
2.05% J
    Net investment income (loss)
 
.48%
 
.41% J
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
194
$
179
    Portfolio turnover rate K
 
36%
 
43% J
 
AFor the period February 10, 2022 (commencement of operations) through October 31, 2022
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FTotal returns do not include the effect of the contingent deferred sales charge.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAudit fees are not annualized.
 
JAnnualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity® Sustainable International Equity Fund
 
Years ended October 31,
 
2023  
 
2022 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
7.21
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.12
 
.08
     Net realized and unrealized gain (loss)
 
.58
 
(2.87)
  Total from investment operations
 
.70  
 
(2.79)  
  Distributions from net investment income
 
(.04)
 
-
     Total distributions
 
(.04)
 
-
  Net asset value, end of period
$
7.87
$
7.21
 Total Return D,E
 
9.73%
 
(27.90)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
    Expenses before reductions
 
3.72%
 
7.64% H,I
    Expenses net of fee waivers, if any
 
1.04%
 
1.05% I
    Expenses net of all reductions
 
1.04%
 
1.01% I
    Net investment income (loss)
 
1.48%
 
1.45% I
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
5,563
$
3,908
    Portfolio turnover rate J
 
36%
 
43% I
 
AFor the period February 10, 2022 (commencement of operations) through October 31, 2022
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAudit fees are not annualized.
 
IAnnualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Sustainable International Equity Fund Class I
 
Years ended October 31,
 
2023  
 
2022 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
7.21
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.12
 
.08
     Net realized and unrealized gain (loss)
 
.58
 
(2.87)
  Total from investment operations
 
.70  
 
(2.79)  
  Distributions from net investment income
 
(.04)
 
-
     Total distributions
 
(.04)
 
-
  Net asset value, end of period
$
7.87
$
7.21
 Total Return D,E
 
9.73%
 
(27.90)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
    Expenses before reductions
 
3.74%
 
7.52% H,I
    Expenses net of fee waivers, if any
 
1.04%
 
1.05% H
    Expenses net of all reductions
 
1.04%
 
1.03% H
    Net investment income (loss)
 
1.48%
 
1.43% H
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
199
$
180
    Portfolio turnover rate J
 
36%
 
43% H
 
AFor the period February 10, 2022 (commencement of operations) through October 31, 2022
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAnnualized.
 
IAudit fees are not annualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Sustainable International Equity Fund Class Z
 
Years ended October 31,
 
2023  
 
2022 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
7.22
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.14
 
.09
     Net realized and unrealized gain (loss)
 
.57
 
(2.87)
  Total from investment operations
 
.71  
 
(2.78)  
  Distributions from net investment income
 
(.04)
 
-
     Total distributions
 
(.04)
 
-
  Net asset value, end of period
$
7.89
$
7.22
 Total Return D,E
 
9.86%
 
(27.80)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
    Expenses before reductions
 
3.56%
 
7.46% H,I
    Expenses net of fee waivers, if any
 
.89%
 
.90% I
    Expenses net of all reductions
 
.89%
 
.90% I
    Net investment income (loss)
 
1.63%
 
1.56% I
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
287
$
181
    Portfolio turnover rate J
 
36%
 
43% I
 
AFor the period February 10, 2022 (commencement of operations) through October 31, 2022
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAudit fees are not annualized.
 
IAnnualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity Sustainable International Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Sustainable International Equity Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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, 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. 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$442,343
Gross unrealized depreciation
(626,301)
Net unrealized appreciation (depreciation)
$(183,958)
Tax Cost
$6,988,810
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$115,892
Capital loss carryforward
$(500,051)
Net unrealized appreciation (depreciation) on securities and other investments
$(184,321)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
Short-term
$(377,972)
Long-term
$(122,079)
Total capital loss carryforward
$(500,051)
 
 
Due to large subscriptions in a prior period, approximately $219,163 of the Fund's realized capital losses are subject to limitation. Due to this limitation, the Fund will only be permitted to use approximately $74,614 of those capital losses per year to offset capital gains. Additionally, the Fund is subject to an annual limit on its use of some of its unrealized capital losses to offset capital gains in future periods. If those losses are realized and the limitation prevents the Fund from using any of those losses in a future period, those capital losses will be available to offset capital gains in subsequent periods.
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022 A
Ordinary Income
$29,290
-
 
A For the period February 10,2022 (commencement of operations) through October 31,2023.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Sustainable International Equity Fund
4,043,966
2,394,095
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .10% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Fidelity Sustainable International Equity Fund as compared to its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. The Fund's performance adjustment took effect in October,2022. Subsequent months will be added until the performance period includes 36 months. For the reporting period, the total annual management fee rate, including the performance adjustment, was .63% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees
Retained by FDC
Class A
 - %
 .25%
$881
$525
Class M
 .25%
 .25%
 1,044
 1,044
Class C
 .75%
 .25%
 2,077
 2,077
 
 
 
$4,002
$3,646
 
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares. For the period, there were no sales charge amount retained by FDC
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net AssetsA
Class A
$587
.17
Class M
 228
.11
Class C
 200
.10
Fidelity Sustainable International Equity Fund
 13,679
.24
Class I
 253
.12
Class Z
 96
.04
 
$15,043
 
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
 
 
% of Class-Level Average Net Assets
Class A
0.1367%
Class M
0.1048%
Class C
0.0960%
Fidelity Sustainable International Equity Fund
0.2000%
Class I
0.1047%
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity Sustainable International Equity Fund
.05
 
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
 
 
% of Average Net Assets
Fidelity Sustainable International Equity Fund
0.0498%
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Sustainable International Equity Fund
 143,021
 162,571
 (18,972)
 
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity Sustainable International Equity Fund
$12
 
7. Expense Reductions.
The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through February 28, 2025. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.
 
The following classes were in reimbursement during the period:
 
 
Expense Limitations
Reimbursement
Class A
1.30%
$9,194
Class M
1.55%
 5,621
Class C
2.05%
 5,567
Fidelity Sustainable International Equity Fund
1.05%
 152,236
Class I
1.05%
 5,682
Class Z
.90%
 6,085
 
 
$184,385
 
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $379.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $423.
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2023
Year ended
October 31, 2022A
Fidelity Sustainable International Equity Fund
 
 
Distributions to shareholders
 
 
Class A
$863
 $-
Class M
 325
 -
Fidelity Sustainable International Equity Fund
 25,952
 -
Class I
 1,075
 -
Class Z
 1,075
 -
Total  
$29,290
$-
 
A For the period February 10,2022 (commencement of operations) through October 31,2022.
 
9. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended
 October 31, 2023
Year ended
 October 31, 2022 A
Year ended
 October 31, 2023
Year ended
 October 31, 2022 A
Fidelity Sustainable International Equity Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
19,860
25,690
$158,247
$255,541
Reinvestment of distributions
107
-
863
-
Shares redeemed
(633)
(57)
(5,146)
(435)
Net increase (decrease)
19,334
25,633
$153,964
$255,106
Class M
 
 
 
 
Shares sold
9
25,000
$77
$250,003
Reinvestment of distributions
40
-
325
-
Net increase (decrease)
49
25,000
$402
$250,003
Class C
 
 
 
 
Shares sold
-
25,000
$-
$250,000
Net increase (decrease)
-
25,000
$-
$250,000
Fidelity Sustainable International Equity Fund
 
 
 
 
Shares sold
397,160
564,957
$3,312,938
$4,670,389
Reinvestment of distributions
2,932
-
23,779
-
Shares redeemed
(235,082)
(23,265)
(1,968,118)
(187,070)
Net increase (decrease)
165,010
541,692
$1,368,599
$4,483,319
Class I
 
 
 
 
Shares sold
211
25,054
$1,800
$250,509
Reinvestment of distributions
133
-
1,075
-
Shares redeemed
(4)
(54)
(30)
(409)
Net increase (decrease)
340
25,000
$2,845
$250,100
Class Z
 
 
 
 
Shares sold
12,333
25,000
$104,463
$250,000
Reinvestment of distributions
132
-
1,075
-
Shares redeemed
(1,030)
-
(8,025)
-
Net increase (decrease)
11,435
25,000
$97,513
$250,000
 
A For the period February 10,2022 (commencement of operations) through October 31, 2022.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:
 
Fund
Affiliated %
Fidelity Sustainable International Equity Fund 
21%
 
In addition, at the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Fidelity Sustainable Multi-Asset Fund
Fidelity Sustainable International Equity Fund
31%
 
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity Sustainable International Equity Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Sustainable International Equity Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2023, the related statement of operations for the year then ended, and the statement of changes in net assets and the financial highlights for the year then ended and for the period from February 10, 2022 (commencement of operations) through October 31, 2022, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, and the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for the year then ended and for the period from February 10, 2022 (commencement of operations) through October 31, 2022, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 13, 2023
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 322 funds. Mr. Chiel oversees 191 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).       
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Vijay C. Advani (1960)
Year of Election or Appointment: 2023
Member of the Advisory Board
Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).     
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Karen B. Peetz (1955)
Year of Election or Appointment: 2023
Member of the Advisory Board
Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).     
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).      
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).          
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
Fidelity® Sustainable International Equity Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.30%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 901.30
 
$ 6.23
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,018.65
 
$ 6.61
 
Class M
 
 
 
1.54%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 900.00
 
$ 7.38
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,017.44
 
$ 7.83
 
Class C
 
 
 
2.04%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 898.40
 
$ 9.76
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,014.92
 
$ 10.36
 
Fidelity® Sustainable International Equity Fund
 
 
 
1.05%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 902.50
 
$ 5.04
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.91
 
$ 5.35
 
Class I
 
 
 
1.04%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 902.50
 
$ 4.99
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.96
 
$ 5.30
 
Class Z
 
 
 
.89%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 903.80
 
$ 4.27
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.72
 
$ 4.53
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
Distributions (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund designates $1,279 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.
 
Class A, Class M, Fidelity Sustainable International Equity Fund, Class I and Class Z designate 100% of each dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
 
 
Pay Date
Income
Taxes
Fidelity Sustainable International Equity Fund
 
 
 
Class A
12/12/2022
$0.0416
$0.0116
Class M
12/12/2022
$0.0246
$0.0116
Class C
12/12/2022
$0.0000
$0.0000
Fidelity Sustainable International Equity Fund
12/12/2022
$0.0546
$0.0116
Class I
12/12/2022
$0.0546
$0.0116
Class Z
 
12/12/2022
$0.0546
$0.0116
 
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Sustainable International Equity Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
Approval of Stub Period Continuation. At its May 2023 meeting, the Board of Trustees voted to continue the fund's management contract with FMR, and the sub-advisory agreements and sub-sub-advisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for two months from June 1, 2023 through July 31, 2023. The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board would consider the annual renewal for a full one year period in July 2023.
At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and the total expense ratio of the retail class, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the retail class of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the retail class of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the retail class of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the period ended September 30, 2022 and below the competitive median of the asset size peer group for the period ended September 30, 2022. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the similar sales load structure group for the period ended September 30, 2022 and above the competitive median of the total expense asset size peer group for the period ended September 30, 2022.
The Board noted that the fund offers multiple classes, each of which has a different sales load and 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expense ratios of the classes vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.
In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of the retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee, including the use of the retail class as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule.  The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through July 31, 2024.
 
 
1.9904429.101
SIC-ANN-1223
Fidelity® SAI Sustainable International Equity Fund
 
 
Annual Report
October 31, 2023
 
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2023 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Life of
Fund A
Fidelity® SAI Sustainable International Equity Fund
10.12%
-7.42%
 
A   From April 14, 2022
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity SAI Sustainable International Equity Fund, on April 14, 2022, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.
 
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuation also helped bolster non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Co-Managers Niamh Brodie-Machura and William Kennedy:
For the fiscal year ending October 31, 2023, the fund gained 10.12%, versus 14.65% for the benchmark MSCI EAFE Index (Net MA). From a regional standpoint, stock picks in Europe ex the U.K. and investment choices in the U.K. notably detracted from the fund's relative result. Stock picks in emerging markets and Canada also hindered performance versus the benchmark. By sector, security selection was the primary detractor, especially within financials, where our picks among banks hurt most. Investment choices in the consumer discretionary and utilities sectors and positioning in energy also hurt. The largest individual relative detractor was an overweight in Finland-based Neste (-21%), a position we increased this period. A non-benchmark stake in HDFC Bank (-9%), which is in India, and exposure to Orsted (-29%) in Denmark also hurt relative performance. Orsted was not held at period end. In contrast, from a regional standpoint, an underweight in Asia Pacific ex Japan helped the fund's performance versus the benchmark. By sector, the biggest contributor to the fund's relative performance was security selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry. Stock picks in information technology, primarily within the technology hardware & equipment segment, and an underweight in real estate also boosted relative performance. The top individual relative contributor was an overweight in Denmark-headquartered Novo-Nordisk (+44%), the fund's top holding as of period end. This was a stake we established this period. Other notable relative contributors included overweights in Itochu (+40%) and Hitachi (+39%), Japan-based companies that were among the fund's largest holdings. Notable changes in positioning include an increased cash position. By sector, meaningful changes include increased exposure to the information technology sector and a lower allocation to consumer discretionary.
Note to shareholders:
Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
Top Holdings (% of Fund's net assets)
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
5.5
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
3.6
 
Sony Group Corp.  (Japan, Household Durables)
3.5
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
3.1
 
Nestle SA (Reg. S)  (United States of America, Food Products)
2.9
 
Itochu Corp.  (Japan, Trading Companies & Distributors)
2.8
 
ORIX Corp.  (Japan, Financial Services)
2.7
 
Hitachi Ltd.  (Japan, Industrial Conglomerates)
2.5
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
2.3
 
Koninklijke KPN NV  (Netherlands, Diversified Telecommunication Services)
2.1
 
 
31.0
 
 
Market Sectors (% of Fund's net assets)
 
Financials
21.0
 
Health Care
14.2
 
Industrials
12.8
 
Information Technology
12.6
 
Consumer Discretionary
9.9
 
Consumer Staples
9.3
 
Materials
6.5
 
Utilities
3.9
 
Communication Services
2.2
 
Energy
1.1
 
Real Estate
0.6
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 94.1%
 
 
Shares
Value ($)
 
Australia - 1.7%
 
 
 
Bapcor Ltd.
 
18,927
64,425
Macquarie Group Ltd.
 
980
100,734
TOTAL AUSTRALIA
 
 
165,159
Austria - 2.0%
 
 
 
Verbund AG
 
1,436
124,593
Wienerberger AG
 
2,866
69,566
TOTAL AUSTRIA
 
 
194,159
Belgium - 1.4%
 
 
 
KBC Group NV
 
823
45,195
UCB SA
 
1,214
88,710
TOTAL BELGIUM
 
 
133,905
China - 0.4%
 
 
 
Chervon Holdings Ltd.
 
17,516
43,143
Denmark - 5.9%
 
 
 
Novo Nordisk A/S Series B
 
5,498
530,424
Vestas Wind Systems A/S (a)
 
1,863
40,380
TOTAL DENMARK
 
 
570,804
Finland - 1.1%
 
 
 
Neste OYJ
 
3,090
103,677
France - 11.7%
 
 
 
Air Liquide SA
 
723
123,888
AXA SA
 
5,681
168,330
BNP Paribas SA
 
2,965
170,499
Capgemini SA
 
371
65,566
Edenred SA
 
922
49,013
L'Oreal SA
 
381
160,146
LVMH Moet Hennessy Louis Vuitton SE
 
310
221,938
Pernod Ricard SA
 
927
164,294
Worldline SA (a)(b)
 
840
10,648
TOTAL FRANCE
 
 
1,134,322
Germany - 7.9%
 
 
 
Deutsche Borse AG
 
526
86,578
DHL Group
 
1,756
68,301
Gerresheimer AG
 
399
37,110
Merck KGaA
 
1,073
161,616
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
415
166,204
SAP SE
 
569
76,321
Siemens AG
 
1,285
170,518
TOTAL GERMANY
 
 
766,648
Hong Kong - 3.5%
 
 
 
AIA Group Ltd.
 
23,155
201,074
Hang Seng Bank Ltd.
 
7,326
83,759
Prudential PLC
 
5,603
58,587
TOTAL HONG KONG
 
 
343,420
India - 1.2%
 
 
 
HDFC Bank Ltd. sponsored ADR
 
2,041
115,419
Ireland - 1.3%
 
 
 
Dalata Hotel Group PLC
 
21,850
92,709
Kingspan Group PLC (Ireland)
 
445
29,890
TOTAL IRELAND
 
 
122,599
Italy - 0.9%
 
 
 
Prysmian SpA
 
2,446
91,334
Japan - 17.8%
 
 
 
Eisai Co. Ltd.
 
779
41,270
FUJIFILM Holdings Corp.
 
2,493
136,362
Fujitsu Ltd.
 
782
101,306
Hitachi Ltd.
 
3,865
244,989
Hoya Corp.
 
1,697
163,368
Itochu Corp.
 
7,440
267,996
ORIX Corp.
 
14,237
258,919
Persol Holdings Co. Ltd.
 
36,646
54,948
Sony Group Corp.
 
4,110
341,701
TIS, Inc.
 
1,511
32,358
Tokyo Electron Ltd.
 
659
87,079
TOTAL JAPAN
 
 
1,730,296
Korea (South) - 0.7%
 
 
 
SK Hynix, Inc.
 
725
62,867
Netherlands - 9.1%
 
 
 
ASML Holding NV (Netherlands)
 
507
304,768
BE Semiconductor Industries NV
 
431
44,373
Heineken NV (Bearer)
 
806
72,414
ING Groep NV (Certificaten Van Aandelen)
 
10,219
131,013
Koninklijke KPN NV
 
61,207
205,728
Wolters Kluwer NV
 
964
123,523
TOTAL NETHERLANDS
 
 
881,819
New Zealand - 0.8%
 
 
 
Contact Energy Ltd.
 
17,334
78,739
Norway - 1.9%
 
 
 
DNB Bank ASA
 
9,827
177,082
Schibsted ASA (A Shares)
 
436
8,711
TOTAL NORWAY
 
 
185,793
Spain - 1.3%
 
 
 
CaixaBank SA
 
8,028
32,638
EDP Renovaveis SA
 
916
14,722
Iberdrola SA
 
7,490
83,304
TOTAL SPAIN
 
 
130,664
Sweden - 1.9%
 
 
 
Boliden AB
 
4,863
124,489
Instalco AB
 
2,493
6,964
Investor AB (B Shares)
 
2,180
39,919
Lagercrantz Group AB (B Shares)
 
1,022
9,311
TOTAL SWEDEN
 
 
180,683
Taiwan - 2.1%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
12,530
204,489
United Kingdom - 12.9%
 
 
 
3i Group PLC
 
2,607
61,467
AstraZeneca PLC (United Kingdom)
 
2,778
347,816
Barratt Developments PLC
 
7,936
39,924
Beazley PLC
 
4,465
27,922
Big Yellow Group PLC
 
1,453
16,866
Bunzl PLC
 
842
30,006
Compass Group PLC
 
6,326
159,487
Diageo PLC
 
4,203
158,941
Endava PLC ADR (a)
 
357
17,907
Grainger Trust PLC
 
15,431
42,650
Impax Asset Management Group PLC
 
1,162
5,438
London Stock Exchange Group PLC
 
490
49,439
National Grid PLC
 
6,141
73,219
Reckitt Benckiser Group PLC
 
1,208
80,824
Renewi PLC (a)
 
1,489
10,624
Sage Group PLC
 
6,297
74,287
Smart Metering Systems PLC
 
7,445
57,823
TOTAL UNITED KINGDOM
 
 
1,254,640
United States of America - 6.6%
 
 
 
CRH PLC
 
3,391
182,216
Ferguson PLC
 
343
51,404
Linde PLC
 
333
127,259
Nestle SA (Reg. S)
 
2,548
274,773
TOTAL UNITED STATES OF AMERICA
 
 
635,652
 
TOTAL COMMON STOCKS
 (Cost $9,466,195)
 
 
 
9,130,231
 
 
 
 
Money Market Funds - 7.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (c)
 
 (Cost $712,258)
 
 
712,116
712,258
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.4%
 (Cost $10,178,453)
 
 
 
9,842,489
NET OTHER ASSETS (LIABILITIES) - (1.4)%  
(137,532)
NET ASSETS - 100.0%
9,704,957
 
 
 
 
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 $10,648 or 0.1% 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, 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
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
102,083
4,154,689
3,544,514
10,846
-
-
712,258
0.0%
Total
102,083
4,154,689
3,544,514
10,846
-
-
712,258
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
214,439
8,711
205,728
-
Consumer Discretionary
963,327
132,633
830,694
-
Consumer Staples
911,392
164,294
747,098
-
Energy
103,677
103,677
-
-
Financials
2,039,877
636,840
1,403,037
-
Health Care
1,370,314
287,436
1,082,878
-
Industrials
1,248,700
469,869
778,831
-
Information Technology
1,216,994
145,878
1,071,116
-
Materials
627,418
503,530
123,888
-
Real Estate
59,516
59,516
-
-
Utilities
374,577
139,315
235,262
-
  Money Market Funds
712,258
712,258
-
-
 Total Investments in Securities:
9,842,489
3,363,957
6,478,532
-
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $9,466,195)
$
9,130,231
 
 
Fidelity Central Funds (cost $712,258)
712,258
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $10,178,453)
 
 
$
9,842,489
Foreign currency held at value (cost $5,315)
 
 
5,315
Receivable for fund shares sold
 
 
149,371
Dividends receivable
 
 
13,020
Reclaims receivable
 
 
9,333
Distributions receivable from Fidelity Central Funds
 
 
2,693
Prepaid expenses
 
 
7
Receivable from investment adviser for expense reductions
 
 
8,884
Other receivables
 
 
73
  Total assets
 
 
10,031,185
Liabilities
 
 
 
 
Payable for investments purchased
$
268,591
 
 
Payable for fund shares redeemed
1,403
 
 
Accrued management fee
4,512
 
 
Audit fee payable
36,050
 
 
Other payables and accrued expenses
15,672
 
 
  Total Liabilities
 
 
 
326,228
Net Assets  
 
 
$
9,704,957
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
10,195,248
Total accumulated earnings (loss)
 
 
 
(490,291)
Net Assets
 
 
$
9,704,957
Net Asset Value, offering price and redemption price per share ($9,704,957 ÷ 1,100,829 shares)
 
 
$
8.82
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
119,909
Foreign Tax Reclaims
 
 
8,747
Income from Fidelity Central Funds  
 
 
10,846
 Income before foreign taxes withheld
 
 
$
139,502
Less foreign taxes withheld
 
 
(20,139)
 Total Income
 
 
 
119,363
Expenses
 
 
 
 
Management fee
$
31,130
 
 
Transfer agent fees
478
 
 
Custodian fees and expenses
31,149
 
 
Independent trustees' fees and expenses
20
 
 
Registration fees
29,780
 
 
Audit
52,671
 
 
Legal
3
 
 
Miscellaneous
11
 
 
 Total expenses before reductions
 
145,242
 
 
 Expense reductions
 
(111,125)
 
 
 Total expenses after reductions
 
 
 
34,117
Net Investment income (loss)
 
 
 
85,246
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(149,284)
 
 
 Foreign currency transactions
 
749
 
 
Total net realized gain (loss)
 
 
 
(148,535)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(15,214)
 
 
 Assets and liabilities in foreign currencies
 
(662)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(15,876)
Net gain (loss)
 
 
 
(164,411)
Net increase (decrease) in net assets resulting from operations
 
 
$
(79,165)
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
For the period April 14, 2022 (commencement of operations) through October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
85,246
$
18,247
Net realized gain (loss)
 
(148,535)
 
 
(91,225)
 
Change in net unrealized appreciation (depreciation)
 
(15,876)
 
(320,866)
 
Net increase (decrease) in net assets resulting from operations
 
(79,165)
 
 
(393,844)
 
Distributions to shareholders
 
(17,379)
 
 
-
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
8,192,591
 
2,599,216
  Reinvestment of distributions
 
16,766
 
 
-
 
Cost of shares redeemed
 
(593,538)
 
(19,690)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
7,615,819
 
 
2,579,526
 
Total increase (decrease) in net assets
 
7,519,275
 
 
2,185,682
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
2,185,682
 
-
 
End of period
$
9,704,957
$
2,185,682
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
892,144
 
273,624
  Issued in reinvestment of distributions
 
1,851
 
 
-
 
Redeemed
 
(64,420)
 
(2,370)
Net increase (decrease)
 
829,575
 
271,254
 
 
 
 
 
 
Financial Highlights
Fidelity SAI Sustainable International Equity Fund
 
Years ended October 31,
 
2023  
 
2022 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
8.06
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.17
 
.08
     Net realized and unrealized gain (loss)
 
.65 D
 
(2.02)
  Total from investment operations
 
.82  
 
(1.94)  
  Distributions from net investment income
 
(.06)
 
-
     Total distributions
 
(.06)
 
-
  Net asset value, end of period
$
8.82
$
8.06
 Total Return E,F
 
10.12%
 
(19.40)%
 Ratios to Average Net Assets C,G,H
 
 
 
 
    Expenses before reductions
 
3.13%
 
5.78% I,J
    Expenses net of fee waivers, if any
 
.75%
 
.75% J
    Expenses net of all reductions
 
.73%
 
.68% J
    Net investment income (loss)
 
1.84%
 
1.79% J
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
9,705
$
2,186
    Portfolio turnover rate K
 
27%
 
51% J
 
AFor the period April 14, 2022 (commencement of operations) through October 31, 2022.
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
 
ETotal returns for periods of less than one year are not annualized.
 
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAudit fees are not annualized.
 
JAnnualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity SAI Sustainable International Equity Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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. 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$292,572
Gross unrealized depreciation
(676,241)
Net unrealized appreciation (depreciation)
$(383,669)
Tax Cost
$10,226,158
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$94,201
Capital loss carryforward
$(200,044)
Net unrealized appreciation (depreciation) on securities and other investments
$(384,447)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
Short-term
$(157,729)
Long-term
(42,315)
Total capital loss carryforward
$(200,044)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
Ordinary Income
$17,379
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity SAI Sustainable International Equity Fund
8,397,335
1,227,922
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .67% of the Fund's average net assets.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity SAI Sustainable International Equity Fund
$1
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity SAI Sustainable International Equity Fund
 540,426
 41,225
 (2,904)
 
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity SAI Sustainable International Equity Fund
$5
 
7. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .75% of average net assets. This reimbursement will remain in place through February 28, 2025. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $110,531.
 
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $406.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $188.
8. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:
 
Fund
Affiliated %
Fidelity SAI Sustainable International Equity Fund 
19%
 
9. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity SAI Sustainable International Equity Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity SAI Sustainable International Equity Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2023, the related statement of operations for the year then ended, and the statement of changes in net assets and the financial highlights for the year then ended and for the period from April 14, 2022 (commencement of operations) through October 31, 2022, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, and the results of its operations for the year then ended, and the changes in its net assets and financial highlights for the year then ended and for the period from April 14, 2022 (commencement of operations) through October 31, 2022, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 12, 2023
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 322 funds. Mr. Chiel oversees 191 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).       
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Vijay C. Advani (1960)
Year of Election or Appointment: 2023
Member of the Advisory Board
Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).     
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Karen B. Peetz (1955)
Year of Election or Appointment: 2023
Member of the Advisory Board
Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).     
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).      
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).          
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® SAI Sustainable International Equity Fund
 
 
 
.75%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 904.60
 
$ 3.60
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.42
 
$ 3.82
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
Distributions (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
 
The fund designates 100% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.0688 and $0.0118 for the dividend paid December 12,2022.
 
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity SAI Sustainable International Equity Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
Approval of Stub Period Continuation. At its May 2023 meeting, the Board of Trustees voted to continue the fund's management contract with FMR, and the sub-advisory agreements and sub-sub-advisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for two months from June 1, 2023 through July 31, 2023. The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board would consider the annual renewal for a full one year period in July 2023.
At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the period ended September 30, 2022 and below the competitive median of the asset size peer group for the period ended September 30, 2022. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for the period ended September 30, 2022 and below the competitive median of the total expense asset size peer group for the period ended September 30, 2022.
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.  Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through July 31, 2024.
 
1.9904871.101
IEE-ANN-1223
Fidelity® Series Overseas Fund
 
 
Annual Report
October 31, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2023 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Life of
Fund A
Fidelity® Series Overseas Fund
14.05%
4.36%
 
A   From June 21, 2019
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® Series Overseas Fund, on June 21, 2019, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.
 
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Portfolio Manager Vincent Montemaggiore:
For the fiscal year ending October 31, 2023, the fund gained 14.05%, versus 14.65% for the benchmark MSCI EAFE Index (Net MA). From a regional standpoint, stock picks in Europe ex U.K., primarily in France, and positioning in Japan detracted from the fund's relative result. By sector, security selection was the primary detractor, especially within industrials and financials. The largest individual relative detractor was our stake in Teleperformance (-34%), which was not held at period end. A stake in Olympus returned approximately -24% and was a second notable relative detractor. Olympus was not held at period end. An overweight in Rentokil Initial (-17%) also hurt. In contrast, from a regional standpoint, an overweight in Europe ex U.K. and a non-benchmark allocation to Canada contributed to the fund's performance versus the benchmark. By sector, the biggest contributors to performance versus the benchmark were stock picks and an overweight in information technology, primarily within the semiconductors & semiconductor equipment industry. Security selection and an underweight in communication services also boosted relative performance. The top individual relative contributor was an overweight in ASM International (+88%), and we reduced our stake. The second-largest relative contributor was our non-benchmark stake in Constellation Software (+41%), and we reduced the position. An overweight in Safran (+41%) also contributed. Although we trimmed our holdings, Safran was among the biggest holdings at period end. Notable changes in positioning include increased exposure to the materials and information technology sectors.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
Top Holdings (% of Fund's net assets)
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
3.4
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
3.2
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
2.9
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
2.5
 
TotalEnergies SE  (France, Oil, Gas & Consumable Fuels)
2.2
 
RELX PLC (London Stock Exchange)  (United Kingdom, Professional Services)
2.1
 
Compass Group PLC  (United Kingdom, Hotels, Restaurants & Leisure)
2.0
 
Diageo PLC  (United Kingdom, Beverages)
2.0
 
Wolters Kluwer NV  (Netherlands, Professional Services)
2.0
 
Safran SA  (France, Aerospace & Defense)
1.8
 
 
24.1
 
 
Market Sectors (% of Fund's net assets)
 
Financials
22.7
 
Industrials
18.8
 
Information Technology
15.7
 
Health Care
14.2
 
Consumer Discretionary
9.3
 
Consumer Staples
6.8
 
Materials
6.0
 
Energy
2.2
 
Real Estate
1.0
 
Communication Services
0.5
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 97.2%
 
 
Shares
Value ($)
 
Australia - 0.2%
 
 
 
Flutter Entertainment PLC (a)
 
193,102
30,288,787
Belgium - 0.6%
 
 
 
Azelis Group NV
 
1,864,843
31,768,365
KBC Group NV
 
945,965
51,948,037
TOTAL BELGIUM
 
 
83,716,402
Canada - 2.7%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
2,382,100
129,673,502
Constellation Software, Inc.
 
104,770
210,031,835
Constellation Software, Inc. warrants 8/22/28 (a)(b)
 
106,270
8
Lumine Group, Inc.
 
316,650
3,982,243
TOTAL CANADA
 
 
343,687,588
China - 0.0%
 
 
 
Chervon Holdings Ltd.
 
1,000,400
2,464,035
Denmark - 5.4%
 
 
 
Carlsberg A/S Series B
 
574,100
68,417,343
DSV A/S
 
1,292,231
192,724,014
Novo Nordisk A/S Series B
 
4,463,600
430,631,325
TOTAL DENMARK
 
 
691,772,682
Finland - 1.1%
 
 
 
Nordea Bank Abp
 
13,057,800
137,217,183
France - 15.6%
 
 
 
Air Liquide SA
 
1,220,860
209,197,110
ALTEN
 
918,751
108,198,117
Antin Infrastructure Partners SA
 
344,400
4,095,964
Capgemini SA
 
1,134,062
200,421,405
Edenred SA
 
3,190,924
169,626,150
EssilorLuxottica SA
 
1,129,616
203,956,894
L'Oreal SA
 
463,900
194,991,419
LVMH Moet Hennessy Louis Vuitton SE
 
452,483
323,946,412
Pernod Ricard SA
 
465,300
82,465,933
Safran SA
 
1,477,000
230,736,269
TotalEnergies SE
 
4,209,179
281,415,110
TOTAL FRANCE
 
 
2,009,050,783
Germany - 8.2%
 
 
 
Allianz SE
 
809,233
189,556,797
Deutsche Borse AG
 
1,014,860
167,042,364
Hannover Reuck SE
 
867,869
191,280,262
Infineon Technologies AG
 
4,312,400
125,966,154
Merck KGaA
 
1,044,420
157,311,099
SAP SE
 
642,316
86,155,343
Siemens Healthineers AG (c)
 
2,765,800
135,555,154
TOTAL GERMANY
 
 
1,052,867,173
India - 1.8%
 
 
 
HCL Technologies Ltd.
 
3,847,400
58,995,535
HDFC Bank Ltd.
 
9,393,000
166,624,920
TOTAL INDIA
 
 
225,620,455
Indonesia - 0.6%
 
 
 
PT Bank Central Asia Tbk
 
145,241,700
80,016,653
Ireland - 0.9%
 
 
 
Kingspan Group PLC (Ireland)
 
1,726,100
115,939,009
Italy - 3.3%
 
 
 
FinecoBank SpA
 
8,554,485
100,607,429
GVS SpA (a)(c)
 
858,638
3,833,975
Industrie de Nora SpA
 
615,200
8,677,072
Recordati SpA
 
2,982,439
137,589,335
UniCredit SpA
 
6,736,600
168,883,972
TOTAL ITALY
 
 
419,591,783
Japan - 12.4%
 
 
 
Bandai Namco Holdings, Inc.
 
2,146,200
44,466,080
BayCurrent Consulting, Inc.
 
1,202,600
30,193,383
Capcom Co. Ltd.
 
2,060,300
66,319,673
FUJIFILM Holdings Corp.
 
1,852,600
101,333,152
Hoya Corp.
 
1,599,407
153,972,706
Misumi Group, Inc.
 
2,990,561
45,273,096
Persol Holdings Co. Ltd.
 
41,957,230
62,911,340
Relo Group, Inc.
 
3,031,628
30,055,811
Shin-Etsu Chemical Co. Ltd.
 
5,034,400
150,545,569
Sony Group Corp.
 
2,676,800
222,546,171
Sumitomo Mitsui Financial Group, Inc.
 
3,953,500
190,590,246
Suzuki Motor Corp.
 
2,652,745
102,958,370
TIS, Inc.
 
2,262,276
48,446,308
Tokio Marine Holdings, Inc.
 
9,801,300
219,276,997
Tokyo Electron Ltd.
 
920,100
121,579,891
TOTAL JAPAN
 
 
1,590,468,793
Netherlands - 7.2%
 
 
 
ASM International NV (Netherlands)
 
282,600
116,168,904
ASML Holding NV (Netherlands)
 
681,428
409,620,280
IMCD NV
 
1,086,651
130,500,645
Topicus.Com, Inc. (a)
 
188,377
12,403,608
Wolters Kluwer NV
 
1,955,808
250,609,237
TOTAL NETHERLANDS
 
 
919,302,674
Spain - 0.5%
 
 
 
Amadeus IT Holding SA Class A
 
1,242,970
70,783,340
Sweden - 2.8%
 
 
 
AddTech AB (B Shares)
 
4,628,219
67,749,552
Atlas Copco AB (A Shares)
 
13,263,200
171,745,464
Indutrade AB
 
7,013,875
123,878,311
Kry International AB (a)(b)(d)
 
4,451
163,376
TOTAL SWEDEN
 
 
363,536,703
Switzerland - 5.0%
 
 
 
Compagnie Financiere Richemont SA Series A
 
1,436,590
169,482,448
Julius Baer Group Ltd.
 
2,411,568
142,913,623
Partners Group Holding AG
 
125,110
131,594,842
Sika AG
 
819,911
195,502,332
TOTAL SWITZERLAND
 
 
639,493,245
Taiwan - 0.6%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
4,865,684
79,407,671
United Kingdom - 15.9%
 
 
 
3i Group PLC
 
5,638,091
132,932,598
AstraZeneca PLC (United Kingdom)
 
2,986,900
373,971,088
BAE Systems PLC
 
12,411,500
166,889,770
Beazley PLC
 
4,441,051
27,772,069
Compass Group PLC
 
10,063,487
253,714,457
Diageo PLC
 
6,694,747
253,168,720
Diploma PLC
 
1,489,331
51,446,093
Halma PLC
 
3,082,700
69,129,709
Hiscox Ltd.
 
3,592,872
40,962,050
London Stock Exchange Group PLC
 
1,807,900
182,408,242
RELX PLC (London Stock Exchange)
 
7,672,855
267,995,298
Rentokil Initial PLC
 
18,455,022
93,982,029
Sage Group PLC
 
10,511,200
124,002,284
TOTAL UNITED KINGDOM
 
 
2,038,374,407
United States of America - 12.4%
 
 
 
CBRE Group, Inc. (a)
 
1,533,400
106,325,956
CDW Corp.
 
458,700
91,923,480
Experian PLC
 
3,954,500
119,729,841
Ferguson PLC
 
957,700
143,525,696
Fiserv, Inc. (a)
 
278,700
31,702,125
ICON PLC (a)
 
576,900
140,740,524
Linde PLC
 
560,100
214,047,816
Marsh & McLennan Companies, Inc.
 
1,147,128
217,552,825
Nestle SA (Reg. S)
 
1,438,411
155,116,488
S&P Global, Inc.
 
483,451
168,874,269
Schneider Electric SA
 
704,231
108,351,061
Thermo Fisher Scientific, Inc.
 
199,800
88,865,046
TOTAL UNITED STATES OF AMERICA
 
 
1,586,755,127
 
TOTAL COMMON STOCKS
 (Cost $10,894,853,379)
 
 
 
12,480,354,493
 
 
 
 
Nonconvertible Preferred Stocks - 0.0%
 
 
Shares
Value ($)
 
Sweden - 0.0%
 
 
 
Kry International AB Series E (a)(b)(d)
  (Cost $11,754,376)
 
25,711
943,735
 
 
 
 
Money Market Funds - 2.5%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (e)
 
 (Cost $329,038,521)
 
 
328,972,727
329,038,521
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.7%
 (Cost $11,235,646,276)
 
 
 
12,810,336,749
NET OTHER ASSETS (LIABILITIES) - 0.3%  
34,562,879
NET ASSETS - 100.0%
12,844,899,628
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Level 3 security
 
(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 $139,389,129 or 1.1% of net assets.
 
(d)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,107,111 or 0.0% 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, 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.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Kry International AB
5/14/21
1,933,095
 
 
 
Kry International AB Series E
5/14/21
11,754,376
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
433,222,869
3,046,041,398
3,150,225,746
8,575,473
-
-
329,038,521
0.7%
Fidelity Securities Lending Cash Central Fund 5.40%
246,472,375
1,474,269,746
1,720,742,121
1,148,624
-
-
-
0.0%
Total
679,695,244
4,520,311,144
4,870,967,867
9,724,097
-
-
329,038,521
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
66,319,673
-
66,319,673
-
Consumer Discretionary
1,220,650,100
101,072,127
1,119,577,973
-
Consumer Staples
883,833,405
212,139,435
671,693,970
-
Energy
281,415,110
-
281,415,110
-
Financials
2,913,479,617
1,273,233,205
1,640,246,412
-
Health Care
1,822,593,171
864,018,052
958,575,119
-
Industrials
2,418,459,520
1,240,381,810
1,178,077,710
-
Information Technology
1,968,873,038
735,840,180
1,231,925,739
1,107,119
Materials
769,292,827
409,550,148
359,742,679
-
Real Estate
136,381,767
106,325,956
30,055,811
-
  Money Market Funds
329,038,521
329,038,521
-
-
 Total Investments in Securities:
12,810,336,749
5,271,599,434
7,537,630,196
1,107,119
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $10,906,607,755)
$
12,481,298,228
 
 
Fidelity Central Funds (cost $329,038,521)
329,038,521
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $11,235,646,276)
 
 
$
12,810,336,749
Foreign currency held at value (cost $535,787)
 
 
535,665
Receivable for investments sold
 
 
55,433,184
Receivable for fund shares sold
 
 
141,311,338
Dividends receivable
 
 
16,594,392
Reclaims receivable
 
 
44,796,223
Distributions receivable from Fidelity Central Funds
 
 
1,361,107
  Total assets
 
 
13,070,368,658
Liabilities
 
 
 
 
Payable for investments purchased
$
176,800,002
 
 
Payable for fund shares redeemed
44,561,596
 
 
Other payables and accrued expenses
4,107,432
 
 
  Total Liabilities
 
 
 
225,469,030
Net Assets  
 
 
$
12,844,899,628
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
11,685,210,642
Total accumulated earnings (loss)
 
 
 
1,159,688,986
Net Assets
 
 
$
12,844,899,628
Net Asset Value, offering price and redemption price per share ($12,844,899,628 ÷ 1,134,493,972 shares)
 
 
$
11.32
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
274,487,922
Foreign Tax Reclaims
 
 
15,691,286
Income from Fidelity Central Funds (including $1,148,624 from security lending)
 
 
9,724,097
 Income before foreign taxes withheld
 
 
$
299,903,305
Less foreign taxes withheld
 
 
(44,647,677)
 Total Income
 
 
 
255,255,628
Expenses
 
 
 
 
Custodian fees and expenses
$
933,347
 
 
Independent trustees' fees and expenses
75,727
 
 
Interest
34,750
 
 
 Total Expenses
 
 
 
1,043,824
Net Investment income (loss)
 
 
 
254,211,804
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $623,921)
 
(29,662,288)
 
 
   Redemptions in-kind
 
121,959,420
 
 
 Foreign currency transactions
 
(1,831,522)
 
 
Total net realized gain (loss)
 
 
 
90,465,610
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $303,992)  
 
1,366,930,365
 
 
 Assets and liabilities in foreign currencies
 
3,116,587
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
1,370,046,952
Net gain (loss)
 
 
 
1,460,512,562
Net increase (decrease) in net assets resulting from operations
 
 
$
1,714,724,366
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
254,211,804
$
248,884,392
Net realized gain (loss)
 
90,465,610
 
 
(580,283,592)
 
Change in net unrealized appreciation (depreciation)
 
1,370,046,952
 
(4,371,425,395)
 
Net increase (decrease) in net assets resulting from operations
 
1,714,724,366
 
 
(4,702,824,595)
 
Distributions to shareholders
 
(228,975,390)
 
 
(454,822,647)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
1,971,571,393
 
3,241,589,484
  Reinvestment of distributions
 
228,975,390
 
 
454,822,647
 
Cost of shares redeemed
 
(3,158,640,518)
 
(1,640,720,377)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(958,093,735)
 
 
2,055,691,754
 
Total increase (decrease) in net assets
 
527,655,241
 
 
(3,101,955,488)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
12,317,244,387
 
15,419,199,875
 
End of period
$
12,844,899,628
$
12,317,244,387
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
166,640,804
 
267,011,806
  Issued in reinvestment of distributions
 
20,554,344
 
 
32,302,745
 
Redeemed
 
(271,702,575)
 
(137,519,813)
Net increase (decrease)
 
(84,507,427)
 
161,794,738
 
 
 
 
 
 
Financial Highlights
Fidelity® Series Overseas Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 A
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.10
$
14.58
$
10.62
$
10.20
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.22
 
.21
 
.17
 
.14
 
.06 D
     Net realized and unrealized gain (loss)
 
1.20
 
(4.27)
 
3.93
 
.32
 
.14
  Total from investment operations
 
1.42  
 
(4.06)  
 
4.10  
 
.46  
 
.20
  Distributions from net investment income
 
(.20)
 
(.17)
 
(.14)
 
(.04)
 
-
  Distributions from net realized gain
 
-
 
(.25)
 
-
 
-
 
-
     Total distributions
 
(.20)
 
(.42)
 
(.14)
 
(.04)
 
-
  Net asset value, end of period
$
11.32
$
10.10
$
14.58
$
10.62
$
10.20
 Total Return E
 
14.05%
 
(28.66)%
 
38.89%
 
4.51%
 
2.00%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.01%
 
.01%
 
.01%
 
.01%
 
.01% H
    Expenses net of fee waivers, if any
 
.01%
 
.01%
 
.01%
 
.01%
 
.01% H
    Expenses net of all reductions
 
.01%
 
.01%
 
.01%
 
.01%
 
.01% H
    Net investment income (loss)
 
1.90%
 
1.79%
 
1.29%
 
1.35%
 
1.69% D,H
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
12,844,900
$
12,317,244
$
15,419,200
$
11,508,376
$
6,226,806
    Portfolio turnover rate I
 
38% J
 
28% J
 
33%
 
50%
 
12% J,K
 
AFor the period June 21, 2019 (commencement of operations) through October 31, 2019.
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .98%.
 
ETotal returns for periods of less than one year are not annualized.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAnnualized.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
JPortfolio turnover rate excludes securities received or delivered in-kind.
 
