N-CSRS 1 filing7594.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, MA 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:

April 30, 2024



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
 
 
Semi-Annual Report
April 30, 2024
Includes Fidelity and Fidelity Advisor share classes

Contents

Fidelity® Canada Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® China Region Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Emerging Asia Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Emerging Markets Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Europe Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Japan Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Japan Smaller Companies Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Latin America Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Nordic Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Pacific Basin Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

Liquidity Risk Management Program

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. © 2024 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)
 
Royal Bank of Canada  (Banks)
7.4
 
The Toronto-Dominion Bank  (Banks)
6.4
 
Canadian Pacific Kansas City Ltd.  (Ground Transportation)
6.3
 
Canadian Natural Resources Ltd.  (Oil, Gas & Consumable Fuels)
5.7
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)  (Consumer Staples Distribution & Retail)
5.3
 
Constellation Software, Inc.  (Software)
5.2
 
PrairieSky Royalty Ltd.  (Oil, Gas & Consumable Fuels)
3.9
 
Suncor Energy, Inc.  (Oil, Gas & Consumable Fuels)
3.8
 
Franco-Nevada Corp.  (Metals & Mining)
3.4
 
Shopify, Inc. Class A (IT Services)
3.1
 
 
50.5
 
 
Market Sectors (% of Fund's net assets)
 
Financials
26.1
 
Energy
18.4
 
Industrials
14.1
 
Materials
11.2
 
Information Technology
9.9
 
Consumer Staples
8.7
 
Consumer Discretionary
6.9
 
Communication Services
3.1
 
Health Care
0.8
 
 
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 April 30, 2024, 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
Common Stocks - 98.9%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 2.9%
 
 
 
Diversified Telecommunication Services - 1.8%
 
 
 
Quebecor, Inc.:
 
 
 
 Class A
 
345,300
7,048,219
 Class B (sub. vtg.)
 
170,500
3,528,526
TELUS Corp.
 
339,500
5,452,617
 
 
 
16,029,362
Wireless Telecommunication Services - 1.1%
 
 
 
Rogers Communications, Inc. Class B (non-vtg.)
 
274,000
10,264,178
TOTAL COMMUNICATION SERVICES
 
 
26,293,540
CONSUMER DISCRETIONARY - 6.9%
 
 
 
Broadline Retail - 3.1%
 
 
 
Dollarama, Inc.
 
337,000
28,112,505
Hotels, Restaurants & Leisure - 2.3%
 
 
 
Restaurant Brands International, Inc.
 
272,500
20,673,301
Specialty Retail - 0.9%
 
 
 
Aritzia, Inc. (a)
 
156,100
4,041,262
Diversified Royalty Corp. (b)
 
1,909,400
3,869,703
 
 
 
7,910,965
Textiles, Apparel & Luxury Goods - 0.6%
 
 
 
Canada Goose Holdings, Inc. (a)(b)
 
126,476
1,427,696
Gildan Activewear, Inc.
 
125,307
4,343,624
 
 
 
5,771,320
TOTAL CONSUMER DISCRETIONARY
 
 
62,468,091
CONSUMER STAPLES - 8.7%
 
 
 
Beverages - 0.1%
 
 
 
GURU Organic Energy Corp. (a)(b)
 
322,600
595,216
Consumer Staples Distribution & Retail - 8.2%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
867,700
48,091,752
Metro, Inc.
 
365,595
18,701,340
North West Co., Inc. (b)
 
257,500
7,298,623
 
 
 
74,091,715
Personal Care Products - 0.4%
 
 
 
Jamieson Wellness, Inc. (c)
 
186,100
3,535,042
TOTAL CONSUMER STAPLES
 
 
78,221,973
ENERGY - 18.4%
 
 
 
Energy Equipment & Services - 0.7%
 
 
 
Pason Systems, Inc.
 
602,800
6,852,737
Oil, Gas & Consumable Fuels - 17.7%
 
 
 
Cameco Corp.
 
252,600
11,524,938
Canadian Natural Resources Ltd.
 
672,998
50,998,548
Enbridge, Inc.
 
363,100
12,910,867
MEG Energy Corp. (a)
 
133,200
3,029,450
Parkland Corp.
 
374,600
11,540,178
PrairieSky Royalty Ltd. (b)
 
1,855,318
35,350,300
Suncor Energy, Inc.
 
904,700
34,521,404
 
 
 
159,875,685
TOTAL ENERGY
 
 
166,728,422
FINANCIALS - 26.1%
 
 
 
Banks - 13.8%
 
 
 
Royal Bank of Canada
 
691,100
66,863,477
The Toronto-Dominion Bank (b)
 
974,500
57,812,382
 
 
 
124,675,859
Capital Markets - 5.4%
 
 
 
Brookfield Asset Management Ltd. Class A
 
383,401
14,646,467
Brookfield Corp. (Canada) Class A
 
508,106
20,381,080
TMX Group Ltd.
 
535,900
14,189,195
 
 
 
49,216,742
Insurance - 6.9%
 
 
 
Definity Financial Corp.
 
439,413
14,647,632
Intact Financial Corp.
 
133,425
21,930,102
Sun Life Financial, Inc.
 
498,200
25,437,459
 
 
 
62,015,193
TOTAL FINANCIALS
 
 
235,907,794
HEALTH CARE - 0.8%
 
 
 
Health Care Providers & Services - 0.8%
 
 
 
Andlauer Healthcare Group, Inc. (b)
 
234,600
7,107,955
INDUSTRIALS - 14.1%
 
 
 
Commercial Services & Supplies - 2.3%
 
 
 
GFL Environmental, Inc.
 
655,600
20,920,719
Ground Transportation - 8.8%
 
 
 
Canadian National Railway Co. (b)
 
185,450
22,508,873
Canadian Pacific Kansas City Ltd. (b)
 
722,762
56,701,628
 
 
 
79,210,501
Professional Services - 3.0%
 
 
 
Thomson Reuters Corp.
 
179,700
27,141,990
TOTAL INDUSTRIALS
 
 
127,273,210
INFORMATION TECHNOLOGY - 9.8%
 
 
 
IT Services - 3.1%
 
 
 
Shopify, Inc. Class A (a)
 
405,100
28,440,718
Software - 6.7%
 
 
 
ApplyBoard, Inc. (a)(d)(e)
 
1,677
98,373
ApplyBoard, Inc. (non-vtg.) (a)(d)(e)
 
414
24,285
Computer Modelling Group Ltd.
 
489,300
3,902,600
Constellation Software, Inc.
 
18,100
46,599,693
Constellation Software, Inc. warrants 3/31/40 (a)(e)
 
19,300
1
Dye & Durham Ltd.
 
717,900
7,655,375
Lumine Group, Inc. (a)
 
86,107
2,358,693
 
 
 
60,639,020
TOTAL INFORMATION TECHNOLOGY
 
 
89,079,738
MATERIALS - 11.2%
 
 
 
Chemicals - 2.1%
 
 
 
Nutrien Ltd.
 