KAmount not annualized.
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity Series Overseas Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
 
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
 
 
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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. 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$2,111,567,944
Gross unrealized depreciation
(551,526,583)
Net unrealized appreciation (depreciation)
$1,560,041,361
Tax Cost
$11,250,295,388
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$216,052,626
Capital loss carryforward
$(611,597,364)
Net unrealized appreciation (depreciation) on securities and other investments
$1,559,032,941
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 Short-term
$(514,624,302)
 Long-term
(96,973,062)
Total capital loss carryforward
$(611,597,364)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$228,975,390
$186,260,703
Long-term Capital Gains
-
268,561,944
Total
$228,975,390
$454,822,647
 
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Series Overseas Fund
4,976,805,546
5,495,440,806
 
 
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Fidelity Series Overseas Fund
32,698,280
121,959,420
380,570,728
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
 
Amount
Fidelity Series Overseas Fund
$ 2,047
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity Series Overseas Fund
 Borrower
$ 33,953,375
4.61%
$  34,750
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Series Overseas Fund
 246,129,847
 94,964,927
 (4,564,405)
 
 
Prior Fiscal Year Affiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Fidelity Series Overseas Fund
4,714,174
10,846,765
47,182,852
 
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
 
 
 
 
 
Amount ($)
Fidelity Series Overseas Fund
 3,323
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
 
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Series Overseas Fund
$121,513
$ -
$-
 
8. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
 
9. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity Series Overseas Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Series Overseas Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2023, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and for the period from June 21, 2019 (commencement of operations) through October 31, 2019, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period from June 21, 2019 (commencement of operations) through October 31, 2019, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 15, 2023
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 322 funds. Mr. Chiel oversees 191 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).       
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Vijay C. Advani (1960)
Year of Election or Appointment: 2023
Member of the Advisory Board
Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).     
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Karen B. Peetz (1955)
Year of Election or Appointment: 2023
Member of the Advisory Board
Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).     
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).      
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).          
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® Series Overseas Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 915.90
 
$ .05
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,025.16
 
$ .05
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
Distributions (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund designates $5,021,730 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.
 
The fund designates 3% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
 
The fund designates 78.33% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.2226 and $.0266 for the dividend paid December 12, 2022.
 
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Series Overseas Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
Approval of Stub Period Continuation. At its May 2023 meeting, the Board of Trustees voted to continue the fund's management contract with FMR, and the sub-advisory agreements and sub-sub-advisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for two months from June 1, 2023 through July 31, 2023. The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board would consider the annual renewal for a full one year period in July 2023.
At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.
Investment Performance. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts, as the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, 529 plans, and collective investment trusts managed by Fidelity and ultimately to enhance the performance of those investment companies, 529 plans, and collective investment trusts.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in the fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.
The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.013% through February 28, 2026.
Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions.
Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through July 31, 2024.
 
1.9894003.104
SOV-ANN-1223
Fidelity® International Discovery Fund
 
 
Annual Report
October 31, 2023
Includes Fidelity and Fidelity Advisor share classes

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2023 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Class A  (incl. 5.75% sales charge)  
0.52%
2.31%
2.17%
Class M  (incl. 3.50% sales charge)  
2.68%
2.54%
2.17%
Class C  
(incl. contingent deferred sales charge)
 
4.84%
2.71%
2.15%
Fidelity® International Discovery Fund
7.04%
3.88%
3.13%
Class K
7.15%
3.98%
3.25%
Class I
7.01%
3.85%
3.11%
Class Z
7.14%
3.98%
3.25%
 
 
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® International Discovery Fund, a class of the fund, on October 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.
 
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuation also helped bolster non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Portfolio Manager William Kennedy:
For the fiscal year ending October 31, 2023, the fund's share classes (excluding sales charges, if applicable) gained about 6% to 7%, versus 14.65% for the benchmark MSCI EAFE Index (Net MA). From a regional standpoint, security selection in Europe, emerging markets and the U.K. detracted most from the fund's relative result. By sector, investment choices among consumer discretionary companies, along with stock picks and an underweight in energy, also hurt. Security selection in health care and financials proved detrimental as well the past 12 months. The biggest individual relative detractor was an outsized stake in Norway-based Equinor (-23%), a position that was no longer held at period end. The portfolio's non-benchmark exposure to HDFC Bank in India returned roughly -3% and notably detracted from relative performance. The stock was among the fund's largest holdings on October 31. An overweight stake in Japan-based Olympus, which was not held at period end, returned -22% and further weighed on relative performance. In contrast, on a regional basis, an underweight in Asia Pacific ex Japan, primarily Australia, and a non-benchmark allocation to and stock picks in the U.S. helped versus the benchmark. By sector, the biggest contributors to relative performance were underweights in communication services, consumer staples and real estate. The fund's non-benchmark stake in U.S.-based Nvidia gained approximately 91% and was the top individual relative contributor. Outsized exposure to BE Semiconductor Industries (+70%) in the Netherlands was another plus. An overweight in Italy-based UniCredit (+33%), a top-10 holding at the end of October, also helped. Nvidia, BE Semiconductor and UniCredit were new additions to the portfolio during the reporting period. Notable changes in positioning include higher allocations to Italy, the U.S. and the U.K., and reductions in Switzerland and India. By sector, meaningful shifts include decreased exposure to the energy and health care sectors and higher allocations to information technology and consumer discretionary stocks.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
Top Holdings (% of Fund's net assets)
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
3.3
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
2.7
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
2.7
 
Nestle SA (Reg. S)  (United States of America, Food Products)
2.5
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
2.3
 
HDFC Bank Ltd.  (India, Bank)
2.1
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
2.1
 
Hitachi Ltd.  (Japan, Industrial Conglomerates)
2.0
 
Air Liquide SA  (France, Chemicals)
1.9
 
UniCredit SpA  (Italy, Banks)
1.8
 
 
23.4
 
 
Market Sectors (% of Fund's net assets)
 
Financials
19.1
 
Information Technology
16.4
 
Industrials
15.4
 
Consumer Discretionary
13.4
 
Health Care
12.2
 
Consumer Staples
6.2
 
Materials
6.2
 
Energy
3.1
 
Communication Services
2.8
 
Real Estate
1.1
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 95.0%
 
 
Shares
Value ($)
(000s)
 
Australia - 2.5%
 
 
 
Bapcor Ltd.
 
5,572,948
18,969
Flight Centre Travel Group Ltd. (a)
 
3,499,107
41,595
Flutter Entertainment PLC (b)
 
304,826
47,813
IperionX Ltd. (b)(c)(d)
 
16,527,456
13,105
National Storage REIT unit
 
42,709,609
54,454
TOTAL AUSTRALIA
 
 
175,936
Bailiwick of Jersey - 0.4%
 
 
 
JTC PLC (e)
 
3,616,073
28,063
Belgium - 1.2%
 
 
 
KBC Group NV
 
444,579
24,414
UCB SA
 
823,012
60,139
TOTAL BELGIUM
 
 
84,553
Brazil - 0.7%
 
 
 
MercadoLibre, Inc. (b)
 
39,936
49,550
Canada - 3.8%
 
 
 
Canadian Natural Resources Ltd.
 
1,711,559
108,686
Constellation Software, Inc.
 
59,911
120,103
Constellation Software, Inc. warrants 8/22/28 (b)(d)
 
51,211
0
Definity Financial Corp.
 
506,686
14,009
Franco-Nevada Corp.
 
205,729
25,027
Lumine Group, Inc.
 
158,876
1,998
TOTAL CANADA
 
 
269,823
China - 1.5%
 
 
 
Alibaba Group Holding Ltd. (b)
 
1,764,328
18,164
Chervon Holdings Ltd.
 
7,803,207
19,220
JOYY, Inc. ADR
 
1,289,500
50,187
Tencent Holdings Ltd.
 
551,494
20,410
TOTAL CHINA
 
 
107,981
Denmark - 3.8%
 
 
 
DSV A/S
 
216,872
32,344
Novo Nordisk A/S Series B
 
2,474,606
238,740
TOTAL DENMARK
 
 
271,084
France - 11.2%
 
 
 
Air Liquide SA
 
774,350
132,687
Airbus Group NV
 
489,145
65,583
AXA SA
 
3,101,358
91,895
BNP Paribas SA
 
1,381,796
79,459
Edenred SA
 
969,780
51,552
EssilorLuxottica SA
 
314,416
56,769
Exclusive Networks SA (b)
 
1,616,563
25,691
L'Oreal SA
 
195,645
82,236
LVMH Moet Hennessy Louis Vuitton SE
 
225,550
161,478
Pernod Ricard SA
 
276,393
48,986
TOTAL FRANCE
 
 
796,336
Germany - 4.4%
 
 
 
Fresenius SE & Co. KGaA
 
918,300
23,553
Merck KGaA
 
359,030
54,077
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
174,315
69,812
Nexus AG
 
562,762
27,421
Rheinmetall AG
 
187,945
53,773
Siemens AG
 
461,612
61,255
Siemens Healthineers AG (e)
 
475,045
23,283
TOTAL GERMANY
 
 
313,174
Hong Kong - 1.2%
 
 
 
AIA Group Ltd.
 
9,534,937
82,800
Hungary - 0.3%
 
 
 
Richter Gedeon PLC
 
850,465
19,941
India - 4.1%
 
 
 
Avenue Supermarts Ltd. (b)(e)
 
505,358
22,058
HDFC Bank Ltd.
 
6,770,919
120,111
HDFC Bank Ltd. sponsored ADR
 
524,765
29,675
ITC Ltd.
 
4,656,000
23,960
Larsen & Toubro Ltd.
 
523,073
18,402
One97 Communications Ltd. (b)
 
4,023,500
44,515
Pine Labs Private Ltd. (b)(d)(f)
 
8,672
2,720
PVR INOX Ltd. (b)
 
449,200
8,622
Sona Blw Precision Forgings Ltd. (e)
 
2,874,000
18,698
Star Health & Allied Insurance Co. Ltd. (b)
 
992,200
6,910
TOTAL INDIA
 
 
295,671
Ireland - 1.4%
 
 
 
Cairn Homes PLC
 
27,436,266
32,180
Dalata Hotel Group PLC
 
11,172,339
47,404
Kingspan Group PLC (Ireland)
 
348,509
23,409
TOTAL IRELAND
 
 
102,993
Italy - 4.1%
 
 
 
BFF Bank SpA (e)
 
3,154,969
30,295
Davide Campari Milano NV
 
2,893,514
31,933
Ferrari NV
 
163,803
49,410
FinecoBank SpA
 
1,625,451
19,117
Prysmian SpA
 
800,300
29,883
Recordati SpA
 
160,944
7,425
UniCredit SpA
 
4,998,771
125,317
TOTAL ITALY
 
 
293,380
Japan - 18.9%
 
 
 
Advantest Corp.
 
1,046,428
26,955
BayCurrent Consulting, Inc.
 
577,000
14,487
Capcom Co. Ltd.
 
1,225,625
39,452
Daiichi Sankyo Kabushiki Kaisha
 
1,712,619
44,159
Eisai Co. Ltd.
 
299,900
15,888
Fast Retailing Co. Ltd.
 
280,173
62,029
FUJIFILM Holdings Corp.
 
692,538
37,880
Hitachi Ltd.
 
2,274,914
144,199
Hoya Corp.
 
1,020,783
98,269
Itochu Corp.
 
2,615,509
94,213
JTOWER, Inc. (a)(b)
 
880,212
32,032
Keyence Corp.
 
125,031
48,402
Misumi Group, Inc.
 
937,676
14,195
Mitsubishi UFJ Financial Group, Inc.
 
9,101,298
76,352
NOF Corp.
 
447,204
17,643
ORIX Corp.
 
4,171,266
75,860
Outsourcing, Inc.
 
2,520,506
18,730
Pan Pacific International Holdings Ltd.
 
1,971,400
38,178
Persol Holdings Co. Ltd.
 
22,870,620
34,293
Renesas Electronics Corp. (b)
 
5,996,514
78,768
Shin-Etsu Chemical Co. Ltd.
 
3,250,901
97,213
Sony Group Corp.
 
1,195,018
99,352
Sumitomo Mitsui Financial Group, Inc.
 
1,229,174
59,256
TechnoPro Holdings, Inc.
 
803,637
15,921
TIS, Inc.
 
1,356,750
29,055
Tokio Marine Holdings, Inc.
 
1,758,860
39,350
TOTAL JAPAN
 
 
1,352,131
Kazakhstan - 0.0%
 
 
 
Kaspi.KZ JSC GDR (Reg. S)
 
40,900
3,697
Korea (South) - 1.3%
 
 
 
Samsung Electronics Co. Ltd.
 
1,931,510
95,998
Netherlands - 8.0%
 
 
 
ASML Holding NV (Netherlands)
 
315,174
189,458
BE Semiconductor Industries NV
 
721,740
74,305
IMCD NV
 
225,189
27,044
ING Groep NV (Certificaten Van Aandelen)
 
3,889,474
49,865
Shell PLC (London)
 
3,654,000
117,757
Topicus.Com, Inc. (b)
 
101,548
6,686
Universal Music Group NV
 
970,544
23,767
Wolters Kluwer NV
 
653,600
83,750
TOTAL NETHERLANDS
 
 
572,632
Russia - 0.0%
 
 
 
Fix Price Group Ltd. GDR (Reg. S) (b)(d)
 
619,390
229
Spain - 1.4%
 
 
 
CaixaBank SA
 
17,998,287
73,173
Cie Automotive SA
 
1,050,928
26,754
TOTAL SPAIN
 
 
99,927
Sweden - 1.4%
 
 
 
ASSA ABLOY AB (B Shares)
 
1,380,789
29,432
Indutrade AB
 
2,394,149
42,285
Kry International AB (b)(d)(f)
 
4,183
154
Lagercrantz Group AB (B Shares)
 
2,939,024
26,777
TOTAL SWEDEN
 
 
98,648
Switzerland - 0.4%
 
 
 
Partners Group Holding AG
 
30,988
32,594
Taiwan - 2.1%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
9,144,000
149,230
United Kingdom - 13.1%
 
 
 
3i Group PLC
 
2,902,400
68,432
AstraZeneca PLC (United Kingdom)
 
1,546,581
193,638
BAE Systems PLC
 
7,885,321
106,029
Big Yellow Group PLC
 
2,163,353
25,111
Bunzl PLC
 
2,238,046
79,757
Cab Payments Holdings Ltd.
 
3,856,300
2,869
Compass Group PLC
 
4,817,210
121,449
Diageo PLC
 
1,519,133
57,448
Games Workshop Group PLC
 
220,822
26,504
JD Sports Fashion PLC
 
15,236,172
23,611
London Stock Exchange Group PLC
 
522,513
52,719
RELX PLC (London Stock Exchange)
 
2,138,000
74,675
Sage Group PLC
 
4,764,000
56,202
Smart Metering Systems PLC
 
2,852,560
22,155
Starling Bank Ltd. Series D (b)(d)(f)
 
6,223,100
22,238
Zegona Communications PLC (b)(c)(d)
 
322,474
122
TOTAL UNITED KINGDOM
 
 
932,959
United States of America - 7.7%
 
 
 
CRH PLC
 
1,123,211
60,356
Energy Recovery, Inc. (b)
 
319,500
4,856
Globant SA (b)
 
100,728
17,153
Lattice Semiconductor Corp. (b)
 
259,585
14,436
Linde PLC
 
236,383
90,336
Microsoft Corp.
 
198,900
67,250
Nestle SA (Reg. S)
 
1,652,478
178,201
NVIDIA Corp.
 
184,132
75,089
Samsonite International SA (b)(e)
 
12,741,420
39,462
TOTAL UNITED STATES OF AMERICA
 
 
547,139
Zambia - 0.1%
 
 
 
First Quantum Minerals Ltd.
 
511,300
5,925
 
TOTAL COMMON STOCKS
 (Cost $5,773,259)
 
 
 
6,782,394
 
 
 
 
Preferred Stocks - 0.9%
 
 
Shares
Value ($)
(000s)
 
Convertible Preferred Stocks - 0.7%
 
 
 
China - 0.5%
 
 
 
ByteDance Ltd. Series E1 (b)(d)(f)
 
131,235
30,663
dMed Biopharmaceutical Co. Ltd. Series C (b)(d)(f)
 
727,754
4,286
 
 
 
34,949
Estonia - 0.2%
 
 
 
Bolt Technology OU Series E (b)(d)(f)
 
87,239
10,303
United States of America - 0.0%
 
 
 
Canva, Inc.:
 
 
 
 Series A (d)(f)
 
931
994
 Series A2 (d)(f)
 
169
180
 
 
 
1,174
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
46,426
Nonconvertible Preferred Stocks - 0.2%
 
 
 
India - 0.2%
 
 
 
Pine Labs Private Ltd.:
 
 
 
 Series 1 (b)(d)(f)
 
20,726
6,502
 Series A (b)(d)(f)
 
5,179
1,625
 Series B (b)(d)(f)
 
5,635
1,768
 Series B2 (b)(d)(f)
 
4,558
1,430
 Series C (b)(d)(f)
 
8,478
2,659
 Series C1 (b)(d)(f)
 
1,786
560
 Series D (b)(d)(f)
 
1,910
599
 
 
 
15,143
Sweden - 0.0%
 
 
 
Kry International AB Series E (b)(d)(f)
 
24,162
887
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 
 
16,030
 
TOTAL PREFERRED STOCKS
 (Cost $77,597)
 
 
 
62,456
 
 
 
 
Money Market Funds - 4.2%
 
 
Shares
Value ($)
(000s)
 
Fidelity Cash Central Fund 5.40% (g)
 
264,550,089
264,603
Fidelity Securities Lending Cash Central Fund 5.40% (g)(h)
 
31,744,080
31,747
 
TOTAL MONEY MARKET FUNDS
 (Cost $296,350)
 
 
296,350
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.1%
 (Cost $6,147,206)
 
 
 
7,141,200
NET OTHER ASSETS (LIABILITIES) - (0.1)%  
(5,530)
NET ASSETS - 100.0%
7,135,670
 
 
 
 
 
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
 
Legend
 
(a)
Security or a portion of the security is on loan at period end.
 
(b)
Non-income producing
 
(c)
Affiliated company
 
(d)
Level 3 security
 
(e)
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 $161,859,000 or 2.3% of net assets.
 
(f)
Restricted securities (including private placements) - 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 $87,568,000 or 1.2% of net assets.
 
(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, 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.
 
(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)
Bolt Technology OU Series E
1/03/22
22,664
 
 
 
ByteDance Ltd. Series E1
11/18/20
14,380
 
 
 
Canva, Inc. Series A
9/22/23
993
 
 
 
Canva, Inc. Series A2
9/22/23
180
 
 
 
dMed Biopharmaceutical Co. Ltd. Series C
12/01/20
10,336
 
 
 
Kry International AB
5/14/21
1,817
 
 
 
Kry International AB Series E
5/14/21
11,046
 
 
 
Pine Labs Private Ltd.
6/30/21
3,233
 
 
 
Pine Labs Private Ltd. Series 1
6/30/21
7,728
 
 
 
Pine Labs Private Ltd. Series A
6/30/21
1,931
 
 
 
Pine Labs Private Ltd. Series B
6/30/21
2,101
 
 
 
Pine Labs Private Ltd. Series B2
6/30/21
1,699
 
 
 
Pine Labs Private Ltd. Series C
6/30/21
3,161
 
 
 
Pine Labs Private Ltd. Series C1
6/30/21
666
 
 
 
Pine Labs Private Ltd. Series D
6/30/21
712
 
 
 
Starling Bank Ltd. Series D
6/18/21
11,126
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate (Amounts in thousands)
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
376,692
2,030,286
2,142,375
10,679
-
-
264,603
0.6%
Fidelity Securities Lending Cash Central Fund 5.40%
29,429
1,022,327
1,020,009
1,310
-
-
31,747
0.1%
Total
406,121
3,052,613
3,162,384
11,989
-
-
296,350
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
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 presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate (Amounts in thousands)
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Dalata Hotel Group PLC
36,423
-
171
476
65
11,544
-
IperionX Ltd.
6,780
1,236
35
-
7
5,223
13,105
Zegona Communications PLC
282
-
1
-
(1)
(153)
122
Total
43,485
1,236
207
476
71
16,614
13,227
 
 
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
(Amounts in thousands)
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
205,255
50,187
124,283
30,785
Consumer Discretionary
942,994
303,226
638,594
1,174
Consumer Staples
445,051
80,919
363,903
229
Energy
226,443
108,686
117,757
-
Financials
1,374,349
306,097
1,046,014
22,238
Health Care
867,588
272,608
590,694
4,286
Industrials
1,090,670
399,256
691,414
-
Information Technology
1,170,643
485,690
655,746
29,207
Materials
442,292
181,644
247,543
13,105
Real Estate
79,565
25,111
54,454
-
  Money Market Funds
296,350
296,350
-
-
 Total Investments in Securities:
7,141,200
2,509,774
4,530,402
101,024
 
The following is a reconciliation of  Investments in Securities for which Level 3 inputs were used in determining value:
 
(Amounts in thousands)
 
Investments in Securities:
 
  Beginning Balance
$
91,683
 
  Net Realized Gain (Loss) on Investment Securities
 
11
 
  Net Unrealized Gain (Loss) on Investment Securities
 
10
 
  Cost of Purchases
 
2,409
 
  Proceeds of Sales
 
(151)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
7,062
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
101,024
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2023
$
10
 
 
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. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's  Statement of Operations.
 
 
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts)
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $30,220) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $5,837,280)
$
6,831,623
 
 
Fidelity Central Funds (cost $296,350)
296,350
 
 
Other affiliated issuers (cost $13,576)
13,227
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $6,147,206)
 
 
$
7,141,200
Foreign currency held at value (cost $41)
 
 
41
Receivable for investments sold
 
 
67,934
Receivable for fund shares sold
 
 
4,531
Dividends receivable
 
 
11,451
Reclaims receivable
 
 
26,867
Distributions receivable from Fidelity Central Funds
 
 
1,523
Prepaid expenses
 
 
11
Other receivables
 
 
3,408
  Total assets
 
 
7,256,966
Liabilities
 
 
 
 
Payable for investments purchased
$
74,593
 
 
Payable for fund shares redeemed
3,997
 
 
Accrued management fee
2,377
 
 
Distribution and service plan fees payable
36
 
 
Other affiliated payables
785
 
 
Deferred taxes
7,146
 
 
Other payables and accrued expenses
615
 
 
Collateral on securities loaned
31,747
 
 
  Total Liabilities
 
 
 
121,296
Net Assets  
 
 
$
7,135,670
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
6,625,956
Total accumulated earnings (loss)
 
 
 
509,714
Net Assets
 
 
$
7,135,670
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($122,305 ÷ 3,127 shares)(a)(b)
 
 
$
39.12
Maximum offering price per share (100/94.25 of $39.12)
 
 
$
41.51
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($15,275 ÷ 395 shares)(a)(b)
 
 
$
38.71
Maximum offering price per share (100/96.50 of $38.71)
 
 
$
40.11
Class C :
 
 
 
 
Net Asset Value and offering price per share ($4,391 ÷ 115 shares)(a)(b)
 
 
$
38.06
International Discovery :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($3,352,940 ÷ 84,870 shares)
 
 
$
39.51
Class K :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($476,117 ÷ 12,088 shares)
 
 
$
39.39
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($496,845 ÷ 12,626 shares)
 
 
$
39.35
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($2,667,797 ÷ 67,828 shares)
 
 
$
39.33
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares.
 
Statement of Operations
Amounts in thousands
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends (including $476 earned from affiliated issuers)
 
 
$
175,205
Interest  
 
 
202
Income from Fidelity Central Funds (including $1,310 from security lending)
 
 
11,989
 Income before foreign taxes withheld
 
 
$
187,396
Less foreign taxes withheld
 
 
(18,260)
 Total Income
 
 
 
169,136
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
50,801
 
 
 Performance adjustment
(13,772)
 
 
Transfer agent fees
8,126
 
 
Distribution and service plan fees
491
 
 
Accounting fees
1,612
 
 
Custodian fees and expenses
662
 
 
Independent trustees' fees and expenses
45
 
 
Registration fees
158
 
 
Audit
218
 
 
Legal
9
 
 
Miscellaneous
39
 
 
 Total expenses before reductions
 
48,389
 
 
 Expense reductions
 
(474)
 
 
 Total expenses after reductions
 
 
 
47,915
Net Investment income (loss)
 
 
 
121,221
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $2)
 
(123,014)
 
 
   Redemptions in-kind
 
29,458
 
 
   Affiliated issuers
 
71
 
 
 Foreign currency transactions
 
823
 
 
Total net realized gain (loss)
 
 
 
(92,662)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $1,949)  
 
505,956
 
 
   Affiliated issuers
 
16,614
 
 
 Assets and liabilities in foreign currencies
 
1,813
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
524,383
Net gain (loss)
 
 
 
431,721
Net increase (decrease) in net assets resulting from operations
 
 
$
552,942
Statement of Changes in Net Assets
 
Amount in thousands
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
121,221
$
150,460
Net realized gain (loss)
 
(92,662)
 
 
(304,705)
 
Change in net unrealized appreciation (depreciation)
 
524,383
 
(3,205,165)
 
Net increase (decrease) in net assets resulting from operations
 
552,942
 
 
(3,359,410)
 
Distributions to shareholders
 
(30,708)
 
 
(1,127,528)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
(756,854)
 
 
588,890
 
Total increase (decrease) in net assets
 
(234,620)
 
 
(3,898,048)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
7,370,290
 
11,268,338
 
End of period
$
7,135,670
$
7,370,290
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® International Discovery Fund Class A
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
36.68
$
58.79
$
45.84
$
43.31
$
39.99
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.49
 
.56 C
 
.18
 
.16
 
.63 D
     Net realized and unrealized gain (loss)
 
1.95
 
(16.91)
 
14.60
 
3.27
 
3.93
  Total from investment operations
 
2.44  
 
(16.35)  
 
14.78  
 
3.43  
 
4.56
  Distributions from net investment income
 
-
 
(1.38)
 
(.12)
 
(.62)
 
(.33)
  Distributions from net realized gain
 
-
 
(4.38)
 
(1.71)
 
(.28)
 
(.91)
     Total distributions
 
-
 
(5.76)
 
(1.83)
 
(.90)
 
(1.24)
  Net asset value, end of period
$
39.12
$
36.68
$
58.79
$
45.84
$
43.31
 Total Return E,F
 
6.65%
 
(30.57)%
 
32.86%
 
8.02%
 
11.90%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.00%
 
1.31%
 
1.32%
 
1.36%
 
1.12%
    Expenses net of fee waivers, if any
 
.99%
 
1.30%
 
1.32%
 
1.36%
 
1.12%
    Expenses net of all reductions
 
.99%
 
1.30%
 
1.32%
 
1.36%
 
1.11%
    Net investment income (loss)
 
1.17%
 
1.27% C
 
.32%
 
.38%
 
1.57% D
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
122  
$
131
$
206
$
173
$
185
    Portfolio turnover rate I
 
49% J
 
43% J
 
41% J
 
34% J
 
70% J
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .92%.
 
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.05%.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FTotal returns do not include the effect of the sales charges.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
JPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® International Discovery Fund Class M
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
36.38
$
58.35
$
45.53
$
43.01
$
39.71
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.38
 
.45 C
 
.04
 
.06
 
.53 D
     Net realized and unrealized gain (loss)
 
1.95
 
(16.81)
 
14.51
 
3.24
 
3.91
  Total from investment operations
 
2.33  
 
(16.36)  
 
14.55  
 
3.30  
 
4.44
  Distributions from net investment income
 
-
 
(1.23)
 
(.02)
 
(.51)
 
(.22)
  Distributions from net realized gain
 
-
 
(4.38)
 
(1.71)
 
(.28)
 
(.91)
     Total distributions
 
-
 
(5.61)
 
(1.73)
 
(.78) E
 
(1.14) E
  Net asset value, end of period
$
38.71
$
36.38
$
58.35
$
45.53
$
43.01
 Total Return F,G
 
6.40%
 
(30.76)%
 
32.53%
 
7.77%
 
11.62%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.24%
 
1.55%
 
1.57%
 
1.61%
 
1.37%
    Expenses net of fee waivers, if any
 
1.24%
 
1.55%
 
1.57%
 
1.61%
 
1.37%
    Expenses net of all reductions
 
1.23%
 
1.55%
 
1.57%
 
1.60%
 
1.35%
    Net investment income (loss)
 
.93%
 
1.02% C
 
.07%
 
.13%
 
1.32% D
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
15  
$
16
$
25
$
21
$
24
    Portfolio turnover rate J
 
49% K
 
43% K
 
41% K
 
34% K
 
70% K
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .67%.
 
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .80%.
 
ETotal distributions per share do not sum due to rounding.
 
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
GTotal returns do not include the effect of the sales charges.
 
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
KPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® International Discovery Fund Class C
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
35.96
$
57.59
$
45.18
$
42.60
$
39.32
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.16
 
.21 C
 
(.27)
 
(.18)
 
.31 D
     Net realized and unrealized gain (loss)
 
1.94
 
(16.66)
 
14.38
 
3.22
 
3.88
  Total from investment operations
 
2.10  
 
(16.45)  
 
14.11  
 
3.04  
 
4.19
  Distributions from net investment income
 
-
 
(.80)
 
-
 
(.19)
 
-
  Distributions from net realized gain
 
-
 
(4.38)
 
(1.70)
 
(.28)
 
(.91)
     Total distributions
 
-
 
(5.18)
 
(1.70)
 
(.46) E
 
(.91)
  Net asset value, end of period
$
38.06
$
35.96
$
57.59
$
45.18
$
42.60
 Total Return F,G
 
5.84%
 
(31.14)%
 
31.79%
 
7.19%
 
11.02%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.77%
 
2.10%
 
2.14%
 
2.16%
 
1.91%
    Expenses net of fee waivers, if any
 
1.76%
 
2.10%
 
2.13%
 
2.15%
 
1.91%
    Expenses net of all reductions
 
1.76%
 
2.10%
 
2.13%
 
2.15%
 
1.90%
    Net investment income (loss)
 
.40%
 
.48% C
 
(.50)%
 
(.41)%
 
.78% D
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
4  
$
5
$
10
$
11
$
12
    Portfolio turnover rate J
 
49% K
 
43% K
 
41% K
 
34% K
 
70% K
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .12%.
 
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .26%.
 
ETotal distributions per share do not sum due to rounding.
 
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
GTotal returns do not include the effect of the contingent deferred sales charge.
 
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
KPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity® International Discovery Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
37.04
$
59.31
$
46.20
$
43.65
$
40.32
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.63
 
.72 C
 
.36
 
.32
 
.78 D
     Net realized and unrealized gain (loss)
 
1.98
 
(17.07)
 
14.71
 
3.29
 
3.95
  Total from investment operations
 
2.61  
 
(16.35)  
 
15.07  
 
3.61  
 
4.73
  Distributions from net investment income
 
(.14)
 
(1.54)
 
(.25)
 
(.78)
 
(.49)
  Distributions from net realized gain
 
-
 
(4.38)
 
(1.71)
 
(.28)
 
(.91)
     Total distributions
 
(.14)
 
(5.92)
 
(1.96)
 
(1.06)
 
(1.40)
  Net asset value, end of period
$
39.51
$
37.04
$
59.31
$
46.20
$
43.65
 Total Return E
 
7.04%
 
(30.36)%
 
33.29%
 
8.39%
 
12.31%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.66%
 
.98%
 
.99%
 
1.02%
 
.78%
    Expenses net of fee waivers, if any
 
.65%
 
.97%
 
.99%
 
1.02%
 
.78%
    Expenses net of all reductions
 
.65%
 
.97%
 
.99%
 
1.01%
 
.76%
    Net investment income (loss)
 
1.51%
 
1.60% C
 
.65%
 
.72%
 
1.92% D
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
3,353  
$
3,386
$
5,117
$
6,784
$
6,726
    Portfolio turnover rate H
 
49% I
 
43% I
 
41% I
 
34% I
 
70% I
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.25%.
 
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.40%.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
IPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity® International Discovery Fund Class K
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
36.93
$
59.18
$
46.10
$
43.55
$
40.25
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.68
 
.78 C
 
.41
 
.36
 
.82 D
     Net realized and unrealized gain (loss)
 
1.96
 
(17.02)
 
14.67
 
3.29
 
3.93
  Total from investment operations
 
2.64  
 
(16.24)  
 
15.08  
 
3.65  
 
4.75
  Distributions from net investment income
 
(.18)
 
(1.62)
 
(.29)
 
(.82)
 
(.54)
  Distributions from net realized gain
 
-
 
(4.38)
 
(1.71)
 
(.28)
 
(.91)
     Total distributions
 
(.18)
 
(6.01) E
 
(2.00)
 
(1.10)
 
(1.45)
  Net asset value, end of period
$
39.39
$
36.93
$
59.18
$
46.10
$
43.55
 Total Return F
 
7.15%
 
(30.28)%
 
33.40%
 
8.52%
 
12.41%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.55%
 
.87%
 
.90%
 
.91%
 
.66%
    Expenses net of fee waivers, if any
 
.54%
 
.87%
 
.90%
 
.91%
 
.66%
    Expenses net of all reductions
 
.54%
 
.87%
 
.90%
 
.91%
 
.65%
    Net investment income (loss)
 
1.62%
 
1.71% C
 
.74%
 
.83%
 
2.03% D
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
476  
$
603
$
1,371
$
1,401
$
1,566
    Portfolio turnover rate I
 
49% J
 
43% J
 
41% J
 
34% J
 
70% J
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.35%.
 
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.51%.
 
ETotal distributions per share do not sum due to rounding.
 
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
JPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® International Discovery Fund Class I
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
36.90
$
59.15
$
46.08
$
43.53
$
40.22
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.63
 
.69 C
 
.35
 
.31
 
.77 D
     Net realized and unrealized gain (loss)
 
1.96
 
(16.99)
 
14.67
 
3.28
 
3.93
  Total from investment operations
 
2.59  
 
(16.30)  
 
15.02  
 
3.59  
 
4.70
  Distributions from net investment income
 
(.14)
 
(1.57)
 
(.24)
 
(.76)
 
(.48)
  Distributions from net realized gain
 
-
 
(4.38)
 
(1.71)
 
(.28)
 
(.91)
     Total distributions
 
(.14)
 
(5.95)
 
(1.95)
 
(1.04)
 
(1.39)
  Net asset value, end of period
$
39.35
$
36.90
$
59.15
$
46.08
$
43.53
 Total Return E
 
7.01%
 
(30.37)%
 
33.26%
 
8.37%
 
12.26%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.67%
 
.99%
 
1.02%
 
1.04%
 
.80%
    Expenses net of fee waivers, if any
 
.66%
 
.99%
 
1.02%
 
1.04%
 
.80%
    Expenses net of all reductions
 
.66%
 
.99%
 
1.02%
 
1.03%
 
.79%
    Net investment income (loss)
 
1.50%
 
1.59% C
 
.62%
 
.70%
 
1.89% D
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
497  
$
509
$
566
$
388
$
463
    Portfolio turnover rate H
 
49% I
 
43% I
 
41% I
 
34% I
 
70% I
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.23%.
 
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.37%.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
IPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® International Discovery Fund Class Z
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
36.88
$
59.14
$
46.07
$
43.52
$
40.22
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.67
 
.76 C
 
.43
 
.36
 
.82 D
     Net realized and unrealized gain (loss)
 
1.97
 
(16.99)
 
14.64
 
3.29
 
3.94
  Total from investment operations
 
2.64  
 
(16.23)  
 
15.07  
 
3.65  
 
4.76
  Distributions from net investment income
 
(.19)
 
(1.65)
 
(.29)
 
(.82)
 
(.54)
  Distributions from net realized gain
 
-
 
(4.38)
 
(1.71)
 
(.28)
 
(.91)
     Total distributions
 
(.19)
 
(6.03)
 
(2.00)
 
(1.10)
 
(1.46) E
  Net asset value, end of period
$
39.33
$
36.88
$
59.14
$
46.07
$
43.52
 Total Return F
 
7.14%
 
(30.29)%
 
33.40%
 
8.53%
 
12.42%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.55%
 
.87%
 
.90%
 
.91%
 
.66%
    Expenses net of fee waivers, if any
 
.54%
 
.87%
 
.90%
 
.91%
 
.66%
    Expenses net of all reductions
 
.54%
 
.87%
 
.90%
 
.91%
 
.65%
    Net investment income (loss)
 
1.62%
 
1.71% C
 
.74%
 
.83%
 
2.03% D
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
2,668  
$
2,720
$
3,972
$
54
$
82
    Portfolio turnover rate I
 
49% J
 
43% J
 
41% J
 
34% J
 
70% J
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.35%.
 
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.51%.
 
ETotal distributions per share do not sum due to rounding.
 
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
JPortfolio turnover rate excludes securities received or delivered in-kind.
 
For the period ended October 31, 2023
(Amounts in thousands except percentages)
 
1. Organization.
Fidelity International Discovery Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, International Discovery, Class K, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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, 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. 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. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
 
Asset Type
Fair Value
Valuation Technique(s)
Unobservable Input
Amount or Range/Weighted Average
Impact to Valuation from an Increase in InputA
Equities
$101,024
Market comparable
Enterprise value/Revenue multiple (EV/R)
2.0 - 12.8 / 5.3
Increase
 
 
 
Enterprise value/Net income multiple (EV/NI)
11.5
Increase
 
 
Market approach
Transaction price
$0.38 - $0.79 / $0.79
Increase
 
 
 
Discount rate
50.0%
Decrease
 
 
Recovery value
Recovery value
$0.00
Increase
 
 
Black scholes
Discount rate
4.9%
Increase
 
 
 
Volatility
60.0%
Increase
 
 
 
Term
3.0
Increase
 
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
 
Fidelity International Discovery Fund
$388
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, deferred Trustee compensation, capital loss carryforwards, and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$1,321,852
Gross unrealized depreciation
(415,433)
Net unrealized appreciation (depreciation)
$906,419
Tax Cost
$6,234,781
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$147,909
Capital loss carryforward
$(533,865)
Net unrealized appreciation (depreciation) on securities and other investments
$903,039
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
Short-term
$(533,865)
Long-term
-
Total capital loss carryforward
$(533,865)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$30,708
$382,080
Long-term Capital Gains
-
745,448
Total
$30,708
$1,127,528
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncement. In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. They also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. They also require additional disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the potential impact of ASU 2022-03 to the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity International Discovery Fund
3,669,932
4,113,943
 
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Participating classes
Fidelity International Discovery Fund
2,746
29,458
115,652
International Discovery and Class K
 
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Participating classes
Fidelity International Discovery Fund
5,635
85,105
263,151
International Discovery and Class K
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .424% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- 20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Discovery as compared to its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .47% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees
Retained by FDC
Class A
 - %
 .25%
$351
$2
Class M
 .25%
 .25%
 86
 -A
Class C
 .75%
 .25%
                        54
                           4
 
 
 
$491
$6
A In the amount of the less than five hundred dollars.
 
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
 
For the period, sales charge amounts retained by FDC were as follows:
 
 
Retained by FDC
Class A
$7
Class M
 1
Class CA
 -B
 
 $8
 
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
B In the amount of the less than five hundred dollars.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class K and Class Z. FIIOC receives an asset-based fee of Class K's and Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Class A
$333
.24
Class M
 40
.23
Class C
 14
.26
International Discovery
 5,430
.15
Class K
 240
.04
Class I
 863
.16
Class Z
 1,206
.04
 
$8,126
 
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
 
 
% of Class-Level Average Net Assets
Class A
0.2000%
Class M
0.2000%
Class C
0.2000%
International Discovery
0.1447%
Class I
0.1603%
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity International Discovery Fund
.02
 
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
 
 
% of Average Net Assets
Fidelity International Discovery Fund
0.0200%
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity International Discovery Fund
$5
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity International Discovery Fund
 116,280
 85,679
 (10,839)
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity International Discovery Fund
$14
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity International Discovery Fund
$142
$-
$-
8. Expense Reductions.
Through arrangements with the Fund's custodian, and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $1. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction
Class M
 -A
 
 
A In the amount of the less than five hundred dollars.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $473.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2023
Year ended
October 31, 2022
Fidelity International Discovery Fund
 
 
Distributions to shareholders
 
 
Class A
$-
 $20,037
Class M
 -
 2,384
Class C
 -
 909
International Discovery
 12,630
 509,968
Class K
 2,923
 134,333
Class I
 1,852
 53,775
Class Z
                13,303
             406,122
Total  
$30,708
$1,127,528
 
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended
 October 31, 2023
Year ended
 October 31, 2022
Year ended
 October 31, 2023
Year ended
 October 31, 2022
Fidelity International Discovery Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
180
268
$7,469
$11,889
Reinvestment of distributions
-
387
-
19,790
Shares redeemed
(617)
(597)
(25,738)
(26,398)
Net increase (decrease)
(437)
58
$(18,269)
$5,281
Class M
 
 
 
 
Shares sold
16
22
$693
$962
Reinvestment of distributions
-
47
-
2,368
Shares redeemed
(64)
(58)
(2,637)
(2,608)
Net increase (decrease)
(48)
11
$(1,944)
$722
Class C
 
 
 
 
Shares sold
14
12
$581
$599
Reinvestment of distributions
-
18
-
888
Shares redeemed
(50)
(57)
(2,029)
(2,536)
Net increase (decrease)
(36)
(27)
$(1,448)
$(1,049)
International Discovery
 
 
 
 
Shares sold
4,512
7,204
$188,209
$327,014
Reinvestment of distributions
286
9,116
11,602
469,882
Shares redeemed
(11,328)
(11,205)
(472,160)
(499,877)
Net increase (decrease)
(6,530)
5,115
$(272,349)
$297,019
Class K
 
 
 
 
Shares sold
1,401
2,511
$58,356
$114,979
Reinvestment of distributions
72
2,616
2,923
134,333
Shares redeemed
(5,700)
(11,983)
(236,604)
(555,470)
Net increase (decrease)
(4,227)
(6,856)
$(175,325)
$(306,158)
Class I
 
 
 
 
Shares sold
2,991
34,479
$122,437
$1,453,949
Reinvestment of distributions
9
298
373
15,297
Shares redeemed
(4,177)
(30,537)
(170,989)
(1,266,702)
Net increase (decrease)
(1,177)
4,240
$(48,179)
$202,544
Class Z
 
 
 
 
Shares sold
576
3,672
$24,069
$187,806
Reinvestment of distributions
329
7,866
13,272
403,304
Shares redeemed
(6,831)
(4,955)
(276,681)
(200,579)
Net increase (decrease)
(5,926)
6,583
$(239,340)
$390,531
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity International Fund
Strategic Advisers International Fund
Fidelity International Discovery Fund
26%
10%
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity International Discovery Fund
39%
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity International Discovery Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity International Discovery Fund (one of the funds constituting Fidelity Investment Trust, referred to hereafter as the "Fund") as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, the statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2023 and the financial highlights for each of the five years in the period ended October 31, 2023 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 14, 2023
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 322 funds. Mr. Chiel oversees 191 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).       
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Vijay C. Advani (1960)
Year of Election or Appointment: 2023
Member of the Advisory Board
Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).     
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Karen B. Peetz (1955)
Year of Election or Appointment: 2023
Member of the Advisory Board
Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).     
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).      
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).          
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
Fidelity® International Discovery Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
.92%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 914.00
 
$ 4.44
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.57
 
$ 4.69
 
Class M
 
 
 
1.17%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 912.80
 
$ 5.64
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.31
 
$ 5.96
 
Class C
 
 
 
1.68%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 910.30
 
$ 8.09
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,016.74
 
$ 8.54
 
Fidelity® International Discovery Fund
 
 
 
.58%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 915.60
 
$ 2.80
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.28
 
$ 2.96
 
Class K
 
 
 
.46%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 916.00
 
$ 2.22
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.89
 
$ 2.35
 
Class I
 
 
 
.60%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 915.30
 
$ 2.90
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.18
 
$ 3.06
 
Class Z
 
 
 
.48%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 915.90
 
$ 2.32
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.79
 
$ 2.45
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
Distributions (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
International Discovery, Class K, Class I, and Class Z designate 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
 
 
Pay Date
Income
Taxes
Fidelity International Discovery Fund
 
 
 
International Discovery
12/12/2022
$0.2456
$0.1056
Class K
12/12/2022
$0.2896
$0.1056
Class I
12/12/2022
$0.2446
$0.1056
Class Z
12/12/2022
$0.2916
$0.1056
 
 
 
 
 
 
 
 
 
 
 
 
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity International Discovery Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
Approval of Stub Period Continuation. At its May 2023 meeting, the Board of Trustees voted to continue the fund's management contract with FMR, and the sub-advisory agreements and sub-sub-advisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for two months from June 1, 2023 through July 31, 2023. The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board would consider the annual renewal for a full one year period in July 2023.
At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. The fund underperformed its benchmark and peers for the one- and three-year periods ended February 28, 2023, and as a result, the Board continues to engage in discussions with FMR about the steps it is taking to address the fund's performance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and the total expense ratio of the retail class, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the retail class of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the retail class of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the retail class of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and above the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2022. The Board also noted that if funds in a fund complex with a unique at-cost service model were excluded from the total expense asset size peer group, the total expense ratio for the retail class was below the total expense asset size peer group for 2022.
The Board noted that the fund offers multiple classes, each of which has a different sales load and 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expense ratios of the classes vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.
In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of the retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee, including the use of the retail class as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through July 31, 2024.
 
 
1.807258.119
IGI-ANN-1223
Fidelity Series Select International Small Cap Fund
 
 
Annual Report
October 31, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2023 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average annual total returns for Fidelity Series Select International Small Cap Fund will be reported once the fund is a year old.
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity Series Select International Small Cap Fund, on November 4, 2022, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Small Cap Index performed over the same period.
 
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuation also helped bolster non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Portfolio Manager Shah Badkoubei:
From inception on November 4, 2023, through October 31, 2023, the fund gained 8.03%, versus 5.93% for the benchmark MSCI EAFE Small Cap Index (Net MA). From a regional standpoint, stock picks in the U.K. notably contributed to the fund's result versus the benchmark, as did positioning in Asia ex Japan and emerging markets. By sector, stock selection was the primary contributor, especially within industrials. Stock picking in the consumer discretionary and financials sectors also helped. The fund's biggest individual relative contributor was Sabre Insurance Group (+82%). Sabre was one of the fund's largest holdings at the end of the period. The fund's second-largest relative contributor was an overweight in Munters Group (+52%), from the industrials sector. Munters was the fund's largest holding as of October 31. In the utilities sector, an overweight in Sembcorp Industries (+58%) also helped. In contrast, from a regional standpoint, stock choices in Japan detracted from the fund's performance versus the benchmark. By sector, the biggest relative detractor was stock picks in the materials sector. Security selection in the information technology sector also hurt relative performance, as did choices in energy and consumer staples. The largest individual relative detractor was Euroapi (-71%), from the health care sector. A second notable relative detractor was an overweight in 29Metals (-70%), from the materials sector. An overweight stake in Synthomer returned approximately -89% and weighed on relative performance.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
Top Holdings (% of Fund's net assets)
 
Munters Group AB  (Sweden, Building Products)
1.0
 
VZ Holding AG  (Switzerland, Capital Markets)
1.0
 
Lancashire Holdings Ltd.  (United Kingdom, Insurance)
1.0
 
Sabre Insurance Group PLC  (United Kingdom, Insurance)
0.9
 
Kyoto Financial Group, Inc.  (Japan, Banks)
0.9
 
Mitie Group PLC  (United Kingdom, Commercial Services & Supplies)
0.9
 
B&M European Value Retail SA  (United Kingdom, Broadline Retail)
0.9
 
Steadfast Group Ltd.  (Australia, Insurance)
0.9
 
Toyo Suisan Kaisha Ltd.  (Japan, Food Products)
0.8
 
Fuyo General Lease Co. Ltd.  (Japan, Financial Services)
0.8
 
 
9.1
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
22.2
 
Consumer Discretionary
14.2
 
Financials
11.6
 
Information Technology
9.8
 
Materials
8.3
 
Real Estate
8.0
 
Consumer Staples
6.7
 
Health Care
5.9
 
Communication Services
5.5
 
Energy
2.9
 
Utilities
2.0
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 96.6%
 
 
Shares
Value ($)
 
Australia - 7.7%
 
 
 
29Metals Ltd.
 
3,273
1,290
ALS Ltd.
 
968
6,625
Ansell Ltd.
 
270
3,648
Aurizon Holdings Ltd.
 
2,153
4,689
Beach Energy Ltd.
 
6,020
5,929
CAR Group Ltd.
 
463
8,161
Challenger Ltd.
 
953
3,553
Evolution Mining Ltd.
 
2,072
4,634
Flight Centre Travel Group Ltd.
 
488
5,801
GUD Holdings Ltd.
 
1,090
7,412
Incitec Pivot Ltd.
 
2,876
5,021
Iress Ltd.
 
669
2,133
McMillan Shakespeare Ltd.
 
213
2,270
National Storage REIT unit
 
4,732
6,033
Steadfast Group Ltd.
 
2,681
9,219
Treasury Wine Estates Ltd.
 
809
6,210
TOTAL AUSTRALIA
 
 
82,628
Austria - 1.8%
 
 
 
AT&S Austria Technologie & Systemtechnik AG
 
197
4,936
Schoeller-Bleckmann Oilfield Equipment AG
 
97
4,896
Wienerberger AG
 
268
6,505
Zumtobel AG
 
440
2,686
TOTAL AUSTRIA
 
 
19,023
Bailiwick of Jersey - 0.5%
 
 
 
JTC PLC (a)
 
725
5,626
Belgium - 1.6%
 
 
 
Azelis Group NV
 
277
4,719
Econocom Group SA
 
2,021
4,950
Fagron NV
 
406
7,123
TOTAL BELGIUM
 
 
16,792
Finland - 0.9%
 
 
 
Huhtamaki Oyj
 
173
5,933
Musti Group OYJ
 
206
4,056
TOTAL FINLAND
 
 
9,989
France - 5.5%
 
 
 
Altarea SCA
 
44
3,129
ALTEN
 
48
5,653
Euroapi SASU (b)
 
363
1,899
Exclusive Networks SA (b)
 
374
5,944
Ipsos SA
 
117
5,677
Nexans SA
 
35
2,470
Rexel SA
 
413
8,406
SEB SA
 
50
4,928
Ubisoft Entertainment SA (b)
 
180
5,120
Vallourec SA (b)
 
514
6,159
Vicat SA
 
127
3,897
Virbac SA
 
23
6,595
TOTAL FRANCE
 
 
59,877
Germany - 4.9%
 
 
 
Bilfinger Berger AG
 
151
5,531
CTS Eventim AG
 
108
6,519
Gerresheimer AG
 
60
5,580
Lanxess AG
 
140
3,200
Mensch und Maschine Software SE
 
82
4,282
Patrizia Immobilien AG
 
474
3,827
PVA TePla AG (b)
 
189
2,862
SAF-Holland SA
 
623
8,306
Stabilus Se
 
126
7,986
Takkt AG
 
400
5,121
TOTAL GERMANY
 
 
53,214
Hong Kong - 2.4%
 
 
 
ASMPT Ltd.
 
469
3,972
Dah Sing Financial Holdings Ltd.
 
1,207
2,732
Fortune (REIT)
 
4,496
2,515
Hysan Development Co. Ltd.
 
2,024
3,726
Luk Fook Holdings International Ltd.
 
2,386
5,919
Melco International Development Ltd. (b)
 
3,000
2,097
Pacific Basin Shipping Ltd.
 
16,000
4,630
TOTAL HONG KONG
 
 
25,591
Ireland - 1.7%
 
 
 
Bank of Ireland Group PLC
 
675
6,035
C&C Group PLC (United Kingdom)
 
3,268
5,529
Dalata Hotel Group PLC
 
1,460
6,195
TOTAL IRELAND
 
 
17,759
Israel - 1.7%
 
 
 
Bezeq The Israel Telecommunication Corp. Ltd.
 
4,330
5,328
Nova Ltd. (b)
 
80
7,618
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd.
 
103
5,555
TOTAL ISRAEL
 
 
18,501
Italy - 2.4%
 
 
 
Banca Generali SpA
 
257
8,327
Banco BPM SpA
 
1,200
6,124
Brembo SpA
 
474
5,091
Carel Industries SpA (a)
 
144
2,999
GVS SpA (a)(b)
 
739
3,300
TOTAL ITALY
 
 
25,841
Japan - 34.4%
 
 
 
Aeon Delight Co. Ltd.
 
230
5,071
Anritsu Corp.
 
441
3,283
As One Corp.
 
120
3,824
ASKUL Corp.
 
541
7,062
Azbil Corp.
 
196
5,792
Cosmos Pharmaceutical Corp.
 
51
5,307
Daido Steel Co. Ltd.
 
150
5,884
Daiichikosho Co. Ltd.
 
376
5,558
Daiwa Securities Living Invest
 
8
5,915
Dexerials Corp.
 
250
5,703
Dowa Holdings Co. Ltd.
 
182
5,564
FP Corp.
 
241
4,641
Fujitec Co. Ltd.
 
230
4,993
Fukushima Industries Corp.
 
180
5,959
Funai Soken Holdings, Inc.
 
330
5,424
Fuyo General Lease Co. Ltd.
 
110
8,943
GMO Internet, Inc.
 
180
2,622
Haseko Corp.
 
668
8,221
Inaba Denki Sangyo Co. Ltd.
 
400
8,341
J. Front Retailing Co. Ltd.
 
442
4,214
JTOWER, Inc. (b)
 
135
4,913
Kamigumi Co. Ltd.
 
398
8,074
Kaneka Corp.
 
298
7,293
Kawasaki Heavy Industries Ltd.
 
290
6,401
Kissei Pharmaceutical Co. Ltd.
 
285
6,028
Koshidaka Holdings Co. Ltd.
 
900
6,403
Kyoritsu Maintenance Co. Ltd.
 
148
5,660
Kyoto Financial Group, Inc.
 
169
9,581
Kyushu Railway Co.
 
310
6,338
Maruwa Ceramic Co. Ltd.
 
47
8,247
Milbon Co. Ltd.
 
162
4,283
Mitsubishi Logisnext Co. Ltd.
 
900
7,061
Miura Co. Ltd.
 
250
4,847
Money Forward, Inc. (b)
 
100
2,526
Morinaga & Co. Ltd.
 
222
8,006
Nabtesco Corp.
 
291
5,154
Nagaileben Co. Ltd.
 
290
4,002
Net One Systems Co. Ltd.
 
238
3,633
Nikkiso Co. Ltd.
 
978
6,230
Nippon Gas Co. Ltd.
 
413
6,207
Okinawa Cellular Telephone Co.
 
299
6,324
PALTAC Corp.
 
182
5,900
Park24 Co. Ltd. (b)
 
416
4,687
Penta-Ocean Construction Co. Ltd.
 
908
5,338
Relo Group, Inc.
 
388
3,847
Resonac Holdings Corp.
 
325
5,269
Rinnai Corp.
 
150
2,755
Roland Corp.
 
186
5,378
Santen Pharmaceutical Co. Ltd.
 
700
6,071
Sanwa Holdings Corp.
 
568
7,664
SHIFT, Inc. (b)
 
13
2,359
SOSiLA Logistics REIT, Inc.
 
5
3,961
Stanley Electric Co. Ltd.
 
358
5,726
Sumco Corp.
 
459
5,931
Suruga Bank Ltd.
 
1,988
8,494
SWCC Showa Holdings Co. Ltd.
 
300
4,171
Tokyo Tatemono Co. Ltd.
 
433
5,750
Toyo Gosei Co. Ltd.
 
100
4,161
Toyo Suisan Kaisha Ltd.
 
195
8,996
Tsumura & Co.
 
219
3,919
Tsuruha Holdings, Inc.
 
69
5,069
Valqua Ltd.
 
348
8,585
Workman Co. Ltd.
 
183
4,715
Yokogawa Electric Corp.
 
348
6,318
Zuken, Inc.
 
290
7,247
TOTAL JAPAN
 
 
371,843
Netherlands - 1.0%
 
 
 
Eurocommercial Properties NV
 
342
7,324
TKH Group NV (bearer) (depositary receipt)
 
100
3,648
TOTAL NETHERLANDS
 
 
10,972
New Zealand - 0.8%
 
 
 
Contact Energy Ltd.
 
1,780
8,086
Norway - 1.5%
 
 
 
Schibsted ASA (A Shares)
 
260
5,195
Sparebanken Midt-Norge
 
500
6,060
TGS ASA
 
389
5,300
TOTAL NORWAY
 
 
16,555
Singapore - 2.1%
 
 
 
CDL Hospitality Trusts unit
 
7,932
5,608
Mapletree Industrial (REIT)
 
3,885
6,107
Sembcorp Industries Ltd.
 
1,893
6,351
Wing Tai Holdings Ltd.
 
4,256
4,234
TOTAL SINGAPORE
 
 
22,300
Spain - 2.4%
 
 
 
Bankinter SA
 
1,287
8,119
Cie Automotive SA
 
179
4,557
Compania de Distribucion Integral Logista Holdings SA
 
317
7,775
Fluidra SA
 
320
5,627
TOTAL SPAIN
 
 
26,078
Sweden - 5.5%
 
 
 
AAK AB
 
410
7,787
AddTech AB (B Shares)
 
391
5,724
Arjo AB
 
1,090
3,638
Avanza Bank Holding AB
 
310
5,221
Cloetta AB
 
2,481
3,976
Granges AB
 
500
4,806
Hemnet Group AB
 
338
5,865
HEXPOL AB (B Shares)
 
715
6,322
Loomis AB (B Shares)
 
210
5,445
Munters Group AB (a)
 
905
11,011
TOTAL SWEDEN
 
 
59,795
Switzerland - 3.6%
 
 
 
Bucher Industries AG
 
16
5,688
Lastminute.com NV (b)
 
155
3,919
OC Oerlikon Corp. AG (Reg.)
 
793
3,149
PSP Swiss Property AG
 
57
6,999
Sensirion Holding AG (a)(b)
 
45
3,364
Tecan Group AG
 
18
5,153
VZ Holding AG
 
109
10,689
TOTAL SWITZERLAND
 
 
38,961
United Kingdom - 14.2%
 
 
 
B&M European Value Retail SA
 
1,466
9,422
Britvic PLC
 
699
7,120
Close Brothers Group PLC
 
531
5,144
DCC PLC (United Kingdom)
 
110
6,103
Grainger Trust PLC
 
2,272
6,280
Harbour Energy PLC
 
1,109
3,421
Hill & Smith Holdings PLC
 
342
6,850
Inchcape PLC
 
773
6,257
Indivior PLC (b)
 
240
4,594
J.D. Wetherspoon PLC (b)
 
707
5,431
Jet2 PLC
 
516
6,284
John Wood Group PLC (b)
 
2,800
4,829
Lancashire Holdings Ltd.
 
1,522
10,508
Mitie Group PLC
 
7,896
9,453
Pets At Home Group PLC
 
1,177
4,017
Renewi PLC (b)
 
532
3,796
Sabre Insurance Group PLC (a)
 
5,571
9,954
Savills PLC
 
600
5,743
Senior Engineering Group PLC
 
3,931
7,473
Spectris PLC
 
189
7,121
Synthomer PLC (b)
 
125
288
Tate & Lyle PLC
 
651
4,989
Unite Group PLC
 
623
6,577
Vistry Group PLC
 
764
6,565
WH Smith PLC
 
401
5,654
TOTAL UNITED KINGDOM
 
 
153,873
 
TOTAL COMMON STOCKS
 (Cost $1,023,787)
 
 
 
1,043,304
 
 
 
 
Nonconvertible Preferred Stocks - 0.5%
 
 
Shares
Value ($)
 
Germany - 0.5%
 
 
 
Jungheinrich AG
  (Cost $5,082)
 
201
5,389
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 97.1%
 (Cost $1,028,869)
 
 
 
1,048,693
NET OTHER ASSETS (LIABILITIES) - 2.9%  
31,704
NET ASSETS - 100.0%
1,080,397
 
 
 
 
Legend
 
(a)
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 $36,254 or 3.4% of net assets.
 
(b)
Non-income producing
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
-
1,000,000
1,000,000
423
-
-
-
0.0%
Total
-
1,000,000
1,000,000
423
-
-
-
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
58,660
33,704
24,956
-
Consumer Discretionary
151,661
74,398
77,263
-
Consumer Staples
72,827
34,956
37,871
-
Energy
30,534
24,605
5,929
-
Financials
124,329
81,807
42,522
-
Health Care
62,074
34,582
27,492
-
Industrials
243,750
129,783
113,967
-
Information Technology
106,496
46,730
59,766
-
Materials
90,143
37,801
52,342
-
Real Estate
87,575
39,879
47,696
-
Utilities
20,644
-
20,644
-
 
 
 
 
 
 Total Investments in Securities:
1,048,693
538,245
510,448
-
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value - See accompanying schedule
 
Unaffiliated issuers (cost $1,028,869):
 
 
 
$
1,048,693
Cash
 
 
27,511
Foreign currency held at value (cost $1,303)
 
 
1,304
Dividends receivable
 
 
3,199
Receivable from investment adviser for expense reductions
 
 
127
  Total assets
 
 
1,080,834
Liabilities
 
 
 
 
Custody fee payable
$
437
 
 
  Total Liabilities
 
 
 
437
Net Assets  
 
 
$
1,080,397
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,003,394
Total accumulated earnings (loss)
 
 
 
77,003
Net Assets
 
 
$
1,080,397
Net Asset Value, offering price and redemption price per share ($1,080,397 ÷ 100,311 shares)
 
 
$
10.77
 
Statement of Operations
 
 
 
For the period November 4, 2022 (commencement of operations) through October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
33,920
Income from Fidelity Central Funds  
 
 
423
 Income before foreign taxes withheld
 
 
$
34,343
Less foreign taxes withheld
 
 
(3,533)
 Total Income
 
 
 
30,810
Expenses
 
 
 
 
Custodian fees and expenses
$
2,647
 
 
Independent trustees' fees and expenses
5
 
 
 Total expenses before reductions
 
2,652
 
 
 Expense reductions
 
(2,498)
 
 
 Total expenses after reductions
 
 
 
154
Net Investment income (loss)
 
 
 
30,656
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
25,902
 
 
 Foreign currency transactions
 
4,060
 
 
Total net realized gain (loss)
 
 
 
29,962
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
19,824
 
 
 Assets and liabilities in foreign currencies
 
(45)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
19,779
Net gain (loss)
 
 
 
49,741
Net increase (decrease) in net assets resulting from operations
 
 
$
80,397
Statement of Changes in Net Assets
 
 
For the period November 4, 2022 (commencement of operations) through October 31, 2023
Increase (Decrease) in Net Assets
 
 
Operations
 
Net investment income (loss)
$
30,656
Net realized gain (loss)
 
29,962
 
Change in net unrealized appreciation (depreciation)
 
19,779
Net increase (decrease) in net assets resulting from operations
 
80,397
 
Distributions to shareholders
 
(3,400)
 
 
 
 
Share transactions
 
 
Proceeds from sales of shares
 
1,000,000
  Reinvestment of distributions
 
3,400
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
1,003,400
 
Total increase (decrease) in net assets
 
1,080,397
 
 
 
 
Net Assets
 
 
Beginning of period
 
-
End of period
$
1,080,397
 
 
 
Other Information
 
 
Shares
 
 
Sold
 
100,000
  Issued in reinvestment of distributions
 
311
 
Net increase (decrease)
 
100,311
 
 
 
 
Financial Highlights
Fidelity Series Select International Small Cap Fund
 
Years ended October 31,
 
2023 A 
  Selected Per-Share Data 
 
 
  Net asset value, beginning of period
$
10.00
  Income from Investment Operations
 
 
     Net investment income (loss) B,C
 
.31
     Net realized and unrealized gain (loss)
 
.49
  Total from investment operations
 
.80  
  Distributions from net investment income
 
(.03)
     Total distributions
 
(.03)
  Net asset value, end of period
$
10.77
 Total Return D,E
 
8.03%
 Ratios to Average Net Assets C,F,G
 
 
    Expenses before reductions
 
.23% H
    Expenses net of fee waivers, if any
 
.01% H
    Expenses net of all reductions
 
.01% H
    Net investment income (loss)
 
2.69% H
 Supplemental Data
 
 
    Net assets, end of period (000 omitted)
$
1,080
    Portfolio turnover rate I
 
23% H
 
AFor the period November 4, 2022 (commencement of operations) through October 31, 2023.
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DTotal returns for periods of less than one year are not annualized.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAnnualized.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity Series Select International Small Cap Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
 
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
 
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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. 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.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to passive foreign investment companies (PFIC).
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$98,561
Gross unrealized depreciation
(85,750)
Net unrealized appreciation (depreciation)
$12,811
Tax Cost
$1,035,882
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$64,237
Net unrealized appreciation (depreciation) on securities and other investments
$12,766
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023A
Ordinary Income
$3,400
Total
$3,400
 
A For the period November 4, 2022 (commencement of operations) through October 31, 2023.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Series Select International Small Cap Fund
1,259,216
255,634
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Series Select International Small Cap Fund
 -
 611
 155
 
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
 
7. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .013% of average net assets. This reimbursement will remain in place through February 28, 2027. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $2,498.
 
8. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
 
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
 
9. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity Series Select International Small Cap Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Series Select International Small Cap Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2023, the related statement of operations, the statement of changes in net assets, and the financial highlights for the period from November 4, 2022 (commencement of operations) through October 31, 2023, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, and the results of its operations, the changes in its net assets and the financial highlights for the period from November 4, 2022 (commencement of operations) through October 31, 2023, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 14, 2023
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 322 funds. Mr. Chiel oversees 191 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).       
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Vijay C. Advani (1960)
Year of Election or Appointment: 2023
Member of the Advisory Board
Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).     
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Karen B. Peetz (1955)
Year of Election or Appointment: 2023
Member of the Advisory Board
Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).     
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).      
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).          
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity Series Select International Small Cap Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 902.00
 
$ .05
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,025.16
 
$ .05
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
Distributions (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund designates $426 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.
 
The fund designates 66.97% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
1.9906198.100
SSI-ANN-1223
Fidelity's Broadly Diversified International Equity Funds
 
Fidelity® Diversified International Fund
Fidelity® International Capital Appreciation Fund
Fidelity® Overseas Fund
Fidelity® Worldwide Fund
 
 
Annual Report
October 31, 2023
Includes Fidelity and Fidelity Advisor share classes

Contents

Fidelity® Diversified International Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® International Capital Appreciation Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Overseas Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Worldwide Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2023 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® Diversified International Fund
12.15%
5.37%
3.95%
Class K
12.29%
5.49%
4.08%
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Diversified International Fund, a class of the fund, on October 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.
 
Fidelity® Diversified International Fund
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuation also helped bolster non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Portfolio Manager Bill Bower:
For the fiscal year ending October 31, 2023, the fund's share classes gained about 12%, versus 14.65% for the benchmark MSCI EAFE Index (Net MA). From a regional standpoint, stock picks in Europe ex U.K. and a non-benchmark allocation to Canada detracted from the fund's relative result. By sector, security selection was the primary detractor, especially within financials. Stock selection in industrials also hurt. Also hurting our result were stock picks in energy and health care. The fund's non-benchmark stake in First Quantum Minerals returned -34% and was the fund's biggest individual relative detractor. Not owning Mitsubishi UFJ Financial Group, a benchmark component that gained roughly 83%, was a second notable relative detractor. Another notable relative detractor was our non-benchmark stake in HDFC Bank (-1%). HDFC Bank was among the fund's biggest holdings. In contrast, from a regional standpoint, underweights in Europe ex U.K., primarily in Switzerland, and Asia Pacific ex Japan, primarily in Australia, contributed to the fund's performance versus the benchmark. By sector, the biggest contributor to performance versus the benchmark was an underweight in consumer staples. An overweight in financials, primarily within the insurance industry, and an underweight in communication services also boosted the fund's relative performance. The fund's non-benchmark stake in B&M European Value Retail gained 85% and was the fund's top individual relative contributor. I trimmed the position. A second notable relative contributor was an overweight in BAE Systems (+47%). An overweight in Hitachi (+40%) also contributed. Hitachi was among our largest holdings. Notable changes in positioning include decreased exposure to Switzerland and a higher allocation to the United Kingdom. By sector, meaningful changes in positioning include decreased exposure to the health care sector and a higher allocation to materials.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
 
Fidelity® Diversified International Fund
Top Holdings (% of Fund's net assets)
 
ASML Holding NV (depository receipt)  (Netherlands, Semiconductors & Semiconductor Equipment)
2.8
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
2.5
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
2.5
 
HDFC Bank Ltd.  (India, Banks)
2.2
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
2.0
 
Hitachi Ltd.  (Japan, Industrial Conglomerates)
1.9
 
Linde PLC  (United States of America, Chemicals)
1.9
 
RELX PLC (Euronext N.V.)  (United Kingdom, Professional Services)
1.8
 
Nestle SA (Reg. S)  (United States of America, Food Products)
1.8
 
Shin-Etsu Chemical Co. Ltd.  (Japan, Chemicals)
1.5
 
 
20.9
 
 
Market Sectors (% of Fund's net assets)
 
Financials
24.0
 
Industrials
19.5
 
Information Technology
14.1
 
Health Care
9.7
 
Consumer Discretionary
8.8
 
Materials
7.7
 
Energy
5.7
 
Consumer Staples
5.6
 
Real Estate
0.4
 
Communication Services
0.4
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Diversified International Fund
Showing Percentage of Net Assets     
Common Stocks - 95.4%
 
 
Shares
Value ($)
 
Australia - 1.4%
 
 
 
Aristocrat Leisure Ltd.
 
1,189,197
29,230,591
Flutter Entertainment PLC (a)
 
203,217
31,875,363
Glencore PLC
 
10,251,963
54,302,915
TOTAL AUSTRALIA
 
 
115,408,869
Belgium - 0.6%
 
 
 
KBC Group NV
 
894,510
49,122,365
Canada - 7.1%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
1,408,585
76,678,624
Cameco Corp.
 
802,845
32,843,264
Canadian Natural Resources Ltd. (b)
 
1,674,571
106,336,919
Canadian Pacific Kansas City Ltd. (b)
 
605,223
42,952,676
Constellation Software, Inc.
 
46,070
92,356,272
Constellation Software, Inc. warrants 8/22/28 (a)(c)
 
50,923
4
Franco-Nevada Corp.
 
380,112
46,241,135
GFL Environmental, Inc.
 
1,745,818
50,314,475
Imperial Oil Ltd.
 
786,606
44,828,175
Ivanhoe Mines Ltd. (a)
 
3,385,466
24,950,036
Lumine Group, Inc.
 
151,931
1,910,710
MEG Energy Corp. (a)
 
1,472,598
29,096,222
Thomson Reuters Corp.
 
293,389
35,143,210
Tourmaline Oil Corp. (b)
 
392,954
20,779,028
TOTAL CANADA
 
 
604,430,750
China - 1.0%
 
 
 
Anta Sports Products Ltd.
 
776,646
8,783,471
Chervon Holdings Ltd.
 
2,991,956
7,369,336
Li Ning Co. Ltd.
 
3,118,301
9,555,734
NXP Semiconductors NV
 
343,303
59,195,736
TOTAL CHINA
 
 
84,904,277
Denmark - 3.7%
 
 
 
Carlsberg A/S Series B
 
276,136
32,908,015
DSV A/S
 
444,758
66,331,443
Novo Nordisk A/S Series B
 
2,251,407
217,207,273
TOTAL DENMARK
 
 
316,446,731
France - 10.2%
 
 
 
Air Liquide SA
 
467,909
80,177,261
Airbus Group NV
 
497,909
66,757,754
AXA SA
 
1,998,418
59,213,975
BNP Paribas SA
 
1,392,250
80,059,979
Capgemini SA
 
504,484
89,156,847
Edenred SA
 
371,140
19,729,410
EssilorLuxottica SA
 
480,685
86,789,688
Legrand SA
 
516,274
44,660,996
LVMH Moet Hennessy Louis Vuitton SE
 
293,745
210,301,025
Pernod Ricard SA
 
529,463
93,837,654
Sartorius Stedim Biotech
 
18,904
3,531,410
Thales SA
 
171,329
25,225,559
Worldline SA (a)(d)
 
331,500
4,202,107
TOTAL FRANCE
 
 
863,643,665
Germany - 6.2%
 
 
 
Allianz SE
 
526,893
123,420,757
Bayer AG
 
396,367
17,126,449
Deutsche Borse AG
 
316,419
52,081,448
DHL Group
 
1,822,422
70,884,481
Hannover Reuck SE
 
266,743
58,790,752
Infineon Technologies AG
 
1,202,735
35,132,154
Merck KGaA
 
478,520
72,074,938
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
157,530
63,089,323
SAP SE
 
65,000
8,718,602
Siemens Healthineers AG (d)
 
531,949
26,071,454
TOTAL GERMANY
 
 
527,390,358
Greece - 0.1%
 
 
 
Piraeus Financial Holdings SA (a)
 
3,855,600
11,382,113
Hong Kong - 1.4%
 
 
 
AIA Group Ltd.
 
13,953,466
121,169,221
India - 3.6%
 
 
 
Axis Bank Ltd.
 
2,650,700
31,268,471
Fairfax India Holdings Corp. (a)(d)
 
1,270,594
15,488,541
HDFC Bank Ltd.
 
10,321,904
183,102,995
HDFC Standard Life Insurance Co. Ltd. (d)
 
1,147,600
8,522,610
Reliance Industries Ltd.
 
2,304,046
63,337,342
TOTAL INDIA
 
 
301,719,959
Indonesia - 1.1%
 
 
 
PT Bank Central Asia Tbk
 
80,395,083
44,291,312
PT Bank Rakyat Indonesia (Persero) Tbk
 
141,278,911
44,175,640
TOTAL INDONESIA
 
 
88,466,952
Ireland - 0.9%
 
 
 
Kingspan Group PLC (Ireland)
 
604,844
40,626,275
Ryanair Holdings PLC sponsored ADR (a)
 
232,393
20,380,866
Smurfit Kappa Group PLC
 
495,095
16,103,457
TOTAL IRELAND
 
 
77,110,598
Israel - 0.4%
 
 
 
NICE Ltd. sponsored ADR (a)
 
196,357
30,307,703
Italy - 1.4%
 
 
 
FinecoBank SpA
 
3,473,036
40,845,617
UniCredit SpA
 
3,156,367
79,128,907
TOTAL ITALY
 
 
119,974,524
Japan - 16.4%
 
 
 
Bandai Namco Holdings, Inc.
 
984,253
20,392,262
BayCurrent Consulting, Inc.
 
584,360
14,671,383
CUC, Inc. (a)(b)
 
48,094
824,715
Daikin Industries Ltd.
 
107,935
15,561,954
Fast Retailing Co. Ltd.
 
38,885
8,608,999
FUJIFILM Holdings Corp.
 
1,086,630
59,436,275
Fujitsu Ltd.
 
186,136
24,113,463
Hitachi Ltd.
 
2,498,662
158,381,758
Hoya Corp.
 
1,052,389
101,312,037
Itochu Corp.
 
2,423,246
87,287,821
Keyence Corp.
 
229,387
88,800,001
Marui Group Co. Ltd.
 
275,648
4,358,860
Minebea Mitsumi, Inc.
 
3,800,891
59,595,322
Misumi Group, Inc.
 
1,640,057
24,828,271
Nomura Research Institute Ltd.
 
1,024,029
26,880,715
NSD Co. Ltd.
 
153,855
2,676,906
ORIX Corp.
 
3,308,171
60,163,561
Persol Holdings Co. Ltd.
 
21,148,518
31,710,425
Relo Group, Inc.
 
1,684,349
16,698,776
Renesas Electronics Corp. (a)
 
886,709
11,647,473
Resona Holdings, Inc.
 
1,782,984
9,527,058
Seven & i Holdings Co. Ltd.
 
686,797
25,163,356
Shin-Etsu Chemical Co. Ltd.
 
4,335,768
129,654,112
SMC Corp.
 
150,055
69,289,867
SMS Co., Ltd.
 
266,162
4,223,435
Sony Group Corp.
 
1,333,568
110,871,358
Sumitomo Mitsui Financial Group, Inc.
 
1,941,883
93,614,255
Suzuki Motor Corp.
 
622,445
24,158,343
TechnoPro Holdings, Inc.
 
811,675
16,079,972
TIS, Inc.
 
932,437
19,968,001
Tokyo Electron Ltd.
 
532,854
70,410,098
TOTAL JAPAN
 
 
1,390,910,832
Korea (South) - 0.8%
 
 
 
Samsung Electronics Co. Ltd.
 
1,407,970
69,977,648
Netherlands - 6.4%
 
 
 
Argenx SE (a)
 
99,051
46,591,768
ASML Holding NV (depository receipt) (b)
 
401,676
240,527,608
BE Semiconductor Industries NV
 
216,432
22,282,352
IMCD NV
 
489,012
58,727,578
Shell PLC (London)
 
1,609,718
51,876,145
Wolters Kluwer NV
 
970,503
124,356,285
TOTAL NETHERLANDS
 
 
544,361,736
Norway - 0.5%
 
 
 
Equinor ASA
 
1,301,341
43,625,136
Spain - 1.7%
 
 
 
Banco Santander SA (Spain)
 
10,859,263
39,824,985
CaixaBank SA
 
13,419,402
54,557,131
Industria de Diseno Textil SA (b)
 
1,331,829
45,869,729
TOTAL SPAIN
 
 
140,251,845
Sweden - 2.0%
 
 
 
Autoliv, Inc.
 
228,947
20,982,993
Indutrade AB
 
3,946,998
69,711,457
Investor AB (B Shares)
 
4,433,019
81,174,750
Kry International AB (a)(c)(e)
 
2,651
97,306
TOTAL SWEDEN
 
 
171,966,506
Switzerland - 2.0%
 
 
 
Compagnie Financiere Richemont SA Series A
 
239,726
28,281,799
Partners Group Holding AG
 
26,131
27,485,451
Sika AG
 
257,244
61,338,123
UBS Group AG
 
711,213
16,590,930
Zurich Insurance Group Ltd.
 
77,611
36,738,632
TOTAL SWITZERLAND
 
 
170,434,935
Taiwan - 1.3%
 
 
 
ECLAT Textile Co. Ltd.
 
654,000
10,401,206
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
1,126,991
97,270,593
TOTAL TAIWAN
 
 
107,671,799
United Kingdom - 13.7%
 
 
 
3i Group PLC
 
1,139,016
26,855,252
AstraZeneca PLC (United Kingdom)
 
1,333,812
166,998,267
B&M European Value Retail SA
 
11,532,716
74,124,221
BAE Systems PLC
 
8,301,323
111,622,760
Beazley PLC
 
3,797,748
23,749,180
Big Yellow Group PLC
 
1,698,559
19,716,104
Cab Payments Holdings Ltd.
 
2,479,972
1,844,741
Compass Group PLC
 
2,571,956
64,842,576
Diageo PLC
 
2,370,360
89,637,593
Games Workshop Group PLC
 
159,998
19,203,870
Hiscox Ltd.
 
3,723,289
42,448,924
JD Sports Fashion PLC
 
10,113,784
15,673,318
London Stock Exchange Group PLC
 
874,289
88,211,472
RELX PLC (Euronext N.V.)
 
4,373,611
152,298,192
Rentokil Initial PLC
 
10,714,773
54,564,882
RS GROUP PLC
 
2,507,848
20,642,166
Sage Group PLC
 
4,291,512
50,627,644
Smith & Nephew PLC
 
3,777,650
42,276,187
Standard Chartered PLC (United Kingdom)
 
4,282,179
32,790,079
Starling Bank Ltd. Series D (a)(c)(e)
 
8,636,400
30,861,510
WPP PLC
 
3,597,184
30,976,183
TOTAL UNITED KINGDOM
 
 
1,159,965,121
United States of America - 11.2%
 
 
 
Aon PLC
 
121,327
37,538,574
CRH PLC
 
943,846
50,717,607
Experian PLC
 
1,224,197
37,064,841
Ferguson PLC
 
589,001
88,270,626
ICON PLC (a)
 
180,332
43,993,795
Linde PLC
 
411,417
157,227,121
Marsh & McLennan Companies, Inc.
 
471,835
89,483,508
Marvell Technology, Inc.
 
1,150,220
54,313,388
MasterCard, Inc. Class A
 
166,283
62,580,607
Nestle SA (Reg. S)
 
1,384,335
149,284,998
S&P Global, Inc.
 
203,808
71,192,172
Sanofi SA
 
83,045
7,541,003
Schlumberger Ltd.
 
1,760,431
97,985,589
TOTAL UNITED STATES OF AMERICA
 
 
947,193,829
Zambia - 0.3%
 
 
 
First Quantum Minerals Ltd.
 
2,024,871
23,464,703
 
TOTAL COMMON STOCKS
 (Cost $6,020,585,957)
 
 
 
8,081,302,175
 
 
 
 
Preferred Stocks - 0.5%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.5%
 
 
 
Estonia - 0.1%
 
 
 
Bolt Technology OU Series E (a)(c)(e)
 
79,275
9,362,784
United States of America - 0.4%
 
 
 
Wasabi Holdings, Inc. Series C (a)(c)(e)
 
2,976,172
34,077,169
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
43,439,953
Nonconvertible Preferred Stocks - 0.0%
 
 
 
Sweden - 0.0%
 
 
 
Kry International AB Series E (a)(c)(e)
 
15,316
562,181
 
TOTAL PREFERRED STOCKS
 (Cost $59,932,348)
 
 
 
44,002,134
 
 
 
 
Money Market Funds - 6.7%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (f)
 
345,612,227
345,681,349
Fidelity Securities Lending Cash Central Fund 5.40% (f)(g)
 
221,650,814
221,672,979
 
TOTAL MONEY MARKET FUNDS
 (Cost $567,353,371)
 
 
567,354,328
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.6%
 (Cost $6,647,871,676)
 
 
 
8,692,658,637
NET OTHER ASSETS (LIABILITIES) - (2.6)%  
(222,409,326)
NET ASSETS - 100.0%
8,470,249,311
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Level 3 security
 
(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 $54,284,712 or 0.6% of net assets.
 
(e)
Restricted securities (including private placements) - 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 $74,960,950 or 0.9% 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, 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.
 
(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 ($)
 
Bolt Technology OU Series E
1/03/22
20,595,368
 
 
 
Kry International AB
5/14/21
1,151,345
 
 
 
Kry International AB Series E
5/14/21
7,002,062
 
 
 
Starling Bank Ltd. Series D
6/18/21
15,440,896
 
 
 
Wasabi Holdings, Inc. Series C
3/31/21
32,334,918
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
378,167,562
1,123,710,015
1,156,196,228
14,349,457
-
-
345,681,349
0.8%
Fidelity Securities Lending Cash Central Fund 5.40%
172,610,171
1,623,124,259
1,574,061,451
1,021,302
-
-
221,672,979
0.9%
Total
550,777,733
2,746,834,274
2,730,257,679
15,370,759
-
-
567,354,328
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
30,976,183
-
30,976,183
-
Consumer Discretionary
740,526,194
207,729,494
532,796,700
-
Consumer Staples
467,510,240
170,516,278
296,993,962
-
Energy
490,707,820
331,869,197
158,838,623
-
Financials
2,020,677,175
826,092,761
1,163,722,904
30,861,510
Health Care
832,338,984
232,461,285
599,877,699
-
Industrials
1,662,166,730
902,930,130
759,236,600
-
Information Technology
1,199,809,633
648,792,006
506,918,183
44,099,444
Materials
644,176,470
380,042,182
264,134,288
-
Real Estate
36,414,880
19,716,104
16,698,776
-
  Money Market Funds
567,354,328
567,354,328
-
-
 Total Investments in Securities:
8,692,658,637
4,287,503,765
4,330,193,918
74,960,954
Fidelity® Diversified International Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $212,294,420) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $6,080,518,305)
$
8,125,304,309
 
 
Fidelity Central Funds (cost $567,353,371)
567,354,328
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $6,647,871,676)
 
 
$
8,692,658,637
Foreign currency held at value (cost $6,259,242)
 
 
6,224,276
Receivable for investments sold
 
 
21,732,583
Receivable for fund shares sold
 
 
4,340,272
Dividends receivable
 
 
16,528,263
Reclaims receivable
 
 
32,362,582
Distributions receivable from Fidelity Central Funds
 
 
1,382,493
Prepaid expenses
 
 
13,356
Other receivables
 
 
1,446,540
  Total assets
 
 
8,776,689,002
Liabilities
 
 
 
 
Payable for investments purchased
$
9,188,184
 
 
Payable for fund shares redeemed
58,943,232
 
 
Accrued management fee
2,735,794
 
 
Other affiliated payables
1,190,379
 
 
Other payables and accrued expenses
12,709,123
 
 
Collateral on securities loaned
221,672,979
 
 
  Total Liabilities
 
 
 
306,439,691
Net Assets  
 
 
$
8,470,249,311
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
6,132,643,899
Total accumulated earnings (loss)
 
 
 
2,337,605,412
Net Assets
 
 
$
8,470,249,311
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Diversified International :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($7,407,098,489 ÷ 196,837,314 shares)
 
 
$
37.63
Class K :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,063,150,822 ÷ 28,294,923 shares)
 
 
$
37.57
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
201,773,151
Income from Fidelity Central Funds (including $1,021,302 from security lending)
 
 
15,370,759
 Income before foreign taxes withheld
 
 
$
217,143,910
Less foreign taxes withheld
 
 
(20,267,828)
 Total Income
 
 
 
196,876,082
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
60,921,458
 
 
 Performance adjustment
(16,733,518)
 
 
Transfer agent fees
12,883,023
 
 
Accounting fees
1,675,465
 
 
Custodian fees and expenses
689,416
 
 
Independent trustees' fees and expenses
54,672
 
 
Registration fees
91,740
 
 
Audit
147,081
 
 
Legal
9,397
 
 
Miscellaneous
45,289
 
 
 Total expenses before reductions
 
59,784,023
 
 
 Expense reductions
 
(570,294)
 
 
 Total expenses after reductions
 
 
 
59,213,729
Net Investment income (loss)
 
 
 
137,662,353
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $3,642,253)
 
287,423,473
 
 
   Redemptions in-kind
 
127,948,104
 
 
 Foreign currency transactions
 
(1,221,539)
 
 
Total net realized gain (loss)
 
 
 
414,150,038
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of decrease in deferred foreign taxes of $4,528,945)  
 
525,555,117
 
 
 Assets and liabilities in foreign currencies
 
2,405,657
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
527,960,774
Net gain (loss)
 
 
 
942,110,812
Net increase (decrease) in net assets resulting from operations
 
 
$
1,079,773,165
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
137,662,353
$
92,319,482
Net realized gain (loss)
 
414,150,038
 
 
665,262,947
 
Change in net unrealized appreciation (depreciation)
 
527,960,774
 
(4,726,389,174)
 
Net increase (decrease) in net assets resulting from operations
 
1,079,773,165
 
 
(3,968,806,745)
 
Distributions to shareholders
 
(123,021,576)
 
 
(1,395,065,915)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
(1,113,876,746)
 
 
(845,248,874)
 
 
 
 
 
 
Total increase (decrease) in net assets
 
(157,125,157)
 
 
(6,209,121,534)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
8,627,374,468
 
14,836,496,002
 
End of period
$
8,470,249,311
$
8,627,374,468
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity® Diversified International Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
33.99
$
53.38
$
41.61
$
38.67
$
35.72
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.57
 
.33
 
.16
 
.10
 
.50
     Net realized and unrealized gain (loss)
 
3.56
 
(14.58)
 
12.07
 
3.37
 
4.77
  Total from investment operations
 
4.13  
 
(14.25)  
 
12.23  
 
3.47  
 
5.27
  Distributions from net investment income
 
(.14)
 
(.57)
 
(.02)
 
(.53)
 
(.43)
  Distributions from net realized gain
 
(.35)
 
(4.57)
 
(.45)
 
-
 
(1.89)
     Total distributions
 
(.49)
 
(5.14)
 
(.46) C
 
(.53)
 
(2.32)
  Net asset value, end of period
$
37.63
$
33.99
$
53.38
$
41.61
$
38.67
 Total Return D
 
12.15%
 
(29.36)%
 
29.58%
 
9.07%
 
16.02%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.65%
 
.99%
 
1.01%
 
1.05%
 
.75%
    Expenses net of fee waivers, if any
 
.65%
 
.99%
 
1.01%
 
1.05%
 
.75%
    Expenses net of all reductions
 
.65%
 
.99%
 
1.01%
 
1.04%
 
.75%
    Net investment income (loss)
 
1.45%
 
.80%
 
.32%
 
.26%
 
1.42%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
7,407,098
$
7,230,515
$
11,529,722
$
9,419,192
$
8,734,682
    Portfolio turnover rate G,H
 
22%
 
20%
 
29%
 
29%
 
37%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
HPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity® Diversified International Fund Class K
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
33.94
$
53.32
$
41.56
$
38.61
$
35.68
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.61
 
.38
 
.21
 
.15
 
.55
     Net realized and unrealized gain (loss)
 
3.56
 
(14.58)
 
12.06
 
3.37
 
4.74
  Total from investment operations
 
4.17  
 
(14.20)  
 
12.27  
 
3.52  
 
5.29
  Distributions from net investment income
 
(.19)
 
(.62)
 
(.06)
 
(.57)
 
(.47)
  Distributions from net realized gain
 
(.35)
 
(4.57)
 
(.45)
 
-
 
(1.89)
     Total distributions
 
(.54)
 
(5.18) C
 
(.51)
 
(.57)
 
(2.36)
  Net asset value, end of period
$
37.57
$
33.94
$
53.32
$
41.56
$
38.61
 Total Return D
 
12.29%
 
(29.31)%
 
29.71%
 
9.22%
 
16.14%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.54%
 
.88%
 
.91%
 
.94%
 
.63%
    Expenses net of fee waivers, if any
 
.54%
 
.88%
 
.91%
 
.94%
 
.63%
    Expenses net of all reductions
 
.54%
 
.88%
 
.91%
 
.93%
 
.63%
    Net investment income (loss)
 
1.56%
 
.91%
 
.42%
 
.38%
 
1.54%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,063,151
$
1,396,859
$
3,306,774
$
3,761,267
$
4,246,651
    Portfolio turnover rate G,H
 
22%
 
20%
 
29%
 
29%
 
37%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
HPortfolio turnover rate excludes securities received or delivered in-kind.
 