363,581
19,171,427
Containers & Packaging - 1.2%
 
 
 
CCL Industries, Inc.:
 
 
 
 Class A
 
25,900
1,344,998
 Class B
 
194,200
9,917,016
 
 
 
11,262,014
Metals & Mining - 7.2%
 
 
 
First Quantum Minerals Ltd.
 
167,400
2,125,560
Franco-Nevada Corp.
 
253,300
30,492,047
Lundin Mining Corp. (b)
 
656,600
7,497,731
Triple Flag Precious Metals Corp. (b)
 
182,800
2,947,852
Wheaton Precious Metals Corp.
 
423,500
22,063,284
 
 
 
65,126,474
Paper & Forest Products - 0.7%
 
 
 
Stella-Jones, Inc.
 
106,223
6,171,297
TOTAL MATERIALS
 
 
101,731,212
 
TOTAL COMMON STOCKS
 (Cost $461,320,145)
 
 
 
894,811,935
 
 
 
 
Nonconvertible Preferred Stocks - 0.1%
 
 
Shares
Value ($)
 
INFORMATION TECHNOLOGY - 0.1%
 
 
 
Software - 0.1%
 
 
 
ApplyBoard, Inc.:
 
 
 
 Series A1 (a)(d)(e)
 
2,063
121,016
 Series A2 (a)(d)(e)
 
1,615
94,736
 Series A3 (a)(d)(e)
 
92
5,397
 Series D (a)(d)(e)
 
4,504
264,205
 Series Seed (a)(d)(e)
 
617
36,193
(Cost $770,130)
 
 
521,547
 
 
 
 
Convertible Bonds - 0.2%
 
 
Principal
Amount (f)
 
Value ($)
 
COMMUNICATION SERVICES - 0.2%
 
 
 
Entertainment - 0.2%
 
 
 
Cineplex, Inc. 7.75% 3/1/30 (c)
 
  (Cost $1,466,259)
 
CAD
2,190,000
1,756,804
 
 
 
 
Money Market Funds - 2.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (g)
 
431,773
431,859
Fidelity Securities Lending Cash Central Fund 5.39% (g)(h)
 
21,520,975
21,523,127
 
TOTAL MONEY MARKET FUNDS
 (Cost $21,954,986)
 
 
21,954,986
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.6%
 (Cost $485,511,520)
 
 
 
919,045,272
NET OTHER ASSETS (LIABILITIES) - (1.6)%  
(14,029,619)
NET ASSETS - 100.0%
905,015,653
 
 
 
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 $5,291,846 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 $644,205 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 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 5.39%
373,341
21,298,408
21,239,840
10,346
(50)
-
431,859
0.0%
Fidelity Securities Lending Cash Central Fund 5.39%
22,380,495
717,433,078
718,290,446
139,327
-
-
21,523,127
0.1%
Total
22,753,836
738,731,486
739,530,286
149,673
(50)
-
21,954,986
 
 
 
 
 
 
 
 
 
 
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 April 30, 2024, 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
26,293,540
26,293,540
-
-
Consumer Discretionary
62,468,091
62,468,091
-
-
Consumer Staples
78,221,973
78,221,973
-
-
Energy
166,728,422
166,728,422
-
-
Financials
235,907,794
235,907,794
-
-
Health Care
7,107,955
7,107,955
-
-
Industrials
127,273,210
127,273,210
-
-
Information Technology
89,601,285
88,957,079
-
644,206
Materials
101,731,212
101,731,212
-
-
 Corporate Bonds
1,756,804
-
1,756,804
-
  Money Market Funds
21,954,986
21,954,986
-
-
 Total Investments in Securities:
919,045,272
916,644,262
1,756,804
644,206
Fidelity® Canada Fund
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $19,727,576) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $463,556,534)
$
897,090,286
 
 
Fidelity Central Funds (cost $21,954,986)
21,954,986
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $485,511,520)
 
 
$
919,045,272
Cash
 
 
7,810
Foreign currency held at value (cost $7,697,665)
 
 
7,650,107
Receivable for investments sold
 
 
280,177
Receivable for fund shares sold
 
 
100,621
Dividends receivable
 
 
1,056,005
Interest receivable
 
 
10,809
Distributions receivable from Fidelity Central Funds
 
 
21,000
Prepaid expenses
 
 
311
  Total assets
 
 
928,172,112
Liabilities
 
 
 
 
Payable for fund shares redeemed
$
797,098
 
 
Accrued management fee
791,645
 
 
Distribution and service plan fees payable
10,252
 
 
Other payables and accrued expenses
37,912
 
 
Collateral on securities loaned
21,519,552
 
 
  Total liabilities
 
 
 
23,156,459
Net Assets  
 
 
$
905,015,653
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
453,136,157
Total accumulated earnings (loss)
 
 
 
451,879,496
Net Assets
 
 
$
905,015,653
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($30,803,687 ÷ 472,337 shares)(a)
 
 
$
65.22
Maximum offering price per share (100/94.25 of $65.22)
 
 
$
69.20
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($6,837,140 ÷ 105,298 shares)(a)
 
 
$
64.93
Maximum offering price per share (100/96.50 of $64.93)
 
 
$
67.28
Class C :
 
 
 
 
Net Asset Value and offering price per share ($859,838 ÷ 13,335 shares)(a)
 
 
$
64.48
Canada :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($848,514,021 ÷ 12,955,277 shares)
 
 
$
65.50
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($12,574,978 ÷ 191,816 shares)
 
 
$
65.56
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($5,425,989 ÷ 83,106 shares)
 
 
$
65.29
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
10,869,576
Income from Fidelity Central Funds (including $139,327 from security lending)
 
 
149,673
 Income before foreign taxes withheld
 
 
$
11,019,249
Less foreign taxes withheld
 
 
(1,686,628)
 Total income
 
 
 
9,332,621
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
3,307,903
 
 
 Performance adjustment
868,710
 
 
Transfer agent fees
509,686
 
 
Distribution and service plan fees
61,010
 
 
Accounting fees
135,482
 
 
Custodian fees and expenses
12,282
 
 
Independent trustees' fees and expenses
2,275
 
 
Registration fees
64,168
 
 
Audit
32,240
 
 
Legal
1,667
 
 
Miscellaneous
1,765
 
 
 Total expenses before reductions
 
4,997,188
 
 
 Expense reductions
 
(40,765)
 
 
 Total expenses after reductions
 
 
 
4,956,423
Net Investment income (loss)
 
 
 
4,376,198
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
19,247,220
 
 
   Fidelity Central Funds
 
(50)
 
 
 Foreign currency transactions
 
(35,474)
 
 
Total net realized gain (loss)
 
 
 
19,211,696
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
111,898,561
 
 
 Assets and liabilities in foreign currencies
 
(37,585)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
111,860,976
Net gain (loss)
 
 
 