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity Diversified International Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Diversified International and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
 
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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. 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Realized gains and losses on foreign currency transactions arise from the disposition of foreign currency, realized changes in the value of foreign currency between the trade and settlement dates on security transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on transaction date and the U.S. dollar equivalent of the amounts actually received or paid. Unrealized gains and losses on assets and liabilities in foreign currencies arise from changes in the value of foreign currency, and from assets and liabilities denominated in foreign currencies, other than investments, which are held at period end.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
 
Fidelity Diversified International Fund
$1,190,235
 
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in kind, deferred trustees compensation and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$2,388,380,898
Gross unrealized depreciation
(426,032,052)
Net unrealized appreciation (depreciation)
$1,962,348,846
Tax Cost
$6,730,309,791
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$149,050,159
Undistributed long-term capital gain
$239,619,867
Net unrealized appreciation (depreciation) on securities and other investments
$1,960,855,851
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$36,550,051
$ 156,793,723
Long-term Capital Gains
86,471,525
1,238,272,192
Total
$123,021,576
$ 1,395,065,915
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Diversified International Fund
1,959,691,879
2,671,442,980
 
 
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Participating classes
Fidelity Diversified International Fund
9,154,362
127,948,104
353,583,024
Diversified International and Class K
 
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Participating classes
Fidelity Diversified International Fund
26,571,800
431,418,900
1,092,083,654
Diversified International and Class K
 
 
5. Fees and Other Transactions with Affiliates.
 
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .424% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Fund as compared to its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .47% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Diversified International
$ 12,288,952
.15
Class K
             594,071
.04
 
$              12,883,023
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
 
 
% of Class-Level Average Net Assets
Fidelity Diversified International Fund
0.1519%
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity Diversified International Fund
.02
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
 
 
% of Average Net Assets
Fidelity Diversified International Fund
0.0173%
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity Diversified International Fund
$ 2,386
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Diversified International Fund
 37,949,420
 105,784,317
 19,141,388
 
 
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
 
Amount
Fidelity Diversified International Fund
$17,026
 
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Diversified International Fund
$110,034
$-
$-
 
8.Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $2,146.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $568,148.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2023
Year ended
October 31, 2022
Fidelity Diversified International Fund
 
 
Distributions to shareholders
 
 
Diversified International
$ 101,421,493
 $1,090,192,506
Class K
       21,600,083
     304,873,409
Total  
$  123,021,576
$1,395,065,915
 
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended
 October 31, 2023
Year ended
 October 31, 2022
Year ended
 October 31, 2023
Year ended
 October 31, 2022
Fidelity Diversified International Fund
 
 
 
 
Diversified International
 
 
 
 
Shares sold
9,925,175
48,845,163
$388,397,522
$1,865,951,127
Reinvestment of distributions
2,350,798
20,838,853
87,708,207
979,217,736
Shares redeemed
(28,189,272)
(72,908,948)
(1,089,796,435)
(2,840,874,254)
Net increase (decrease)
(15,913,299)
(3,224,932)
$(613,690,706)
$4,294,609
Class K
 
 
 
 
Shares sold
5,103,356
7,508,397
$201,187,282
$323,341,358
Reinvestment of distributions
580,051
6,500,350
21,589,508
304,736,401
Shares redeemed
(18,542,037)
(34,873,914)
(722,962,830)
(1,477,621,242)
Net increase (decrease)
(12,858,630)
(20,865,167)
$(500,186,040)
$(849,543,483)
 
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
In addition, at the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity International Fund
Fidelity Diversified International Fund
19%
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity Diversified International Fund
25%
 
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® International Capital Appreciation Fund
15.89%
7.21%
6.29%
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® International Capital Appreciation Fund on October 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA Index performed over the same period.
 
Fidelity® International Capital Appreciation Fund
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuation also helped bolster non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Portfolio Manager Sammy Simnegar:
For the fiscal year ending October 31, 2023, the fund gained 15.89%, versus 12.27% for the benchmark MSCI All Country World ex USA (Net MA) Index. From a regional standpoint, stock picks and an overweight in Europe ex-U.K., along with an underweight in emerging markets and security selection in Canada, meaningfully aided the fund's performance versus the benchmark. By sector, investment choices in consumer discretionary contributed most on a relative basis. Picks among health care stocks also boosted relative performance. The top individual relative contributor was an overweight stake in ASM International (+85%), followed by outsized exposure to Novo-Nordisk (+78%), one of our biggest holdings this period. A larger-than-benchmark position in Ferrari (+55%) was another plus. In contrast, on a regional basis, stock selection and a notable underweight in Japan, in addition to subpar picks and an overweight in the U.K., detracted from the fund's relative result. By sector, picks among industrials and financials stocks meaningfully detracted this period. The fund's stake in Brookfield returned approximately -28% and was the largest individual relative detractor. A non-benchmark stake in SolarEdge Technologies (-19%) pressured relative performance as well. Untimely ownership of Siemens (-20%) also detracted. Neither SolarEdge Technologies nor Siemens was held by the fund at period end. Notable changes in positioning include increased exposure to equity markets in India and a lower allocation to Switzerland. By sector, meaningful changes in positioning include increased exposure to financials and materials.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
 
Fidelity® International Capital Appreciation Fund
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
3.2
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
3.0
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
2.7
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
2.4
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
2.3
 
L'Oreal SA  (France, Personal Care Products)
2.0
 
RELX PLC (London Stock Exchange)  (United Kingdom, Professional Services)
1.9
 
Dassault Systemes SA  (France, Software)
1.8
 
Keyence Corp.  (Japan, Electronic Equipment, Instruments & Components)
1.8
 
Air Liquide SA  (France, Chemicals)
1.8
 
 
22.9
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
22.9
 
Industrials
21.8
 
Financials
18.2
 
Consumer Discretionary
13.8
 
Health Care
8.1
 
Materials
7.8
 
Consumer Staples
5.3
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® International Capital Appreciation Fund
Showing Percentage of Net Assets     
Common Stocks - 97.9%
 
 
Shares
Value ($)
 
Brazil - 1.4%
 
 
 
MercadoLibre, Inc. (a)
 
48,228
59,838,409
Canada - 10.7%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
1,357,290
73,886,297
Brookfield Asset Management Ltd. Class A (b)
 
1,843,417
52,850,765
Canadian National Railway Co.
 
586,762
62,084,434
Canadian Pacific Kansas City Ltd.
 
933,592
66,285,537
CGI, Inc. Class A (sub. vtg.) (a)
 
557,228
53,796,059
Constellation Software, Inc.
 
36,392
72,954,840
Constellation Software, Inc. warrants 8/22/28 (a)(c)
 
38,399
3
Thomson Reuters Corp.
 
521,364
62,450,892
TOTAL CANADA
 
 
444,308,827
China - 1.6%
 
 
 
PDD Holdings, Inc. ADR (a)
 
664,604
67,404,138
Denmark - 4.5%
 
 
 
DSV A/S
 
437,715
65,281,046
Novo Nordisk A/S Series B
 
1,282,051
123,687,455
TOTAL DENMARK
 
 
188,968,501
France - 12.9%
 
 
 
Air Liquide SA
 
434,455
74,444,843
Capgemini SA
 
372,710
65,868,587
Dassault Systemes SA
 
1,845,785
76,034,104
Hermes International SCA
 
38,106
70,946,999
L'Oreal SA
 
194,414
81,718,176
LVMH Moet Hennessy Louis Vuitton SE
 
141,950
101,626,345
Safran SA
 
421,129
65,788,581
TOTAL FRANCE
 
 
536,427,635
Germany - 2.3%
 
 
 
Infineon Technologies AG
 
2,101,868
61,396,028
SAP SE
 
256,700
34,431,770
TOTAL GERMANY
 
 
95,827,798
India - 9.7%
 
 
 
Axis Bank Ltd.
 
5,099,761
60,158,346
HCL Technologies Ltd.
 
4,636,090
71,089,206
HDFC Bank Ltd.
 
4,005,072
71,047,035
ICICI Bank Ltd.
 
6,522,067
71,733,170
ITC Ltd.
 
11,720,634
60,314,509
Larsen & Toubro Ltd.
 
1,911,402
67,243,975
TOTAL INDIA
 
 
401,586,241
Indonesia - 1.5%
 
 
 
PT Bank Central Asia Tbk
 
115,323,884
63,534,310
Ireland - 1.5%
 
 
 
Kingspan Group PLC (Ireland)
 
921,677
61,907,374
Italy - 1.7%
 
 
 
Ferrari NV (Italy)
 
228,600
69,057,214
Japan - 6.3%
 
 
 
Hoya Corp.
 
494,618
47,616,193
Keyence Corp.
 
194,762
75,396,015
Shin-Etsu Chemical Co. Ltd.
 
2,224,286
66,513,666
Tokyo Electron Ltd.
 
556,477
73,531,587
TOTAL JAPAN
 
 
263,057,461
Netherlands - 6.0%
 
 
 
ASM International NV (Netherlands)
 
161,306
66,308,356
ASML Holding NV (Netherlands)
 
184,742
111,052,187
Wolters Kluwer NV
 
568,329
72,823,353
TOTAL NETHERLANDS
 
 
250,183,896
Sweden - 1.6%
 
 
 
Atlas Copco AB (A Shares)
 
5,028,172
65,109,908
Switzerland - 5.0%
 
 
 
Compagnie Financiere Richemont SA Series A
 
609,054
71,853,460
Sika AG
 
260,477
62,109,010
UBS Group AG
 
3,077,601
71,793,210
TOTAL SWITZERLAND
 
 
205,755,680
Taiwan - 3.2%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
8,036,949
131,162,522
United Kingdom - 10.1%
 
 
 
Ashtead Group PLC
 
1,030,566
58,922,372
AstraZeneca PLC (United Kingdom)
 
754,541
94,471,364
BAE Systems PLC
 
3,619,154
48,664,527
Compass Group PLC
 
2,945,117
74,250,482
London Stock Exchange Group PLC
 
630,096
63,573,596
RELX PLC (London Stock Exchange)
 
2,283,162
79,745,633
TOTAL UNITED KINGDOM
 
 
419,627,974
United States of America - 17.9%
 
 
 
Aon PLC
 
20,564
6,362,502
AutoZone, Inc. (a)
 
23,885
59,166,250
Linde PLC
 
180,297
68,902,302
Marsh & McLennan Companies, Inc.
 
321,820
61,033,163
Martin Marietta Materials, Inc.
 
125,232
51,212,374
MasterCard, Inc. Class A
 
146,900
55,285,815
Moody's Corp.
 
202,892
62,490,736
NVIDIA Corp.
 
140,244
57,191,503
S&P Global, Inc.
 
169,404
59,174,511
Schneider Electric SA
 
475,402
73,144,055
UnitedHealth Group, Inc.
 
133,101
71,283,572
Visa, Inc. Class A
 
248,743
58,479,479
Waste Connections, Inc. (Canada)
 
458,899
59,419,437
TOTAL UNITED STATES OF AMERICA
 
 
743,145,699
 
TOTAL COMMON STOCKS
 (Cost $3,280,844,393)
 
 
 
4,066,903,587
 
 
 
 
Money Market Funds - 2.0%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (d)
 
69,937,147
69,951,135
Fidelity Securities Lending Cash Central Fund 5.40% (d)(e)
 
12,704,955
12,706,225
 
TOTAL MONEY MARKET FUNDS
 (Cost $82,657,360)
 
 
82,657,360
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.9%
 (Cost $3,363,501,753)
 
 
 
4,149,560,947
NET OTHER ASSETS (LIABILITIES) - 0.1%  
2,754,780
NET ASSETS - 100.0%
4,152,315,727
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Level 3 security
 
(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, 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.
 
(e)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
44,808,754
1,237,996,723
1,212,854,342
2,239,788
-
-
69,951,135
0.2%
Fidelity Securities Lending Cash Central Fund 5.40%
10,588,050
935,687,674
933,569,499
92,024
-
-
12,706,225
0.1%
Total
55,396,804
2,173,684,397
2,146,423,841
2,331,812
-
-
82,657,360
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Consumer Discretionary
574,143,297
326,413,010
247,730,287
-
Consumer Staples
215,918,982
73,886,297
142,032,685
-
Financials
757,516,638
427,470,181
330,046,457
-
Health Care
337,058,584
71,283,572
265,775,012
-
Industrials
908,871,124
509,174,445
399,696,679
-
Information Technology
950,212,767
250,250,758
699,962,006
3
Materials
323,182,195
182,223,686
140,958,509
-
  Money Market Funds
82,657,360
82,657,360
-
-
 Total Investments in Securities:
4,149,560,947
1,923,359,309
2,226,201,635
3
Fidelity® International Capital Appreciation Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $12,244,957) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $3,280,844,393)
$
4,066,903,587
 
 
Fidelity Central Funds (cost $82,657,360)
82,657,360
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $3,363,501,753)
 
 
$
4,149,560,947
Cash
 
 
1,954,516
Foreign currency held at value (cost $519,895)
 
 
519,771
Receivable for investments sold
 
 
28,089,025
Receivable for fund shares sold
 
 
2,927,320
Dividends receivable
 
 
1,914,749
Reclaims receivable
 
 
6,490,152
Distributions receivable from Fidelity Central Funds
 
 
320,006
Prepaid expenses
 
 
6,220
Other receivables
 
 
1,869,881
  Total assets
 
 
4,193,652,587
Liabilities
 
 
 
 
Payable for investments purchased
$
14,123,226
 
 
Payable for fund shares redeemed
4,571,651
 
 
Accrued management fee
1,671,389
 
 
Other affiliated payables
697,198
 
 
Other payables and accrued expenses
7,567,171
 
 
Collateral on securities loaned
12,706,225
 
 
  Total Liabilities
 
 
 
41,336,860
Net Assets  
 
 
$
4,152,315,727
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
3,701,772,503
Total accumulated earnings (loss)
 
 
 
450,543,224
Net Assets
 
 
$
4,152,315,727
Net Asset Value, offering price and redemption price per share ($4,152,315,727 ÷ 183,715,394 shares)
 
 
$
22.60
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
57,347,101
Foreign Tax Reclaims
 
 
4,160,355
Income from Fidelity Central Funds (including $92,024 from security lending)
 
 
2,331,812
 Income before foreign taxes withheld
 
 
$
63,839,268
Less foreign taxes withheld
 
 
(8,926,310)
 Total Income
 
 
 
54,912,958
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
29,178,011
 
 
 Performance adjustment
(3,606,338)
 
 
Transfer agent fees
6,806,238
 
 
Accounting fees
1,467,784
 
 
Custodian fees and expenses
391,550
 
 
Independent trustees' fees and expenses
24,607
 
 
Registration fees
69,403
 
 
Audit
116,027
 
 
Legal
6,849
 
 
Interest
107,651
 
 
Miscellaneous
20,378
 
 
 Total expenses before reductions
 
34,582,160
 
 
 Expense reductions
 
(262,852)
 
 
 Total expenses after reductions
 
 
 
34,319,308
Net Investment income (loss)
 
 
 
20,593,650
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $1,177,119)
 
79,860,619
 
 
 Foreign currency transactions
 
346,767
 
 
Total net realized gain (loss)
 
 
 
80,207,386
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $5,877,899)  
 
499,077,072
 
 
 Assets and liabilities in foreign currencies
 
459,026
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
499,536,098
Net gain (loss)
 
 
 
579,743,484
Net increase (decrease) in net assets resulting from operations
 
 
$
600,337,134
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
20,593,650
$
4,726,060
Net realized gain (loss)
 
80,207,386
 
 
(421,962,871)
 
Change in net unrealized appreciation (depreciation)
 
499,536,098
 
(1,404,871,443)
 
Net increase (decrease) in net assets resulting from operations
 
600,337,134
 
 
(1,822,108,254)
 
Distributions to shareholders
 
(1,939,358)
 
 
(482,951,298)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
435,752,549
 
1,823,528,638
  Reinvestment of distributions
 
1,625,726
 
 
405,305,190
 
Cost of shares redeemed
 
(706,723,757)
 
(1,952,267,374)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(269,345,482)
 
 
276,566,454
 
Total increase (decrease) in net assets
 
329,052,294
 
 
(2,028,493,098)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
3,823,263,433
 
5,851,756,531
 
End of period
$
4,152,315,727
$
3,823,263,433
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
18,847,487
 
78,948,065
  Issued in reinvestment of distributions
 
72,968
 
 
14,830,047
 
Redeemed
 
(31,187,640)
 
(87,008,238)
Net increase (decrease)
 
(12,267,185)
 
6,769,874
 
 
 
 
 
 
Financial Highlights
Fidelity® International Capital Appreciation Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.51
$
30.93
$
24.57
$
22.41
$
18.84
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.11
 
.02
 
(.02)
 
.06
 
.17 C
     Net realized and unrealized gain (loss)
 
2.99
 
(8.86)
 
6.74
 
2.86
 
3.93
  Total from investment operations
 
3.10  
 
(8.84)  
 
6.72  
 
2.92  
 
4.10
  Distributions from net investment income
 
(.01)
 
-
 
(.05)
 
(.13)
 
(.08)
  Distributions from net realized gain
 
-
 
(2.58)
 
(.31)
 
(.62)
 
(.45)
     Total distributions
 
(.01)
 
(2.58)
 
(.36)
 
(.76) D
 
(.53)
  Net asset value, end of period
$
22.60
$
19.51
$
30.93
$
24.57
$
22.41
 Total Return E
 
15.89%
 
(30.97)%
 
27.56%
 
13.35%
 
22.45%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.80%
 
.99%
 
1.00%
 
1.03%
 
1.01%
    Expenses net of fee waivers, if any
 
.79%
 
.98%
 
1.00%
 
1.03%
 
1.01%
    Expenses net of all reductions
 
.79%
 
.98%
 
1.00%
 
.99%
 
1.00%
    Net investment income (loss)
 
.48%
 
.10%
 
(.08)%
 
.25%
 
.81% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,152,316
$
3,823,263
$
5,851,757
$
4,514,343
$
3,480,765
    Portfolio turnover rate H
 
79%
 
112% I
 
141%
 
135%
 
131% I
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .40%.
 
DTotal distributions per share do not sum due to rounding.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
IPortfolio turnover rate excludes securities received or delivered in-kind.
 
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity International Capital Appreciation Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
 
3. Significant Accounting Policies.
 
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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. 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$853,122,151
Gross unrealized depreciation
(79,493,642)
Net unrealized appreciation (depreciation)
$773,628,509
Tax Cost
$3,375,932,438
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$18,603,385
Capital loss carryforward
$(333,784,644)
Net unrealized appreciation (depreciation) on securities and other investments
$773,141,128
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 Short-term
$(333,784,644)
Total capital loss carryforward
$(333,784,644)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$1,939,358
$136,649,011
Long-term Capital Gains
-
346,302,287
Total
$1,939,358
$482,951,298
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity International Capital Appreciation Fund
3,337,279,852
3,631,125,524
 
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Fidelity International Capital Appreciation Fund
237,890
2,446,488
6,501,540
 
5. Fees and Other Transactions with Affiliates.
 
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the MSCI All Country World ex USA Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .59% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .16% of average net assets.
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
 
 
% of Class-Level Average Net Assets
Fidelity International Capital Appreciation Fund
0.1559%
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity International Capital Appreciation Fund
.03
 
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
 
 
% of Average Net Assets
Fidelity International Captal Appreciation Fund
0.0322%
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity International Capital Appreciation Fund
$ 4,191
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity International Capital Appreciation Fund 
 Borrower
$ 22,972,657
4.82%
$107,651
 
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity International Capital Appreciation Fund
 81,775,248
 191,162,086
 4,959,364
 
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity International Capital Appreciation Fund
$7,759
 
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity International Capital Appreciation Fund
$9,923
$-
$-
 
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $262,852.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity International Fund
Fidelity International Capital Appreciation Fund
36%
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity International Capital Appreciation Fund
40%
 
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® Overseas Fund
12.95%
5.23%
5.03%
Class K
13.06%
5.34%
5.15%
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Overseas Fund, a class of the fund, on October 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.
 
Fidelity® Overseas Fund
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Portfolio Manager Vincent Montemaggiore:
For the fiscal year ending October 31, 2023, the fund's share classes gained about 13%, versus 14.65% for the benchmark MSCI EAFE Index (Net MA). From a regional standpoint, security selection in Europe ex U.K., primarily in France, and stock picking and an underweight in Japan meaningfully detracted from the fund's relative result. By sector, security selection detracted overall, especially within industrials and financials. The fund's outsized stake in Teleperformance returned roughly -34% and was the largest individual relative detractor. Teleperformance was not held at period end. A second notable relative detractor was our overweight stake in Olympus (-24%). Olympus was not held at period end. An overweight in Rentokil Initial (-17%) also detracted. In contrast, from a regional standpoint, underweighting the lagging Asia-Pacific ex-Japan area notably bolstered the fund's relative result. A non-benchmark allocation to Canada and an overweight in Europe ex the U.K. also contributed to the fund's performance versus the benchmark. By sector, the biggest contributors to performance versus the benchmark were stock selection and an overweight in information technology. An underweight in communication services also boosted the fund's relative performance. The top individual relative contributor was an overweight in ASM International (+89%). A non-benchmark stake in Constellation Software gained 41% and was the second-largest relative contributor. An overweight in Safran (+41%) also helped. Safran was among the fund's largest holdings at period end. Notable changes in positioning include increased exposure to the information technology and materials sectors.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
 
Fidelity® Overseas Fund
Top Holdings (% of Fund's net assets)
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
3.2
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
3.1
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
2.8
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
2.5
 
TotalEnergies SE  (France, Oil, Gas & Consumable Fuels)
2.1
 
RELX PLC (London Stock Exchange)  (United Kingdom, Professional Services)
2.0
 
Compass Group PLC  (United Kingdom, Hotels, Restaurants & Leisure)
1.9
 
Diageo PLC  (United Kingdom, Beverages)
1.9
 
Wolters Kluwer NV  (Netherlands, Professional Services)
1.9
 
Safran SA  (France, Aerospace & Defense)
1.8
 
 
23.2
 
 
Market Sectors (% of Fund's net assets)
 
Financials
22.5
 
Industrials
19.6
 
Information Technology
15.1
 
Health Care
14.1
 
Consumer Discretionary
9.3
 
Consumer Staples
6.7
 
Materials
6.3
 
Energy
2.1
 
Real Estate
1.0
 
Communication Services
0.5
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Overseas Fund
Showing Percentage of Net Assets     
Common Stocks - 97.2%
 
 
Shares
Value ($)
 
Australia - 0.2%
 
 
 
Flutter Entertainment PLC (a)
 
106,174
16,653,798
Bailiwick of Jersey - 0.3%
 
 
 
JTC PLC (b)
 
3,047,000
23,646,695
Belgium - 0.6%
 
 
 
Azelis Group NV
 
1,024,000
17,444,260
KBC Group NV
 
520,590
28,588,403
TOTAL BELGIUM
 
 
46,032,663
Canada - 2.6%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
1,328,700
72,329,953
Constellation Software, Inc.
 
58,500
117,274,624
Constellation Software, Inc. warrants 8/22/28 (a)(c)
 
62,100
4
Lumine Group, Inc.
 
178,222
2,241,350
TOTAL CANADA
 
 
191,845,931
China - 0.0%
 
 
 
Chervon Holdings Ltd.
 
699,700
1,723,396
Denmark - 5.2%
 
 
 
Carlsberg A/S Series B
 
319,300
38,052,008
DSV A/S
 
721,200
107,560,149
Novo Nordisk A/S Series B
 
2,491,100
240,331,950
TOTAL DENMARK
 
 
385,944,107
Finland - 1.0%
 
 
 
Nordea Bank Abp
 
7,207,600
75,740,673
France - 15.3%
 
 
 
Air Liquide SA
 
681,329
116,747,258
ALTEN
 
516,656
60,844,784
Antin Infrastructure Partners SA
 
198,900
2,365,526
Capgemini SA
 
632,933
111,857,483
Edenred SA
 
1,816,979
96,588,685
EssilorLuxottica SA
 
630,413
113,823,704
L'Oreal SA
 
258,900
108,823,622
LVMH Moet Hennessy Louis Vuitton SE
 
257,242
184,167,412
Pernod Ricard SA
 
259,700
46,027,085
Safran SA
 
824,300
128,771,772
TotalEnergies SE
 
2,349,144
157,057,853
TOTAL FRANCE
 
 
1,127,075,184
Germany - 8.0%
 
 
 
Allianz SE
 
451,601
105,784,167
Deutsche Borse AG
 
566,391
93,225,954
Hannover Reuck SE
 
490,700
108,151,374
Infineon Technologies AG
 
2,405,100
70,253,501
Merck KGaA
 
582,900
87,796,709
SAP SE
 
371,900
49,883,814
Siemens Healthineers AG (b)
 
1,543,600
75,653,676
TOTAL GERMANY
 
 
590,749,195
India - 1.7%
 
 
 
HCL Technologies Ltd.
 
2,147,200
32,924,888
HDFC Bank Ltd.
 
5,242,200
92,992,777
TOTAL INDIA
 
 
125,917,665
Indonesia - 0.6%
 
 
 
PT Bank Central Asia Tbk
 
80,843,700
44,538,464
Ireland - 0.9%
 
 
 
Kingspan Group PLC (Ireland)
 
963,300
64,703,115
Italy - 3.2%
 
 
 
FinecoBank SpA
 
4,669,000
54,911,089
GVS SpA (a)(b)
 
528,100
2,358,063
Industrie de Nora SpA
 
363,000
5,119,924
Recordati SpA
 
1,698,130
78,340,103
UniCredit SpA
 
3,759,700
94,254,233
TOTAL ITALY
 
 
234,983,412
Japan - 12.8%
 
 
 
Bandai Namco Holdings, Inc.
 
1,201,900
24,901,585
BayCurrent Consulting, Inc.
 
674,900
16,944,549
Capcom Co. Ltd.
 
1,162,600
37,423,313
FUJIFILM Holdings Corp.
 
1,033,900
56,552,060
Hoya Corp.
 
892,600
85,929,371
Iriso Electronics Co. Ltd.
 
501,900
11,849,071
Misumi Group, Inc.
 
1,737,300
26,300,400
NOF Corp.
 
941,400
37,139,119
Persol Holdings Co. Ltd.
 
23,853,000
35,765,568
Relo Group, Inc.
 
1,741,700
17,267,358
Shin-Etsu Chemical Co. Ltd.
 
2,809,700
84,019,523
Sony Group Corp.
 
1,493,900
124,201,182
Sumitomo Mitsui Financial Group, Inc.
 
2,247,600
108,352,254
Suzuki Motor Corp.
 
1,480,500
57,461,184
TIS, Inc.
 
1,260,200
26,986,998
Tokio Marine Holdings, Inc.
 
5,470,100
122,378,368
Tokyo Electron Ltd.
 
513,500
67,852,705
TOTAL JAPAN
 
 
941,324,608
Netherlands - 7.0%
 
 
 
ASM International NV (Netherlands)
 
157,700
64,826,030
ASML Holding NV (Netherlands)
 
380,300
228,606,092
IMCD NV
 
622,424
74,749,605
Topicus.Com, Inc. (a)
 
122,288
8,052,005
Wolters Kluwer NV
 
1,091,521
139,863,036
TOTAL NETHERLANDS
 
 
516,096,768
Spain - 0.6%
 
 
 
Amadeus IT Holding SA Class A
 
708,757
40,361,544
Sweden - 3.4%
 
 
 
Addlife AB
 
2,778,272
18,094,627
AddTech AB (B Shares)
 
3,841,696
56,236,142
Atlas Copco AB (A Shares)
 
7,402,144
95,850,523
Indutrade AB
 
4,506,101
79,586,275
Kry International AB (a)(c)(d)
 
2,787
102,298
TOTAL SWEDEN
 
 
249,869,865
Switzerland - 4.9%
 
 
 
Compagnie Financiere Richemont SA Series A
 
824,946
97,323,431
Julius Baer Group Ltd.
 
1,345,884
79,759,376
Partners Group Holding AG
 
69,820
73,438,989
Sika AG
 
457,592
109,109,773
TOTAL SWITZERLAND
 
 
359,631,569
Taiwan - 0.6%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
2,697,000
44,014,878
United Kingdom - 16.3%
 
 
 
3i Group PLC
 
3,146,600
74,189,245
AstraZeneca PLC (United Kingdom)
 
1,667,000
208,714,655
BAE Systems PLC
 
6,926,800
93,140,399
Beazley PLC
 
2,551,229
15,954,086
Compass Group PLC
 
5,616,398
141,597,179
Diageo PLC
 
3,736,300
141,292,014
Diploma PLC
 
1,567,295
54,139,211
Halma PLC
 
1,719,700
38,564,363
Hiscox Ltd.
 
2,323,213
26,486,768
London Stock Exchange Group PLC
 
1,009,000
101,803,151
RELX PLC (London Stock Exchange)
 
4,282,200
149,567,464
Rentokil Initial PLC
 
10,456,515
53,249,706
Sage Group PLC
 
5,866,300
69,205,666
Volution Group PLC
 
7,215,267
31,799,281
TOTAL UNITED KINGDOM
 
 
1,199,703,188
United States of America - 12.0%
 
 
 
CBRE Group, Inc. (a)
 
855,800
59,341,172
CDW Corp.
 
256,000
51,302,400
Experian PLC
 
2,207,000
66,821,029
Ferguson PLC
 
534,500
80,102,834
Fiserv, Inc. (a)
 
154,400
17,563,000
ICON PLC (a)
 
325,200
79,335,792
Linde PLC
 
312,600
119,463,216
Marsh & McLennan Companies, Inc.
 
640,200
121,413,930
Nestle SA (Reg. S)
 
815,550
87,947,918
S&P Global, Inc.
 
269,805
94,245,585
Schneider Electric SA
 
393,000
60,465,908
Thermo Fisher Scientific, Inc.
 
111,500
49,591,855
TOTAL UNITED STATES OF AMERICA
 
 
887,594,639
 
TOTAL COMMON STOCKS
 (Cost $5,789,905,828)
 
 
 
7,168,151,357
 
 
 
 
Nonconvertible Preferred Stocks - 0.0%
 
 
Shares
Value ($)
 
Sweden - 0.0%
 
 
 
Kry International AB Series E (a)(c)(d)
  (Cost $7,360,943)
 
16,101
590,995
 
 
 
 
Money Market Funds - 2.0%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (e)
 
 (Cost $150,881,981)
 
 
150,851,810
150,881,981
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.2%
 (Cost $5,948,148,752)
 
 
 
7,319,624,333
NET OTHER ASSETS (LIABILITIES) - 0.8%  
57,522,400
NET ASSETS - 100.0%
7,377,146,733
 
 
 
 
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 $101,658,434 or 1.4% of net assets.
 
(c)
Level 3 security
 
(d)
Restricted securities (including private placements) - 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 $693,293 or 0.0% 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, 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.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Kry International AB
5/14/21
1,210,410
 
 
 
Kry International AB Series E
5/14/21
7,360,943
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
214,978,741
1,425,901,464
1,489,998,224
5,108,119
-
-
150,881,981
0.3%
Fidelity Securities Lending Cash Central Fund 5.40%
17,314,388
1,014,312,343
1,031,626,731
739,822
-
-
-
0.0%
Total
232,293,129
2,440,213,807
2,521,624,955
5,847,941
-
-
150,881,981
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
37,423,313
-
37,423,313
-
Consumer Discretionary
688,390,711
57,015,342
631,375,369
-
Consumer Staples
494,472,600
118,357,038
376,115,562
-
Energy
157,057,853
-
157,057,853
-
Financials
1,656,372,792
739,094,803
917,277,989
-
Health Care
1,037,612,442
502,636,466
534,975,976
-
Industrials
1,440,539,213
780,482,924
660,056,289
-
Information Technology
1,113,786,009
412,311,222
700,781,490
693,297
Materials
466,478,889
228,572,989
237,905,900
-
Real Estate
76,608,530
59,341,172
17,267,358
-
  Money Market Funds
150,881,981
150,881,981
-
-
 Total Investments in Securities:
7,319,624,333
3,048,693,937
4,270,237,099
693,297
Fidelity® Overseas Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $5,797,266,771)
$
7,168,742,352
 
 
Fidelity Central Funds (cost $150,881,981)
150,881,981
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $5,948,148,752)
 
 
$
7,319,624,333
Foreign currency held at value (cost $1,775,737)
 
 
1,775,736
Receivable for investments sold
 
 
32,257,315
Receivable for fund shares sold
 
 
5,879,269
Dividends receivable
 
 
9,977,434
Reclaims receivable
 
 
28,776,767
Distributions receivable from Fidelity Central Funds
 
 
690,792
Prepaid expenses
 
 
11,041
Other receivables
 
 
254,858
  Total assets
 
 
7,399,247,545
Liabilities
 
 
 
 
Payable for investments purchased
$
7,810,626
 
 
Payable for fund shares redeemed
8,128,782
 
 
Accrued management fee
2,623,425
 
 
Other affiliated payables
1,042,306
 
 
Deferred taxes
2,079,693
 
 
Other payables and accrued expenses
415,980
 
 
  Total Liabilities
 
 
 
22,100,812
Net Assets  
 
 
$
7,377,146,733
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
6,016,502,669
Total accumulated earnings (loss)
 
 
 
1,360,644,064
Net Assets
 
 
$
7,377,146,733
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Overseas :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($6,684,862,461 ÷ 128,084,466 shares)
 
 
$
52.19
Class K :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($692,284,272 ÷ 13,284,821 shares)
 
 
$
52.11
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
158,274,364
Foreign Tax Reclaims
 
 
11,016,295
Income from Fidelity Central Funds (including $739,822 from security lending)
 
 
5,847,941
 Income before foreign taxes withheld
 
 
$
175,138,600
Less foreign taxes withheld
 
 
(24,141,257)
 Total Income
 
 
 
150,997,343
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
50,289,138
 
 
 Performance adjustment
(7,837,589)
 
 
Transfer agent fees
10,864,794
 
 
Accounting fees
1,608,300
 
 
Custodian fees and expenses
301,780
 
 
Independent trustees' fees and expenses
44,391
 
 
Registration fees
125,467
 
 
Audit
125,012
 
 
Legal
7,951
 
 
Interest
7,793
 
 
Miscellaneous
36,667
 
 
 Total expenses before reductions
 
55,573,704
 
 
 Expense reductions
 
(471,441)
 
 
 Total expenses after reductions
 
 
 
55,102,263
Net Investment income (loss)
 
 
 
95,895,080
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $39,393)
 
179,547,434
 
 
 Foreign currency transactions
 
(696,912)
 
 
Total net realized gain (loss)
 
 
 
178,850,522
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $499,581)  
 
586,673,000
 
 
 Assets and liabilities in foreign currencies
 
1,737,844
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
588,410,844
Net gain (loss)
 
 
 
767,261,366
Net increase (decrease) in net assets resulting from operations
 
 
$
863,156,446
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
95,895,080
$
74,612,993
Net realized gain (loss)
 
178,850,522
 
 
(261,677,190)
 
Change in net unrealized appreciation (depreciation)
 
588,410,844
 
(3,015,457,116)
 
Net increase (decrease) in net assets resulting from operations
 
863,156,446
 
 
(3,202,521,313)
 
Distributions to shareholders
 
(57,098,273)
 
 
(471,071,500)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
(224,690,399)
 
 
(103,633,659)
 
 
 
 
 
 
Total increase (decrease) in net assets
 
581,367,774
 
 
(3,777,226,472)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
6,795,778,959
 
10,573,005,431
 
End of period
$
7,377,146,733
$
6,795,778,959
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity® Overseas Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
46.55
$
69.79
$
50.91
$
49.51
$
46.04
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.67
 
.47
 
.21
 
.13
 
.77
     Net realized and unrealized gain (loss)
 
5.36
 
(20.64)
 
18.98
 
1.97
 
5.12
  Total from investment operations
 
6.03  
 
(20.17)  
 
19.19  
 
2.10  
 
5.89
  Distributions from net investment income
 
(.39)
 
(.20)
 
(.11)
 
(.70)
 
(.68)
  Distributions from net realized gain
 
-
 
(2.87)
 
(.21)
 
-
 
(1.74)
     Total distributions
 
(.39)
 
(3.07)
 
(.31) C
 
(.70)
 
(2.42)
  Net asset value, end of period
$
52.19
$
46.55
$
69.79
$
50.91
$
49.51
 Total Return D
 
12.95%
 
(30.12)%
 
37.83%
 
4.25%
 
13.78%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.73%
 
.95%
 
.99%
 
1.04%
 
.90%
    Expenses net of fee waivers, if any
 
.72%
 
.95%
 
.98%
 
1.04%
 
.90%
    Expenses net of all reductions
 
.72%
 
.94%
 
.98%
 
1.03%
 
.89%
    Net investment income (loss)
 
1.23%
 
.84%
 
.33%
 
.27%
 
1.68%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
6,684,862
$
6,175,776
$
8,981,609
$
6,160,617
$
6,182,831
    Portfolio turnover rate G
 
34%
 
25%
 
30% H
 
41%
 
46% H
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
HPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity® Overseas Fund Class K
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
46.48
$
69.68
$
50.83
$
49.43
$
45.98
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.73
 
.54
 
.27
 
.19
 
.82
     Net realized and unrealized gain (loss)
 
5.34
 
(20.60)
 
18.95
 
1.96
 
5.11
  Total from investment operations
 
6.07  
 
(20.06)  
 
19.22  
 
2.15  
 
5.93
  Distributions from net investment income
 
(.44)
 
(.26)
 
(.16)
 
(.75)
 
(.73)
  Distributions from net realized gain
 
-
 
(2.87)
 
(.21)
 
-
 
(1.74)
     Total distributions
 
(.44)
 
(3.14) C
 
(.37)
 
(.75)
 
(2.48) C
  Net asset value, end of period
$
52.11
$
46.48
$
69.68
$
50.83
$
49.43
 Total Return D
 
13.06%
 
(30.04)%
 
37.97%
 
4.36%
 
13.90%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.62%
 
.84%
 
.89%
 
.94%
 
.78%
    Expenses net of fee waivers, if any
 
.61%
 
.84%
 
.88%
 
.93%
 
.78%
    Expenses net of all reductions
 
.61%
 
.84%
 
.88%
 
.93%
 
.77%
    Net investment income (loss)
 
1.34%
 
.94%
 
.43%
 
.38%
 
1.79%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
692,284
$
620,003
$
1,591,397
$
1,022,402
$
1,040,002
    Portfolio turnover rate G
 
34%
 
25%
 
30% H
 
41%
 
46% H
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
HPortfolio turnover rate excludes securities received or delivered in-kind.
 
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity Overseas Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Overseas and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
 
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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. 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
 
Fidelity Overseas Fund
$254,830
 
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$1,703,975,178
Gross unrealized depreciation
(344,457,061)
Net unrealized appreciation (depreciation)
$1,359,518,117
Tax Cost
$5,960,106,216
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$89,078,628
Capital loss carryforward
$(84,908,134)
Net unrealized appreciation (depreciation) on securities and other investments
$1,358,727,494
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 Short-term
$(84,908,134)
Total capital loss carryforward
$(84,908,134)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$57,098,273
$57,969,693
Long-term Capital Gains
-
413,101,807
Total
$57,098,273
$471,071,500
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Overseas Fund
2,550,277,768
2,684,297,635
 
5. Fees and Other Transactions with Affiliates.
 
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .424% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Overseas Fund as compared to its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .55% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Overseas, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Overseas
$ 10,602,894
.15
Class K
             261,900
.04
 
$              10,864,794
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
 
 
% of Class-Level Average Net Assets
Fidelity Overseas Fund
0.1476%
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity Overseas Fund
.02
 
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
 
 
% of Average Net Assets
Fidelity Overseas Fund
0.0199%
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity Overseas Fund
$ 1,076
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity Overseas Fund
 Borrower
$ 32,348,500
4.34%
$7,793
 
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Overseas Fund
 61,906,786
 139,759,630
 (11,613,431)
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
 
Amount
Fidelity Overseas Fund
$13,914
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Overseas Fund
$78,664
$-
$-
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $942.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $470,499.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2023
Year ended
October 31, 2022
Fidelity Overseas Fund
 
 
Distributions to shareholders
 
 
Overseas
$ 51,233,808
 $398,074,722
Class K
          5,864,465
       72,996,778
Total  
$     57,098,273
$  471,071,500
 
 
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended
 October 31, 2023
Year ended
 October 31, 2022
Year ended
 October 31, 2023
Year ended
 October 31, 2022
Fidelity Overseas Fund
 
 
 
 
Overseas
 
 
 
 
Shares sold
10,936,067
40,345,843
$596,408,589
$2,183,494,857
Reinvestment of distributions
849,241
5,519,644
44,738,039
355,685,872
Shares redeemed
(16,363,021)
(41,890,883)
(880,663,957)
(2,190,097,209)
Net increase (decrease)
(4,577,713)
3,974,604
$(239,517,329)
$349,083,520
Class K
 
 
 
 
Shares sold
5,973,191
4,842,077
$340,532,508
$287,643,692
Reinvestment of distributions
111,598
1,135,606
5,864,465
72,996,779
Shares redeemed
(6,139,595)
(15,475,778)
(331,570,043)
(813,357,650)
Net increase (decrease)
(54,806)
(9,498,095)
$14,826,930
$(452,717,179)
 
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity International Fund
Fidelity Overseas Fund
29%
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity Overseas Fund
48%
 
13. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Class A  (incl. 5.75% sales charge)  
4.26%
7.20%
7.20%
Class M  (incl. 3.50% sales charge)  
6.53%
7.43%
7.15%
Class C  
(incl. contingent deferred sales charge)
 
8.76%
7.63%
7.16%
Fidelity® Worldwide Fund
10.95%
8.79%
8.16%
Class I
10.97%
8.78%
8.13%
Class Z
11.10%
8.92%
8.20%
 
 
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Worldwide Fund, a class of the fund, on October 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI World Index performed over the same period.
 
Fidelity® Worldwide Fund
Market Recap:
Global equities gained 10.91% for the 12 months ending October 31, 2023, according to the MSCI All Country World Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -18.07% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 18.36% year to date through July, including gains in June (+5.83%) and July (+3.68%). The rally for international equities sputtered for the next three months (-9.54%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds, and particularly weak economic conditions in the eurozone and China. Still, the three-month decline left global stocks up 7.07% year to date through October. Currency fluctuation also bolstered non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin, while the U.S. middled (+10%). All but three of 11 sectors advanced, with information technology (+29%) and communication services (+27%) leading. Conversely, the real estate sector (-3%) lagged most, followed by health care and utilities (-1% each).
Comments from Co-Managers Stephen DuFour and Andrew Sergeant:
For the fiscal year ending October 31, 2023, the fund's share classes (excluding sales charges, if applicable) gained about 10% to 11%, versus 10.93% for the benchmark MSCI World Net MA Index. From a regional standpoint, security selection in the United States and an overweight in Europe ex U.K., primarily in Switzerland, contributed to the fund's performance versus the benchmark. By sector, market selection was the primary contributor, with underweight positions in consumer staples and energy helping most. Stock selection in communication services and health care - primarily within the pharmaceuticals, biotechnology & life sciences industry - also notably boosted relative performance. The top individual relative contributor was an overweight in Nvidia (+197%), a stock which was the fund's third-largest holding at period end. The second-biggest relative contributor was an overweight in Meta Platforms (+60%), another of the fund's biggest holdings and a stake we established the past year. An overweight in Eli Lilly (+54%), also a top-five portfolio holding, further contributed. In contrast, from a regional standpoint, stock picks in Europe ex U.K. and stock selection and an overweight in the U.K. detracted from the fund's relative result. By sector, the biggest detractor from performance versus the benchmark was stock selection in industrials, primarily within the capital goods industry. Also hurting our result were stock picks in information technology and utilities. The biggest individual relative detractors were overweight positions in UnitedHealth (-3%), a top-20 fund holding at period end, and Constellation Energy (-22%). We decreased our position in both UnitedHealth and Constellation Energy during the past 12 months. A stake in Northrop Grumman returned -17% and also notably hurt. Northrop Grumman was not held at period end. By country, notable changes in positioning include a higher allocation to Japan. By sector, meaningful changes include higher allocations to the communication services and energy sectors, and lower allocations to health care and financials.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
 
Fidelity® Worldwide Fund
Top Holdings (% of Fund's net assets)
 
Microsoft Corp.  (United States of America, Software)
6.4
 
Meta Platforms, Inc. Class A (United States of America, Interactive Media & Services)
5.6
 
NVIDIA Corp.  (United States of America, Semiconductors & Semiconductor Equipment)
5.3
 
Eli Lilly & Co.  (United States of America, Pharmaceuticals)
4.7
 
Amazon.com, Inc.  (United States of America, Broadline Retail)
4.2
 
Alphabet, Inc. Class A (United States of America, Interactive Media & Services)
3.8
 
Eaton Corp. PLC  (United States of America, Electrical Equipment)
3.4
 
Fiserv, Inc.  (United States of America, Financial Services)
3.4
 
Oracle Corp.  (United States of America, Software)
2.7
 
S&P Global, Inc.  (United States of America, Capital Markets)
2.4
 
 
41.9
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
25.4
 
Financials
13.7
 
Industrials
13.2
 
Consumer Discretionary
13.1
 
Communication Services
11.9
 
Health Care
10.1
 
Energy
5.6
 
Consumer Staples
2.6
 
Materials
1.8
 
Real Estate
1.0
 
Utilities
0.3
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® Worldwide Fund
Showing Percentage of Net Assets     
Common Stocks - 98.4%
 
 
Shares
Value ($)
 
Australia - 1.3%
 
 
 
Aub Group Ltd.
 
257,900
4,429,048
CAR Group Ltd.
 
544,560
9,599,102
Flutter Entertainment PLC (a)
 
35,700
5,599,681
Lovisa Holdings Ltd.
 
357,317
3,954,170
National Storage REIT unit
 
4,853,097
6,187,625
TOTAL AUSTRALIA
 
 
29,769,626
Austria - 0.2%
 
 
 
Wienerberger AG
 
203,600
4,941,945
Belgium - 0.4%
 
 
 
Azelis Group NV
 
231,900
3,950,512
UCB SA
 
60,600
4,428,187
TOTAL BELGIUM
 
 
8,378,699
Canada - 2.9%
 
 
 
Canada Goose Holdings, Inc. (a)
 
48,300
535,680
Constellation Software, Inc.
 
3,700
7,417,369
Constellation Software, Inc. warrants 8/22/28 (a)(b)
 
3,700
0
Franco-Nevada Corp.
 
32,900
4,002,329
PrairieSky Royalty Ltd.
 