131,072,672
Net increase (decrease) in net assets resulting from operations
 
 
$
135,448,870
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
4,376,198
$
11,119,448
Net realized gain (loss)
 
19,211,696
 
 
20,915,338
 
Change in net unrealized appreciation (depreciation)
 
111,860,976
 
(17,873,688)
 
Net increase (decrease) in net assets resulting from operations
 
135,448,870
 
 
14,161,098
 
Distributions to shareholders
 
(30,159,569)
 
 
(34,966,270)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
(23,246,417)
 
 
(43,174,882)
 
 
 
 
 
 
Total increase (decrease) in net assets
 
82,042,884
 
 
(63,980,054)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
822,972,769
 
886,952,823
 
End of period
$
905,015,653
$
822,972,769
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® Canada Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
57.80
$
59.44
$
67.23
$
46.01
$
51.95
$
49.75
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.22
 
.57
 
.63
 
.55
 
.61
 
.66
     Net realized and unrealized gain (loss)
 
9.17
 
(.01) C
 
(5.30)
 
21.89
 
(4.38)
 
4.56
  Total from investment operations
 
9.39  
 
.56  
 
(4.67)  
 
22.44  
 
(3.77)
 
5.22
  Distributions from net investment income
 
(.65)
 
(.68)
 
(.61)
 
(.63)
 
(.77)
 
(.39)
  Distributions from net realized gain
 
(1.31)
 
(1.52)
 
(2.51)
 
(.59)
 
(1.40)
 
(2.63)
     Total distributions
 
(1.97) D
 
(2.20)
 
(3.12)
 
(1.22)
 
(2.17)
 
(3.02)
  Net asset value, end of period
$
65.22
$
57.80
$
59.44
$
67.23
$
46.01
$
51.95
 Total Return E,F,G
 
16.47
%
 
 
.88%
 
(7.06)%
 
49.45%
 
(7.70)%
 
11.34%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.37% J
 
1.36%
 
1.20%
 
1.12%
 
1.20%
 
1.20%
    Expenses net of fee waivers, if any
 
1.36
% J
 
 
1.36%
 
1.20%
 
1.12%
 
1.20%
 
1.20%
    Expenses net of all reductions
 
1.36% J
 
1.35%
 
1.20%
 
1.12%
 
1.19%
 
1.19%
    Net investment income (loss)
 
.69% J
 
.94%
 
1.00%
 
.92%
 
1.27%
 
1.32%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
30,804
$
28,548
$
31,707
$
33,087
$
23,395
$
30,598
    Portfolio turnover rate K
 
5
% J
 
 
9%
 
13%
 
7%
 
11%
 
8% L
 
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 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.
 
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.
 
JAnnualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
LPortfolio turnover rate excludes securities received or delivered in-kind.
 
 
Fidelity Advisor® Canada Fund Class M
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
57.49
$
59.09
$
66.84
$
45.74
$
51.67
$
49.46
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.14
 
.41
 
.45
 
.38
 
.47
 
.51
     Net realized and unrealized gain (loss)
 
9.11
 
- C
 
(5.26)
 
21.78
 
(4.36)
 
4.55
  Total from investment operations
 
9.25  
 
.41  
 
(4.81)  
 
22.16  
 
(3.89)
 
5.06
  Distributions from net investment income
 
(.50)
 
(.49)
 
(.42)
 
(.47)
 
(.64)
 
(.22)
  Distributions from net realized gain
 
(1.31)
 
(1.52)
 
(2.51)
 
(.59)
 
(1.40)
 
(2.63)
     Total distributions
 
(1.81)
 
(2.01)
 
(2.94) D
 
(1.06)
 
(2.04)
 
(2.85)
  Net asset value, end of period
$
64.93
$
57.49
$
59.09
$
66.84
$
45.74
$
51.67
 Total Return E,F,G
 
16.30
%
 
 
.62%
 
(7.32)%
 
49.04%
 
(7.95)%
 
11.02%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.62% J
 
1.63%
 
1.48%
 
1.40%
 
1.47%
 
1.49%
    Expenses net of fee waivers, if any
 
1.61
% J
 
 
1.63%
 
1.48%
 
1.39%
 
1.47%
 
1.48%
    Expenses net of all reductions
 
1.61% J
 
1.62%
 
1.48%
 
1.39%
 
1.47%
 
1.48%
    Net investment income (loss)
 
.44% J
 
.68%
 
.72%
 
.64%
 
.99%
 
1.03%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
6,837
$
6,255
$
6,641
$
7,829
$
5,911
$
8,589
    Portfolio turnover rate K
 
5
% J
 
 
9%
 
13%
 
7%
 
11%
 
8% L
 
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 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.
 
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.
 
JAnnualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
LPortfolio turnover rate excludes securities received or delivered in-kind.
 
 
Fidelity Advisor® Canada Fund Class C
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
56.91
$
58.39
$
65.76
$
44.96
$
50.61
$
48.48
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.02)
 
.10
 
.14
 
.08
 
.24
 
.29
     Net realized and unrealized gain (loss)
 
9.05
 
- C
 
(5.19)
 
21.46
 
(4.31)
 
4.47
  Total from investment operations
 
9.03  
 
.10  
 
(5.05)  
 
21.54  
 
(4.07)
 
4.76
  Distributions from net investment income
 
(.15)
 
(.05)
 
-
 
(.15)
 
(.18)
 
-
  Distributions from net realized gain
 
(1.31)
 
(1.52)
 
(2.32)
 
(.59)
 
(1.40)
 
(2.63)
     Total distributions
 
(1.46)
 
(1.58) D
 
(2.32)
 
(.74)
 
(1.58)
 
(2.63)
  Net asset value, end of period
$
64.48
$
56.91
$
58.39
$
65.76
$
44.96
$
50.61
 Total Return E,F,G
 
16.03
%
 
 
.10%
 
(7.79)%
 
48.31%
 
(8.39)%
 
10.53%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.12% J
 
2.14%
 
1.99%
 
1.90%
 
1.95%
 
1.92%
    Expenses net of fee waivers, if any
 
2.11
% J
 
 
2.13%
 
1.98%
 
1.90%
 
1.95%
 
1.92%
    Expenses net of all reductions
 
2.11% J
 
2.13%
 
1.98%
 
1.90%
 
1.95%
 
1.91%
    Net investment income (loss)
 
(.06)% J
 
.16%
 
.22%
 
.14%
 
.51%
 
.60%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
860
$
844
$
1,109
$
1,683
$
3,151
$
6,226
    Portfolio turnover rate K
 
5
% J
 
 
9%
 
13%
 
7%
 
11%
 
8% L
 
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 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.
 
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.
 
JAnnualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
LPortfolio turnover rate excludes securities received or delivered in-kind.
 
 
Fidelity® Canada Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
58.14
$
59.79
$
67.62
$
46.26
$
52.21
$
50.02
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.31
 
.77
 
.83
 
.74
 
.76
 
.82
     Net realized and unrealized gain (loss)
 
9.22
 
(.03) C
 
(5.33)
 
21.99
 
(4.38)
 
4.58
  Total from investment operations
 
9.53  
 
.74  
 
(4.50)  
 
22.73  
 
(3.62)
 
5.40
  Distributions from net investment income
 
(.86)
 
(.87)
 
(.82)
 
(.78)
 
(.92)
 
(.58)
  Distributions from net realized gain
 
(1.31)
 
(1.52)
 
(2.51)
 
(.59)
 
(1.40)
 
(2.63)
     Total distributions
 
(2.17)
 
(2.39)
 
(3.33)
 
(1.37)
 
(2.33) D
 
(3.21)
  Net asset value, end of period
$
65.50
$
58.14
$
59.79
$
67.62
$
46.26
$
52.21
 Total Return E,F
 
16.64
%
 
 
1.18%
 
(6.77)%
 
49.91%
 
(7.40)%
 
11.70%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.08% I
 
1.05%
 
.89%
 
.80%
 
.88%
 
.88%
    Expenses net of fee waivers, if any
 
1.07
% I
 
 
1.04%
 
.88%
 
.80%
 
.88%
 
.88%
    Expenses net of all reductions
 
1.07% I
 
1.04%
 
.88%
 
.80%
 
.88%
 
.87%
    Net investment income (loss)
 
.98% I
 
1.25%
 
1.32%
 
1.24%
 
1.58%
 
1.64%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
848,514
$
774,062
$
825,488
$
821,617
$
612,716
$
803,629
    Portfolio turnover rate J
 
5
% I
 
 
9%
 
13%
 
7%
 
11%
 
8% 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.
 
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 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.
 
 
Fidelity Advisor® Canada Fund Class I
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
58.19
$
59.84
$
67.70
$
46.24
$
52.11
$
49.93
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.31
 
.78
 
.85
 
.78
 
.79
 
.85
     Net realized and unrealized gain (loss)
 
9.23
 
(.03) C
 
(5.34)
 
22.00
 
(4.39)
 
4.55
  Total from investment operations
 
9.54  
 
.75  
 
(4.49)  
 
22.78  
 
(3.60)
 
5.40
  Distributions from net investment income
 
(.86)
 
(.88)
 
(.86)
 
(.73)
 
(.87)
 
(.59)
  Distributions from net realized gain
 
(1.31)
 
(1.52)
 
(2.51)
 
(.59)
 
(1.40)
 
(2.63)
     Total distributions
 
(2.17)
 
(2.40)
 
(3.37)
 
(1.32)
 
(2.27)
 
(3.22)
  Net asset value, end of period
$
65.56
$
58.19
$
59.84
$
67.70
$
46.24
$
52.11
 Total Return D,E
 
16.65
%
 
 
1.20%
 
(6.74)%
 
50.02%
 
(7.35)%
 
11.74%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.10% H
 
1.03%
 
.86%
 
.74%
 
.81%
 
.84%
    Expenses net of fee waivers, if any
 
1.09
% H
 
 
1.03%
 
.86%
 
.74%
 
.81%
 
.84%
    Expenses net of all reductions
 
1.09% H
 
1.03%
 
.86%
 
.74%
 
.81%
 
.83%
    Net investment income (loss)
 
.96% H
 
1.27%
 
1.34%
 
1.29%
 
1.65%
 
1.68%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
12,575
$
10,571
$
16,165
$
13,724
$
8,392
$
14,507
    Portfolio turnover rate I
 
5
% H
 
 
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.
 
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 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).
 
JPortfolio turnover rate excludes securities received or delivered in-kind.
 
 
Fidelity Advisor® Canada Fund Class Z
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
58.01
$
59.55
$
67.38
$
46.11
$
52.07
$
49.94
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.34
 
.85
 
.92
 
.82
 
.84
 
.92
     Net realized and unrealized gain (loss)
 
9.19
 
(.03) C
 
(5.33)
 
21.91
 
(4.37)
 
4.53
  Total from investment operations
 
9.53  
 
.82  
 
(4.41)  
 
22.73  
 
(3.53)
 
5.45
  Distributions from net investment income
 
(.94)
 
(.84)
 
(.91)
 
(.87)
 
(1.03)
 
(.69)
  Distributions from net realized gain
 
(1.31)
 
(1.52)
 
(2.51)
 
(.59)
 
(1.40)
 
(2.63)
     Total distributions
 
(2.25)
 
(2.36)
 
(3.42)
 
(1.46)
 
(2.43)
 
(3.32)
  Net asset value, end of period
$
65.29
$
58.01
$
59.55
$
67.38
$
46.11
$
52.07
 Total Return D,E
 
16.70
%
 
 
1.33%
 
(6.66)%
 
50.13%
 
(7.24)%
 
11.87%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.98% H
 
.92%
 
.75%
 
.66%
 
.72%
 
.72%
    Expenses net of fee waivers, if any
 
.98
% H
 
 
.91%
 
.75%
 
.66%
 
.72%
 
.72%
    Expenses net of all reductions
 
.98% H
 
.91%
 
.75%
 
.66%
 
.72%
 
.71%
    Net investment income (loss)
 
1.07% H
 
1.38%
 
1.45%
 
1.38%
 
1.74%
 
1.80%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
5,426
$
2,692
$
5,843
$
22,010
$
15,221
$
20,496
    Portfolio turnover rate I
 
5
% H
 
 
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.
 
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 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).
 
JPortfolio turnover rate excludes securities received or delivered in-kind.
 
 
For the period ended April 30, 2024
 
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, 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.
 
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 April 30, 2024 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.
 
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. 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) 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
$441,906,187
Gross unrealized depreciation
(11,199,725)
Net unrealized appreciation (depreciation)
$430,706,462
Tax cost
$488,338,810
 
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
21,713,453
78,196,576
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.
 
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
.89
Class M
.89
Class C
.89
Canada
.86
Class I
.84
Class Z
.73
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.87
Class M
.87
Class C
.87
Canada
.83
Class I
.84
Class Z
.72
 
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was 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 decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
 
 
Performance Adjustment Index
Fidelity Canada Fund
S&P/TSX Composite Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Canada. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was .19%.
 