2,744,700
48,194,300
Quebecor, Inc. Class B (sub. vtg.)
 
230,500
4,755,439
Shopify, Inc. Class A (a)
 
1,000
47,190
TOTAL CANADA
 
 
64,952,307
China - 1.5%
 
 
 
BYD Co. Ltd. (H Shares)
 
168,500
5,124,107
Centre Testing International Group Co. Ltd. (A Shares)
 
2,106,400
4,359,195
Kweichow Moutai Co. Ltd. (A Shares)
 
18,100
4,169,412
Tencent Holdings Ltd.
 
182,800
6,765,201
Trip.com Group Ltd. ADR (a)
 
160,600
5,460,400
ZTO Express, Inc. sponsored ADR
 
306,000
7,212,420
TOTAL CHINA
 
 
33,090,735
Denmark - 1.2%
 
 
 
Carlsberg A/S Series B
 
34,800
4,147,228
GN Store Nord A/S (a)
 
379,775
6,315,450
Novo Nordisk A/S Series B
 
175,400
16,921,932
TOTAL DENMARK
 
 
27,384,610
Finland - 0.5%
 
 
 
Nanoform Finland PLC (a)
 
754,800
1,269,860
Olvi Oyj (A Shares)
 
86,661
2,562,903
Sampo Oyj (A Shares)
 
159,551
6,264,944
TOTAL FINLAND
 
 
10,097,707
France - 1.6%
 
 
 
Dassault Aviation SA
 
15,500
3,075,103
L'Oreal SA
 
31,000
13,030,252
LVMH Moet Hennessy Louis Vuitton SE
 
20,927
14,982,279
Pernod Ricard SA
 
26,100
4,625,749
TOTAL FRANCE
 
 
35,713,383
Germany - 1.0%
 
 
 
DHL Group
 
204,311
7,946,831
Instone Real Estate Group BV (c)
 
332,488
1,892,714
Nexus AG
 
46,000
2,241,373
Stabilus Se
 
144,286
9,144,874
TOTAL GERMANY
 
 
21,225,792
Hong Kong - 1.2%
 
 
 
AIA Group Ltd.
 
761,327
6,611,218
Hong Kong Exchanges and Clearing Ltd.
 
170,174
5,953,138
Prudential PLC
 
1,366,086
14,284,326
TOTAL HONG KONG
 
 
26,848,682
Hungary - 0.1%
 
 
 
Richter Gedeon PLC
 
86,900
2,037,565
India - 0.0%
 
 
 
Pine Labs Private Ltd. (a)(b)(d)
 
792
248,442
Indonesia - 0.8%
 
 
 
PT Bank Central Asia Tbk
 
20,561,200
11,327,590
PT Bank Rakyat Indonesia (Persero) Tbk
 
21,144,000
6,611,388
TOTAL INDONESIA
 
 
17,938,978
Ireland - 0.3%
 
 
 
Cairn Homes PLC
 
3,237,500
3,797,294
Irish Residential Properties REIT PLC
 
3,953,167
3,806,390
TOTAL IRELAND
 
 
7,603,684
Italy - 1.0%
 
 
 
BFF Bank SpA (c)
 
1,389,790
13,345,121
Prysmian SpA
 
105,000
3,920,737
Recordati SpA
 
128,900
5,946,564
TOTAL ITALY
 
 
23,212,422
Japan - 5.2%
 
 
 
FUJIFILM Holdings Corp.
 
87,992
4,812,969
Funai Soken Holdings, Inc.
 
149,400
2,455,525
GMO Internet, Inc.
 
300,866
4,382,046
Hitachi Ltd.
 
190,900
12,100,507
Hoya Corp.
 
63,443
6,107,570
Iriso Electronics Co. Ltd.
 
204,185
4,820,487
Katitas Co. Ltd.
 
257,600
3,438,300
Keyence Corp.
 
22,340
8,648,232
NOF Corp.
 
207,695
8,193,764
Osaka Soda Co. Ltd.
 
93,700
5,503,059
PALTAC Corp.
 
188,891
6,123,181
Pan Pacific International Holdings Ltd.
 
403,700
7,817,999
Renesas Electronics Corp. (a)
 
502,231
6,597,116
Shin-Etsu Chemical Co. Ltd.
 
262,015
7,835,134
Sony Group Corp.
 
116,703
9,702,557
Tsuruha Holdings, Inc.
 
120,200
8,829,496
USS Co. Ltd.
 
324,600
5,673,650
ZOZO, Inc.
 
129,400
2,460,508
TOTAL JAPAN
 
 
115,502,100
Kenya - 0.0%
 
 
 
Safaricom Ltd.
 
5,920,700
489,623
Luxembourg - 0.1%
 
 
 
Novem Group SA
 
292,876
1,846,957
Netherlands - 1.0%
 
 
 
ASML Holding NV (Netherlands)
 
23,800
14,306,666
BE Semiconductor Industries NV
 
39,000
4,015,172
IMCD NV
 
32,351
3,885,172
TOTAL NETHERLANDS
 
 
22,207,010
Norway - 0.8%
 
 
 
Schibsted ASA (B Shares)
 
299,297
5,546,035
TGS ASA
 
883,149
12,032,574
TOTAL NORWAY
 
 
17,578,609
Russia - 0.0%
 
 
 
Fix Price Group Ltd. GDR (Reg. S) (a)(b)
 
139,553
51,541
Spain - 0.6%
 
 
 
CaixaBank SA
 
1,697,900
6,902,882
Cie Automotive SA
 
230,635
5,871,480
TOTAL SPAIN
 
 
12,774,362
Sweden - 3.2%
 
 
 
Addlife AB
 
783,810
5,104,882
Autoliv, Inc. (depository receipt)
 
76,777
7,067,299
Dustin Group AB (a)(c)(e)
 
2,591,588
2,913,736
Evolution AB (c)
 
88,200
7,837,489
Haypp Group (a)
 
603,300
2,426,723
Hemnet Group AB
 
876,830
15,215,474
HEXPOL AB (B Shares)
 
850,359
7,518,997
INVISIO AB
 
272,280
4,088,182
JM AB (B Shares)
 
334,900
3,564,282
Kry International AB (a)(b)(d)
 
489
17,949
Sandvik AB
 
21,257
362,071
Swedbank AB (A Shares)
 
727,850
11,916,254
Swedish Logistic Property AB (a)
 
1,522,409
3,546,053
TOTAL SWEDEN
 
 
71,579,391
Taiwan - 0.3%
 
 
 
E Ink Holdings, Inc.
 
1,422,000
7,393,146
United Kingdom - 4.5%
 
 
 
3i Group PLC
 
296,400
6,988,398
AstraZeneca PLC (United Kingdom)
 
104,843
13,126,737
Beazley PLC
 
824,700
5,157,253
Clarkson PLC
 
145,262
4,669,978
Diageo PLC
 
288,873
10,924,029
Endava PLC ADR (a)
 
72,400
3,631,584
Games Workshop Group PLC
 
34,000
4,080,873
Harbour Energy PLC
 
1,486,871
4,586,718
Hiscox Ltd.
 
856,247
9,762,004
Lancashire Holdings Ltd.
 
1,178,720
8,137,595
London Stock Exchange Group PLC
 
71,200
7,183,731
RS GROUP PLC
 
303,095
2,494,783
Sabre Insurance Group PLC (c)
 
6,755,301
12,069,774
Softcat PLC
 
234,700
3,608,616
WH Smith PLC
 
329,610
4,647,244
Zegona Communications PLC (a)(b)
 
30,559
11,589
TOTAL UNITED KINGDOM
 
 
101,080,906
United States of America - 68.7%
 
 
 
Adobe, Inc. (a)
 
48,000
25,538,880
Alphabet, Inc. Class A (a)
 
691,000
85,739,280
Amazon.com, Inc. (a)
 
714,000
95,026,260
ANSYS, Inc. (a)
 
1,000
278,260
Apple, Inc.
 
273,000
46,620,210
Arthur J. Gallagher & Co.
 
51,000
12,009,990
Cadence Design Systems, Inc. (a)
 
27,000
6,475,950
Celsius Holdings, Inc. (a)
 
1,000
152,090
Chart Industries, Inc. (a)(e)
 
99,000
11,506,770
Confluent, Inc. (a)
 
25,000
722,750
Constellation Energy Corp.
 
62,000
7,001,040
Costco Wholesale Corp.
 
16,000
8,839,040
Crane Nxt Co.
 
65,000
3,380,000
CSX Corp.
 
424,000
12,656,400
Curtiss-Wright Corp.
 
3,000
596,430
Deckers Outdoor Corp. (a)
 
77,155
46,066,164
Dell Technologies, Inc.
 
97,000
6,490,270
Eaton Corp. PLC
 
371,000
77,134,610
Eli Lilly & Co.
 
189,000
104,692,770
Exxon Mobil Corp.
 
412,000
43,610,200
Fiserv, Inc. (a)
 
667,201
75,894,114
General Electric Co.
 
42,000
4,562,460
HealthEquity, Inc. (a)
 
108,000
7,741,440
Ingersoll Rand, Inc.
 
185,000
11,225,800
J.B. Hunt Transport Services, Inc.
 
23,000
3,953,010
Jabil, Inc.
 
325,000
39,910,000
KBR, Inc.
 
429,000
24,946,350
Lattice Semiconductor Corp. (a)
 
33,400
1,857,374
Leidos Holdings, Inc.
 
9,000
892,080
lululemon athletica, Inc. (a)
 
7,800
3,069,144
Maplebear, Inc.
 
8,000
177,336
Marathon Petroleum Corp.
 
11,000
1,663,750
Marsh & McLennan Companies, Inc.
 
62,000
11,758,300
Marvell Technology, Inc.
 
98,100
4,632,282
Meta Platforms, Inc. Class A (a)
 
415,000
125,027,050
Micron Technology, Inc.
 
431,000
28,820,970
Microsoft Corp.
 
424,000
143,358,640
Moody's Corp.
 
14,000
4,312,000
Netflix, Inc. (a)
 
19,000
7,822,110
NVIDIA Corp.
 
291,000
118,669,800
Occidental Petroleum Corp.
 
87,000
5,377,470
Oracle Corp.
 
577,000
59,661,800
Parker Hannifin Corp.
 
73,000
26,930,430
RHI Magnesita NV
 
83,122
2,592,446
Rivian Automotive, Inc. (a)
 
1,000
16,220
Roche Holding AG (participation certificate)
 
48,651
12,537,832
S&P Global, Inc.
 
152,628
53,314,487
Schlumberger Ltd.
 
162,000
9,016,920
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)
 
11,000
530,420
Stripe, Inc. Class B (a)(b)(d)
 
10,000
182,500
Synopsys, Inc. (a)
 
13,000
6,102,720
Tesla, Inc. (a)
 
145,000
29,121,800
The Boeing Co. (a)
 
19,000
3,549,580
TJX Companies, Inc.
 
48,000
4,227,360
TransDigm Group, Inc. (a)
 
9,000
7,452,810
United Rentals, Inc.
 
34,000
13,813,180
UnitedHealth Group, Inc.
 
81,000
43,380,360
Vertiv Holdings Co.
 
741,000
29,099,070
Visa, Inc. Class A
 
70,000
16,457,000
TOTAL UNITED STATES OF AMERICA
 
 
1,538,195,779
 
TOTAL COMMON STOCKS
 (Cost $1,835,952,387)
 
 
 
2,202,144,001
 
 
 
 
Preferred Stocks - 0.3%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.2%
 
 
 
China - 0.2%
 
 
 
ByteDance Ltd. Series E1 (a)(b)(d)
 
14,425
3,370,401
dMed Biopharmaceutical Co. Ltd. Series C (a)(b)(d)
 
138,905
818,150
 
 
 
4,188,551
Ireland - 0.0%
 
 
 
Circle Internet Financial Ltd. Series F (a)(b)(d)
 
23,730
510,432
United States of America - 0.0%
 
 
 
Stripe, Inc. Series H (a)(b)(d)
 
29,122
531,477
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
5,230,460
Nonconvertible Preferred Stocks - 0.1%
 
 
 
India - 0.1%
 
 
 
Pine Labs Private Ltd.:
 
 
 
 Series 1 (a)(b)(d)
 
1,892
593,501
 Series A (a)(b)(d)
 
473
148,375
 Series B (a)(b)(d)
 
514
161,237
 Series B2 (a)(b)(d)
 
416
130,495
 Series C (a)(b)(d)
 
774
242,796
 Series C1 (a)(b)(d)
 
163
51,131
 Series D (a)(b)(d)
 
174
54,582
 
 
 
1,382,117
Sweden - 0.0%
 
 
 
Kry International AB Series E (a)(b)(d)
 
2,824
103,656
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 
 
1,485,773
 
TOTAL PREFERRED STOCKS
 (Cost $8,655,877)
 
 
 
6,716,233
 
 
 
 
Money Market Funds - 1.0%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (f)
 
19,648,458
19,652,388
Fidelity Securities Lending Cash Central Fund 5.40% (f)(g)
 
3,365,463
3,365,800
 
TOTAL MONEY MARKET FUNDS
 (Cost $23,014,724)
 
 
23,018,188
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.7%
 (Cost $1,867,622,988)
 
 
 
2,231,878,422
NET OTHER ASSETS (LIABILITIES) - 0.3%  
6,864,803
NET ASSETS - 100.0%
2,238,743,225
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Level 3 security
 
(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 $38,058,834 or 1.7% of net assets.
 
(d)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $7,165,124 or 0.3% of net assets.
 
(e)
Security or a portion of the security is on loan 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, 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.
 
(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 ($)
 
ByteDance Ltd. Series E1
11/18/20
1,580,608
 
 
 
Circle Internet Financial Ltd. Series F
5/09/22
999,982
 
 
 
dMed Biopharmaceutical Co. Ltd. Series C
12/01/20
1,972,888
 
 
 
Kry International AB
5/14/21
212,376
 
 
 
Kry International AB Series E
5/14/21
1,291,057
 
 
 
Pine Labs Private Ltd.
6/30/21
295,305
 
 
 
Pine Labs Private Ltd. Series 1
6/30/21
705,451
 
 
 
Pine Labs Private Ltd. Series A
6/30/21
176,363
 
 
 
Pine Labs Private Ltd. Series B
6/30/21
191,650
 
 
 
Pine Labs Private Ltd. Series B2
6/30/21
155,110
 
 
 
Pine Labs Private Ltd. Series C
6/30/21
288,594
 
 
 
Pine Labs Private Ltd. Series C1
6/30/21
60,776
 
 
 
Pine Labs Private Ltd. Series D
6/30/21
64,878
 
 
 
Stripe, Inc. Class B
5/18/21
401,284
 
 
 
Stripe, Inc. Series H
3/15/21 - 5/25/23
1,168,520
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
15,584,500
839,895,207
835,827,320
1,413,320
81
(80)
19,652,388
0.0%
Fidelity Securities Lending Cash Central Fund 5.40%
7,256,240
222,270,932
226,161,372
89,548
-
-
3,365,800
0.0%
Total
22,840,740
1,062,166,139
1,061,988,692
1,502,868
81
(80)
23,018,188
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
264,341,304
244,595,011
16,364,303
3,381,990
Consumer Discretionary
292,946,671
237,108,220
55,838,451
-
Consumer Staples
57,509,076
16,179,782
41,277,753
51,541
Energy
124,481,932
124,481,932
-
-
Financials
311,200,987
240,398,836
70,291,719
510,432
Health Care
226,355,222
176,843,001
48,694,071
818,150
Industrials
297,984,870
278,707,572
19,277,298
-
Information Technology
567,580,376
514,153,573
50,960,662
2,466,141
Materials
40,587,674
19,055,717
21,531,957
-
Real Estate
18,871,082
9,245,157
9,625,925
-
Utilities
7,001,040
7,001,040
-
-
  Money Market Funds
23,018,188
23,018,188
-
-
 Total Investments in Securities:
2,231,878,422
1,890,788,029
333,862,139
7,228,254
Fidelity® Worldwide Fund
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $2,705,920) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $1,844,608,264)
$
2,208,860,234
 
 
Fidelity Central Funds (cost $23,014,724)
23,018,188
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,867,622,988)
 
 
$
2,231,878,422
Foreign currency held at value (cost $54,498)
 
 
54,405
Receivable for investments sold
 
 
30,327,653
Receivable for fund shares sold
 
 
449,061
Dividends receivable
 
 
537,066
Reclaims receivable
 
 
2,623,104
Distributions receivable from Fidelity Central Funds
 
 
119,414
Prepaid expenses
 
 
3,231
Other receivables
 
 
81,611
  Total assets
 
 
2,266,073,967
Liabilities
 
 
 
 
Payable for investments purchased
$
21,612,401
 
 
Payable for fund shares redeemed
1,091,418
 
 
Accrued management fee
806,084
 
 
Distribution and service plan fees payable
28,912
 
 
Other affiliated payables
352,256
 
 
Other payables and accrued expenses
73,871
 
 
Collateral on securities loaned
3,365,800
 
 
  Total Liabilities
 
 
 
27,330,742
Net Assets  
 
 
$
2,238,743,225
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,866,994,770
Total accumulated earnings (loss)
 
 
 
371,748,455
Net Assets
 
 
$
2,238,743,225
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($73,934,926 ÷ 2,748,170 shares)(a)
 
 
$
26.90
Maximum offering price per share (100/94.25 of $26.90)
 
 
$
28.54
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($16,050,766 ÷ 603,442 shares)(a)
 
 
$
26.60
Maximum offering price per share (100/96.50 of $26.60)
 
 
$
27.56
Class C :
 
 
 
 
Net Asset Value and offering price per share ($7,292,462 ÷ 288,821 shares)(a)
 
 
$
25.25
Worldwide :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,982,943,304 ÷ 72,255,506 shares)
 
 
$
27.44
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($41,289,414 ÷ 1,516,333 shares)
 
 
$
27.23
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($117,232,353 ÷ 4,309,264 shares)
 
 
$
27.20
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
31,102,304
Income from Fidelity Central Funds (including $89,548 from security lending)
 
 
1,502,868
 Income before foreign taxes withheld
 
 
$
32,605,172
Less foreign taxes withheld
 
 
(1,961,230)
 Total Income
 
 
 
30,643,942
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
14,647,460
 
 
 Performance adjustment
(4,013,549)
 
 
Transfer agent fees
3,418,216
 
 
Distribution and service plan fees
350,515
 
 
Accounting fees
598,854
 
 
Custodian fees and expenses
80,550
 
 
Independent trustees' fees and expenses
12,908
 
 
Registration fees
106,021
 
 
Audit
97,177
 
 
Legal
7,483
 
 
Miscellaneous
10,930
 
 
 Total expenses before reductions
 
15,316,565
 
 
 Expense reductions
 
(138,332)
 
 
 Total expenses after reductions
 
 
 
15,178,233
Net Investment income (loss)
 
 
 
15,465,709
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $137,150)
 
2,083,251
 
 
   Fidelity Central Funds
 
81
 
 
 Foreign currency transactions
 
572,140
 
 
Total net realized gain (loss)
 
 
 
2,655,472
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of decrease in deferred foreign taxes of $108,910)  
 
205,131,592
 
 
   Fidelity Central Funds
 
(80)
 
 
 Unfunded commitments
 
227,538
 
 
 Assets and liabilities in foreign currencies
 
170,868
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
205,529,918
Net gain (loss)
 
 
 
208,185,390
Net increase (decrease) in net assets resulting from operations
 
 
$
223,651,099
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
15,465,709
$
14,477,798
Net realized gain (loss)
 
2,655,472
 
 
145,952,644
 
Change in net unrealized appreciation (depreciation)
 
205,529,918
 
(1,000,391,802)
 
Net increase (decrease) in net assets resulting from operations
 
223,651,099
 
 
(839,961,360)
 
Distributions to shareholders
 
(124,836,814)
 
 
(362,130,555)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
37,686,493
 
 
68,731,196
 
 
 
 
 
 
Total increase (decrease) in net assets
 
136,500,778
 
 
(1,133,360,719)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
2,102,242,447
 
3,235,603,166
 
End of period
$
2,238,743,225
$
2,102,242,447
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Worldwide Fund Class A
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
25.75
$
40.06
$
31.49
$
27.36
$
26.57
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.11
 
.09
 
(.13)
 
(.05)
 
.11
     Net realized and unrealized gain (loss)
 
2.52
 
(9.90)
 
11.40
 
5.50
 
2.84
  Total from investment operations
 
2.63  
 
(9.81)  
 
11.27  
 
5.45  
 
2.95
  Distributions from net investment income
 
(.11)
 
(.07)
 
-
 
(.12)
 
(.02)
  Distributions from net realized gain
 
(1.37)
 
(4.43)
 
(2.70)
 
(1.20)
 
(2.14)
     Total distributions
 
(1.48)
 
(4.50)
 
(2.70)
 
(1.32)
 
(2.16)
  Net asset value, end of period
$
26.90
$
25.75
$
40.06
$
31.49
$
27.36
 Total Return C,D
 
10.62%
 
(27.31)%
 
37.72%
 
20.72%
 
12.35%
 Ratios to Average Net Assets A,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.96%
 
1.21%
 
1.29%
 
1.34%
 
1.26%
    Expenses net of fee waivers, if any
 
.95%
 
1.21%
 
1.28%
 
1.34%
 
1.26%
    Expenses net of all reductions
 
.95%
 
1.21%
 
1.28%
 
1.33%
 
1.25%
    Net investment income (loss)
 
.41%
 
.28%
 
(.34)%
 
(.18)%
 
.41%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
73,935
$
68,608
$
99,731
$
63,690
$
52,516
    Portfolio turnover rate G
 
114%
 
137%
 
96%
 
112%
 
147%
 
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
BCalculated based on average shares outstanding during the period.
 
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DTotal returns do not include the effect of the sales charges.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Worldwide Fund Class M
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
25.44
$
39.62
$
31.19
$
27.10
$
26.39
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.04
 
.01
 
(.22)
 
(.13)
 
.03
     Net realized and unrealized gain (loss)
 
2.51
 
(9.81)
 
11.29
 
5.46
 
2.82
  Total from investment operations
 
2.55  
 
(9.80)  
 
11.07  
 
5.33  
 
2.85
  Distributions from net investment income
 
(.02)
 
-
 
-
 
(.04)
 
-
  Distributions from net realized gain
 
(1.37)
 
(4.38)
 
(2.64)
 
(1.20)
 
(2.14)
     Total distributions
 
(1.39)
 
(4.38)
 
(2.64)
 
(1.24)
 
(2.14)
  Net asset value, end of period
$
26.60
$
25.44
$
39.62
$
31.19
$
27.10
 Total Return C,D
 
10.39%
 
(27.53)%
 
37.37%
 
20.40%
 
12.05%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.21%
 
1.47%
 
1.55%
 
1.61%
 
1.55%
    Expenses net of fee waivers, if any
 
1.21%
 
1.47%
 
1.55%
 
1.61%
 
1.54%
    Expenses net of all reductions
 
1.20%
 
1.47%
 
1.55%
 
1.61%
 
1.54%
    Net investment income (loss)
 
.15%
 
.02%
 
(.61)%
 
(.45)%
 
.13%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
16,051
$
15,275
$
22,771
$
17,387
$
13,066
    Portfolio turnover rate G
 
114%
 
137%
 
96%
 
112%
 
147%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DTotal returns do not include the effect of the sales charges.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Worldwide Fund Class C
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
24.33
$
38.05
$
30.14
$
26.33
$
25.82
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.10)
 
(.15)
 
(.39)
 
(.27)
 
(.10)
     Net realized and unrealized gain (loss)
 
2.39
 
(9.39)
 
10.88
 
5.28
 
2.75
  Total from investment operations
 
2.29  
 
(9.54)  
 
10.49  
 
5.01  
 
2.65
  Distributions from net realized gain
 
(1.37)
 
(4.18)
 
(2.58)
 
(1.20)
 
(2.14)
     Total distributions
 
(1.37)
 
(4.18)
 
(2.58)
 
(1.20)
 
(2.14)
  Net asset value, end of period
$
25.25
$
24.33
$
38.05
$
30.14
$
26.33
 Total Return C,D
 
9.76%
 
(27.89)%
 
36.63%
 
19.76%
 
11.49%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.76%
 
2.00%
 
2.08%
 
2.14%
 
2.06%
    Expenses net of fee waivers, if any
 
1.75%
 
2.00%
 
2.08%
 
2.14%
 
2.06%
    Expenses net of all reductions
 
1.75%
 
2.00%
 
2.08%
 
2.13%
 
2.06%
    Net investment income (loss)
 
(.39)%
 
(.51)%
 
(1.14)%
 
(.98)%
 
(.39)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
7,292
$
8,517
$
13,602
$
11,677
$
10,618
    Portfolio turnover rate G
 
114%
 
137%
 
96%
 
112%
 
147%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DTotal returns do not include the effect of the contingent deferred sales charge.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity® Worldwide Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
26.26
$
40.76
$
31.97
$
27.74
$
26.90
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.19
 
.18
 
(.02)
 
.03
 
.18
     Net realized and unrealized gain (loss)
 
2.57
 
(10.09)
 
11.58
 
5.58
 
2.89
  Total from investment operations
 
2.76  
 
(9.91)  
 
11.56  
 
5.61  
 
3.07
  Distributions from net investment income
 
(.21)
 
(.16)
 
(.02)
 
(.18)
 
(.09)
  Distributions from net realized gain
 
(1.37)
 
(4.43)
 
(2.75)
 
(1.20)
 
(2.14)
     Total distributions
 
(1.58)
 
(4.59)
 
(2.77)
 
(1.38)
 
(2.23)
  Net asset value, end of period
$
27.44
$
26.26
$
40.76
$
31.97
$
27.74
 Total Return C
 
10.95%
 
(27.12)%
 
38.11%
 
21.07%
 
12.71%
 Ratios to Average Net Assets B,D,E
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.67%
 
.92%
 
1.00%
 
1.05%
 
.99%
    Expenses net of fee waivers, if any
 
.66%
 
.92%
 
1.00%
 
1.05%
 
.99%
    Expenses net of all reductions
 
.66%
 
.92%
 
1.00%
 
1.05%
 
.98%
    Net investment income (loss)
 
.70%
 
.57%
 
(.06)%
 
.11%
 
.69%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,982,943
$
1,899,788
$
2,896,684
$
2,217,129
$
2,020,487
    Portfolio turnover rate F
 
114%
 
137%
 
96%
 
112%
 
147%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Worldwide Fund Class I
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
26.04
$
40.46
$
31.77
$
27.58
$
26.77
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.19
 
.17
 
(.03)
 
.03
 
.18
     Net realized and unrealized gain (loss)
 
2.56
 
(10.01)
 
11.49
 
5.55
 
2.86
  Total from investment operations
 
2.75  
 
(9.84)  
 
11.46  
 
5.58  
 
3.04
  Distributions from net investment income
 
(.19)
 
(.16)
 
(.02)
 
(.19)
 
(.09)
  Distributions from net realized gain
 
(1.37)
 
(4.43)
 
(2.75)
 
(1.20)
 
(2.14)
     Total distributions
 
(1.56)
 
(4.58) C
 
(2.77)
 
(1.39)
 
(2.23)
  Net asset value, end of period
$
27.23
$
26.04
$
40.46
$
31.77
$
27.58
 Total Return D
 
10.97%
 
(27.13)%
 
38.06%
 
21.08%
 
12.70%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.67%
 
.94%
 
1.02%
 
1.06%
 
.99%
    Expenses net of fee waivers, if any
 
.67%
 
.93%
 
1.02%
 
1.06%
 
.99%
    Expenses net of all reductions
 
.67%
 
.93%
 
1.02%
 
1.05%
 
.98%
    Net investment income (loss)
 
.69%
 
.56%
 
(.08)%
 
.10%
 
.69%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
41,289
$
33,226
$
86,852
$
64,615
$
44,754
    Portfolio turnover rate G
 
114%
 
137%
 
96%
 
112%
 
147%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal distributions per share do not sum due to rounding.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
Fidelity Advisor® Worldwide Fund Class Z
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
26.05
$
40.48
$
31.76
$
27.59
$
26.78
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.22
 
.21
 
.02
 
.07
 
.22
     Net realized and unrealized gain (loss)
 
2.55
 
(10.01)
 
11.50
 
5.53
 
2.86
  Total from investment operations
 
2.77  
 
(9.80)  
 
11.52  
 
5.60  
 
3.08
  Distributions from net investment income
 
(.25)
 
(.20)
 
(.05)
 
(.23)
 
(.13)
  Distributions from net realized gain
 
(1.37)
 
(4.43)
 
(2.75)
 
(1.20)
 
(2.14)
     Total distributions
 
(1.62)
 
(4.63)
 
(2.80)
 
(1.43)
 
(2.27)
  Net asset value, end of period
$
27.20
$
26.05
$
40.48
$
31.76
$
27.59
 Total Return C
 
11.10%
 
(27.05)%
 
38.27%
 
21.19%
 
12.85%
 Ratios to Average Net Assets B,D,E
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.55%
 
.81%
 
.90%
 
.93%
 
.85%
    Expenses net of fee waivers, if any
 
.55%
 
.81%
 
.90%
 
.93%
 
.84%
    Expenses net of all reductions
 
.55%
 
.81%
 
.90%
 
.93%
 
.84%
    Net investment income (loss)
 
.81%
 
.68%
 
.04%
 
.23%
 
.83%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
117,232
$
76,829
$
115,963
$
71,278
$
205,197
    Portfolio turnover rate F
 
114%
 
137%
 
96%
 
112%
 
147%
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity Worldwide Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Worldwide, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
 
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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. 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC) and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$487,872,947
Gross unrealized depreciation
(136,412,978)
Net unrealized appreciation (depreciation)
$351,459,969
Tax Cost
$1,880,418,453
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$20,464,780
Net unrealized appreciation (depreciation) on securities and other investments
$351,283,677
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$16,412,086
$ 81,038,229
Long-term Capital Gains
108,424,728
281,092,325
Total
$124,836,814
$ 362,130,554
 
 
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Worldwide Fund
2,551,435,027
2,628,995,150
 
5. Fees and Other Transactions with Affiliates.
 
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .424% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Fund as compared to its benchmark index, the MSCI World Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .47% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees
Retained by FDC
Class A
 - %
 .25%
$184,890
$2,536
Class M
 .25%
 .25%
 81,826
 193
Class C
 .75%
 .25%
                83,799
                  8,248
 
 
 
$350,515
$10,977
 
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
 
For the period, sales charge amounts retained by FDC were as follows:
 
 
Retained by FDC
Class A
$ 33,299
Class M
 1,274
Class CA
                      201
 
$             34,774
 
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
For the period, transfer agent fees for each class were as follows:
 
 
Amount
% of Class-Level Average Net Assets
Class A
$143,500
.19
Class M
 32,992
.20
Class C
 20,497
.24
Worldwide
 3,117,597
.15
Class I
 64,764
.16
Class Z
                38,866
.04
 
$3,418,216
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
 
 
% of Class-Level Average Net Assets
Class A
0.1905%
Class M
0.1969%
Class C
0.2000%
Class I
0.1651%
Fidelity Worldwide Fund
0.1475%
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity Worldwide Fund
.03
 
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
 
 
% of Average Net Assets
Fidelity Worldwide Fund
0.0263%
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity Worldwide Fund
$ 33,341
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Worldwide Fund
 132,494,440
 138,598,777
 (1,672,686)
 
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
 
Amount
Fidelity Worldwide Fund
$4,051
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Worldwide Fund
$9,490
$-
$-
 
8. Expense Reductions.
Through arrangements with each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, transfer agent credits reduced each class' expenses as noted in the table below
 
 
Expense reduction
Class A
$102
Class M
 430
Class C
                        40
 
$                   572
 
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $137,760.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Year ended
October 31, 2023
Year ended
October 31, 2022
Fidelity Worldwide Fund
 
 
Distributions to shareholders
 
 
Class A
$ 3,905,043
 $11,246,925
Class M
 825,955
 2,460,774
Class C
 473,638
 1,484,213
Worldwide
 112,981,740
 323,847,724
Class I
 1,950,914
 9,721,033
Class Z
          4,699,524
       13,369,886
Total  
$  124,836,814
$  362,130,555
 
 
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Year ended
 October 31, 2023
Year ended
 October 31, 2022
Year ended
 October 31, 2023
Year ended
 October 31, 2022
Fidelity Worldwide Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
398,646
425,346
$10,809,786
$13,150,315
Reinvestment of distributions
153,659
323,585
3,866,062
11,111,902
Shares redeemed
(469,022)
(573,433)
(12,647,071)
(17,987,153)
Net increase (decrease)
83,283
175,498
$2,028,777
$6,275,064
Class M
 
 
 
 
Shares sold
50,411
63,154
$1,331,408
$1,827,369
Reinvestment of distributions
32,920
71,924
820,689
2,446,862
Shares redeemed
(80,267)
(109,465)
(2,112,561)
(3,332,351)
Net increase (decrease)
3,064
25,613
$39,536
$941,880
Class C
 
 
 
 
Shares sold
30,402
49,629
$765,161
$1,443,792
Reinvestment of distributions
19,902
45,376
473,280
1,482,892
Shares redeemed
(111,594)
(102,345)
(2,847,983)
(2,936,201)
Net increase (decrease)
(61,290)
(7,340)
$(1,609,542)
$(9,517)
Worldwide
 
 
 
 
Shares sold
6,385,600
5,548,119
$176,715,594
$176,262,456
Reinvestment of distributions
4,190,088
8,857,534
107,266,234
309,393,660
Shares redeemed
(10,673,714)
(13,126,499)
(292,505,585)
(404,042,333)
Net increase (decrease)
(98,026)
1,279,154
$(8,523,757)
$81,613,783
Class I
 
 
 
 
Shares sold
817,991
391,287
$22,120,908
$11,850,826
Reinvestment of distributions
75,801
274,142
1,925,343
9,499,030
Shares redeemed
(653,340)
(1,536,108)
(17,772,257)
(45,074,681)
Net increase (decrease)
240,452
(870,679)
$6,273,994
$(23,724,825)
Class Z
 
 
 
 
Shares sold
1,882,153
785,358
$54,181,206
$23,797,734
Reinvestment of distributions
176,768
358,516
4,481,057
12,415,394
Shares redeemed
(699,310)
(1,058,983)
(19,184,778)
(32,578,317)
Net increase (decrease)
1,359,611
84,891
$39,477,485
$3,634,811
 
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
 
 
To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity Diversified International Fund, Fidelity International Capital Appreciation Fund, and Fidelity Worldwide Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of Fidelity Diversified International Fund, Fidelity International Capital Appreciation Fund, and Fidelity Worldwide Fund (the "Funds"), each a fund of Fidelity Investment Trust, including the schedules of investments, as of October 31, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2023, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 14, 2023
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Overseas Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Overseas Fund (one of the funds constituting Fidelity Investment Trust, referred to hereafter as the "Fund") as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, the statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2023 and the financial highlights for each of the five years in the period ended October 31, 2023 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 14, 2023
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 322 funds. Mr. Chiel oversees 191 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the funds' Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).       
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Vijay C. Advani (1960)
Year of Election or Appointment: 2023
Member of the Advisory Board
Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).     
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Karen B. Peetz (1955)
Year of Election or Appointment: 2023
Member of the Advisory Board
Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).     
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).      
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).          
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
Fidelity® Diversified International Fund
 
 
 
 
 
 
 
 
 
 
Fidelity® Diversified International Fund
 
 
 
.57%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 930.50
 
$ 2.77
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.33
 
$ 2.91
 
Class K
 
 
 
.45%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 930.90
 
$ 2.19
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.94
 
$ 2.29
 
 
 
 
 
 
 
 
 
 
 
Fidelity® International Capital Appreciation Fund
 
 
 
.73%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 949.60
 
$ 3.59
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.53
 
$ 3.72
Fidelity® Overseas Fund
 
 
 
 
 
 
 
 
 
 
Fidelity® Overseas Fund
 
 
 
.64%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 910.00
 
$ 3.08
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.98
 
$ 3.26
 
Class K
 
 
 
.54%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 910.40
 
$ 2.60
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.48
 
$ 2.75
 
Fidelity® Worldwide Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
.90%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,003.60
 
$ 4.55
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.67
 
$ 4.58
 
Class M
 
 
 
1.15%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,001.50
 
$ 5.80
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.41
 
$ 5.85
 
Class C
 
 
 
1.69%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 998.80
 
$ 8.51
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,016.69
 
$ 8.59
 
Fidelity® Worldwide Fund
 
 
 
.61%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,004.00
 
$ 3.08
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.13
 
$ 3.11
 
Class I
 
 
 
.63%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,004.10
 
$ 3.18
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.03
 
$ 3.21
 
Class Z
 
 
 
.51%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,005.80
 
$ 2.58
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.63
 
$ 2.60
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
 
 
 
Distributions (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended October 31, 2023, or, if subsequently determined to be different, the net capital gain of such year.
 
Fidelity Diversified International Fund
$280,906,946
Fidelity International Capital Appreciation Fund
$0
Fidelity Overseas Fund
$0
Fidelity Worldwide Fund
$1,011,359
 
The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends:
 
Fidelity Diversified International Fund
$0
Fidelity International Capital Appreciation Fund
$353,794
Fidelity Overseas Fund
$0
 
 
Fidelity Worldwide Fund
$0
 
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:
 
Class A
Class M
Class C
Retail Class
Class I
Class Z
Class K
 
Fidelity Diversified International Fund
 
 
 
 
 
 
 
 
December, 2022
-
-
-
4%
-
 -
 4%
 
Fidelity International Capital Appreciation Fund
 
 
 
 
 
 
 
 
December, 2022
-
-
-
38%
-
 -
 -
 
Fidelity Overseas Fund
 
 
 
 
 
 
 
 
December, 2022
-
-
-
7%
-
 -
 7%
 
Fidelity Worldwide Fund
 
 
 
 
 
 
 
 
December, 2022
100%
100%
-
100%
100%
 100%
 -
 
 
 
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
 
Class A
Class M
Class C
Retail Class
Class I
Class Z
Class K
Fidelity Diversified International Fund
 
 
 
 
 
 
 
December, 2022
-
-
-
100%
-
 -
 100%
 
 
Fidelity International Capital Appreciation Fund
 
 
 
 
 
 
 
December, 2022
-
-
-
100%
-
-
-
Fidelity Overseas Fund
 
 
 
 
 
 
 
December, 2022
-
-
-
100%
-
-
100%
Fidelity Worldwide Fund
 
 
 
 
 
 
 
December, 2022
100%
100%
-
100%
100%
100%
 -
 
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
 
 
Pay Date
Income
Taxes
Fidelity Diversified International Fund
 
 
 
Diversified International
12/12/22
$0.2455
$0.1065
Class K
12/12/22
$0.2955
$0.1065
Fidelity International Capital Appreciation Fund
 
 
 
 
12/05/22
$0.0488
$0.0388
Fidelity Overseas Fund
 
 
 
Overseas Fund
12/05/22
$0.5421
$0.1521
Class K
12/05/22
$0.5961
$0.1521
 
The funds will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Diversified International Fund
Fidelity International Capital Appreciation Fund
Fidelity Overseas Fund
Fidelity Worldwide Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of each fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
Approval of Stub Period Continuation. At its May 2023 meeting, the Board of Trustees voted to continue each fund's management contract with FMR, and the sub-advisory agreements and sub-sub-advisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for two months from June 1, 2023 through July 31, 2023. The Board considered that the approval of each fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of each fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under each fund's Advisory Contracts; or (iv) the day-to-day management of each fund or the persons primarily responsible for such management. The Board also considered that since its last approval of each fund's Advisory Contracts, FMR had provided additional information on each fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that each fund's Advisory Contracts are fair and reasonable, and that each fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board would consider the annual renewal for a full one year period in July 2023.
At its July 2023 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each funds management fee and the total expense ratio of each fund or representative class, as applicable; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the funds, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of each fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for each fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. Each of Fidelity Diversified International Fund, Fidelity International Capital Appreciation Fund and Fidelity Worldwide Fund underperformed its benchmark and peers for the one- and three-year periods ended February 28, 2023, and as a result, the Board continues to engage in discussions with FMR about the steps it is taking to address each fund's performance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of each fund's management fee and total expense ratio of the fund or, for Fidelity Diversified International Fund, Fidelity Overseas Fund and the Fidelity Worldwide Fund, the retail class, the Board considered each fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees (in the case of Fidelity Worldwide Fund), and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund. The Board also considered information about the impact of each fund's performance adjustment.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account each fund's performance adjustment) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to each fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund or the retail class (for Fidelity Diversified International Fund, Fidelity Overseas Fund and Fidelity Worldwide Fund), relative to funds and classes in the mapped group that have a similar sales load structure to the fund or representative class, as applicable (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund or the retail class (for Fidelity Diversified International Fund, Fidelity Overseas Fund and Fidelity Worldwide Fund) relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund or class, as applicable (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that each fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022.
The information provided to the Board indicated that the total expense ratio of Fidelity International Capital Appreciation Fund and of the retail class of Fidelity Worldwide Fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022.
For Fidelity Diversified International Fund and Fidelity Overseas Fund, the information provided to the Board indicated that the total expense ratio of the retail class of each fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and above the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2022. The Board also noted that if funds in a fund complex with a unique at-cost service model were excluded from the total expense asset size peer group, the total expense ratio for the retail class of each fund was below the total expense asset size peer group for 2022. The Board noted that each fund offers multiple classes and that the multiple structures are intended to offer pricing options for the intermediary market. The Board also noted that the total expense ratios of the classes vary primarily due to differences in transfer agent fees.
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
The Board also considered that each fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, each fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for each fund's shareholders and helps to more closely align the interests of FMR and the shareholders of each fund.
For Fidelity Diversified International Fund, Fidelity Overseas Fund and Fidelity Worldwide Fund, in connection with its consideration of each fund's performance adjustment, the Board noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of the retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
 
Based on its review, the Board concluded that each fund's management fee, including the use of the retail class as the basis for the performance adjustment (for Fidelity Diversified International Fund, Fidelity Overseas Fund and Fidelity Worldwide Fund), is fair and reasonable in light of the services that each fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of Fidelity International Capital Appreciation Fund and the total expense ratio of each class of Fidelity Diversified International Fund, Fidelity Overseas Fund, and Fidelity Worldwide Fund were reasonable in light of the services that each fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that each fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contracts). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that each fund's Advisory Contracts should be renewed through July 31, 2024.
 
1.754543.123
IBD-ANN-1223
Fidelity® Global Equity Income Fund
 
 
Annual Report
October 31, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2023 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® Global Equity Income Fund
5.36%
8.57%
7.41%
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Global Equity Income Fund on October 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) Index performed over the same period.
 
Market Recap:
Global equities gained 10.91% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -18.07% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 18.36% year to date through July, including gains in June (+5.83%) and July (+3.68%). The rally for international equities sputtered for the next three months (-9.54%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds, and particularly weak economic conditions in the eurozone and China. Even still, the three-month decline left globalnon-U.S. stocks up 7.07% year to date through October. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin, while the U.S. middled (+10%). All but three of 11 sectors advanced, with information technology (+29%) and communication services (+27%) leading. Conversely, the real estate sector (-3%) lagged most, followed by health care and utilities (-1% each).
Comments from Portfolio Manager Ramona Persaud:
For the fiscal year, the fund gained 5.36%, versus 10.91% for the benchmark MSCI All Country World Index (Net MA). From a regional standpoint, stock picks in the United States and picks and an overweight in Europe ex the U.K. detracted from the fund's performance versus the benchmark. By sector, security selection was the primary detractor, especially within communication services. Stock selection in financials, primarily within the banks industry, also hurt. Stock picking in information technology, primarily within the semiconductors & semiconductor equipment industry, also hampered the fund's result. Also detracting from our result were stock picks and an overweight in consumer staples. The largest individual relative detractor this period was avoiding Nvidia, a benchmark component that gained roughly 202%. Not owning Meta Platforms, a benchmark component that gained approximately 223%, was the second-largest relative detractor. In contrast, from a regional standpoint, picks in Canada and an underweight in Asia Pacific ex Japan contributed to the fund's performance versus the benchmark. By sector, the biggest contributor to performance versus the benchmark was security selection in industrials, primarily within the capital goods industry. Stock selection in consumer discretionary also boosted relative performance. Also lifting the fund's relative result was an underweight in financials, primarily within the financial services industry. The top individual relative contributor was an overweight in Eli Lilly (+55%). Eli Lilly was one of the fund's biggest holdings. The second-largest relative contributor was an overweight in General Electric (+80%). Notable changes in positioning include higher allocations to Japan and the United Kingdom. By sector, meaningful changes in positioning include decreased exposure to the energy sector.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
Top Holdings (% of Fund's net assets)
 
Apple, Inc.  (United States of America, Technology Hardware, Storage & Peripherals)
5.4
 
Microsoft Corp.  (United States of America, Software)
5.3
 
Eli Lilly & Co.  (United States of America, Pharmaceuticals)
2.7
 
UnitedHealth Group, Inc.  (United States of America, Health Care Providers & Services)
2.1
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
2.0
 
JPMorgan Chase & Co.  (United States of America, Banks)
2.0
 
Exxon Mobil Corp.  (United States of America, Oil, Gas & Consumable Fuels)
1.8
 
Linde PLC  (United States of America, Chemicals)
1.8
 
Accenture PLC Class A (United States of America, IT Services)
1.7
 
Cisco Systems, Inc.  (United States of America, Communications Equipment)
1.5
 
 
26.3
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
21.5
 
Health Care
13.5
 
Financials
12.1
 
Consumer Staples
11.3
 
Industrials
9.6
 
Consumer Discretionary
9.0
 
Communication Services
5.6
 
Energy
5.2
 
Materials
5.1
 
Utilities
3.9
 
Real Estate
1.1
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 97.9%
 
 
Shares
Value ($)
 
Belgium - 0.7%
 
 
 
KBC Group NV
 
13,116
720,270
UCB SA
 
3,631
265,326
TOTAL BELGIUM
 
 
985,596
Brazil - 0.9%
 
 
 
Equatorial Energia SA
 
213,360
1,337,269
Canada - 4.9%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
34,416
1,873,491
Canadian Natural Resources Ltd.
 