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
 
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.44% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
 
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%
39,066
267
Class M
 .25%
 .25%
 17,328
 114
Class C
 .75%
 .25%
 4,616
 547
 
 
 
61,010
928
 
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
 1,337
Class M
 199
Class CA
 62
 
1,598
 
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. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
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
.2000
Class M
.2000
Class C
.2000
Canada
.1694
Class I
.1500
 
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
Amount ($)
% of Class-Level Average Net AssetsA
Class A
 21,349
.21
Class M
 4,797
.21
Class C
 645
.21
Canada
 476,108
.17
Class I
 6,351
.15
Class Z
 436
.04
 
509,686
 
 
A Annualized
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
 
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
.0450
 
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Fidelity Canada Fund
.05
 
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
 1,356,932
 14,079,740
 4,861,103
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
832
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
15,634
-
-
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
 20
Class M
 93
 
113
 
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 $40,652.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2024
Year ended
October 31, 2023
Fidelity Canada Fund
 
 
Distributions to shareholders
 
 
Class A
$956,471
 $1,149,850
Class M
 195,471
 223,562
Class C
 21,926
 28,556
Canada
 28,479,448
 32,768,937
Class I
 395,367
 643,345
Class Z
110,886
152,020
Total  
$30,159,569
$34,966,270
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
 
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Fidelity Canada Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
8,626
21,447
$556,829
$1,305,304
Reinvestment of distributions
15,002
18,742
916,003
1,102,198
Shares redeemed
(45,187)
(79,708)
(2,895,316)
(4,871,865)
Net increase (decrease)
(21,559)
(39,519)
$(1,422,484)
$(2,464,363)
Class M
 
 
 
 
Shares sold
1,231
3,145
$78,516
$189,947
Reinvestment of distributions
3,195
3,795
194,459
222,444
Shares redeemed
(7,935)
(10,510)
(510,430)
(631,738)
Net increase (decrease)
(3,509)
(3,570)
$(237,455)
$(219,347)
Class C
 
 
 
 
Shares sold
870
1,809
$54,184
$108,691
Reinvestment of distributions
362
490
21,926
28,556
Shares redeemed
(2,732)
(6,450)
(174,660)
(390,489)
Net increase (decrease)
(1,500)
(4,151)
$(98,550)
$(253,242)
Canada
 
 
 
 
Shares sold
188,612
602,311
$12,164,487
$36,851,268
Reinvestment of distributions
435,957
524,933
26,706,738
30,971,047
Shares redeemed
(982,172)
(1,620,750)
(63,379,056)
(99,399,772)
Net increase (decrease)
(357,603)
(493,506)
$(24,507,831)
$(31,577,457)
Class I
 
 
 
 
Shares sold
103,336
65,023
$6,729,042
$3,953,919
Reinvestment of distributions
6,203
10,141
380,299
598,723
Shares redeemed
(99,376)
(163,668)
(6,475,513)
(10,006,385)
Net increase (decrease)
10,163
(88,504)
$633,828
$(5,453,743)
Class Z
 
 
 
 
Shares sold
49,417
28,551
$3,213,045
$1,711,374
Reinvestment of distributions
1,551
2,264
94,654
133,088
Shares redeemed
(14,275)
(82,521)
(921,624)
(5,051,192)
Net increase (decrease)
36,693
(51,706)
$2,386,075
$(3,206,730)
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.
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Semiconductors & Semiconductor Equipment)
24.9
 
Tencent Holdings Ltd.  (Interactive Media & Services)
10.4
 
Alibaba Group Holding Ltd.  (Broadline Retail)
5.3
 
AIA Group Ltd.  (Insurance)
3.4
 
PDD Holdings, Inc. ADR  (Broadline Retail)
3.3
 
Meituan Class B (Hotels, Restaurants & Leisure)
3.2
 
China Construction Bank Corp. (H Shares)  (Banks)
2.8
 
Zijin Mining Group Co. Ltd. (H Shares) (Metals & Mining)
2.5
 
Trip.com Group Ltd. (Hotels, Restaurants, Leisure)
2.1
 
Kweichow Moutai Co. Ltd. (A Shares)  (Beverages)
2.0
 
 
59.9
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
32.8
 
Consumer Discretionary
20.7
 
Communication Services
14.8
 
Financials
12.2
 
Consumer Staples
4.0
 
Industrials
3.5
 
Materials
3.4
 
Health Care
3.2
 
Energy
1.3
 
Real Estate
1.2
 
 
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 Hong Kong, Taiwanese and Chinese markets. As of April 30, 2024, 29.1% of the Fund's total assets were invested in the Semiconductors & Semiconductor Equipment industry, which accounts for more than 20% of the Hong Kong, Taiwanese and Chinese markets.
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
Common Stocks - 94.5%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 13.9%
 
 
 
Entertainment - 2.7%
 
 
 
NetEase, Inc.
 
1,042,700
19,545,037
Sea Ltd. ADR (a)
 
117,700
7,437,463
 
 
 
26,982,500
Interactive Media & Services - 11.2%
 
 
 
Baidu, Inc. Class A (a)
 
396,000
5,130,412
JOYY, Inc. ADR
 
77,300
2,521,526
Tencent Holdings Ltd.
 
2,387,700
104,779,918
 
 
 
112,431,856
TOTAL COMMUNICATION SERVICES
 
 
139,414,356
CONSUMER DISCRETIONARY - 20.7%
 
 
 
Automobile Components - 0.8%
 
 
 
Fuyao Glass Industries Group Co. Ltd. (H Shares) (b)
 
1,278,400
7,653,862
Automobiles - 1.2%
 
 
 
BYD Co. Ltd. (H Shares)
 
146,500
4,015,943
Li Auto, Inc. ADR (a)
 
315,500
8,291,340
 
 
 
12,307,283
Broadline Retail - 8.6%
 
 
 
Alibaba Group Holding Ltd.
 
5,675,200
53,137,264
PDD Holdings, Inc. ADR (a)
 
261,605
32,747,714
 
 
 
85,884,978
Diversified Consumer Services - 1.0%
 
 
 
New Oriental Education & Technology Group, Inc. sponsored ADR (a)
 
131,100
10,107,810
Hotels, Restaurants & Leisure - 6.2%
 
 
 
Galaxy Entertainment Group Ltd.
 
1,341,000
6,016,923
Meituan Class B (a)(b)
 
2,328,458
31,794,002
TravelSky Technology Ltd. (H Shares)
 
2,209,000
2,869,562
Trip.com Group Ltd. (a)
 
108,000
5,260,395
Trip.com Group Ltd. ADR (a)
 
338,700
16,345,662
 
 
 
62,286,544
Household Durables - 1.3%
 
 
 
Chervon Holdings Ltd.
 
315,700
766,697
Haier Smart Home Co. Ltd. (A Shares)
 
3,037,027
12,635,002
 
 
 
13,401,699
Textiles, Apparel & Luxury Goods - 1.6%
 
 
 
LVMH Moet Hennessy Louis Vuitton SE
 
7,000
5,750,054
Shenzhou International Group Holdings Ltd.
 
1,051,400
10,334,434
 
 
 
16,084,488
TOTAL CONSUMER DISCRETIONARY
 
 
207,726,664
CONSUMER STAPLES - 4.0%
 
 
 
Beverages - 2.4%
 
 
 
Kweichow Moutai Co. Ltd. (A Shares)
 
86,445
20,268,430
Wuliangye Yibin Co. Ltd. (A Shares)
 
189,460
3,918,252
 
 
 
24,186,682
Food Products - 0.9%
 
 
 
Uni-President Enterprises Corp.
 