18,636
1,183,404
Constellation Software, Inc.
 
362
725,699
Constellation Software, Inc. warrants 8/22/28 (a)(b)
 
362
0
Imperial Oil Ltd.
 
18,461
1,052,081
Metro, Inc.
 
28,700
1,457,817
PrairieSky Royalty Ltd.
 
55,500
974,527
TOTAL CANADA
 
 
7,267,019
China - 1.9%
 
 
 
Kweichow Moutai Co. Ltd. (A Shares)
 
1,587
365,572
NXP Semiconductors NV
 
12,244
2,111,233
SITC International Holdings Co. Ltd.
 
183,884
283,256
TOTAL CHINA
 
 
2,760,061
Denmark - 0.4%
 
 
 
DSV A/S
 
4,147
618,486
Finland - 1.0%
 
 
 
Elisa Corp. (A Shares)
 
30,361
1,287,569
Neste OYJ
 
7,706
258,554
TOTAL FINLAND
 
 
1,546,123
France - 4.2%
 
 
 
Airbus Group NV
 
10,002
1,341,030
Capgemini SA
 
5,752
1,016,544
Edenred SA
 
26,053
1,384,950
LVMH Moet Hennessy Louis Vuitton SE
 
2,876
2,059,016
VINCI SA
 
4,228
467,509
TOTAL FRANCE
 
 
6,269,049
Germany - 2.5%
 
 
 
Deutsche Telekom AG
 
51,183
1,110,859
Rheinmetall AG
 
5,917
1,692,914
Siemens AG
 
6,233
827,112
TOTAL GERMANY
 
 
3,630,885
Hong Kong - 0.8%
 
 
 
AIA Group Ltd.
 
116,272
1,009,684
HKBN Ltd.
 
448,630
155,415
TOTAL HONG KONG
 
 
1,165,099
Hungary - 0.2%
 
 
 
Richter Gedeon PLC
 
15,354
360,009
India - 0.3%
 
 
 
HDFC Bank Ltd. sponsored ADR
 
5,839
330,195
Redington (India) Ltd.
 
71,339
122,186
TOTAL INDIA
 
 
452,381
Japan - 6.5%
 
 
 
Capcom Co. Ltd.
 
19,124
615,589
Daiichikosho Co. Ltd.
 
51,708
764,320
FUJIFILM Holdings Corp.
 
7,853
429,542
Hitachi Ltd.
 
13,948
884,117
Hoya Corp.
 
11,101
1,068,678
Inaba Denki Sangyo Co. Ltd.
 
35,690
744,240
Minebea Mitsumi, Inc.
 
31,666
496,501
Renesas Electronics Corp. (a)
 
59,410
780,387
Roland Corp.
 
17,640
510,042
Shin-Etsu Chemical Co. Ltd.
 
35,163
1,051,493
Sony Group Corp.
 
18,071
1,502,403
Toyota Motor Corp.
 
46,723
817,360
TOTAL JAPAN
 
 
9,664,672
Kenya - 0.2%
 
 
 
Safaricom Ltd.
 
3,575,246
295,661
Korea (South) - 1.1%
 
 
 
Samsung Electronics Co. Ltd.
 
33,056
1,642,919
Luxembourg - 0.1%
 
 
 
L'Occitane Ltd.
 
75,000
192,767
Sweden - 0.3%
 
 
 
HEXPOL AB (B Shares)
 
48,826
431,727
Switzerland - 0.5%
 
 
 
Sika AG
 
3,049
727,014
Taiwan - 2.0%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
179,877
2,935,582
United Kingdom - 6.9%
 
 
 
AstraZeneca PLC sponsored ADR
 
32,062
2,027,280
B&M European Value Retail SA
 
159,188
1,023,149
BAE Systems PLC
 
106,785
1,435,872
Compass Group PLC
 
40,448
1,019,750
Diageo PLC
 
17,597
665,449
JD Sports Fashion PLC
 
365,534
566,468
London Stock Exchange Group PLC
 
6,500
655,818
RELX PLC (London Stock Exchange)
 
27,096
946,401
RS GROUP PLC
 
67,972
559,479
Starling Bank Ltd. Series D (a)(b)(c)
 
62,800
224,411
Unilever PLC
 
13,959
661,108
WH Smith PLC
 
25,717
362,590
TOTAL UNITED KINGDOM
 
 
10,147,775
United States of America - 62.2%
 
 
 
Accenture PLC Class A
 
8,462
2,513,976
Albertsons Companies, Inc.
 
15,339
332,856
Amdocs Ltd.
 
16,835
1,349,494
Ameren Corp.
 
10,854
821,756
American Tower Corp.
 
3,623
645,582
Apple, Inc.
 
47,143
8,050,612
AT&T, Inc.
 
29,386
452,544
Ball Corp.
 
6,100
293,715
Bank of America Corp.
 
68,823
1,812,798
BJ's Wholesale Club Holdings, Inc. (a)
 
13,021
886,991
Bristol-Myers Squibb Co.
 
16,707
860,912
Capital One Financial Corp.
 
7,894
799,583
Chubb Ltd.
 
5,037
1,081,041
Cisco Systems, Inc.
 
41,329
2,154,481
Comcast Corp. Class A
 
29,739
1,227,923
Costco Wholesale Corp.
 
1,926
1,063,999
Crane Co.
 
3,993
388,639
Crane Nxt Co.
 
3,993
207,636
Crown Holdings, Inc.
 
10,212
823,087
Danaher Corp.
 
8,937
1,716,083
Dollar Tree, Inc. (a)
 
11,285
1,253,651
Eli Lilly & Co.
 
7,122
3,945,089
Estee Lauder Companies, Inc. Class A
 
2,745
353,748
Experian PLC
 
33,484
1,013,790
Exxon Mobil Corp.
 
25,232
2,670,807
Freeport-McMoRan, Inc.
 
33,497
1,131,529
General Electric Co.
 
12,656
1,374,821
Gilead Sciences, Inc.
 
15,904
1,249,100
H&R Block, Inc.
 
21,814
895,465
Hartford Financial Services Group, Inc.
 
19,373
1,422,947
Hess Corp.
 
6,390
922,716
Johnson Controls International PLC
 
9,742
477,553
JPMorgan Chase & Co.
 
20,988
2,918,591
Kenvue, Inc.
 
11,200
208,320
Keurig Dr. Pepper, Inc.
 
26,291
797,406
Lamar Advertising Co. Class A
 
12,117
996,866
Linde PLC
 
6,898
2,636,140
Lowe's Companies, Inc.
 
4,211
802,490
M&T Bank Corp.
 
7,297
822,737
McDonald's Corp.
 
4,936
1,294,071
Merck & Co., Inc.
 
14,939
1,534,235
Microsoft Corp.
 
22,981
7,770,106
Mondelez International, Inc.
 
10,277
680,440
MSCI, Inc.
 
927
437,127
Nestle SA (Reg. S)
 
9,841
1,061,241
NextEra Energy, Inc.
 
15,658
912,861
PG&E Corp. (a)
 
17,858
291,085
Philip Morris International, Inc.
 
8,301
740,117
Phillips 66 Co.
 
3,035
346,202
PNC Financial Services Group, Inc.
 
12,351
1,413,819
Procter & Gamble Co.
 
10,864
1,629,926
Roche Holding AG (participation certificate)
 
8,339
2,149,041
Sanofi SA
 
17,432
1,582,934
Southern Co.
 
13,318
896,301
T-Mobile U.S., Inc.
 
13,498
1,941,822
Tapestry, Inc.
 
9,542
262,978
Target Corp.
 
3,076
340,790
The Coca-Cola Co.
 
20,060
1,133,189
The Travelers Companies, Inc.
 
8,020
1,342,869
TJX Companies, Inc.
 
22,906
2,017,331
United Parcel Service, Inc. Class B
 
4,501
635,766
UnitedHealth Group, Inc.
 
5,907
3,163,553
Valero Energy Corp.
 
2,433
308,991
Veralto Corp.
 
2,979
205,551
Verizon Communications, Inc.
 
15,659
550,101
Vistra Corp.
 
31,150
1,019,228
Walmart, Inc.
 
6,400
1,045,824
WEC Energy Group, Inc.
 
5,550
451,715
Wells Fargo & Co.
 
36,754
1,461,707
TOTAL UNITED STATES OF AMERICA
 
 
91,998,395
Zambia - 0.3%
 
 
 
First Quantum Minerals Ltd.
 
38,907
450,864
 
TOTAL COMMON STOCKS
 (Cost $124,062,017)
 
 
 
144,879,353
 
 
 
 
Money Market Funds - 2.0%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (d)
 
 (Cost $2,909,895)
 
 
2,909,314
2,909,895
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.9%
 (Cost $126,971,912)
 
 
 
147,789,248
NET OTHER ASSETS (LIABILITIES) - 0.1%  
151,176
NET ASSETS - 100.0%
147,940,424
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Level 3 security
 
(c)
Restricted securities (including private placements) - 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 $224,411 or 0.2% 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, 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.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Starling Bank Ltd. Series D
6/18/21 - 4/05/22
130,682
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
4,132,184
48,555,881
49,778,170
260,918
-
-
2,909,895
0.0%
Fidelity Securities Lending Cash Central Fund 5.40%
-
4,330,885
4,330,885
5,040
-
-
-
0.0%
Total
4,132,184
52,886,766
54,109,055
265,958
-
-
2,909,895
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
8,401,803
5,755,620
2,646,183
-
Consumer Discretionary
13,133,113
7,224,542
5,908,571
-
Consumer Staples
16,744,702
13,798,565
2,946,137
-
Energy
7,717,282
7,717,282
-
-
Financials
17,838,547
15,948,634
1,665,502
224,411
Health Care
19,922,240
15,121,587
4,800,653
-
Industrials
14,393,037
6,966,999
7,426,038
-
Information Technology
31,810,397
24,883,237
6,927,160
-
Materials
7,545,569
6,494,076
1,051,493
-
Real Estate
1,642,448
1,642,448
-
-
Utilities
5,730,215
5,730,215
-
-
  Money Market Funds
2,909,895
2,909,895
-
-
 Total Investments in Securities:
147,789,248
114,193,100
33,371,737
224,411
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $124,062,017)
$
144,879,353
 
 
Fidelity Central Funds (cost $2,909,895)
2,909,895
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $126,971,912)
 
 
$
147,789,248
Foreign currency held at value (cost $14,239)
 
 
14,010
Receivable for fund shares sold
 
 
42,579
Dividends receivable
 
 
175,667
Reclaims receivable
 
 
160,463
Distributions receivable from Fidelity Central Funds
 
 
13,341
Prepaid expenses
 
 
226
Other receivables
 
 
435
  Total assets
 
 
148,195,969
Liabilities
 
 
 
 
Payable for fund shares redeemed
$
78,931
 
 
Accrued management fee
84,474
 
 
Transfer agent fee payable
23,263
 
 
Other affiliated payables
6,250
 
 
Deferred taxes
12,800
 
 
Audit fee payable
45,460
 
 
Other payables and accrued expenses
4,367
 
 
  Total Liabilities
 
 
 
255,545
Net Assets  
 
 
$
147,940,424
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
137,745,372
Total accumulated earnings (loss)
 
 
 
10,195,052
Net Assets
 
 
$
147,940,424
Net Asset Value, offering price and redemption price per share ($147,940,424 ÷ 9,135,929 shares)
 
 
$
16.19
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
3,642,658
Income from Fidelity Central Funds (including $5,040 from security lending)
 
 
265,958
 Income before foreign taxes withheld
 
 
$
3,908,616
Less foreign taxes withheld
 
 
(194,460)
 Total Income
 
 
 
3,714,156
Expenses
 
 
 
 
Management fee
$
1,076,937
 
 
Transfer agent fees
294,987
 
 
Accounting fees
79,477
 
 
Custodian fees and expenses
17,697
 
 
Independent trustees' fees and expenses
913
 
 
Registration fees
36,894
 
 
Audit
90,605
 
 
Legal
1,716
 
 
Miscellaneous
723
 
 
 Total expenses before reductions
 
1,599,949
 
 
 Expense reductions
 
(9,733)
 
 
 Total expenses after reductions
 
 
 
1,590,216
Net Investment income (loss)
 
 
 
2,123,940
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $11,504)
 
(461,167)
 
 
 Foreign currency transactions
 
(41,478)
 
 
Total net realized gain (loss)
 
 
 
(502,645)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of decrease in deferred foreign taxes of $18,979)  
 
6,182,310
 
 
 Assets and liabilities in foreign currencies
 
6,917
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
6,189,227
Net gain (loss)
 
 
 
5,686,582
Net increase (decrease) in net assets resulting from operations
 
 
$
7,810,522
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
2,123,940
$
2,066,441
Net realized gain (loss)
 
(502,645)
 
 
(10,168,014)
 
Change in net unrealized appreciation (depreciation)
 
6,189,227
 
(14,280,757)
 
Net increase (decrease) in net assets resulting from operations
 
7,810,522
 
 
(22,382,330)
 
Distributions to shareholders
 
(2,201,013)
 
 
(11,336,009)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
64,120,579
 
189,149,366
  Reinvestment of distributions
 
1,975,864
 
 
10,521,484
 
Cost of shares redeemed
 
(63,120,560)
 
(119,515,550)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
2,975,883
 
 
80,155,300
 
Total increase (decrease) in net assets
 
8,585,392
 
 
46,436,961
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
139,355,032
 
92,918,071
 
End of period
$
147,940,424
$
139,355,032
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
3,849,023
 
10,942,111
  Issued in reinvestment of distributions
 
117,757
 
 
597,381
 
Redeemed
 
(3,775,132)
 
(7,288,853)
Net increase (decrease)
 
191,648
 
4,250,639
 
 
 
 
 
 
Financial Highlights
Fidelity® Global Equity Income Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
15.58
$
19.80
$
15.12
$
14.64
$
13.53
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.22
 
.20
 
.15
 
.16
 
.23
     Net realized and unrealized gain (loss)
 
.62
 
(2.21)
 
5.07
 
.48
 
1.63
  Total from investment operations
 
.84  
 
(2.01)  
 
5.22  
 
.64  
 
1.86
  Distributions from net investment income
 
(.23)
 
(.17)
 
(.16)
 
(.15)
 
(.24)
  Distributions from net realized gain
 
-
 
(2.04)
 
(.38)
 
(.01)
 
(.51)
     Total distributions
 
(.23)
 
(2.21)
 
(.54)
 
(.16)
 
(.75)
  Net asset value, end of period
$
16.19
$
15.58
$
19.80
$
15.12
$
14.64
 Total Return C
 
5.36%
 
(11.45)%
 
35.09%
 
4.44%
 
14.60%
 Ratios to Average Net Assets B,D,E
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.00%
 
.98%
 
1.02%
 
1.09%
 
1.09%
    Expenses net of fee waivers, if any
 
1.00%
 
.98%
 
1.02%
 
1.09%
 
1.09%
    Expenses net of all reductions
 
1.00%
 
.98%
 
1.02%
 
1.09%
 
1.08%
    Net investment income (loss)
 
1.33%
 
1.22%
 
.84%
 
1.08%
 
1.72%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
147,940
$
139,355
$
92,918
$
66,715
$
67,764
    Portfolio turnover rate F
 
30%
 
61%
 
43%
 
48%
 
20% G
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
GPortfolio turnover rate excludes securities received or delivered in-kind.
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity Global Equity Income Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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, 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. 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), certain foreign taxes, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$31,824,458
Gross unrealized depreciation
(11,575,318)
Net unrealized appreciation (depreciation)
$20,249,140
Tax Cost
$127,540,108
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$119,984
Capital loss carryforward
$(10,157,487)
Net unrealized appreciation (depreciation) on securities and other investments
$20,245,354
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 Short-term
$(9,721,612)
 Long-term
(435,875)
Total capital loss carryforward
$(10,157,487)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$2,201,013
$1,785,513
Long-term Capital Gains
-
9,550,496
Total
$2,201,013
$11,336,009
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Global Equity Income Fund
50,795,208
46,379,309
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .68% of the Fund's average net assets.
 
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .18% of average net assets.
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of 0.1729% of average net assets.
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
 
 
% of Average Net Assets
Fidelity Global Equity Income Fund
.05
 
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
 
 
% of Average Net Assets
Fidelity Global Equity Income Fund
0.0498%
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity Global Equity Income Fund
$491
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Global Equity Income Fund
4,790,567
7,245,026
93,659
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
 
 
Amount
Fidelity Global Equity Income Fund
$288
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Global Equity Income Fund
$491
$-
$-
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $72.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $9,661.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity Global Equity Income Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Global Equity Income Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2023, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 12, 2023
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 322 funds. Mr. Chiel oversees 191 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).       
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Vijay C. Advani (1960)
Year of Election or Appointment: 2023
Member of the Advisory Board
Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).     
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Karen B. Peetz (1955)
Year of Election or Appointment: 2023
Member of the Advisory Board
Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).     
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).      
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).          
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® Global Equity Income Fund
 
 
 
.98%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 954.10
 
$ 4.83
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.27
 
$ 4.99
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
Distributions (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
A total of 0.17% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.
 
The fund designates $63,470 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.
                                                      
The fund designates 55%, 86%, 86% and 86% of the dividends distributed in December, April, July, and October respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
 
The fund designates 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Global Equity Income Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
Approval of Stub Period Continuation. At its May 2023 meeting, the Board of Trustees voted to continue the fund's management contract with FMR, and the sub-advisory agreements and sub-sub-advisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for two months from June 1, 2023 through July 31, 2023. The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board would consider the annual renewal for a full one year period in July 2023.
At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2022.
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
Other Contractual Arrangements. The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 1.05% through February 29, 2024.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.  Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through July 31, 2024.
 
1.938162.111
GED-ANN-1223
Fidelity® Diversified International K6 Fund
 
 
Annual Report
October 31, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2023 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Life of
Fund A
Fidelity® Diversified International K6 Fund
12.12%
5.70%
3.92%
 
A   From May 25, 2017
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® Diversified International K6 Fund, on May 25, 2017, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.
 
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuation also helped bolster non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Portfolio Manager Bill Bower:
For the fiscal year ending October 31, 2023, the fund gained about 12%, versus 14.65% for the benchmark MSCI EAFE Index (Net MA). From a regional standpoint, stock picks in Europe ex U.K., primarily in France, and a non-benchmark allocation to Canada detracted from the fund's relative result. By sector, security selection was the primary detractor, especially within financials. Stock picking in industrials also hurt. Also hurting our result were stock selection in energy and health care. Lastly, the fund's position in cash was a notable detractor. The fund's non-benchmark stake in First Quantum Minerals returned -34% and was the biggest individual relative detractor. Not owning Mitsubishi UFJ Financial Group, a benchmark component that gained approximately 83%, was a second notable relative detractor. Another notable relative detractor this period was avoiding HSBC Holdings, a benchmark component that gained roughly 48%. In contrast, from a regional standpoint, underweights in Europe ex U.K., primarily in Switzerland, and Asia Pacific ex Japan, primarily in Australia, contributed to the fund's performance versus the benchmark. By sector, the biggest contributor to performance versus the benchmark was an underweight in consumer staples. An overweight in financials, primarily within the insurance industry, and an underweight in communication services also boosted the fund's relative performance. The fund's non-benchmark stake in B&M European Value Retail gained about 85% and was the top individual relative contributor. A second notable relative contributor was an overweight in BAE Systems (+47%). An overweight in Hitachi (+40%) also helped. Hitachi was among our biggest holdings. Notable changes in positioning include decreased exposure to the health care sector and a higher allocation to materials.
 
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
Top Holdings (% of Fund's net assets)
 
ASML Holding NV (depository receipt)  (Netherlands, Semiconductors & Semiconductor Equipment)
2.8
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
2.5
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
2.4
 
HDFC Bank Ltd.  (India, Banks)
2.1
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
1.9
 
Linde PLC  (United States of America, Chemicals)
1.9
 
Hitachi Ltd.  (Japan, Industrial Conglomerates)
1.9
 
RELX PLC (Euronext N.V.)  (United Kingdom, Professional Services)
1.8
 
Nestle SA (Reg. S)  (United States of America, Food Products)
1.8
 
Shin-Etsu Chemical Co. Ltd.  (Japan, Chemicals)
1.5
 
 
20.6
 
 
Market Sectors (% of Fund's net assets)
 
Financials
23.6
 
Industrials
19.5
 
Information Technology
13.9
 
Health Care
9.6
 
Consumer Discretionary
8.6
 
Materials
7.6
 
Energy
5.7
 
Consumer Staples
5.6
 
Real Estate
0.4
 
Communication Services
0.4
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 94.5%
 
 
Shares
Value ($)
 
Australia - 1.4%
 
 
 
Aristocrat Leisure Ltd.
 
555,563
13,655,799
Flutter Entertainment PLC (a)
 
96,200
15,089,338
Glencore PLC
 
4,784,752
25,344,022
TOTAL AUSTRALIA
 
 
54,089,159
Belgium - 0.6%
 
 
 
KBC Group NV
 
417,578
22,931,459
Canada - 7.1%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
658,082
35,823,768
Cameco Corp.
 
377,665
15,449,746
Canadian Natural Resources Ltd.
 
781,539
49,628,501
Canadian Pacific Kansas City Ltd.
 
282,429
20,043,986
Constellation Software, Inc.
 
21,533
43,167,085
Constellation Software, Inc. warrants 8/22/28 (a)(b)
 
23,868
2
Franco-Nevada Corp.
 
180,321
21,936,292
GFL Environmental, Inc.
 
815,655
23,507,177
Imperial Oil Ltd.
 
374,815
21,360,468
Ivanhoe Mines Ltd. (a)
 
1,566,714
11,546,290
Lumine Group, Inc.
 
67,474
848,564
MEG Energy Corp. (a)
 
685,909
13,552,484
Thomson Reuters Corp.
 
136,904
16,398,863
Tourmaline Oil Corp. (c)
 
183,604
9,708,802
TOTAL CANADA
 
 
282,972,028
China - 1.0%
 
 
 
Anta Sports Products Ltd.
 
363,124
4,106,748
Chervon Holdings Ltd.
 
1,416,248
3,488,289
Li Ning Co. Ltd.
 
1,456,501
4,463,307
NXP Semiconductors NV
 
161,869
27,911,072
TOTAL CHINA
 
 
39,969,416
Denmark - 3.7%
 
 
 
Carlsberg A/S Series B
 
129,917
15,482,627
DSV A/S
 
207,621
30,964,706
Novo Nordisk A/S Series B
 
1,051,779
101,471,679
TOTAL DENMARK
 
 
147,919,012
France - 10.0%
 
 
 
Air Liquide SA
 
218,870
37,503,867
Airbus Group NV
 
231,895
31,091,604
AXA SA
 
941,920
27,909,490
BNP Paribas SA
 
634,829
36,505,223
Capgemini SA
 
237,774
42,021,511
Edenred SA
 
167,578
8,908,269
EssilorLuxottica SA
 
222,388
40,153,084
Legrand SA
 
245,577
21,243,978
LVMH Moet Hennessy Louis Vuitton SE
 
133,923
95,879,570
Pernod Ricard SA
 
249,625
44,241,475
Sartorius Stedim Biotech
 
8,760
1,636,434
Thales SA
 
79,918
11,766,696
Worldline SA (a)(d)
 
155,000
1,964,786
TOTAL FRANCE
 
 
400,825,987
Germany - 6.2%
 
 
 
Allianz SE
 
248,347
58,173,433
Bayer AG
 
186,382
8,053,299
Deutsche Borse AG
 
148,299
24,409,491
DHL Group
 
859,252
33,421,256
Hannover Reuck SE
 
126,632
27,909,975
Infineon Technologies AG
 
562,569
16,432,764
Merck KGaA
 
223,929
33,728,306
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
73,535
29,450,095
SAP SE
 
30,300
4,064,210
Siemens Healthineers AG (d)
 
254,239
12,460,556
TOTAL GERMANY
 
 
248,103,385
Greece - 0.1%
 
 
 
Piraeus Financial Holdings SA (a)
 
1,677,838
4,953,144
Hong Kong - 1.4%
 
 
 
AIA Group Ltd.
 
6,455,989
56,062,569
India - 3.5%
 
 
 
Axis Bank Ltd.
 
1,195,509
14,102,591
Fairfax India Holdings Corp. (a)(d)
 
598,691
7,298,043
HDFC Bank Ltd.
 
4,825,351
85,598,182
HDFC Standard Life Insurance Co. Ltd. (d)
 
531,100
3,944,195
Reliance Industries Ltd.
 
1,037,211
28,512,533
TOTAL INDIA
 
 
139,455,544
Indonesia - 1.0%
 
 
 
PT Bank Central Asia Tbk
 
37,865,723
20,861,009
PT Bank Rakyat Indonesia (Persero) Tbk
 
66,613,980
20,829,119
TOTAL INDONESIA
 
 
41,690,128
Ireland - 0.9%
 
 
 
Kingspan Group PLC (Ireland)
 
282,056
18,945,190
Ryanair Holdings PLC sponsored ADR (a)
 
107,507
9,428,364
Smurfit Kappa Group PLC
 
231,105
7,516,920
TOTAL IRELAND
 
 
35,890,474
Israel - 0.4%
 
 
 
NICE Ltd. sponsored ADR (a)
 
91,811
14,171,028
Italy - 1.4%
 
 
 
FinecoBank SpA
 
1,573,445
18,504,943
UniCredit SpA
 
1,477,163
37,031,908
TOTAL ITALY
 
 
55,536,851
Japan - 16.3%
 
 
 
Bandai Namco Holdings, Inc.
 
462,156
9,575,187
BayCurrent Consulting, Inc.
 
274,573
6,893,637
CUC, Inc. (a)(c)
 
22,306
382,503
Daikin Industries Ltd.
 
49,962
7,203,468
Fast Retailing Co. Ltd.
 
18,284
4,048,012
FUJIFILM Holdings Corp.
 
508,525
27,815,201
Fujitsu Ltd.
 
87,118
11,285,923
Hitachi Ltd.
 
1,169,359
74,121,724
Hoya Corp.
 
491,893
47,353,861
Itochu Corp.
 
1,142,349
41,148,589
Keyence Corp.
 
107,081
41,453,059
Marui Group Co. Ltd.
 
128,076
2,025,284
Minebea Mitsumi, Inc.
 
1,792,123
28,099,240
Misumi Group, Inc.
 
763,427
11,557,264
Nomura Research Institute Ltd.
 
480,186
12,604,861
NSD Co. Ltd.
 
71,558
1,245,030
ORIX Corp.
 
1,565,026
28,462,113
Persol Holdings Co. Ltd.
 
9,783,682
14,669,809
Relo Group, Inc.
 
783,842
7,771,075
Renesas Electronics Corp. (a)
 
415,559
5,458,625
Resona Holdings, Inc.
 
838,003
4,477,720
Seven & i Holdings Co. Ltd.
 
320,832
11,754,871
Shin-Etsu Chemical Co. Ltd.
 
2,044,411
61,134,796
SMC Corp.
 
70,713
32,652,656
SMS Co., Ltd.
 
124,238
1,971,398
Sony Group Corp.
 
628,762
52,274,572
Sumitomo Mitsui Financial Group, Inc.
 
912,654
43,997,205
Suzuki Motor Corp.
 
290,487
11,274,385
TechnoPro Holdings, Inc.
 
378,985
7,508,015
TIS, Inc.
 
425,160
9,104,739
Tokyo Electron Ltd.
 
249,184
32,926,599
TOTAL JAPAN
 
 
652,251,421
Korea (South) - 0.8%
 
 
 
Samsung Electronics Co. Ltd.
 
648,979
32,254,965
Netherlands - 6.4%
 
 
 
Argenx SE (a)
 
46,253
21,756,560
ASML Holding NV (depository receipt)
 
189,338
113,377,486
BE Semiconductor Industries NV
 
103,317
10,636,808
IMCD NV
 
225,900
27,129,314
Shell PLC (London)
 
752,082
24,237,236
Wolters Kluwer NV
 
457,624
58,638,067
TOTAL NETHERLANDS
 
 
255,775,471
Norway - 0.5%
 
 
 
Equinor ASA
 
608,020
20,382,786
Spain - 1.7%
 
 
 
Banco Santander SA (Spain)
 
5,179,761
18,996,124
CaixaBank SA
 
6,354,425
25,834,177
Industria de Diseno Textil SA (c)
 
616,105
21,219,368
TOTAL SPAIN
 
 
66,049,669
Sweden - 2.0%
 
 
 
Autoliv, Inc.
 
106,961
9,802,976
Indutrade AB
 
1,825,977
32,250,211
Investor AB (B Shares)
 
2,104,083
38,528,689
Kry International AB (a)(b)(e)
 
663
24,336
TOTAL SWEDEN
 
 
80,606,212
Switzerland - 2.0%
 
 
 
Compagnie Financiere Richemont SA Series A
 
113,713
13,415,350
Partners Group Holding AG
 
12,089
12,715,611
Sika AG
 
120,184
28,657,076
UBS Group AG
 
329,368
7,683,383
Zurich Insurance Group Ltd.
 
36,943
17,487,666
TOTAL SWITZERLAND
 
 
79,959,086
Taiwan - 1.3%
 
 
 
ECLAT Textile Co. Ltd.
 
293,000
4,659,868
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
525,964
45,395,953
TOTAL TAIWAN
 
 
50,055,821
United Kingdom - 13.4%
 
 
 
3i Group PLC
 
529,928
12,494,425
AstraZeneca PLC (United Kingdom)
 
622,605
77,952,482
B&M European Value Retail SA
 
5,335,219
34,291,051
BAE Systems PLC
 
3,844,379
51,692,989
Beazley PLC
 
1,790,680
11,198,000
Big Yellow Group PLC
 
793,696
9,212,864
Cab Payments Holdings Ltd.
 
1,161,225
863,783
Compass Group PLC
 
1,219,995
30,757,765
Diageo PLC
 
1,116,581
42,224,655
Games Workshop Group PLC
 
74,962
8,997,366
Hiscox Ltd.
 
1,739,409
19,830,865
JD Sports Fashion PLC
 
4,800,334
7,439,072
London Stock Exchange Group PLC
 
408,415
41,207,070
RELX PLC (Euronext N.V.)
 
2,041,166
71,077,627
Rentokil Initial PLC
 
5,051,782
25,726,153
RS GROUP PLC
 
1,169,966
9,630,022
Sage Group PLC
 
1,980,395
23,363,032
Smith & Nephew PLC
 
1,764,794
19,750,046
Standard Chartered PLC (United Kingdom)
 
2,014,049
15,422,248
Starling Bank Ltd. Series D (a)(b)(e)
 
2,406,800
8,600,514
WPP PLC
 
1,664,054
14,329,554
TOTAL UNITED KINGDOM
 
 
536,061,583
United States of America - 11.1%
 
 
 
Aon PLC
 
56,587
17,508,018
CRH PLC
 
441,406
23,718,971
Experian PLC
 
577,173
17,474,986
Ferguson PLC
 
272,478
40,834,911
ICON PLC (a)
 
84,126
20,523,379
Linde PLC
 
195,261
74,620,944
Marsh & McLennan Companies, Inc.
 
219,822
41,689,242
Marvell Technology, Inc.
 
542,203
25,602,826
MasterCard, Inc. Class A
 
77,728
29,252,933
Nestle SA (Reg. S)
 
646,727
69,742,251
S&P Global, Inc.
 
96,149
33,585,807
Sanofi SA
 
38,755
3,519,195
Schlumberger Ltd.
 
822,478
45,779,125
TOTAL UNITED STATES OF AMERICA
 
 
443,852,588
Zambia - 0.3%
 
 
 
First Quantum Minerals Ltd.
 
948,150
10,987,395
 
TOTAL COMMON STOCKS
 (Cost $3,266,330,749)
 
 
 
3,772,807,181
 
 
 
 
Preferred Stocks - 0.4%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.4%
 
 
 
Estonia - 0.1%
 
 
 
Bolt Technology OU Series E (a)(b)(e)
 
21,668
2,559,102
United States of America - 0.3%
 
 
 
Wasabi Holdings, Inc.:
 
 
 
 Series C (a)(b)(e)
 
743,562
8,513,785
 Series D (a)(b)(e)
 
304,085
4,555,193
 
 
 
13,068,978
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
15,628,080
Nonconvertible Preferred Stocks - 0.0%
 
 
 
Sweden - 0.0%
 
 
 
Kry International AB Series E (a)(b)(e)
 
3,828
140,509
 
TOTAL PREFERRED STOCKS
 (Cost $19,777,817)
 
 
 
15,768,589
 
 
 
 
Money Market Funds - 4.9%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (f)
 
177,705,198
177,740,739
Fidelity Securities Lending Cash Central Fund 5.40% (f)(g)
 
18,662,558
18,664,424
 
TOTAL MONEY MARKET FUNDS
 (Cost $196,404,541)
 
 
196,405,163
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.8%
 (Cost $3,482,513,107)
 
 
 
3,984,980,933
NET OTHER ASSETS (LIABILITIES) - 0.2%  
6,626,620
NET ASSETS - 100.0%
3,991,607,553
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Level 3 security
 
(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 $25,667,580 or 0.6% of net assets.
 
(e)
Restricted securities (including private placements) - 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 $24,393,439 or 0.6% 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, 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.
 
(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 ($)
 
Bolt Technology OU Series E
1/03/22
5,629,271
 
 
 
Kry International AB
5/14/21
287,945
 
 
 
Kry International AB Series E
5/14/21
1,750,058
 
 
 
Starling Bank Ltd. Series D
6/18/21 - 4/05/22
4,642,638
 
 
 
Wasabi Holdings, Inc. Series C
3/31/21
8,078,504
 
 
 
Wasabi Holdings, Inc. Series D
9/09/22
4,319,984
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
165,418,854
686,636,647
674,314,761
8,326,560
-
(1)
177,740,739
0.4%
Fidelity Securities Lending Cash Central Fund 5.40%
39,190,867
948,112,530
968,638,973
448,664
-
-
18,664,424
0.1%
Total
204,609,721
1,634,749,177
1,642,953,734
8,775,224
-
(1)
196,405,163
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
14,329,554
-
14,329,554
-
Consumer Discretionary
344,438,023
96,839,171
247,598,852
-
Consumer Staples
219,269,647
80,065,243
139,204,404
-
Energy
228,611,681
155,479,126
73,132,555
-
Financials
939,208,801
386,683,083
543,925,204
8,600,514
Health Care
388,741,384
108,501,759
280,239,625
-
Industrials
777,091,900
421,511,376
355,580,524
-
Information Technology
556,934,268
304,473,854
236,667,487
15,792,927
Materials
302,966,573
178,983,888
123,982,685
-
Real Estate
16,983,939
9,212,864
7,771,075
-
  Money Market Funds
196,405,163
196,405,163
-
-
 Total Investments in Securities:
3,984,980,933
1,938,155,527
2,022,431,965
24,393,441
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $17,417,418) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $3,286,108,566)
$
3,788,575,770
 
 
Fidelity Central Funds (cost $196,404,541)
196,405,163
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $3,482,513,107)
 
 
$
3,984,980,933
Cash
 
 
1,297,184
Receivable for investments sold
 
 
10,038,995
Receivable for fund shares sold
 
 
5,399,636
Dividends receivable
 
 
7,560,184
Reclaims receivable
 
 
9,796,371
Distributions receivable from Fidelity Central Funds
 
 
685,627
Other receivables
 
 
195,082
  Total assets
 
 
4,019,954,012
Liabilities
 
 
 
 
Payable to custodian bank
$
7,987
 
 
Payable for investments purchased
4,329,925
 
 
Payable for fund shares redeemed
1,450,285
 
 
Accrued management fee
2,018,723
 
 
Deferred taxes
1,719,886
 
 
Other payables and accrued expenses
155,229
 
 
Collateral on securities loaned
18,664,424
 
 
  Total Liabilities
 
 
 
28,346,459
Net Assets  
 
 
$
3,991,607,553
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
3,761,137,493
Total accumulated earnings (loss)
 
 
 
230,470,060
Net Assets
 
 
$
3,991,607,553
Net Asset Value, offering price and redemption price per share ($3,991,607,553 ÷ 329,713,938 shares)
 
 
$
12.11
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
89,951,762
Income from Fidelity Central Funds (including $448,664 from security lending)
 
 
8,775,224
 Income before foreign taxes withheld
 
 
$
98,726,986
Less foreign taxes withheld
 
 
(8,102,976)
 Total Income
 
 
 
90,624,010
Expenses
 
 
 
 
Management fee
$
25,085,776
 
 
Independent trustees' fees and expenses
22,997
 
 
 Total expenses before reductions
 
25,108,773
 
 
 Expense reductions
 
(780)
 
 
 Total expenses after reductions
 
 
 
25,107,993
Net Investment income (loss)
 
 
 
65,516,017
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $830,792)
 
(49,295,762)
 
 
   Redemptions in-kind
 
20,002,624
 
 
 Foreign currency transactions
 
(487,056)
 
 
Total net realized gain (loss)
 
 
 
(29,780,194)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of decrease in deferred foreign taxes of $1,271,800)  
 
394,803,232
 
 
   Fidelity Central Funds
 
(1)
 
 
 Assets and liabilities in foreign currencies
 
607,280
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
395,410,511
Net gain (loss)
 
 
 
365,630,317
Net increase (decrease) in net assets resulting from operations
 
 
$
431,146,334
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
65,516,017
$
46,223,928
Net realized gain (loss)
 
(29,780,194)
 
 
(175,880,317)
 
Change in net unrealized appreciation (depreciation)
 
395,410,511
 
(1,165,207,771)
 
Net increase (decrease) in net assets resulting from operations
 
431,146,334
 
 
(1,294,864,160)
 
Distributions to shareholders
 
(31,800,731)
 
 
(40,087,762)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
1,065,259,894
 
1,845,177,962
  Reinvestment of distributions
 
31,800,731
 
 
40,087,762
 
Cost of shares redeemed
 
(988,215,923)
 
(1,028,832,082)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
108,844,702
 
 
856,433,642
 
Total increase (decrease) in net assets
 
508,190,305
 
 
(478,518,280)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
3,483,417,248
 
3,961,935,528
 
End of period
$
3,991,607,553
$
3,483,417,248
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
84,964,159
 
141,560,986
  Issued in reinvestment of distributions
 
2,652,271
 
 
2,683,250
 
Redeemed
 
(77,852,831)
 
(80,800,526)
Net increase (decrease)
 
9,763,599
 
63,443,710
 
 
 
 
 
 
Financial Highlights
Fidelity® Diversified International K6 Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.89
$
15.45
$
11.96
$
11.08
$
9.69
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.20
 
.15
 
.10
 
.08
 
.16
     Net realized and unrealized gain (loss)
 
1.12
 
(4.56)
 
3.47
 
.98
 
1.36
  Total from investment operations
 
1.32  
 
(4.41)  
 
3.57  
 
1.06  
 
1.52
  Distributions from net investment income
 
(.10)
 
(.15)
 
(.08)
 
(.15)
 
(.13)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.03)
 
-
     Total distributions
 
(.10)
 
(.15)
 
(.08)
 
(.18)
 
(.13)
  Net asset value, end of period
$
12.11
$
10.89
$
15.45
$
11.96
$
11.08
 Total Return C
 
12.12%
 
(28.81)%
 
30.00%
 
9.70%
 
15.89%
 Ratios to Average Net Assets B,D,E
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.60%
 
.60%
 
.60%
 
.60%
 
.60%
    Expenses net of fee waivers, if any
 
.60%
 
.60%
 
.60%
 
.60%
 
.60%
    Expenses net of all reductions
 
.60%
 
.60%
 
.60%
 
.59%
 
.59%
    Net investment income (loss)
 
1.57%
 
1.21%
 
.73%
 
.73%
 
1.59%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,991,608
$
3,483,417
$
3,961,936
$
3,102,294
$
2,977,388
    Portfolio turnover rate F
 
25% G
 
31% G
 
30% G
 
34%
 
48% G
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
GPortfolio turnover rate excludes securities received or delivered in-kind.
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity Diversified International K6 Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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, 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. 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, capital loss carryforwards, and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$722,705,742
Gross unrealized depreciation
(228,863,228)
Net unrealized appreciation (depreciation)
$493,842,514
Tax Cost
$3,491,138,419
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$67,443,685
Capital loss carryforward
$(328,752,646)
Net unrealized appreciation (depreciation) on securities and other investments
$493,498,907
 
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 Short-term
$(309,317,588)
 Long-term
(19,435,058)
Total capital loss carryforward
$(328,752,646)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$31,800,731
$40,087,762
 
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Diversified International K6 Fund
982,754,296
1,139,783,032
 
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Fidelity Diversified International K6 Fund
4,361,678
20,002,624
56,570,957
 
Unaffiliated Exchanges In-Kind.  Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
 
 
Shares
Total Proceeds
($)
Fidelity Diversified International K6 Fund
26,855,137
332,235,591
 
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Fidelity Diversified International K6 Fund
4,786,586
30,753,342
72,038,115
 
Prior Year Unaffiliated Exchanges In-Kind.  Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
 
 
Shares
Total Proceeds
($)
Fidelity Diversified International K6 Fund
75,623,497
961,127,384
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .60% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity Diversified International K6 Fund
$1,185
 
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Diversified International K6 Fund
26,206,163
42,719,919
(3,015,409)
 
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Diversified International K6 Fund
$48,292
$ -
$-
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $780.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10.Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity Diversified International K6 Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Diversified International K6 Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2023, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 13, 2023
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 322 funds. Mr. Chiel oversees 191 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).       
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Vijay C. Advani (1960)
Year of Election or Appointment: 2023
Member of the Advisory Board
Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).     
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Karen B. Peetz (1955)
Year of Election or Appointment: 2023
Member of the Advisory Board
Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).     
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).      
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).          
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® Diversified International K6 Fund
 
 
 
.60%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 931.50
 
$ 2.92
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.18
 
$ 3.06
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
Distributions (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund designates $420,375 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.
 
The fund designates 2% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
 
The fund designates 98.99% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.1281 and $0.0291 for the dividend paid December 12, 2022.
 
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Diversified International K6 Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
Approval of Stub Period Continuation. At its May 2023 meeting, the Board of Trustees voted to continue the fund's management contract with FMR, and the sub-advisory agreements and sub-sub-advisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for two months from June 1, 2023 through July 31, 2023. The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board would consider the annual renewal for a full one year period in July 2023.
At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. The fund underperformed its benchmark and peers for the one- and three-year periods ended February 28, 2023, and as a result, the Board continues to engage in discussions with FMR about the steps it is taking to address the fund's performance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2022.
The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.  Further based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through July 31, 2024.
 
1.9883987.106
DIFK6-ANN-1223
Fidelity® Series Canada Fund
 
 
Annual Report
October 31, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2023 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Life of
Fund A
Fidelity® Series Canada Fund
1.54%
8.25%
6.76%
 
A   From August 15, 2017
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® Series Canada Fund, on August 15, 2017, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI Canada Index performed over the same period.
 
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left global stocks up 1.15% year to date through October. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin, while the U.S. middled (+10%). Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Portfolio Manager Ryan Oldham:
For the fiscal year ending October 31, 2023, the fund gained 1.54%, versus -0.90% for the benchmark MSCI Canada Index (Net MA). By sector, the biggest contributor to performance versus the benchmark was stock picking in energy. Underweight positions in utilities and financials also boosted the fund's relative performance. The top individual relative contributor was an overweight in Alimentation Couche-Tard (+23%), which was among our largest holdings. A second notable contributor was our non-benchmark stake in PrairieSky Royalty (+17%), another of the fund's biggest holdings. An overweight in Constellation Software (+41%), also a top-10 fund holding, further helped. In contrast, by sector, the biggest detractor from performance versus the benchmark was stock selection in information technology. Also hurting our result were stock picks in the financials and health care sectors. Lastly, the fund's small position in cash detracted. The largest individual relative detractor this period was avoiding Fairfax Financial, a benchmark component that gained roughly 72%. The second-largest relative detractor was an underweight in Shopify (+38%). An overweight in Nutrien (-35%) also hurt. By sector, meaningful changes in positioning the past 12 months include increased exposure to the consumer staples and information technology sectors.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
Top Holdings (% of Fund's net assets)
 
The Toronto-Dominion Bank  (Banks)
7.3
 
Canadian Pacific Kansas City Ltd.  (Ground Transportation)
6.3
 
Canadian Natural Resources Ltd.  (Oil, Gas & Consumable Fuels)
6.0
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)  (Consumer Staples Distribution & Retail)
5.6
 
Bank of Montreal  (Banks)
4.6
 
Constellation Software, Inc.  (Software)
4.0
 
Suncor Energy, Inc.  (Oil, Gas & Consumable Fuels)
3.9
 
PrairieSky Royalty Ltd.  (Oil, Gas & Consumable Fuels)
3.9
 
Royal Bank of Canada  (Banks)
3.9
 
Franco-Nevada Corp.  (Metals & Mining)
3.8
 
 
49.3
 
 
Market Sectors (% of Fund's net assets)
 
Financials
27.4
 
Energy
19.5
 
Industrials
13.5
 
Materials
10.8
 
Consumer Staples
9.0
 
Information Technology
7.7
 
Consumer Discretionary
6.5
 
Communication Services
2.8
 
Health Care
0.7
 
Utilities
0.2
 
 
Market Sectors may include more than one industry category.
The Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Canadian market. As of October 31, 2023, the Fund did not have more than 25% of its total assets invested in any one industry.
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 97.9%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 2.6%
 
 
 
Diversified Telecommunication Services - 1.4%
 
 
 
Quebecor, Inc.:
 
 
 
 Class A
 
2,102,000
45,867,330
 Class B (sub. vtg.)
 
968,400
19,979,033
 
 
 
65,846,363
Wireless Telecommunication Services - 1.2%
 
 
 
Rogers Communications, Inc. Class B (non-vtg.)
 
1,422,300
52,697,151
TOTAL COMMUNICATION SERVICES
 
 
118,543,514
CONSUMER DISCRETIONARY - 6.5%
 
 
 
Automobile Components - 0.7%
 
 
 
Magna International, Inc. Class A (sub. vtg.)
 
699,000
33,590,308
Broadline Retail - 2.8%
 
 
 
Dollarama, Inc.
 
1,873,700
127,953,409
Hotels, Restaurants & Leisure - 2.4%
 
 
 
Restaurant Brands International, Inc.
 
1,582,600
106,305,527
Specialty Retail - 0.4%
 
 
 
Aritzia, Inc. (a)
 
702,700
10,930,044
Diversified Royalty Corp. (b)
 
4,302,900
7,539,965
 
 
 
18,470,009
Textiles, Apparel & Luxury Goods - 0.2%
 
 
 
Canada Goose Holdings, Inc. (a)(b)
 
642,323
7,123,799
TOTAL CONSUMER DISCRETIONARY
 
 
293,443,052
CONSUMER STAPLES - 9.0%
 
 
 
Beverages - 0.1%
 
 
 
GURU Organic Energy Corp. (a)(c)
 
1,628,634
2,630,712
Consumer Staples Distribution & Retail - 8.6%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
4,647,600
252,999,693
Metro, Inc.
 
1,974,400
100,289,696
North West Co., Inc.
 
1,392,600
35,509,166
 
 
 
388,798,555
Personal Care Products - 0.3%
 
 
 
Jamieson Wellness, Inc. (d)
 
855,600
14,048,684
TOTAL CONSUMER STAPLES
 
 
405,477,951
ENERGY - 19.5%
 
 
 
Energy Equipment & Services - 0.7%
 
 
 
Pason Systems, Inc.
 
3,272,200
31,359,321
Oil, Gas & Consumable Fuels - 18.8%
 
 
 
Cameco Corp.
 
1,173,500
48,006,241
Canadian Natural Resources Ltd.
 
4,301,500
273,149,515
Enbridge, Inc.
 
3,091,300
99,064,267
Parkland Corp.
 
2,485,100
75,211,572
PrairieSky Royalty Ltd. (b)
 
10,035,080
176,206,380
Suncor Energy, Inc. (b)
 
5,479,300
177,447,531
 
 
 
849,085,506
TOTAL ENERGY
 
 
880,444,827
FINANCIALS - 27.4%
 
 
 
Banks - 15.8%
 
 
 
Bank of Montreal (b)
 
2,744,500
207,388,610
Royal Bank of Canada (b)
 
2,192,600
175,123,401
The Toronto-Dominion Bank
 
5,913,230
330,296,589
 
 
 
712,808,600
Capital Markets - 5.2%
 
 
 
Brookfield Asset Management Ltd. Class A (b)
 
2,387,672
68,440,571
Brookfield Corp. (Canada) Class A (b)
 
3,333,888
97,125,708
TMX Group Ltd.
 
3,258,300
67,856,286
 
 
 
233,422,565
Insurance - 6.4%
 
 
 
Definity Financial Corp.
 
2,405,624
66,509,194
Intact Financial Corp.
 
669,700
94,093,635
Sun Life Financial, Inc.
 
2,848,200
130,091,933
 
 
 
290,694,762
TOTAL FINANCIALS
 
 
1,236,925,927
HEALTH CARE - 0.7%
 
 
 
Health Care Providers & Services - 0.7%
 
 
 
Andlauer Healthcare Group, Inc.
 
934,870
26,183,776
dentalcorp Holdings Ltd. (a)
 
1,001,569
3,972,331
 
 
 
30,156,107
INDUSTRIALS - 13.5%
 
 
 
Commercial Services & Supplies - 2.3%
 
 
 
GFL Environmental, Inc.
 
3,579,014
103,105,541
Ground Transportation - 9.0%
 
 
 
Canadian National Railway Co.
 
1,162,800
123,034,176
Canadian Pacific Kansas City Ltd.
 
4,014,921
285,061,562
 
 
 
408,095,738
Professional Services - 2.2%
 
 
 
Thomson Reuters Corp. (b)
 
827,900
99,168,898
TOTAL INDUSTRIALS
 
 
610,370,177
INFORMATION TECHNOLOGY - 7.7%
 
 
 
IT Services - 2.7%
 
 
 
Shopify, Inc. Class A (a)
 
2,616,800
123,579,760
Software - 5.0%
 
 
 
ApplyBoard, Inc. (a)(e)(f)
 
10,248
581,369
ApplyBoard, Inc. (non-vtg.) (a)(e)(f)
 
2,527
143,357
Computer Modelling Group Ltd.
 
2,248,400
14,851,519
Constellation Software, Inc.
 
90,600
181,625,315
Constellation Software, Inc. warrants 8/22/28 (a)(f)
 
48,000
3
Dye & Durham Ltd. (c)
 
3,696,700
21,565,749
Lumine Group, Inc.
 
439,640
5,528,986
 
 
 
224,296,298
TOTAL INFORMATION TECHNOLOGY
 
 
347,876,058
MATERIALS - 10.8%
 
 
 
Chemicals - 2.2%
 
 
 
Nutrien Ltd.
 
1,868,478
100,352,797
Containers & Packaging - 1.0%
 
 
 
CCL Industries, Inc.:
 
 
 
 Class A
 
155,800
6,121,898
 Class B
 
984,800
38,504,313
 
 
 
44,626,211
Metals & Mining - 6.9%
 
 
 
Franco-Nevada Corp.
 
1,411,919
171,761,843
Lundin Mining Corp.
 
4,905,900
30,636,448
Triple Flag Precious Metals Corp.
 
893,300
11,356,682
Wheaton Precious Metals Corp.
 
2,390,900
100,980,720
 
 
 
314,735,693
Paper & Forest Products - 0.7%
 
 
 
Stella-Jones, Inc.
 
572,500
29,988,390
Western Forest Products, Inc.
 
1,709,808
887,732
 
 
 
30,876,122
TOTAL MATERIALS
 
 
490,590,823
UTILITIES - 0.2%
 
 
 
Independent Power and Renewable Electricity Producers - 0.2%
 
 
 
Brookfield Renewable Corp.
 
336,500
7,658,740
 
TOTAL COMMON STOCKS
 (Cost $3,438,316,068)
 
 
 
4,421,487,176
 
 
 
 
Nonconvertible Preferred Stocks - 0.0%
 
 
Shares
Value ($)
 
INFORMATION TECHNOLOGY - 0.0%
 
 
 
Software - 0.0%
 
 
 
ApplyBoard, Inc.:
 
 
 
 Series A1 (a)(e)(f)
 
12,606
715,138
 Series A2 (a)(e)(f)
 
9,868
559,812
 Series A3 (a)(e)(f)
 
563
31,939
 Series D (a)(e)(f)
 
27,521
1,561,266
 Series Seed (a)(e)(f)
 
3,768
213,759
(Cost $4,705,692)
 
 
3,081,914
 
 
 
 
Convertible Bonds - 0.2%
 
 
Principal
Amount (g)
 
Value ($)
 
COMMUNICATION SERVICES - 0.2%
 
 
 
Entertainment - 0.2%
 
 
 
Cineplex, Inc. 5.75% 9/30/25 (d)
 
  (Cost $8,538,338)
 
CAD
12,136,000
8,663,883
 
 
 
 
Money Market Funds - 5.2%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (h)
 
11,235,482
11,237,729
Fidelity Securities Lending Cash Central Fund 5.40% (h)(i)
 
223,136,563
223,158,876
 
TOTAL MONEY MARKET FUNDS
 (Cost $234,396,605)
 
 
234,396,605
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 103.3%
 (Cost $3,685,956,703)
 
 
 
4,667,629,578
NET OTHER ASSETS (LIABILITIES) - (3.3)%  
(150,070,447)
NET ASSETS - 100.0%
4,517,559,131
 
 
 
 
Currency Abbreviations
         CAD
-
Canadian dollar
 
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 $22,712,567 or 0.5% of net assets.
 
(e)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3,806,640 or 0.1% of net assets.
 
(f)
Level 3 security
 
(g)
Amount is stated in United States dollars unless otherwise noted.
 
(h)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, 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.
 
(i)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
ApplyBoard, Inc.
6/04/21 - 6/30/21
524,312
 
 
 
ApplyBoard, Inc. (non-vtg.)
6/30/21
269,861
 
 
 
ApplyBoard, Inc. Series A1
6/04/21
816,255
 
 
 
ApplyBoard, Inc. Series A2
6/04/21
638,966
 
 
 
ApplyBoard, Inc. Series A3
6/04/21
36,455
 
 
 
ApplyBoard, Inc. Series D
6/04/21
2,970,033
 
 
 
ApplyBoard, Inc. Series Seed
6/04/21
243,983
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
4,119,421
738,320,709
731,202,401
366,778
-
-
11,237,729
0.0%
Fidelity Securities Lending Cash Central Fund 5.40%
772,969,944
6,990,429,407
7,540,240,475
2,204,704
-
-
223,158,876
0.9%
Total
777,089,365
7,728,750,116
8,271,442,876
2,571,482
-
-
234,396,605
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
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 presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Dye & Durham Ltd.
30,860,121
8,344,466
4,934,864
121,983
(2,815,500)
(9,888,474)
21,565,749
GURU Organic Energy Corp.
5,007,698
-
444,751
-
(2,459,782)
527,547
2,630,712
Total
35,867,819
8,344,466
5,379,615
121,983
(5,275,282)
(9,360,927)
24,196,461
 
 
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
118,543,514
118,543,514
-
-
Consumer Discretionary
293,443,052
293,443,052
-
-
Consumer Staples
405,477,951
405,477,951
-
-
Energy
880,444,827
880,444,827
-
-
Financials
1,236,925,927
1,236,925,927
-
-
Health Care
30,156,107
30,156,107
-
-
Industrials
610,370,177
610,370,177
-
-
Information Technology
350,957,972
347,151,329
-
3,806,643
Materials
490,590,823
490,590,823
-
-
Utilities
7,658,740
7,658,740
-
-
 Corporate Bonds
8,663,883
-
8,663,883
-
  Money Market Funds
234,396,605
234,396,605
-
-
 Total Investments in Securities:
4,667,629,578
4,655,159,052
8,663,883
3,806,643
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $212,257,307) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $3,398,715,112)
$
4,409,036,512
 
 
Fidelity Central Funds (cost $234,396,605)
234,396,605
 
 
Other affiliated issuers (cost $52,844,986)
24,196,461
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $3,685,956,703)
 
 
$
4,667,629,578
Cash
 
 
37,314
Foreign currency held at value (cost $73,225,363)
 
 
72,079,574
Receivable for investments sold
 
 
7,226,086
Receivable for fund shares sold
 
 
22,257,280
Dividends receivable
 
 
8,347,063
Interest receivable
 
 
44,117
Distributions receivable from Fidelity Central Funds
 
 
239,153
  Total assets
 
 
4,777,860,165
Liabilities
 
 
 
 
Payable for investments purchased
$
20,685,152
 
 
Payable for fund shares redeemed
16,443,929
 
 
Other payables and accrued expenses
14,848
 
 
Collateral on securities loaned
223,157,105
 
 
  Total Liabilities
 
 
 
260,301,034
Net Assets  
 
 
$
4,517,559,131
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
3,449,221,498
Total accumulated earnings (loss)
 
 
 
1,068,337,633
Net Assets
 
 
$
4,517,559,131
Net Asset Value, offering price and redemption price per share ($4,517,559,131 ÷ 342,930,034 shares)
 
 
$
13.17
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends (including $121,983 earned from affiliated issuers)
 
 
$
142,301,157
Interest  
 
 
953,131
Income from Fidelity Central Funds (including $2,204,704 from security lending)
 
 
2,571,482
 Income before foreign taxes withheld
 
 
$
145,825,770
Less foreign taxes withheld
 
 
(21,443,941)
 Total Income
 
 
 
124,381,829
Expenses
 
 
 
 
Custodian fees and expenses
$
46,266
 
 
Independent trustees' fees and expenses
29,983
 
 
Interest
340,956
 
 
 Total Expenses
 
 
 
417,205
Net Investment income (loss)
 
 
 
123,964,624
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
82,671,610
 
 
   Redemptions in-kind
 
69,630,912
 
 
   Affiliated issuers
 
(5,275,282)
 
 
 Foreign currency transactions
 
(7,424,764)
 
 
Total net realized gain (loss)
 
 
 
139,602,476
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(105,822,545)
 
 
   Affiliated issuers
 
(9,360,926)
 
 
 Assets and liabilities in foreign currencies
 
(1,168,006)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(116,351,477)
Net gain (loss)
 
 
 
23,250,999
Net increase (decrease) in net assets resulting from operations
 
 
$
147,215,623
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
123,964,624
$
133,720,673
Net realized gain (loss)
 
139,602,476
 
 
50,400,505
 
Change in net unrealized appreciation (depreciation)
 
(116,351,477)
 
(624,986,211)
 
Net increase (decrease) in net assets resulting from operations
 
147,215,623
 
 
(440,865,033)
 
Distributions to shareholders
 
(160,606,918)
 
 
(132,881,856)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
675,016,952
 
958,291,641
  Reinvestment of distributions
 
160,606,918
 
 
132,881,856
 
Cost of shares redeemed
 
(1,711,870,454)
 
(1,175,374,764)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(876,246,584)
 
 
(84,201,267)
 
Total increase (decrease) in net assets
 
(889,637,879)
 
 
(657,948,156)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
5,407,197,010
 
6,065,145,166
 
End of period
$
4,517,559,131
$
5,407,197,010
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
49,168,680
 
67,737,438
  Issued in reinvestment of distributions
 
12,084,794
 
 
9,351,292
 
Redeemed
 
(122,728,311)
 
(83,298,959)
Net increase (decrease)
 
(61,474,837)
 
(6,210,229)
 
 
 
 
 
 
Financial Highlights
Fidelity® Series Canada Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.37
$
14.77
$
9.77
$
10.89
$
9.99
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.33
 
.32
 
.28
 
.27
 
.27
     Net realized and unrealized gain (loss)
 
(.12)
 
(1.40)
 
4.97
 
(1.14)
 
.86
  Total from investment operations
 
.21  
 
(1.08)  
 
5.25  
 
(.87)  
 
1.13
  Distributions from net investment income
 
(.40)
 
(.32)
 
(.25)
 
(.25)
 
(.23)
  Distributions from net realized gain
 
(.01)
 
-
 
-
 
-
 
-
     Total distributions
 
(.41)
 
(.32)
 
(.25)
 
(.25)
 
(.23)
  Net asset value, end of period
$
13.17
$
13.37
$
14.77
$
9.77
$
10.89
 Total Return C
 
1.54%
 
(7.45)%
 
54.40%
 
(8.22)%
 
11.62%
 Ratios to Average Net Assets B,D,E
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.01%
 
-% F
 
-% F
 
-% F
 
-% F
    Expenses net of fee waivers, if any
 
.01%
 
-% F
 
-% F
 
-% F
 
-% F
    Expenses net of all reductions
 
.01%
 
-% F
 
-% F
 
-% F
 
-% F
    Net investment income (loss)
 
2.41%
 
2.29%
 
2.13%
 
2.70%
 
2.63%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,517,559
$
5,407,197
$
6,065,145
$
3,914,417
$
1,916,409
    Portfolio turnover rate G
 
15% H
 
19% H
 
19%
 
14%
 
12% H
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
FAmount represents less than .005%.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
HPortfolio turnover rate excludes securities received or delivered in-kind.
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity Series Canada Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
 
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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, 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. 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 services or from brokers who make markets in such securities. Corporate bonds are valued by pricing services 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 services. 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind, losses deferred due to wash sales.
 
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$1,120,669,428
Gross unrealized depreciation
(203,558,688)
Net unrealized appreciation (depreciation)
$917,110,740
Tax Cost
$3,750,518,838
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$110,031,867
Undistributed long-term capital gain
$42,391,622
Net unrealized appreciation (depreciation) on securities and other investments
$915,914,145
 
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$157,465,462
$132,881,856
Long-term Capital Gains
3,141,456
-
Total
$160,606,918
$132,881,856
 
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Series Canada Fund
744,250,273
1,569,551,440
 
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Fidelity Series Canada Fund
10,679,138
69,630,912
146,531,701
 
5. Fees and Other Transactions with Affiliates.
 
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity Series Canada Fund
 Borrower
$ 173,586,143
5.05%
$340,956
 
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Series Canada Fund
 87,099,429
 26,067,848
 283,262
 
Prior Fiscal Year Affiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss
($)
Total Proceeds
($)
Fidelity Series Canada Fund
1,619,205
9,969,579
21,259,781
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Series Canada Fund
$232,995
$-
$-
 
8. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
9. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
To the Board of Trustees of Fidelity Investment Trust and Shareholders of Fidelity Series Canada Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Series Canada Fund (one of the funds constituting Fidelity Investment Trust, referred to hereafter as the "Fund") as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, the statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2023 and the financial highlights for each of the five years in the period ended October 31, 2023 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
December 15, 2023
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 322 funds. Mr. Chiel oversees 191 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).       
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Vijay C. Advani (1960)
Year of Election or Appointment: 2023
Member of the Advisory Board
Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).     
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Karen B. Peetz (1955)
Year of Election or Appointment: 2023
Member of the Advisory Board
Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).     
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).      
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).          
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® Series Canada Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 936.70
 
$ .05
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,025.16
 
$ .05
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
Distributions (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2023, $69,175,177, or, if subsequently determined to be different, the net capital gain of such year.
 
The fund designates $1,072,419 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.
 
The fund designates 28.70% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $.4233 and $.0223 for the dividend paid December 12, 2022.
 
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Series Canada Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
Approval of Stub Period Continuation. At its May 2023 meeting, the Board of Trustees voted to continue the fund's management contract with FMR, and the sub-advisory agreements and sub-sub-advisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for two months from June 1, 2023 through July 31, 2023. The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board would consider the annual renewal for a full one year period in July 2023.
At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts.  The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
 
Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.
Investment Performance. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts, as the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, 529 plans, and collective investment trusts managed by Fidelity and ultimately to enhance the performance of those investment companies, 529 plans, and collective investment trusts.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in the fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.
The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.013% through February 28, 2026.
Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions.
Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through July 31, 2024.
 
1.9883882.106
SAD-ANN-1223
Fidelity® International Discovery K6 Fund
 
 
Annual Report
October 31, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2023 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Life of
Fund A
Fidelity® International Discovery K6 Fund
7.19%
2.90%
 
A   From June 13, 2019
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® International Discovery K6 Fund, on June 13, 2019, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.
 
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuation also helped bolster non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Portfolio Manager William Kennedy:
For the fiscal year ending October 31, 2023, the fund gained 7.19%, versus 14.65% for the benchmark MSCI EAFE Index (Net MA). From a regional standpoint, security selection in Europe, emerging markets and the U.K. detracted most from the fund's relative result. By sector, investment choices among consumer discretionary companies, along with stock picks and an underweight in energy, also hurt. Security selection in health care and financials proved detrimental as well the past 12 months. The biggest individual relative detractor was an outsized stake in Norway-based Equinor (-24%), a position that was no longer held at period end. The portfolio's non-benchmark exposure to HDFC Bank in India returned roughly -5% and was a second notable relative detractor. An overweight stake in Japan-based Olympus, which was not held at period end, returned -22% and further weighed on relative performance. In contrast, on a regional basis, security selection in the U.S., which is not in the benchmark, and an underweight in Asia Pacific ex Japan contributed to the portfolio's relative return. By sector, security selection and an underweight in information technology helped performance most versus the benchmark. The fund's non-benchmark position in U.S.-based Nvidia gained approximately 91% and was the top individual relative contributor. Outsized exposure to BE Semiconductor Industries (+70%) in the Netherlands was another plus. An overweight in Italy-based UniCredit (+33%), a top-10 holding at the end of October, also helped. Nvidia, BE Semiconductor and UniCredit were new additions to the portfolio during the reporting period. Notable changes in positioning include decreased exposure to the energy and health care sectors and higher allocations to information technology and consumer discretionary stocks.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
Top Holdings (% of Fund's net assets)
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
3.4
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
2.8
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
2.7
 
Nestle SA (Reg. S)  (United States of America, Food Products)
2.5
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
2.3
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
2.1
 
HDFC Bank Ltd.  (India, Banks)
2.1
 
Hitachi Ltd.  (Japan, Industrial Conglomerates)
2.0
 
Air Liquide SA  (France, Chemicals)
1.9
 
UniCredit SpA  (Italy, Banks)
1.8
 
 
23.6
 
 
Market Sectors (% of Fund's net assets)
 
Financials
19.2
 
Information Technology
16.4
 
Industrials
15.4
 
Consumer Discretionary
13.4
 
Health Care
12.1
 
Consumer Staples
6.4
 
Materials
6.3
 
Energy
3.1
 
Communication Services
2.6
 
Real Estate
1.1
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 96.0%
 
 
Shares
Value ($)
 
Australia - 2.5%
 
 
 
Bapcor Ltd.
 
473,339
1,611,176
Flight Centre Travel Group Ltd. (a)
 
293,229
3,485,714
Flutter Entertainment PLC (b)
 
25,358
3,977,499
IperionX Ltd. (b)(c)
 
1,395,848
1,106,820
National Storage REIT unit
 
3,516,700
4,483,739
TOTAL AUSTRALIA
 
 
14,664,948
Bailiwick of Jersey - 0.4%
 
 
 
JTC PLC (d)
 
302,996
2,351,445
Belgium - 1.2%
 
 
 
KBC Group NV
 
36,728
2,016,932
UCB SA
 
67,907
4,962,127
TOTAL BELGIUM
 
 
6,979,059
Brazil - 0.7%
 
 
 
MercadoLibre, Inc. (b)
 
3,294
4,086,998
Canada - 3.8%
 
 
 
Canadian Natural Resources Ltd.
 
141,278
8,971,293
Constellation Software, Inc.
 
4,942
9,907,200
Constellation Software, Inc. warrants 8/22/28 (b)(c)
 
4,235
0
Definity Financial Corp.
 
43,985
1,216,070
Franco-Nevada Corp.
 
16,994
2,067,343
Lumine Group, Inc.
 
12,235
153,869
TOTAL CANADA
 
 
22,315,775
China - 1.5%
 
 
 
Alibaba Group Holding Ltd. (b)
 
146,635
1,509,619
Chervon Holdings Ltd.
 
654,394
1,611,805
JOYY, Inc. ADR
 
105,662
4,112,365
Tencent Holdings Ltd.
 
46,543
1,722,499
TOTAL CHINA
 
 
8,956,288
Denmark - 3.9%
 
 
 
DSV A/S
 
18,091
2,698,101
Novo Nordisk A/S Series B
 
205,874
19,861,953
TOTAL DENMARK
 
 
22,560,054
France - 11.3%
 
 
 
Air Liquide SA
 
63,996
10,965,859
Airbus Group NV
 
41,121
5,513,348
AXA SA
 
256,971
7,614,160
BNP Paribas SA
 
114,269
6,570,927
Edenred SA
 
80,288
4,268,025
EssilorLuxottica SA
 
26,449
4,775,478
Exclusive Networks SA (b)
 
136,612
2,171,128
L'Oreal SA
 
16,179
6,800,531
LVMH Moet Hennessy Louis Vuitton SE
 
18,882
13,518,201
Pernod Ricard SA
 
22,857
4,050,986
TOTAL FRANCE
 
 
66,248,643
Germany - 4.3%
 
 
 
Fresenius SE & Co. KGaA
 
75,086
1,925,832
Merck KGaA
 
30,160
4,542,715
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
14,596
5,845,564
Nexus AG
 
22,732
1,107,628
Rheinmetall AG
 
15,658
4,479,914
Siemens AG
 
38,174
5,065,646
Siemens Healthineers AG (d)
 
40,819
2,000,588
Talanx AG
 
82
5,158
TOTAL GERMANY
 
 
24,973,045
Hong Kong - 1.2%
 
 
 
AIA Group Ltd.
 
790,826
6,867,381
Hungary - 0.3%
 
 
 
Richter Gedeon PLC
 
71,747
1,682,269
India - 4.2%
 
 
 
Avenue Supermarts Ltd. (b)(d)
 
43,209
1,885,986
HDFC Bank Ltd.
 
324,330
5,753,376
HDFC Bank Ltd. sponsored ADR
 
116,285
6,575,917
ITC Ltd.
 
394,483
2,030,014
Larsen & Toubro Ltd.
 
42,307
1,488,379
One97 Communications Ltd. (b)
 
335,518
3,712,099
PVR INOX Ltd. (b)
 
40,154
770,728
Sona Blw Precision Forgings Ltd. (d)
 
234,001
1,522,418
Star Health & Allied Insurance Co. Ltd. (b)
 
81,235
565,780
TOTAL INDIA
 
 
24,304,697
Ireland - 1.5%
 
 
 
Cairn Homes PLC
 
2,300,191
2,697,915
Dalata Hotel Group PLC
 
918,456
3,896,991
Kingspan Group PLC (Ireland)
 
29,103
1,954,796
Ryanair Holdings PLC (b)
 
3,200
48,070
TOTAL IRELAND
 
 
8,597,772
Italy - 4.2%
 
 
 
BFF Bank SpA (d)
 
264,500
2,539,797
Davide Campari Milano NV
 
241,637
2,666,702
Ferrari NV
 
13,412
4,045,596
FinecoBank SpA
 
132,867
1,562,620
Prysmian SpA
 
66,276
2,474,769
Recordati SpA
 
13,762
634,885
UniCredit SpA
 
413,377
10,363,202
TOTAL ITALY
 
 
24,287,571
Japan - 19.2%
 
 
 
Advantest Corp.
 
86,836
2,236,777
BayCurrent Consulting, Inc.
 
47,067
1,181,700
Capcom Co. Ltd.
 
101,354
3,262,517
Daiichi Sankyo Kabushiki Kaisha
 
141,636
3,651,970
Eisai Co. Ltd.
 
24,840
1,315,982
Fast Retailing Co. Ltd.
 
23,495
5,201,709
FUJIFILM Holdings Corp.
 
58,412
3,195,008
Hitachi Ltd.
 
188,126
11,924,673
Hoya Corp.
 
84,415
8,126,516
Itochu Corp.
 
216,292
7,791,061
JTOWER, Inc. (a)(b)
 
72,433
2,635,914
Keyence Corp.
 
10,340
4,002,808
Misumi Group, Inc.
 
72,437
1,096,599
Mitsubishi UFJ Financial Group, Inc.
 
761,645
6,389,552
NOF Corp.
 
38,640
1,524,385
ORIX Corp.
 
344,406
6,263,489
Outsourcing, Inc.
 
203,901
1,515,169
Pan Pacific International Holdings Ltd.
 
160,810
3,114,224
Persol Holdings Co. Ltd.
 
1,933,860
2,899,661
Renesas Electronics Corp. (b)
 
495,887
6,513,783
Shin-Etsu Chemical Co. Ltd.
 
268,836
8,039,105
Sony Group Corp.
 
98,823
8,216,034
Sumitomo Mitsui Financial Group, Inc.
 
101,648
4,900,245
TechnoPro Holdings, Inc.
 
67,080
1,328,912
TIS, Inc.
 
113,773
2,436,432
Tokio Marine Holdings, Inc.
 
147,950
3,309,972
TOTAL JAPAN
 
 
112,074,197
Kazakhstan - 0.0%
 
 
 
Kaspi.KZ JSC GDR (Reg. S)
 
3,300
298,320
Korea (South) - 1.4%
 
 
 
Samsung Electronics Co. Ltd.
 
160,619
7,982,940
Netherlands - 8.1%
 
 
 
ASML Holding NV (Netherlands)
 
26,272
15,792,635
BE Semiconductor Industries NV
 
59,639
6,140,022
IMCD NV
 
17,396
2,089,161
ING Groep NV (Certificaten Van Aandelen)
 
327,996
4,205,082
Shell PLC (London)
 
298,148
9,608,372
Topicus.Com, Inc. (b)
 
8,028
528,600
Universal Music Group NV
 
81,820
2,003,676
Wolters Kluwer NV
 
53,405
6,843,098
TOTAL NETHERLANDS
 
 
47,210,646
Russia - 0.0%
 
 
 
Fix Price Group Ltd. GDR (Reg. S) (b)(c)
 
38,476
14,210
Spain - 1.4%
 
 
 
CaixaBank SA
 
1,488,379
6,051,066
Cie Automotive SA
 
88,865
2,262,315
TOTAL SPAIN
 
 
8,313,381
Sweden - 1.4%
 
 
 
ASSA ABLOY AB (B Shares)
 
116,757
2,488,684
Indutrade AB
 
200,188
3,535,699
Kry International AB (b)(c)(e)
 
71
2,606
Lagercrantz Group AB (B Shares)
 
246,641
2,247,122
TOTAL SWEDEN
 
 
8,274,111
Switzerland - 0.5%
 
 
 
Partners Group Holding AG
 
2,547
2,679,019
Taiwan - 2.1%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
763,041
12,452,783
United Kingdom - 13.0%
 
 
 
3i Group PLC
 
239,263
5,641,245
AstraZeneca PLC (United Kingdom)
 
128,848
16,132,253
BAE Systems PLC
 
657,437
8,840,149
Big Yellow Group PLC
 
182,476
2,118,099
Bunzl PLC
 
185,100
6,596,408
Cab Payments Holdings Ltd. (a)
 
315,231
234,486
Compass Group PLC
 
398,438
10,045,174
DCC PLC (United Kingdom)
 
253
14,038
Diageo PLC
 
125,626
4,750,676
Games Workshop Group PLC
 
18,235
2,188,668
JD Sports Fashion PLC
 
1,288,320
1,996,508
London Stock Exchange Group PLC
 
43,161
4,354,733
RELX PLC (London Stock Exchange)
 
174,550
6,096,633
Sage Group PLC
 
393,668
4,644,163
Smart Metering Systems PLC
 
245,250
1,904,789
Starling Bank Ltd. Series D (b)(c)(e)
 
137,500
491,346
Zegona Communications PLC (b)(c)
 
23,682
8,981
TOTAL UNITED KINGDOM
 
 
76,058,349
United States of America - 7.8%
 
 
 
CRH PLC
 
94,176
5,060,552
Energy Recovery, Inc. (b)
 
26,097
396,674
Globant SA (b)
 
8,421
1,434,012
Lattice Semiconductor Corp. (b)
 
21,505
1,195,893
Linde PLC
 
19,531
7,463,967
Microsoft Corp.
 
16,620
5,619,388
Nestle SA (Reg. S)
 
137,719
14,851,449
NVIDIA Corp.
 
15,227
6,209,571
Samsonite International SA (b)(d)
 
1,053,659
3,263,308
TOTAL UNITED STATES OF AMERICA
 
 
45,494,814
Zambia - 0.1%
 
 
 
First Quantum Minerals Ltd.
 
40,407
468,246
 
TOTAL COMMON STOCKS
 (Cost $550,812,747)
 
 
 
560,196,961
 
 
 
 
Preferred Stocks - 0.2%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.2%
 
 
 
China - 0.1%
 
 
 
ByteDance Ltd. Series E1 (b)(c)(e)
 
1,533
358,185
dMed Biopharmaceutical Co. Ltd. Series C (b)(c)(e)
 
8,434
49,676
 
 
 
407,861
Estonia - 0.1%
 
 
 
Bolt Technology OU Series E (b)(c)(e)
 
3,347
395,298
United States of America - 0.0%
 
 
 
Canva, Inc.:
 
 
 
 Series A (c)(e)
 
85
90,711
 Series A2 (c)(e)
 
15
16,008
 
 
 
106,719
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
909,878
Nonconvertible Preferred Stocks - 0.0%
 
 
 
Sweden - 0.0%
 
 
 
Kry International AB Series E (b)(c)(e)
 
413
15,159
 
TOTAL PREFERRED STOCKS
 (Cost $1,452,783)
 
 
 
925,037
 
 
 
 
Money Market Funds - 4.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (f)
 
20,984,780
20,988,977
Fidelity Securities Lending Cash Central Fund 5.40% (f)(g)
 
4,348,460
4,348,895
 
TOTAL MONEY MARKET FUNDS
 (Cost $25,337,872)
 
 
25,337,872
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.5%
 (Cost $577,603,402)
 
 
 
586,459,870
NET OTHER ASSETS (LIABILITIES) - (0.5)%  
(3,076,486)
NET ASSETS - 100.0%
583,383,384
 
 
 
 
Legend
 
(a)
Security or a portion of the security is on loan at period end.
 
(b)
Non-income producing
 
(c)
Level 3 security
 
(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 $13,563,542 or 2.3% of net assets.
 
(e)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,418,989 or 0.2% 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, 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.
 
(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 ($)
 
Bolt Technology OU Series E
1/03/22
869,539
 
 
 
ByteDance Ltd. Series E1
11/18/20
167,977
 
 
 
Canva, Inc. Series A
9/22/23
90,666
 
 
 
Canva, Inc. Series A2
9/22/23
16,000
 
 
 
dMed Biopharmaceutical Co. Ltd. Series C
12/01/20
119,789
 
 
 
Kry International AB
5/14/21
30,836
 
 
 
Kry International AB Series E
5/14/21
188,812
 
 
 
Starling Bank Ltd. Series D
6/18/21 - 4/05/22
286,270
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
27,106,527
182,654,271
188,771,821
947,418
-
-
20,988,977
0.0%
Fidelity Securities Lending Cash Central Fund 5.40%
1,938,791
82,407,810
79,997,706
73,628
-
-
4,348,895
0.0%
Total
29,045,318
265,062,081
268,769,527
1,021,046
-
-
25,337,872
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
14,874,865
4,112,365
10,395,334
367,166
Consumer Discretionary
78,358,591
25,152,490
53,099,382
106,719
Consumer Staples
37,050,554
6,717,688
30,318,656
14,210
Energy
18,579,665
8,971,293
9,608,372
-
Financials
112,647,008
29,593,353
82,562,309
491,346
Health Care
70,769,872
21,631,522
49,088,674
49,676
Industrials
90,266,131
32,987,447
57,278,684
-
Information Technology
95,277,197
40,250,968
54,613,166
413,063
Materials
36,696,277
15,060,108
20,529,349
1,106,820
Real Estate
6,601,838
2,118,099
4,483,739
-
  Money Market Funds
25,337,872
25,337,872
-
-
 Total Investments in Securities:
586,459,870
211,933,205
371,977,665
2,549,000
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $4,164,989) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $552,265,530)
$
561,121,998
 
 
Fidelity Central Funds (cost $25,337,872)
25,337,872
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $577,603,402)
 
 
$
586,459,870
Cash
 
 
51,189
Foreign currency held at value (cost $152)
 
 
153
Receivable for investments sold
 
 
5,630,800
Receivable for fund shares sold
 
 
494,305
Dividends receivable
 
 
950,704
Reclaims receivable
 
 
1,045,861
Distributions receivable from Fidelity Central Funds
 
 
121,302
  Total assets
 
 
594,754,184
Liabilities
 
 
 
 
Payable for investments purchased
$
6,071,535
 
 
Payable for fund shares redeemed
324,261
 
 
Accrued management fee
296,789
 
 
Other payables and accrued expenses
329,320
 
 
Collateral on securities loaned
4,348,895
 
 
  Total Liabilities
 
 
 
11,370,800
Net Assets  
 
 
$
583,383,384
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
684,581,540
Total accumulated earnings (loss)
 
 
 
(101,198,156)
Net Assets
 
 
$
583,383,384
Net Asset Value, offering price and redemption price per share ($583,383,384 ÷ 53,737,609 shares)
 
 
$
10.86
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
13,845,551
Interest  
 
 
9,887
Income from Fidelity Central Funds (including $73,628 from security lending)
 
 
1,021,046
 Income before foreign taxes withheld
 
 
$
14,876,484
Less foreign taxes withheld
 
 
(1,637,036)
 Total Income
 
 
 
13,239,448
Expenses
 
 
 
 
Management fee
$
3,577,022
 
 
Independent trustees' fees and expenses
3,183
 
 
 Total expenses before reductions
 
3,580,205
 
 
 Expense reductions
 
(116)
 
 
 Total expenses after reductions
 
 
 
3,580,089
Net Investment income (loss)
 
 
 
9,659,359
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $4,013)
 
(54,722,943)
 
 
 Foreign currency transactions
 
15,375
 
 
Total net realized gain (loss)
 
 
 
(54,707,568)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $168,451)  
 
74,737,385
 
 
 Assets and liabilities in foreign currencies
 
45,677
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
74,783,062
Net gain (loss)
 
 
 
20,075,494
Net increase (decrease) in net assets resulting from operations
 
 
$
29,734,853
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
9,659,359
$
9,318,000
Net realized gain (loss)
 
(54,707,568)
 
 
(61,862,335)
 
Change in net unrealized appreciation (depreciation)
 
74,783,062
 
(118,418,158)
 
Net increase (decrease) in net assets resulting from operations
 
29,734,853
 
 
(170,962,493)
 
Distributions to shareholders
 
(4,996,303)
 
 
(8,038,015)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
197,751,242
 
304,547,005
  Reinvestment of distributions
 
4,996,303
 
 
8,038,015
 
Cost of shares redeemed
 
(112,155,117)
 
(96,424,320)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
90,592,428
 
 
216,160,700
 
Total increase (decrease) in net assets
 
115,330,978
 
 
37,160,192
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
468,052,406
 
430,892,214
 
End of period
$
583,383,384
$
468,052,406
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
17,226,620
 
24,327,055
  Issued in reinvestment of distributions
 
448,904
 
 
555,879
 
Redeemed
 
(9,674,096)
 
(7,923,935)
Net increase (decrease)
 
8,001,428
 
16,958,999
 
 
 
 
 
 
Financial Highlights
Fidelity® International Discovery K6 Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 A
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.23
$
14.97
$
11.29
$
10.49
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.19
 
.24
 
.16
 
.12
 
.06 D
     Net realized and unrealized gain (loss)
 
.55
 
(4.70)
 
3.60
 
.77
 
.43
  Total from investment operations
 
.74  
 
(4.46)  
 
3.76  
 
.89  
 
.49
  Distributions from net investment income
 
(.11)
 
(.28)
 
(.08)
 
(.04)
 
-
  Distributions from net realized gain
 
-
 
-
 
-
 
(.05)
 
-
     Total distributions
 
(.11)
 
(.28)
 
(.08)
 
(.09)
 
-
  Net asset value, end of period
$
10.86
$
10.23
$
14.97
$
11.29
$
10.49
 Total Return E,F
 
7.19%
 
(30.35)%
 
33.43%
 
8.51%
 
4.90%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.60%
 
.60%
 
.60%
 
.60%
 
.60% I
    Expenses net of fee waivers, if any
 
.60%
 
.60%
 
.60%
 
.60%
 
.60% I
    Expenses net of all reductions
 
.60%
 
.60%
 
.60%
 
.60%
 
.60% I
    Net investment income (loss)
 
1.62%
 
1.98%
 
1.11%
 
1.16%
 
1.67% D,I
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
583,383
$
468,052
$
430,892
$
103,173
$
61,421
    Portfolio turnover rate J
 
55% K
 
50% K
 
58% K
 
42% K
 
59% K,L
 
AFor the period June 13, 2019 (commencement of operations) through October 31, 2019.
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .43%.
 
ETotal returns for periods of less than one year are not annualized.
 
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAnnualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
KPortfolio turnover rate excludes securities received or delivered in-kind.
 
LAmount not annualized.
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity International Discovery K6 Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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, 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. 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$51,062,270
Gross unrealized depreciation
(44,552,196)
Net unrealized appreciation (depreciation)
$6,510,074
Tax Cost
$579,949,796
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$10,977,096
Capital loss carryforward
$(118,325,907)
Net unrealized appreciation (depreciation) on securities and other investments
$6,479,975
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
Short-term
$(80,207,263)
Long-term
(38,118,644)
Total capital loss carryforward
$(118,325,907)
 
Due to large subscriptions in a prior period, approximately $75,073,225 of the Fund's realized capital losses are subject to limitation. Due to this limitation, the Fund will only be permitted to use approximately $11,985,573 of those capital losses per year to offset capital gains. Additionally, the Fund is subject to an annual limit on its use of some of its unrealized capital losses to offset capital gains in future periods. If those losses are realized and the limitation prevents the Fund from using any of those losses in a future period, those capital losses will be available to offset capital gains in subsequent periods.
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$4,996,303
$8,038,015
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity International Discovery K6 Fund
314,233,206
307,453,263
 
Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
 
 
Shares
Total Proceeds ($)
Fidelity International Discovery K6 Fund
8,198,739
94,487,059
 
Prior Year Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
 
 
Shares
Total Proceeds ($)
Fidelity International Discovery K6 Fund
15,540,854
197,763,447
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .60% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity International Discovery K6 Fund
$ 348
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity International Discovery K6 Fund
 9,930,939
 5,687,152
 (1,175,844)
 
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity International Discovery K6 Fund
$7,980
$-
$-
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $116.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity International Discovery K6 Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity International Discovery K6 Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2023, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and for the period from June 13, 2019 (commencement of operations) through October 31, 2019, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period from June 13, 2019 (commencement of operations) through October 31, 2019, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 13, 2023
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 322 funds. Mr. Chiel oversees 191 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).       
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Vijay C. Advani (1960)
Year of Election or Appointment: 2023
Member of the Advisory Board
Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).     
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Karen B. Peetz (1955)
Year of Election or Appointment: 2023
Member of the Advisory Board
Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).     
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).      
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).          
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® International Discovery K6 Fund
 
 
 
.60%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 916.50
 
$ 2.90
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.18
 
$ 3.06
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
Distributions (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund designates $184,519 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.
 
The fund designates 100% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.1320 and $0.0240 for the dividend paid December 12, 2022.
 
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity International Discovery K6 Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
Approval of Stub Period Continuation. At its May 2023 meeting, the Board of Trustees voted to continue the fund's management contract with FMR, and the sub-advisory agreements and sub-sub-advisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for two months from June 1, 2023 through July 31, 2023. The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board would consider the annual renewal for a full one year period in July 2023.
At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. The fund underperformed its benchmark and peers for the one- and three-year periods ended February 28, 2023, and as a result, the Board continues to engage in discussions with FMR about the steps it is taking to address the fund's performance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2022.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.  Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through July 31, 2024.
 
1.9893917.104
IGI-K6-ANN-1223
Fidelity® SAI International SMA Completion Fund
 
 
Annual Report
October 31, 2023
 
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2023 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Life of
Fund A
Fidelity® SAI International SMA Completion Fund
6.61%
2.10%
 
A   From April 11, 2019
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® SAI International SMA Completion Fund, on April 11, 2019, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.
 
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuation also helped bolster non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Co-Portfolio Managers Bill Bower and Tim Gannon:
For the fiscal year ending October 31, 2023, the fund gained 6.61%, versus 14.65% for the benchmark MSCI EAFE Index (Net MA). From a regional standpoint, picks in Europe ex U.K., primarily in France, and Japan detracted from the fund's relative result. By sector, security selection was the primary detractor, especially within industrials, where our stock selection in commercial & professional services hurt most. Stock picking in financials, primarily within the banks industry, also hurt. Also hurting our result were stock selection in health care and energy. The biggest individual relative detractor was our stake in Teleperformance (-38%). Teleperformance was not held at period end. The second-largest relative detractor was an overweight in Tis (-21%). An overweight in Sartorius Stedim Biotech (-40%) also hurt, and we trimmed the fund's stake. In contrast, from a regional standpoint, picks and an underweight in the U.K. and an underweight in Europe ex U.K., primarily in Switzerland, contributed to the fund's performance versus the benchmark. By sector, the biggest contributor to performance versus the benchmark was an underweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry. Security selection in consumer discretionary, primarily within the consumer discretionary distribution & retail industry, also boosted relative performance. Also lifting the fund's relative result was an underweight in consumer staples, primarily within the food, beverage & tobacco industry. The top individual relative contributor was our non-benchmark stake in B&M European Value Retail (+85%). B&M was among the fund's largest holdings. A second notable relative contributor was an overweight in Itochu (+41%). Itochu was the fund's top holding as of period end. A non-benchmark stake in Constellation Software gained approximately 41% and notably helped. Constellation Software was among our biggest holdings. Notable changes in positioning include decreased exposure to the communication services sector and a higher allocation to financials.
 
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
Top Holdings (% of Fund's net assets)
 
Itochu Corp.  (Japan, Trading Companies & Distributors)
5.2
 
Keyence Corp.  (Japan, Electronic Equipment, Instruments & Components)
4.9
 
Constellation Software, Inc.  (Canada, Software)
4.1
 
Investor AB (B Shares)  (Sweden, Financial Services)
4.0
 
Hannover Reuck SE  (Germany, Insurance)
3.9
 
Minebea Mitsumi, Inc.  (Japan, Machinery)
3.8
 
Sika AG  (Switzerland, Chemicals)
3.6
 
B&M European Value Retail SA  (United Kingdom, Broadline Retail)
3.4
 
Reliance Industries Ltd.  (India, Oil, Gas & Consumable Fuels)
3.1
 
Tourmaline Oil Corp.  (Canada, Oil, Gas & Consumable Fuels)
3.0
 
 
39.0
 
 
Market Sectors (% of Fund's net assets)
 
Financials
26.4
 
Information Technology
20.3
 
Industrials
17.5
 
Consumer Discretionary
8.9
 
Energy
6.1
 
Materials
4.2
 
Health Care
2.3
 
Real Estate
0.9
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 86.6%
 
 
Shares
Value ($)
 
Australia - 1.7%
 
 
 
Aristocrat Leisure Ltd.
 