3,628,000
8,494,732
Personal Care Products - 0.7%
 
 
 
Proya Cosmetics Co. Ltd.:
 
 
 
 (A Shares)
 
383,164
5,781,059
 (A Shares)
 
109,100
1,646,067
 
 
 
7,427,126
TOTAL CONSUMER STAPLES
 
 
40,108,540
ENERGY - 1.3%
 
 
 
Energy Equipment & Services - 0.7%
 
 
 
China Oilfield Services Ltd. (H Shares)
 
6,506,000
6,956,909
Oil, Gas & Consumable Fuels - 0.6%
 
 
 
PetroChina Co. Ltd. (H Shares)
 
6,816,000
6,350,750
TOTAL ENERGY
 
 
13,307,659
FINANCIALS - 12.2%
 
 
 
Banks - 5.8%
 
 
 
China Construction Bank Corp. (H Shares)
 
43,784,610
28,328,252
E.SUN Financial Holdings Co. Ltd.
 
14,361,185
12,046,280
Industrial & Commercial Bank of China Ltd. (H Shares)
 
32,927,000
17,656,398
 
 
 
58,030,930
Capital Markets - 0.7%
 
 
 
Hong Kong Exchanges and Clearing Ltd.
 
231,200
7,346,247
Financial Services - 1.0%
 
 
 
Far East Horizon Ltd.
 
13,368,500
9,923,548
Insurance - 4.7%
 
 
 
AIA Group Ltd.
 
4,653,000
34,080,238
China Pacific Insurance (Group) Co. Ltd. (H Shares)
 
2,992,000
6,555,707
Ping An Insurance Group Co. of China Ltd. (H Shares)
 
664,500
3,011,569
Prudential PLC
 
368,600
3,205,843
 
 
 
46,853,357
TOTAL FINANCIALS
 
 
122,154,082
HEALTH CARE - 3.1%
 
 
 
Biotechnology - 1.7%
 
 
 
Abbisko Cayman Ltd. (a)
 
6,601,000
2,758,312
Innovent Biologics, Inc. (a)(b)
 
1,040,000
5,034,603
Legend Biotech Corp. ADR (a)
 
116,000
5,073,840
Zai Lab Ltd. (a)(c)
 
615,700
989,621
Zai Lab Ltd. ADR (a)(c)
 
187,700
2,965,660
 
 
 
16,822,036
Health Care Equipment & Supplies - 0.9%
 
 
 
MicroTech Medical (Hangzhou) Co. Ltd. (H Shares) (a)(b)
 
2,176,600
1,122,251
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
191,610
8,045,670
 
 
 
9,167,921
Pharmaceuticals - 0.5%
 
 
 
Asymchem Laboratories Tianjin Co. Ltd. (H Shares) (b)(c)
 
637,940
5,189,433
TOTAL HEALTH CARE
 
 
31,179,390
INDUSTRIALS - 3.5%
 
 
 
Aerospace & Defense - 0.1%
 
 
 
Space Exploration Technologies Corp. Class A (a)(d)(e)
 
10,000
970,000
Air Freight & Logistics - 1.0%
 
 
 
ZTO Express, Inc. sponsored ADR
 
498,600
10,465,614
Machinery - 2.3%
 
 
 
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
248,913
2,041,326
Sinotruk Hong Kong Ltd.
 
2,125,000
5,288,510
Techtronic Industries Co. Ltd.
 
463,500
6,405,247
Weichai Power Co. Ltd. (H Shares)
 
3,359,000
6,863,656
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares)
 
693,784
2,094,414
 
 
 
22,693,153
Trading Companies & Distributors - 0.1%
 
 
 
ZKH Group Ltd. (A Shares) (h)
 
4,123,666
1,287,161
TOTAL INDUSTRIALS
 
 
35,415,928
INFORMATION TECHNOLOGY - 31.2%
 
 
 
Communications Equipment - 0.2%
 
 
 
Zhongji Innolight Co. Ltd. (A Shares)
 
79,300
1,998,921
Electronic Equipment, Instruments & Components - 1.6%
 
 
 
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
2,254,000
10,710,752
Unimicron Technology Corp.
 
431,000
2,379,203
Yageo Corp.
 
130,000
2,475,277
 
 
 
15,565,232
Semiconductors & Semiconductor Equipment - 29.0%
 
 
 
Advanced Micro-Fabrication Equipment, Inc., China (A Shares)
 
411,691
8,004,678
eMemory Technology, Inc.
 
162,481
10,901,343
King Yuan Electronics Co. Ltd.
 
1,577,000
4,580,600
MediaTek, Inc.
 
74,000
2,227,220
Micron Technology, Inc.
 
104,000
11,747,840
NAURA Technology Group Co. Ltd.
 
83,100
3,638,933
Taiwan Semiconductor Manufacturing Co. Ltd.
 
10,488,000
250,675,742
 
 
 
291,776,356
Technology Hardware, Storage & Peripherals - 0.4%
 
 
 
Wistron Corp.
 
659,000
2,252,444
Wiwynn Corp.
 
26,000
1,846,327
 
 
 
4,098,771
TOTAL INFORMATION TECHNOLOGY
 
 
313,439,280
MATERIALS - 3.4%
 
 
 
Chemicals - 0.1%
 
 
 
Weihai Guangwei Composites Co. Ltd. (A Shares)
 
169,692
608,465
Containers & Packaging - 0.8%
 
 
 
Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares)
 
2,206,071
8,131,724
Metals & Mining - 2.5%
 
 
 
Zijin Mining Group Co. Ltd. (H Shares)
 
11,700,000
25,523,216
TOTAL MATERIALS
 
 
34,263,405
REAL ESTATE - 1.2%
 
 
 
Real Estate Management & Development - 1.2%
 
 
 
China Resources Mixc Lifestyle Services Ltd. (b)
 
1,671,600
5,883,638
KE Holdings, Inc. ADR
 
409,670
6,194,210
 
 
 
12,077,848
 
TOTAL COMMON STOCKS
 (Cost $718,410,996)
 
 
 
949,087,152
 
 
 
 
Preferred Stocks - 2.6%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 1.0%
 
 
 
COMMUNICATION SERVICES - 0.9%
 
 
 
Interactive Media & Services - 0.9%
 
 
 
ByteDance Ltd. Series E1 (a)(d)(e)
 
38,752
8,931,173
 
 
 
 
HEALTH CARE - 0.1%
 
 
 
Health Care Providers & Services - 0.1%
 
 
 
dMed Biopharmaceutical Co. Ltd. Series C (a)(d)(e)
 
275,211
1,356,790
 
 
 
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
10,287,963
Nonconvertible Preferred Stocks - 1.6%
 
 
 
INFORMATION TECHNOLOGY - 1.6%
 
 
 
Technology Hardware, Storage & Peripherals - 1.6%
 
 
 
Samsung Electronics Co. Ltd.
 