359,137
8,827,626
Canada - 7.1%
 
 
 
Constellation Software, Inc.
 
10,836
21,722,869
Constellation Software, Inc. warrants 8/22/28 (a)(b)
 
10,836
1
Tourmaline Oil Corp.
 
302,879
16,015,949
TOTAL CANADA
 
 
37,738,819
China - 0.2%
 
 
 
Chervon Holdings Ltd.
 
526,600
1,297,042
France - 3.4%
 
 
 
Capgemini SA
 
51,685
9,134,228
Edenred SA
 
83,406
4,433,775
Sartorius Stedim Biotech
 
22,279
4,161,886
TOTAL FRANCE
 
 
17,729,889
Germany - 3.9%
 
 
 
Hannover Reuck SE
 
93,982
20,713,842
India - 7.7%
 
 
 
Axis Bank Ltd.
 
594,078
7,007,926
HDFC Bank Ltd.
 
897,778
15,925,922
Jio Financial Services Ltd.
 
584,671
1,551,272
Reliance Industries Ltd.
 
584,671
16,072,382
TOTAL INDIA
 
 
40,557,502
Indonesia - 3.9%
 
 
 
PT Bank Central Asia Tbk
 
18,643,987
10,271,358
PT Bank Rakyat Indonesia (Persero) Tbk
 
32,421,538
10,137,693
TOTAL INDONESIA
 
 
20,409,051
Ireland - 2.1%
 
 
 
Kingspan Group PLC (Ireland)
 
166,007
11,150,389
Italy - 1.0%
 
 
 
FinecoBank SpA
 
438,676
5,159,173
Japan - 21.7%
 
 
 
Bandai Namco Holdings, Inc.
 
370,400
7,674,139
BayCurrent Consulting, Inc.
 
143,000
3,590,266
Itochu Corp.
 
763,666
27,508,035
Keyence Corp.
 
66,324
25,675,262
Minebea Mitsumi, Inc.
 
1,267,536
19,874,081
Misumi Group, Inc.
 
117,474
1,778,399
Nomura Research Institute Ltd.
 
249,371
6,545,978
Relo Group, Inc.
 
152,001
1,506,951
Resona Holdings, Inc.
 
1,075,300
5,745,675
TechnoPro Holdings, Inc.
 
190,800
3,779,910
TIS, Inc.
 
513,891
11,004,900
TOTAL JAPAN
 
 
114,683,596
Korea (South) - 2.0%
 
 
 
Samsung Electronics Co. Ltd.
 
207,004
10,288,325
Luxembourg - 1.5%
 
 
 
Eurofins Scientific SA
 
158,493
8,021,160
Netherlands - 4.2%
 
 
 
BE Semiconductor Industries NV
 
115,700
11,911,677
IMCD NV
 
86,510
10,389,362
TOTAL NETHERLANDS
 
 
22,301,039
Spain - 2.7%
 
 
 
CaixaBank SA
 
3,543,505
14,406,265
Sweden - 6.7%
 
 
 
Indutrade AB
 
815,006
14,394,549
Investor AB (B Shares)
 
1,144,704
20,961,124
TOTAL SWEDEN
 
 
35,355,673
Switzerland - 5.1%
 
 
 
Partners Group Holding AG
 
7,370
7,752,010
Sika AG
 
80,704
19,243,333
TOTAL SWITZERLAND
 
 
26,995,343
United Kingdom - 11.1%
 
 
 
B&M European Value Retail SA
 
2,796,687
17,975,145
Beazley PLC
 
1,069,096
6,685,581
Big Yellow Group PLC
 
290,900
3,376,636
Games Workshop Group PLC
 
32,300
3,876,830
JD Sports Fashion PLC
 
4,935,057
7,647,852
London Stock Exchange Group PLC
 
4,800
484,296
Sage Group PLC
 
944,300
11,140,056
Standard Chartered PLC (United Kingdom)
 
997,700
7,639,723
TOTAL UNITED KINGDOM
 
 
58,826,119
Zambia - 0.6%
 
 
 
First Quantum Minerals Ltd.
 
294,268
3,410,050
 
TOTAL COMMON STOCKS
 (Cost $471,876,439)
 
 
 
457,870,903
 
 
 
 
Money Market Funds - 12.9%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (c)
 
 (Cost $68,161,995)
 
 
68,148,365
68,161,995
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.5%
 (Cost $540,038,434)
 
 
 
526,032,898
NET OTHER ASSETS (LIABILITIES) - 0.5%  
2,427,427
NET ASSETS - 100.0%
528,460,325
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Level 3 security
 
(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, 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
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
43,600,978
159,593,550
135,032,533
2,439,453
-
-
68,161,995
0.1%
Total
43,600,978
159,593,550
135,032,533
2,439,453
-
-
68,161,995
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Consumer Discretionary
47,298,634
29,499,827
17,798,807
-
Energy
32,088,331
16,015,949
16,072,382
-
Financials
138,875,635
73,345,228
65,530,407
-
Health Care
12,183,046
12,183,046
-
-
Industrials
92,464,991
35,934,300
56,530,691
-
Information Technology
107,423,296
44,774,602
62,648,693
1
Materials
22,653,383
22,653,383
-
-
Real Estate
4,883,587
3,376,636
1,506,951
-
  Money Market Funds
68,161,995
68,161,995
-
-
 Total Investments in Securities:
526,032,898
305,944,966
220,087,931
1
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $471,876,439)
$
457,870,903
 
 
Fidelity Central Funds (cost $68,161,995)
68,161,995
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $540,038,434)
 
 
$
526,032,898
Foreign currency held at value (cost $1,321)
 
 
1,325
Receivable for fund shares sold
 
 
1,186,354
Dividends receivable
 
 
1,027,463
Reclaims receivable
 
 
516,476
Distributions receivable from Fidelity Central Funds
 
 
282,740
Other receivables
 
 
36,424
  Total assets
 
 
529,083,680
Liabilities
 
 
 
 
Payable for fund shares redeemed
$
502,097
 
 
Deferred taxes
121,186
 
 
Other payables and accrued expenses
72
 
 
  Total Liabilities
 
 
 
623,355
Net Assets  
 
 
$
528,460,325
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
609,805,556
Total accumulated earnings (loss)
 
 
 
(81,345,231)
Net Assets
 
 
$
528,460,325
Net Asset Value, offering price and redemption price per share ($528,460,325 ÷ 52,272,670 shares)
 
 
$
10.11
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
11,134,131
Income from Fidelity Central Funds  
 
 
2,439,453
 Income before foreign taxes withheld
 
 
$
13,573,584
Less foreign taxes withheld
 
 
(1,512,446)
 Total Income
 
 
 
12,061,138
Expenses
 
 
 
 
Independent trustees' fees and expenses
$
2,831
 
 
 Total expenses before reductions
 
2,831
 
 
 Expense reductions
 
(115)
 
 
 Total expenses after reductions
 
 
 
2,716
Net Investment income (loss)
 
 
 
12,058,422
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(33,737,748)
 
 
 Foreign currency transactions
 
(102,101)
 
 
Total net realized gain (loss)
 
 
 
(33,839,849)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of decrease in deferred foreign taxes of $75,078)  
 
45,981,885
 
 
 Assets and liabilities in foreign currencies
 
58,570
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
46,040,455
Net gain (loss)
 
 
 
12,200,606
Net increase (decrease) in net assets resulting from operations
 
 
$
24,259,028
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
12,058,422
$
7,825,590
Net realized gain (loss)
 
(33,839,849)
 
 
(43,209,211)
 
Change in net unrealized appreciation (depreciation)
 
46,040,455
 
(176,966,374)
 
Net increase (decrease) in net assets resulting from operations
 
24,259,028
 
 
(212,349,995)
 
Distributions to shareholders
 
(6,168,818)
 
 
(34,086,499)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
179,578,134
 
318,466,891
  Reinvestment of distributions
 
1,847,861
 
 
10,192,289
 
Cost of shares redeemed
 
(109,762,922)
 
(227,226,081)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
71,663,073
 
 
101,433,099
 
Total increase (decrease) in net assets
 
89,753,283
 
 
(145,003,395)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
438,707,042
 
583,710,437
 
End of period
$
528,460,325
$
438,707,042
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
16,763,788
 
28,001,783
  Issued in reinvestment of distributions
 
177,850
 
 
704,861
 
Redeemed
 
(10,338,376)
 
(20,788,845)
Net increase (decrease)
 
6,603,262
 
7,917,799
 
 
 
 
 
 
Financial Highlights
Fidelity® SAI International SMA Completion Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 A
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
9.61
$
15.46
$
12.38
$
10.47
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.25
 
.18
 
.19
 
.17 D
 
.08
     Net realized and unrealized gain (loss)
 
.39
 
(5.16)
 
3.01
 
1.77
 
.39
  Total from investment operations
 
.64  
 
(4.98)  
 
3.20  
 
1.94  
 
.47
  Distributions from net investment income
 
(.14)
 
(.16)
 
(.12)
 
(.03)
 
-
  Distributions from net realized gain
 
-
 
(.71)
 
-
 
-
 
-
     Total distributions
 
(.14)
 
(.87)
 
(.12)
 
(.03)
 
-
  Net asset value, end of period
$
10.11
$
9.61
$
15.46
$
12.38
$
10.47
 Total Return E,F
 
6.61%
 
(34.09)%
 
26.03%
 
18.57%
 
4.70%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions I
 
-%
 
-%
 
-%
 
-%
 
-% J
    Expenses net of fee waivers, if any I
 
-%
 
-%
 
-%
 
-%
 
-% J
    Expenses net of all reductions I
 
-%
 
-%
 
-%
 
-%
 
-% J
    Net investment income (loss)
 
2.36%
 
1.56%
 
1.30%
 
1.45% D
 
1.41% J
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
528,460
$
438,707
$
583,710
$
318,362
$
46,836
    Portfolio turnover rate K
 
31%
 
40%
 
37%
 
17%
 
24% J
 
AFor the period April 11, 2019 (commencement of operations) through October 31, 2019.
 
BCalculated based on average shares outstanding during the period.
 
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.28%.
 
ETotal returns for periods of less than one year are not annualized.
 
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
IAmount represents less than .005%.
 
JAnnualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity SAI International SMA Completion Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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. 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
 
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$49,589,335
Gross unrealized depreciation
(66,804,680)
Net unrealized appreciation (depreciation)
$(17,215,345)
Tax Cost
$543,248,243
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$10,025,696
Capital loss carryforward
$(73,980,543)
Net unrealized appreciation (depreciation) on securities and other investments
$(17,269,199)
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
 Short-term
$(20,563,814)
 Long-term
(53,416,729)
Total capital loss carryforward
$(73,980,543)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$6,168,818
$16,945,636
Long-term Capital Gains
-
17,140,863
Total
$6,168,818
$34,086,499
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity SAI International SMA Completion Fund
178,944,419
141,032,504
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity SAI International SMA Completion Fund
 14,803,589
 7,814,173
 (1,677,073)
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $115.
8. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
9. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity SAI International SMA Completion Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity SAI International SMA Completion Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2023, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and for the period from April 11, 2019 (commencement of operations) through October 31, 2019, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period from April 11, 2019 (commencement of operations) through October 31, 2019, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 13, 2023
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 322 funds. Mr. Chiel oversees 191 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).       
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Vijay C. Advani (1960)
Year of Election or Appointment: 2023
Member of the Advisory Board
Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).     
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Karen B. Peetz (1955)
Year of Election or Appointment: 2023
Member of the Advisory Board
Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).     
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).      
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).          
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® SAI International SMA Completion Fund
 
 
 
-%-D
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 919.90
 
$-E
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,025.21
 
$-E
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
D   Amount represents less than .005%.
 
E   Amount represents less than $.005.
 
 
 
 
 
 
Distributions (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund designates $579,618 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.
 
The fund designates 91.69% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.1667 and $0.0277 for the dividend paid December 12, 2022.
 
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity SAI International SMA Completion Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
Approval of Stub Period Continuation. At its May 2023 meeting, the Board of Trustees voted to continue the fund's management contract with FMR, and the sub-advisory agreements and sub-sub-advisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for two months from June 1, 2023 through July 31, 2023. The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board would consider the annual renewal for a full one year period in July 2023.
At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, and considered the fund's underperformance for different time periods ended February 28, 2023. The Board did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts, as the fund is not publicly offered as a stand-alone investment product.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered that the fund does not pay FMR a management fee for investment advisory services. The Board also considered that the fund is available through fee-based programs and products offered by Fidelity and that FMR is compensated for its services out of such fees. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund with limited exceptions.
Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with limited exceptions.
Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contract.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through July 31, 2024.
 
1.9893098.104
ISM-ANN-1223
Fidelity® International Capital Appreciation K6 Fund
 
 
Annual Report
October 31, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
 
 
You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
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. © 2023 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2023
 
Past 1
year
Past 5
years
Life of
Fund A
Fidelity® International Capital Appreciation K6 Fund
16.02%
7.51%
6.11%
 
A   From May 25, 2017
 $10,000 Over Life of Fund
 
Let's say hypothetically that $10,000 was invested in Fidelity® International Capital Appreciation K6 Fund, on May 25, 2017, when the fund started.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA Index performed over the same period.
 
Market Recap:
International (non-U.S.) equities gained 12.27% for the 12 months ending October 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as global economic expansion and a slowing in the pace of inflation in some markets provided a favorable backdrop for risk assets. After returning -15.86% in 2022, the index's upturn has been largely driven by a narrow set of companies in the information technology and communication services sectors, in part due to excitement for generative artificial intelligence applications. The index gained 14.07% year to date through July, including strong gains in both June (+4.50%) and July (+4.07%). The rally for international equities sputtered for the next three months (-11.33%) amid a stalling pattern in disinflationary trends, heightened global recession and geopolitical risks, soaring yields on longer-term U.S. government bonds and particularly weak economic conditions in the eurozone and China. The three-month decline left non-U.S. stocks up 1.15% year to date through October. Currency fluctuation also helped bolster non-U.S. equity performance overall. For the full 12 months, nearly all regions advanced, with Europe ex U.K. (+18%) and Japan (+17%) leading, whereas Canada (-0.38%) lagged by the widest margin. Each of the 11 sectors advanced, with information technology (+21%) and consumer discretionary (+19%) leading the way. Energy and industrials each rose about 14%. Conversely, four defensive-oriented sectors lagged by the widest margin: real estate (+4%), health care (+6%), consumer staples (+7%) and utilities (+8%).
Comments from Portfolio Manager Sammy Simnegar:
For the fiscal year ending October 31, 2023, the fund gained 16.02%, versus 12.27% for the benchmark MSCI All Country World ex US Index (Net MA). From a regional standpoint, stock picks and an overweight in Europe ex-U.K., along with an underweight in emerging markets and security selection in Canada, meaningfully aided the fund's performance versus the benchmark. By sector, investment choices in consumer discretionary contributed most on a relative basis. Picks among health care stocks also boosted relative performance. The top individual relative contributor was an overweight stake in ASM International (+85%), followed by outsized exposure to Novo-Nordisk (+78%), one of our biggest holdings this period. A larger-than-benchmark position in Ferrari (+55%) was another plus. In contrast, on a regional basis, stock selection and a notable underweight in Japan, in addition to subpar picks and an overweight in the U.K., detracted from the fund's relative result. By sector, picks among industrials and financials stocks meaningfully detracted this period. The fund's stake in Brookfield returned approximately -28% and was the largest individual relative detractor. A non-benchmark stake in SolarEdge Technologies (-19%) pressured relative performance as well. Untimely ownership of Siemens (-20%) also detracted. Neither SolarEdge Technologies nor Siemens was held by the fund at period end. Notable changes in positioning include increased exposure to equity markets in India and a lower allocation to Switzerland. By sector, meaningful changes in positioning include increased exposure to financials and materials.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
3.1
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
2.9
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
2.6
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
2.5
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
2.3
 
L'Oreal SA  (France, Personal Care Products)
2.0
 
RELX PLC (London Stock Exchange)  (United Kingdom, Professional Services)
1.9
 
Dassault Systemes SA  (France, Software)
1.8
 
Keyence Corp.  (Japan, Electronic Equipment, Instruments & Components)
1.8
 
Air Liquide SA  (France, Chemicals)
1.8
 
 
22.7
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
22.7
 
Industrials
22.0
 
Financials
18.1
 
Consumer Discretionary
14.1
 
Health Care
8.1
 
Materials
7.8
 
Consumer Staples
5.3
 
 
Asset Allocation (% of Fund's net assets)
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 98.1%
 
 
Shares
Value ($)
 
Brazil - 1.5%
 
 
 
MercadoLibre, Inc. (a)
 
12,805
15,887,676
Canada - 10.7%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
358,279
19,503,502
Brookfield Asset Management Ltd. Class A
 
486,600
13,950,822
Canadian National Railway Co.
 
154,886
16,388,262
Canadian Pacific Kansas City Ltd.
 
246,437
17,497,160
CGI, Inc. Class A (sub. vtg.) (a)
 
147,090
14,200,403
Constellation Software, Inc.
 
9,566
19,176,907
Constellation Software, Inc. warrants 8/22/28 (a)(b)
 
9,222
1
Thomson Reuters Corp. (c)
 
137,623
16,484,988
TOTAL CANADA
 
 
117,202,045
China - 1.6%
 
 
 
PDD Holdings, Inc. ADR (a)
 
175,433
17,792,415
Denmark - 4.5%
 
 
 
DSV A/S
 
115,542
17,231,995
Novo Nordisk A/S Series B
 
335,865
32,402,991
TOTAL DENMARK
 
 
49,634,986
France - 13.0%
 
 
 
Air Liquide SA
 
114,682
19,651,019
Capgemini SA
 
98,383
17,387,109
Dassault Systemes SA
 
487,225
20,070,440
Hermes International SCA
 
10,104
18,811,958
L'Oreal SA
 
51,319
21,570,952
LVMH Moet Hennessy Louis Vuitton SE
 
37,389
26,767,928
Safran SA
 
111,164
17,365,990
TOTAL FRANCE
 
 
141,625,396
Germany - 2.3%
 
 
 
Infineon Technologies AG
 
554,822
16,206,473
SAP SE
 
67,587
9,065,602
TOTAL GERMANY
 
 
25,272,075
India - 9.6%
 
 
 
Axis Bank Ltd.
 
1,240,721
14,635,926
HCL Technologies Ltd.
 
1,223,770
18,765,131
HDFC Bank Ltd.
 
1,057,204
18,754,022
ICICI Bank Ltd.
 
1,721,605
18,935,130
ITC Ltd.
 
3,093,849
15,920,980
Larsen & Toubro Ltd.
 
504,546
17,750,153
TOTAL INDIA
 
 
104,761,342
Indonesia - 1.5%
 
 
 
PT Bank Central Asia Tbk
 
30,441,582
16,770,896
Ireland - 1.5%
 
 
 
Kingspan Group PLC (Ireland)
 
243,292
16,341,483
Italy - 1.7%
 
 
 
Ferrari NV (Italy)
 
60,343
18,228,869
Japan - 6.4%
 
 
 
Hoya Corp.
 
129,352
12,452,539
Keyence Corp.
 
51,411
19,902,160
Shin-Etsu Chemical Co. Ltd.
 
587,136
17,557,350
Tokyo Electron Ltd.
 
146,891
19,409,838
TOTAL JAPAN
 
 
69,321,887
Netherlands - 6.0%
 
 
 
ASM International NV (Netherlands)
 
42,580
17,503,439
ASML Holding NV (Netherlands)
 
48,310
29,040,127
Wolters Kluwer NV
 
150,020
19,222,949
TOTAL NETHERLANDS
 
 
65,766,515
Sweden - 1.6%
 
 
 
Atlas Copco AB (A Shares)
 
1,327,267
17,186,809
Switzerland - 5.0%
 
 
 
Compagnie Financiere Richemont SA Series A
 
160,770
18,966,924
Sika AG
 
68,758
16,394,888
UBS Group AG
 
812,383
18,950,989
TOTAL SWITZERLAND
 
 
54,312,801
Taiwan - 3.1%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
2,102,866
34,318,645
United Kingdom - 10.1%
 
 
 
Ashtead Group PLC
 
272,035
15,553,538
AstraZeneca PLC (United Kingdom)
 
198,122
24,805,618
BAE Systems PLC
 
943,148
12,681,928
Compass Group PLC
 
777,411
19,599,609
London Stock Exchange Group PLC
 
166,324
16,781,276
RELX PLC (London Stock Exchange)
 
602,679
21,050,201
TOTAL UNITED KINGDOM
 
 
110,472,170
United States of America - 18.0%
 
 
 
Aon PLC
 
5,132
1,587,841
AutoZone, Inc. (a)
 
6,354
15,739,684
Linde PLC
 
47,593
18,188,141
Marsh & McLennan Companies, Inc.
 
84,950
16,110,768
Martin Marietta Materials, Inc.
 
33,057
13,518,330
MasterCard, Inc. Class A
 
38,700
14,564,745
Moody's Corp.
 
53,557
16,495,556
NVIDIA Corp.
 
37,020
15,096,756
S&P Global, Inc.
 
44,929
15,694,149
Schneider Electric SA
 
125,490
19,307,549
UnitedHealth Group, Inc.
 
35,241
18,873,670
Visa, Inc. Class A
 
65,660
15,436,666
Waste Connections, Inc. (Canada)
 
121,134
15,684,746
TOTAL UNITED STATES OF AMERICA
 
 
196,298,601
 
TOTAL COMMON STOCKS
 (Cost $928,714,781)
 
 
 
1,071,194,611
 
 
 
 
Money Market Funds - 1.6%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (d)
 
17,208,109
17,211,551
Fidelity Securities Lending Cash Central Fund 5.40% (d)(e)
 
505,749
505,800
 
TOTAL MONEY MARKET FUNDS
 (Cost $17,717,351)
 
 
17,717,351
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.7%
 (Cost $946,432,132)
 
 
 
1,088,911,962
NET OTHER ASSETS (LIABILITIES) - 0.3%  
3,430,336
NET ASSETS - 100.0%
1,092,342,298
 
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Level 3 security
 
(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, 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.
 
(e)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.40%
9,866,092
465,925,713
458,580,254
735,025
-
-
17,211,551
0.0%
Fidelity Securities Lending Cash Central Fund 5.40%
13,243,268
179,237,812
191,975,280
13,532
-
-
505,800
0.0%
Total
23,109,360
645,163,525
650,555,534
748,557
-
-
17,717,351
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2023, 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. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Consumer Discretionary
151,795,063
86,460,602
65,334,461
-
Consumer Staples
56,995,434
19,503,502
37,491,932
-
Financials
198,668,786
112,791,536
85,877,250
-
Health Care
88,534,818
18,873,670
69,661,148
-
Industrials
239,747,751
134,405,121
105,342,630
-
Information Technology
250,143,031
65,977,505
184,165,525
1
Materials
85,309,728
48,101,359
37,208,369
-
  Money Market Funds
17,717,351
17,717,351
-
-
 Total Investments in Securities:
1,088,911,962
503,830,646
585,081,315
1
Statement of Assets and Liabilities
 
 
 
October 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $478,617) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $928,714,781)
$
1,071,194,611
 
 
Fidelity Central Funds (cost $17,717,351)
17,717,351
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $946,432,132)
 
 
$
1,088,911,962
Foreign currency held at value (cost $343,010)
 
 
342,917
Receivable for investments sold
 
 
7,533,130
Receivable for fund shares sold
 
 
904,117
Dividends receivable
 
 
475,280
Reclaims receivable
 
 
1,028,274
Interest receivable
 
 
3,239
Distributions receivable from Fidelity Central Funds
 
 
116,245
Other receivables
 
 
164,568
  Total assets
 
 
1,099,479,732
Liabilities
 
 
 
 
Payable for investments purchased
$
3,943,368
 
 
Payable for fund shares redeemed
476,469
 
 
Accrued management fee
584,300
 
 
Deferred taxes
1,625,928
 
 
Other payables and accrued expenses
1,569
 
 
Collateral on securities loaned
505,800
 
 
  Total Liabilities
 
 
 
7,137,434
Net Assets  
 
 
$
1,092,342,298
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,011,708,466
Total accumulated earnings (loss)
 
 
 
80,633,832
Net Assets
 
 
$
1,092,342,298
Net Asset Value, offering price and redemption price per share ($1,092,342,298 ÷ 83,717,907 shares)
 
 
$
13.05
 
Statement of Operations
 
 
 
Year ended
October 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
13,150,058
Interest  
 
 
4,022
Income from Fidelity Central Funds (including $13,532 from security lending)
 
 
748,557
 Income before foreign taxes withheld
 
 
$
13,902,637
Less foreign taxes withheld
 
 
(1,613,501)
 Total Income
 
 
 
12,289,136
Expenses
 
 
 
 
Management fee
$
6,450,454
 
 
Independent trustees' fees and expenses
5,300
 
 
Interest
22,775
 
 
 Total expenses before reductions
 
6,478,529
 
 
 Expense reductions
 
(256)
 
 
 Total expenses after reductions
 
 
 
6,478,273
Net Investment income (loss)
 
 
 
5,810,863
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $144,611)
 
7,974,414
 
 
 Foreign currency transactions
 
(45,350)
 
 
Total net realized gain (loss)
 
 
 
7,929,064
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers(net of increase in deferred foreign taxes of $1,421,907)  
 
104,099,849
 
 
 Assets and liabilities in foreign currencies
 
72,953
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
104,172,802
Net gain (loss)
 
 
 
112,101,866
Net increase (decrease) in net assets resulting from operations
 
 
$
117,912,729
Statement of Changes in Net Assets
 
 
Year ended
October 31, 2023
 
Year ended
October 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
5,810,863
$
3,648,889
Net realized gain (loss)
 
7,929,064
 
 
(72,374,973)
 
Change in net unrealized appreciation (depreciation)
 
104,172,802
 
(233,838,244)
 
Net increase (decrease) in net assets resulting from operations
 
117,912,729
 
 
(302,564,328)
 
Distributions to shareholders
 
(3,323,601)
 
 
(75,709,685)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
427,602,334
 
376,598,093
  Reinvestment of distributions
 
3,323,601
 
 
75,709,685
 
Cost of shares redeemed
 
(216,290,497)
 
(234,149,001)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
214,635,438
 
 
218,158,777
 
Total increase (decrease) in net assets
 
329,224,566
 
 
(160,115,236)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
763,117,732
 
923,232,968
 
End of period
$
1,092,342,298
$
763,117,732
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
31,934,138
 
28,863,775
  Issued in reinvestment of distributions
 
258,445
 
 
4,794,787
 
Redeemed
 
(16,055,471)
 
(17,893,097)
Net increase (decrease)
 
16,137,112
 
15,765,465
 
 
 
 
 
 
Financial Highlights
Fidelity® International Capital Appreciation K6 Fund
 
Years ended October 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.29
$
17.82
$
13.99
$
12.40
$
10.17
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.08
 
.06
 
.05
 
.08
 
.13 C
     Net realized and unrealized gain (loss)
 
1.73
 
(5.14)
 
3.85
 
1.62
 
2.18
  Total from investment operations
 
1.81  
 
(5.08)  
 
3.90  
 
1.70  
 
2.31
  Distributions from net investment income
 
(.05)
 
(.04)
 
(.07)
 
(.11)
 
(.08)
  Distributions from net realized gain
 
-
 
(1.41)
 
-
 
-
 
-
     Total distributions
 
(.05)
 
(1.45)
 
(.07)
 
(.11)
 
(.08)
  Net asset value, end of period
$
13.05
$
11.29
$
17.82
$
13.99
$
12.40
 Total Return D
 
16.02%
 
(30.83)%
 
27.93%
 
13.82%
 
22.90%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.65%
 
.65%
 
.65%
 
.65%
 
.65%
    Expenses net of fee waivers, if any
 
.65%
 
.65%
 
.65%
 
.65%
 
.65%
    Expenses net of all reductions
 
.65%
 
.65%
 
.65%
 
.61%
 
.63%
    Net investment income (loss)
 
.59%
 
.44%
 
.29%
 
.62%
 
1.16% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,092,342
$
763,118
$
923,233
$
760,960
$
524,353
    Portfolio turnover rate G
 
78%
 
119% H
 
149%
 
138%
 
144% H
 
ACalculated based on average shares outstanding during the period.
 
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .75%.
 
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
HPortfolio turnover rate excludes securities received or delivered in-kind.
 
For the period ended October 31, 2023
 
1. Organization.
Fidelity International Capital Appreciation K6 Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted 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)
 
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 service 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. 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2023 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, capital loss carryforwards, and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$165,992,610
Gross unrealized depreciation
(27,626,239)
Net unrealized appreciation (depreciation)
$138,366,371
Tax Cost
$950,545,591
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$5,496,384
Capital loss carryforward
$(61,559,404)
Net unrealized appreciation (depreciation) on securities and other investments
$138,322,151
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
 
Short-term
$(61,559,404)
Total capital loss carryforward
$(61,559,404)
 
The tax character of distributions paid was as follows:
 
 
October 31, 2023
October 31, 2022
Ordinary Income
$3,323,601
$25,306,280
Long-term Capital Gains
-
50,403,405
Total
$3,323,601
$75,709,685
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity International Capital Appreciation K6 Fund
967,894,267
763,368,771
 
Prior Year Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
 
 
Shares
Total Proceeds ($)
Fidelity International Capital Appreciation K6 Fund
6,790,346
84,381,011
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .65% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity International Capital Appreciation K6 Fund
$987
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity International Capital Appreciation K6 Fund 
 Borrower
$7,746,636
4.81%
$22,775
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity International Capital Appreciation K6 Fund
 77,884,580
 31,369,621
 (578,135)
 
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
 
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity International Capital Appreciation K6 Fund
$1,447
$-
$-
 
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $256.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
To the Board of Trustees of Fidelity Investment Trust and the Shareholders of Fidelity International Capital Appreciation K6 Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity International Capital Appreciation K6 Fund (the "Fund"), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2023, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 13, 2023
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 322 funds. Mr. Chiel oversees 191 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is General Counsel (2012-present) and Head of Legal, Risk and Compliance (2022-present). Mr Chiel serves as Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present) and Director and President for OH Company LLC (holding company, 2018-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Bettina Doulton (1964)
Year of Election or Appointment: 2021
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).       
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2020
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupation
Vijay C. Advani (1960)
Year of Election or Appointment: 2023
Member of the Advisory Board
Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).     
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Karen B. Peetz (1955)
Year of Election or Appointment: 2023
Member of the Advisory Board
Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).     
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.        
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).      
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.        
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018). 
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).          
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.          
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).          
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value May 1, 2023
 
Ending Account Value October 31, 2023
 
Expenses Paid During Period- C May 1, 2023 to October 31, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® International Capital Appreciation K6 Fund
 
 
 
.65%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 949.80
 
$ 3.19
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.93
 
$ 3.31
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
 
Distributions (Unaudited)
 
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund designates 14% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
 
The fund designates 99.52% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.0662 and $0.0182 for the dividend paid December 5, 2022.
 
The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity International Capital Appreciation K6 Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
Approval of Stub Period Continuation. At its May 2023 meeting, the Board of Trustees voted to continue the fund's management contract with FMR, and the sub-advisory agreements and sub-sub-advisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for two months from June 1, 2023 through July 31, 2023. The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board would consider the annual renewal for a full one year period in July 2023.
At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2022.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through July 31, 2024.
 
1.9883991.106
IVFK6-ANN-1223

Item 2.

Code of Ethics


As of the end of the period, October 31, 2023, Fidelity Investment Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer.  A copy of the code of ethics is filed as an exhibit to this Form N-CSR.


Item 3.

Audit Committee Financial Expert


The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR.  Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.  



Item 4.  

Principal Accountant Fees and Services


Fees and Services


The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, Deloitte Entities) in each of the last two fiscal years for services rendered to Fidelity Diversified International Fund, Fidelity Diversified International K6 Fund, Fidelity Global Equity Income Fund, Fidelity International Capital Appreciation Fund, Fidelity International Capital Appreciation K6 Fund, Fidelity International Discovery K6 Fund, Fidelity International Small Cap Fund, Fidelity International Small Cap Opportunities Fund, Fidelity International Value Fund, Fidelity SAI International SMA Completion Fund, Fidelity SAI Sustainable Emerging Markets Equity Fund, Fidelity SAI Sustainable International Equity Fund, Fidelity Series Emerging Markets Fund, Fidelity Series Emerging Markets Opportunities Fund, Fidelity Series International Small Cap Fund, Fidelity Series International Value Fund, Fidelity Series Overseas Fund, Fidelity Series Select International Small Cap Fund, Fidelity Series Sustainable Emerging Markets Fund, Fidelity Series Sustainable Non-U.S. Developed Markets Fund, Fidelity Sustainable International Equity Fund, Fidelity Total International Equity Fund and Fidelity Worldwide Fund (the Fund(s)):


Services Billed by Deloitte Entities


October 31, 2023 FeesA,C


Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees


Fidelity Diversified International Fund

$53,600

$-

$12,300

$1,400

Fidelity Diversified International K6 Fund

$50,700

$-

$12,500

$1,300

Fidelity Global Equity Income Fund

$44,500

$-

$10,000

$1,200

Fidelity International Capital Appreciation Fund

$49,800

$-

$12,000

$1,300

Fidelity International Capital Appreciation K6 Fund

$49,300

$-

$11,900

$1,300

Fidelity International Discovery K6 Fund

$46,200

$-

$12,300

$1,200

Fidelity International Small Cap Fund

$56,000

$-

$12,000

$1,500

Fidelity International Small Cap Opportunities Fund

$49,900

$-

$9,700

$1,300

Fidelity International Value Fund

$48,600

$-

$9,400

$1,200

Fidelity SAI International SMA Completion Fund

$46,300

$-

$12,200

$1,300

Fidelity SAI Sustainable Emerging Markets Equity Fund

$39,500

$-

$10,600

$1,000

Fidelity SAI Sustainable International Equity Fund

$33,800

$-

$10,000

$900

Fidelity Series Emerging Markets Fund

$42,900

$-

$12,300

$1,200

Fidelity Series Emerging Markets Opportunities Fund

$43,200

$-

$12,300

$1,200

Fidelity Series International Small Cap Fund

$41,500

$-

$9,400

$1,100

Fidelity Series International Value Fund

$43,100

$-

$9,400

$1,100

Fidelity Series Overseas Fund

$44,500

$-

$10,000

$1,200

Fidelity Series Select International Small Cap Fund

$36,100

$-

$9,600

$900

Fidelity Series Sustainable Emerging Markets Fund

$35,200

$-

$10,100

$400

Fidelity Series Sustainable Non-U.S. Developed Markets Fund

$35,300

$-

$10,100

$400

Fidelity Sustainable International Equity Fund

$47,400

$-

$12,300

$1,200

Fidelity Total International Equity Fund

$52,300

$-

$11,800

$1,400

Fidelity Worldwide Fund

$49,700

$-

$9,700

$1,300



October 31, 2022 FeesA,B,C


Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Diversified International Fund

$71,100

$-

$11,400

$1,300

Fidelity Diversified International K6 Fund

$65,200

$-

$11,400

$1,200

Fidelity Global Equity Income Fund

$44,100

$-

$9,300

$1,100

Fidelity International Capital Appreciation Fund

$49,100

$-

$11,200

$1,200

Fidelity International Capital Appreciation K6 Fund

$49,400

$-

$11,100

$1,200

Fidelity International Discovery K6 Fund

$59,200

$-

$11,200

$1,100

Fidelity International Small Cap Fund

$55,500

$-

$11,200

$1,300

Fidelity International Small Cap Opportunities Fund

$50,100

$-

$8,800

$1,200

Fidelity International Value Fund

$51,200

$-

$8,800

$1,100

Fidelity SAI International SMA Completion Fund

$45,700

$-

$11,400

$1,200

Fidelity SAI Sustainable Emerging Markets Equity Fund

$33,700

$-

$9,000

$500

Fidelity SAI Sustainable International Equity Fund

$28,600

$-

$9,000

$400

Fidelity Series Emerging Markets Fund

$44,300

$-

$11,200

$1,100

Fidelity Series Emerging Markets Opportunities Fund

$42,900

$-

$11,200

$1,100

Fidelity Series International Small Cap Fund

$41,800

$-

$8,800

$1,000

Fidelity Series International Value Fund

$41,800

$-

$8,800

$1,000

Fidelity Series Overseas Fund

$44,100

$-

$9,300

$1,100

Fidelity Series Select International Small Cap Fund

$-

$-

$-

$-

Fidelity Series Sustainable Emerging Markets Fund

$-

$-

$-

$-

Fidelity Series Sustainable Non-U.S. Developed Markets Fund

$-

$-

$-

$-

Fidelity Sustainable International Equity Fund

$39,300

$-

$11,200

$700

Fidelity Total International Equity Fund

$52,400

$-

$10,700

$1,300

Fidelity Worldwide Fund

$49,700

$-

$8,800

$1,200



A Amounts may reflect rounding
B Fidelity Sustainable International Equity Fund commenced operations on February 10, 2022.  Fidelity SAI Sustainable Emerging Markets Equity Fund and Fidelity SAI Sustainable International Equity Fund commenced operations on April 14, 2022.

C Fidelity Series Select International Small Cap Fund commenced operations on November 4, 2022. Fidelity Series Sustainable Emerging Markets Fund and Fidelity Series Sustainable Non-U.S. Developed Markets Fund commenced operations on May 11, 2023.


The following table presents fees billed by PricewaterhouseCoopers LLP (PwC) in each of the last two fiscal years for services rendered to Fidelity Canada Fund, Fidelity China Region Fund, Fidelity Emerging Asia Fund, Emerging Markets Discovery Fund, Fidelity Emerging Markets Fund, Fidelity Enduring Opportunities Fund, Fidelity Europe Fund, Fidelity Global Commodity Stock Fund, Fidelity Infrastructure Fund, Fidelity International Discovery Fund, Fidelity International Growth Fund, Fidelity Japan Fund, Fidelity Japan Smaller Companies Fund, Fidelity Latin America Fund, Fidelity Nordic Fund, Fidelity Overseas Fund, Fidelity Pacific Basin Fund, Fidelity Series Canada Fund, Fidelity Series International Growth Fund, Fidelity Sustainable Emerging Markets Equity Fund, and Fidelity Total Emerging Markets Fund (the Fund(s)):




Services Billed by PwC


October 31, 2023 FeesA


Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Canada Fund

$51,400

$4,700

$11,500

$1,600

Fidelity China Region Fund

$63,300

$5,600

$11,500

$1,900

Fidelity Emerging Asia Fund

$55,400

$5,000

$11,500

$1,700

Fidelity Emerging Markets Discovery Fund

$51,700

$4,700

$11,500

$1,600

Fidelity Emerging Markets Fund

$54,700

$5,200

$12,700

$1,700

Fidelity Enduring Opportunities Fund

$29,700

$2,700

$6,800

$900

Fidelity Europe Fund

$58,900

$5,300

$19,900

$1,800

Fidelity Global Commodity Stock Fund

$37,300

$3,300

$6,500

$1,100

Fidelity Infrastructure Fund

$38,300

$3,500

$8,500

$1,200

Fidelity International Discovery Fund

$87,400

$5,900

$51,500

$2,000

Fidelity International Growth Fund

$50,300

$4,600

$16,200

$1,600

Fidelity Japan Fund

$54,200

$5,000

$11,500

$1,700

Fidelity Japan Smaller Companies Fund

$45,400

$4,300

$11,500

$1,400

Fidelity Latin America Fund

$56,500

$5,100

$11,500

$1,700

Fidelity Nordic Fund

$44,800

$4,200

$28,500

$1,400

Fidelity Overseas Fund

$57,600

$5,300

$23,700

$1,800

Fidelity Pacific Basin Fund

$55,100

$5,200

$14,300

$1,700

Fidelity Series Canada Fund

$51,400

$4,400

$17,100

$1,500

Fidelity Series International Growth Fund

$47,100

$3,900

$47,400

$1,300

Fidelity Sustainable Emerging Markets Equity Fund

$50,500

$4,600

$14,400

$1,600

Fidelity Total Emerging Markets Fund

$62,700

$5,400

$10,600

$1,800



October 31, 2022 FeesA,B


Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Canada Fund

$48,900

$4,500

$10,900

$1,500

Fidelity China Region Fund

$60,300

$5,400

$10,900

$1,800

Fidelity Emerging Asia Fund

$52,800

$4,800

$11,800

$1,600

Fidelity Emerging Markets Discovery Fund

$46,300

$4,300

$10,900

$1,500

Fidelity Emerging Markets Fund

$77,300

$5,800

$13,300

$2,000

Fidelity Enduring Opportunities Fund

$28,400

$2,600

$6,500

$900

Fidelity Europe Fund

$58,400

$5,100

$12,300

$1,700

Fidelity Global Commodity Stock Fund

$35,500

$3,100

$6,000

$1,100

Fidelity Infrastructure Fund

$36,700

$3,300

$7,600

$1,100

Fidelity International Discovery Fund

$102,300

$5,600

$39,100

$1,900

Fidelity International Growth Fund

$50,800

$4,400

$11,400

$1,500

Fidelity Japan Fund

$51,800

$4,800

$10,900

$1,600

Fidelity Japan Smaller Companies Fund

$43,300

$4,100

$10,900

$1,400

Fidelity Latin America Fund

$54,000

$4,900

$10,900

$1,700

Fidelity Nordic Fund

$42,700

$4,000

$12,300

$1,400

Fidelity Overseas Fund

$77,600

$5,100

$15,400

$1,700

Fidelity Pacific Basin Fund

$52,500

$4,900

$12,700

$1,700

Fidelity Series Canada Fund

$43,400

$4,100

$11,000

$1,400

Fidelity Series International Growth Fund

$52,600

$3,700

$13,200

$1,300

Fidelity Sustainable Emerging Markets Equity Fund

$40,600

$2,900

$11,300

$1,000

Fidelity Total Emerging Markets Fund

$53,200

$4,800

$10,100

$1,600



A Amounts may reflect rounding.
B Fidelity Sustainable Emerging Markets Equity Fund commenced operations on February 10, 2022


The following table(s) present(s) fees billed by Deloitte Entities and PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose



role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (Fund Service Providers):



Services Billed by Deloitte Entities




October 31, 2023A,C

October 31, 2022A,B,C

Audit-Related Fees

$-

$-

Tax Fees

$-

$-

All Other Fees

$-

$-


A Amounts may reflect rounding.
B May include amounts billed prior to the Fidelity SAI Sustainable Emerging Markets Equity Fund, Fidelity SAI Sustainable International Equity Fund and Fidelity Sustainable International Equity Funds commencement of operations.

C Fidelity Series Select International Small Cap Fund, Fidelity Series Sustainable Emerging Markets Fund and Fidelity Series Sustainable Non-U.S. Developed Markets Funds commencement of operations.



Services Billed by PwC




October 31, 2023A

October 31, 2022A,B

Audit-Related Fees

$8,284,200

$7,914,600

Tax Fees

$1,000

$1,000

All Other Fees

 $-

 $-


A Amounts may reflect rounding
B May include amounts billed prior to the Fidelity Sustainable Emerging Markets Equity Funds commencement of operations.


Audit-Related Fees represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.


Tax Fees represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.


All Other Fees represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.  




Assurance services must be performed by an independent public accountant.


* * *


The aggregate non-audit fees billed by Deloitte Entities and PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:



Billed By

October 31, 2023A,C

October 31, 2022A,B,C

Deloitte Entities

$520,800

$682,700

PwC

$14,077,300

$13,266,000


A Amounts may reflect rounding.
B May include amounts billed prior to the Fidelity SAI Sustainable Emerging Markets Equity Fund, Fidelity SAI Sustainable International Equity Fund, Fidelity Sustainable Emerging Markets Equity Fund and Fidelity Sustainable International Equity Funds commencement of operations.

C Fidelity Series Select International Small Cap Fund, Fidelity Series Sustainable Emerging Markets Fund and Fidelity Series Sustainable Non-U.S. Developed Markets Funds commencement of operations.




The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities and PwC in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities and PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMRs review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.


Audit Committee Pre-Approval Policies and Procedures

 

The trusts Audit Committee must pre-approve all audit and non-audit services provided by a funds independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.


The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committees consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit



service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (Covered Service) are subject to approval by the Audit Committee before such service is provided.


All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chairs absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.


Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.


Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (De Minimis Exception)


There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Funds(s) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the PCAOB) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a foreign issuer, as defined in 17 CFR 240.3b-4.


Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable.


Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies


Not applicable.


Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


There were no material changes to the procedures by which shareholders may recommend nominees to the trusts Board of Trustees.


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the trusts 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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the trusts internal control over financial reporting.


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.



Item 18.  

Recovery of Erroneously Awarded Compensation


(a)

Not applicable.


(b)

Not applicable.


Item 19.

Exhibits


(a)

(1)

Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

(a)

(2)

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.

(a)

(3)

Not applicable.

(b)


Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.




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:

December 21, 2023


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:

December 21, 2023



By:

/s/John J. Burke III


John J. Burke III


Chief Financial Officer



Date:

December 21, 2023