329,190
15,327,222
 
 
 
 
 
TOTAL PREFERRED STOCKS
 (Cost $22,699,736)
 
 
 
25,615,185
 
 
 
 
Money Market Funds - 3.6%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (f)
 
29,899,090
29,905,070
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g)
 
6,458,449
6,459,095
 
TOTAL MONEY MARKET FUNDS
 (Cost $36,364,165)
 
 
36,364,165
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.7%
 (Cost $777,474,897)
 
 
 
1,011,066,502
NET OTHER ASSETS (LIABILITIES) - (0.7)%  
(6,552,572)
NET ASSETS - 100.0%
1,004,513,930
 
 
 
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 $56,677,789 or 5.6% 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 $11,257,963 or 1.1% 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 are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
(h)
Equity security is subject to lock-up or market standoff agreement and valued at a discount to the market price of the equivalent equity security. As of period end, the total fair value of equity securities discounted due to contractual sale restrictions is $1,287,161 and all restrictions are set to expire on or before  June 30, 2024.  Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
 
 
 
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
 
 
 
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 5.39%
13,693,950
126,151,574
109,940,379
647,614
(75)
-
29,905,070
0.1%
Fidelity Securities Lending Cash Central Fund 5.39%
6,127,633
23,115,242
22,783,780
13,596
-
-
6,459,095
0.0%
Total
19,821,583
149,266,816
132,724,159
661,210
(75)
-
36,364,165
 
 
 
 
 
 
 
 
 
 
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 April 30, 2024, 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
148,345,529
9,958,989
129,455,367
8,931,173
Consumer Discretionary
207,726,664
67,492,526
140,234,138
-
Consumer Staples
40,108,540
-
40,108,540
-
Energy
13,307,659
-
13,307,659
-
Financials
122,154,082
-
122,154,082
-
Health Care
32,536,180
8,039,500
23,139,890
1,356,790
Industrials
35,415,928
10,465,614
23,980,314
970,000
Information Technology
328,766,502
11,747,840
317,018,662
-
Materials
34,263,405
-
34,263,405
-
Real Estate
12,077,848
6,194,210
5,883,638
-
  Money Market Funds
36,364,165
36,364,165
-
-
 Total Investments in Securities:
1,011,066,502
150,262,844
849,545,695
11,257,963
 
The following is a reconciliation of  Investments in Securities for which Level 3 inputs were used in determining value:
 
 
Investments in Securities:
 
  Beginning Balance
$
12,643,995
 
  Net Realized Gain (Loss) on Investment Securities
 
-
 
  Net Unrealized Gain (Loss) on Investment Securities
 
(227,435)
 
  Cost of Purchases
 
-
 
  Proceeds of Sales
 
-
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
-
 
  Transfers out of Level 3
 
(1,158,597)
 
  Ending Balance
$
11,257,963
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2024
$
(227,435)
 
 
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
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $6,151,460) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $741,110,732)
$
974,702,337
 
 
Fidelity Central Funds (cost $36,364,165)
36,364,165
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $777,474,897)
 
 
$
1,011,066,502
Foreign currency held at value (cost $11,539)
 
 
11,173
Receivable for investments sold
 
 
5,584,436
Receivable for fund shares sold
 
 
636,047
Dividends receivable
 
 
204,036
Distributions receivable from Fidelity Central Funds
 
 
151,276
Prepaid expenses
 
 
356
Other receivables
 
 
16,883
  Total assets
 
 
1,017,670,709
Liabilities
 
 
 
 
Payable for investments purchased
$
5,417,114
 
 
Payable for fund shares redeemed
397,317
 
 
Accrued management fee
706,483
 
 
Distribution and service plan fees payable
10,839
 
 
Other payables and accrued expenses
165,931
 
 
Collateral on securities loaned
6,459,095
 
 
  Total liabilities
 
 
 
13,156,779
Net Assets  
 
 
$
1,004,513,930
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,018,218,749
Total accumulated earnings (loss)
 
 
 
(13,704,819)
Net Assets
 
 
$
1,004,513,930
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($21,931,695 ÷ 646,230 shares)(a)
 
 
$
33.94
Maximum offering price per share (100/94.25 of $33.94)
 
 
$
36.01
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($6,813,480 ÷ 202,282 shares)(a)
 
 
$
33.68
Maximum offering price per share (100/96.50 of $33.68)
 
 
$
34.90
Class C :
 
 
 
 
Net Asset Value and offering price per share ($4,216,205 ÷ 130,305 shares)(a)
 
 
$
32.36
China Region :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($831,436,933 ÷ 24,168,102 shares)
 
 
$
34.40
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($17,794,428 ÷ 521,141 shares)
 
 
$
34.15
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($122,321,189 ÷ 3,584,653 shares)
 
 
$
34.12
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
4,880,628
Non-Cash dividends
 
 
276,815
Interest  
 
 
2,028
Income from Fidelity Central Funds (including $13,596 from security lending)
 
 
661,210
 Income before foreign taxes withheld
 
 
$
5,820,681
Less foreign taxes withheld
 
 
(580,905)
 Total income
 
 
 
5,239,776
Expenses
 
 
 
 
Management fee
$
3,436,485
 
 
Transfer agent fees
536,196
 
 
Distribution and service plan fees
65,637
 
 
Accounting fees
134,897
 
 
Custodian fees and expenses
89,924
 
 
Independent trustees' fees and expenses
2,353
 
 
Registration fees
71,150
 
 
Audit
46,317
 
 
Legal
1,191
 
 
Miscellaneous
1,926
 
 
 Total expenses before reductions
 
4,386,076
 
 
 Expense reductions
 
(41,818)
 
 
 Total expenses after reductions
 
 
 
4,344,258
Net Investment income (loss)
 
 
 
895,518
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(43,450,114)
 
 
   Fidelity Central Funds
 
(75)
 
 
 Foreign currency transactions
 
(95,202)
 
 
Total net realized gain (loss)
 
 
 
(43,545,391)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
156,376,965
 
 
 Assets and liabilities in foreign currencies
 
(3,102)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
156,373,863
Net gain (loss)
 
 
 
112,828,472
Net increase (decrease) in net assets resulting from operations
 
 
$
113,723,990
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
895,518
$
9,856,644
Net realized gain (loss)
 
(43,545,391)
 
 
(42,325,277)
 
Change in net unrealized appreciation (depreciation)
 
156,373,863
 
222,995,954
 
Net increase (decrease) in net assets resulting from operations
 
113,723,990
 
 
190,527,321
 
Distributions to shareholders
 
(17,558,581)
 
 
(10,463,693)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
13,389,978
 
 
(76,688,681)
 
 
 
 
 
 
Total increase (decrease) in net assets
 
109,555,387
 
 
103,374,947
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
894,958,543
 
791,583,596
 
End of period
$
1,004,513,930
$
894,958,543
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® China Region Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
30.63
$
24.85
$
50.32
$
50.90
$
35.86
$
28.73
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.01)
 
.22
 
.14
 
.06
 
.08
 
.15
     Net realized and unrealized gain (loss)
 
3.82
 
5.75 C
 
(20.99)
 
1.95
 
15.11
 
7.10
  Total from investment operations
 
3.81  
 
5.97  
 
(20.85)  
 
2.01  
 
15.19
 
7.25
  Distributions from net investment income
 
(.50)
 
(.19)
 
-
 
(.44)
 
(.15)
 
(.12)
  Distributions from net realized gain
 
-
 
-
 
(4.62)
 
(2.16)
 
-
 
-
     Total distributions
 
(.50)
 
(.19)
 
(4.62)
 
(2.59) D
 
(.15)
 
(.12)
  Net asset value, end of period
$
33.94
$
30.63
$
24.85
$
50.32
$
50.90
$
35.86
 Total Return E,F,G
 
12.55
%
 
 
23.98% C
 
(45.20)%
 
3.65%
 
42.52%
 
25.30%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.20% J
 
1.25%
 
1.23%
 
1.21%
 
1.24%
 
1.27%
    Expenses net of fee waivers, if any
 
1.19
% J
 
 
1.25%
 
1.22%
 
1.21%
 
1.24%
 
1.26%
    Expenses net of all reductions
 
1.19% J
 
1.25%
 
1.22%
 
1.21%
 
1.22%
 
1.26%
    Net investment income (loss)
 
(.07)% J
 
.66%
 
.38%
 
.11%
 
.18%
 
.44%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
21,932
$
21,354
$
19,362
$
45,301
$
39,303
$
29,963
    Portfolio turnover rate K
 
20
% J
 
 
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 23.96%.
 
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.
 
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.
 
JAnnualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor® China Region Fund Class M
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
30.34
$
24.61
$
50.02
$
50.64
$
35.66
$
28.55
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.05)
 
.13
 
.03
 
(.10)
 
(.05)
 
.04
     Net realized and unrealized gain (loss)
 
3.79
 
5.69 C
 
(20.82)
 
1.96
 
15.04
 
7.07
  Total from investment operations
 
3.74  
 
5.82  
 
(20.79)  
 
1.86  
 
14.99
 
7.11
  Distributions from net investment income
 
(.40)
 
(.09)
 
-
 
(.32)
 
(.01)
 
-
  Distributions from net realized gain
 
-
 
-
 
(4.62)
 
(2.16)
 
-
 
-
     Total distributions
 
(.40)
 
(.09)
 
(4.62)
 
(2.48)
 
(.01)
 
-
  Net asset value, end of period
$
33.68
$
30.34
$
24.61
$
50.02
$
50.64
$
35.66
 Total Return D,E,F
 
12.43
%
 
 
23.64% C
 
(45.37)%
 
3.36%
 
42.04%
 
24.90%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.46% I
 
1.52%
 
1.53%
 
1.50%
 
1.56%
 
1.59%
    Expenses net of fee waivers, if any
 
1.45
% I
 
 
1.52%
 
1.53%
 
1.50%
 
1.56%
 
1.59%
    Expenses net of all reductions
 
1.45% I
 
1.51%
 
1.53%
 
1.50%
 
1.53%
 
1.58%
    Net investment income (loss)
 
(.33)% I
 
.40%
 
.08%
 
(.18)%
 
(.13)%
 
.12%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
6,813
$
6,610
$
5,803
$
12,623
$
12,028
$
9,251
    Portfolio turnover rate J
 
20
% I
 
 
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 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.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor® China Region Fund Class C
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
29.03
$
23.59
$
48.34
$
49.10
$
34.71
$
27.90
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.13)
 
(.02)
 
(.13)
 
(.35)
 
(.22)
 
(.09)
     Net realized and unrealized gain (loss)
 
3.65
 
5.46 C
 
(20.00)
 
1.92
 
14.61
 
6.90
  Total from investment operations
 
3.52  
 
5.44  
 
(20.13)  
 
1.57  
 
14.39
 
6.81
  Distributions from net investment income
 
(.19)
 
-
 
-
 
(.17)
 
-
 
-
  Distributions from net realized gain
 
-
 
-
 
(4.62)
 
(2.16)
 
-
 
-
     Total distributions
 
(.19)
 
-
 
(4.62)
 
(2.33)
 
-
 
-
  Net asset value, end of period
$
32.36
$
29.03
$
23.59
$
48.34
$
49.10
$
34.71
 Total Return D,E,F
 
12.17
%
 
 
23.06% C
 
(45.60)%
 
2.89%
 
41.46%
 
24.41%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.96% I
 
1.97%
 
1.96%
 
1.96%
 
1.98%
 
2.00%
    Expenses net of fee waivers, if any
 
1.95
% I
 
 
1.96%
 
1.96%
 
1.96%
 
1.98%
 
2.00%
    Expenses net of all reductions
 
1.95% I
 
1.96%
 
1.96%
 
1.96%
 
1.96%
 
1.99%
    Net investment income (loss)
 
(.83)% I
 
(.05)%
 
(.36)%
 
(.65)%
 
(.55)%
 
(.29)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,216
$
4,834
$
5,784
$
13,168
$
11,308
$
9,437
    Portfolio turnover rate J
 
20
% I
 
 
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 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.
 
IAnnualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity® China Region Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
31.11
$
25.28
$
51.03
$
51.53
$
36.30
$
29.11
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.03
 
.32
 
.25
 
.23
 
.21
 
.25
     Net realized and unrealized gain (loss)
 
3.88
 
5.85 C
 
(21.32)
 
1.97
 
15.28
 
7.19
  Total from investment operations
 
3.91  
 
6.17  
 
(21.07)  
 
2.20  
 
15.49
 
7.44
  Distributions from net investment income
 
(.62)
 
(.34)
 
(.06)
 
(.54)
 
(.26)
 
(.25)
  Distributions from net realized gain
 
-
 
-
 
(4.62)
 
(2.16)
 
-
 
-
     Total distributions
 
(.62)
 
(.34)
 
(4.68)
 
(2.70)
 
(.26)
 
(.25)
  Net asset value, end of period
$
34.40
$
31.11
$
25.28
$
51.03
$
51.53
$
36.30
 Total Return D,E
 
12.70
%
 
 
24.34% C
 
(45.04)%
 
3.97%
 
42.95%
 
25.72%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.94% H
 
.95%
 
.94%
 
.91%
 
.93%
 
.95%
    Expenses net of fee waivers, if any
 
.93
% H
 
 
.95%
 
.93%
 
.91%
 
.93%
 
.95%
    Expenses net of all reductions
 
.93% H
 
.95%
 
.93%
 
.91%
 
.91%
 
.95%
    Net investment income (loss)
 
.20% H
 
.96%
 
.67%
 
.41%
 
.49%
 
.76%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
831,437
$
809,283
$
736,185
$
1,609,326
$
1,518,404
$
1,093,827
    Portfolio turnover rate I
 
20
% 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 24.32%.
 
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).
 
 
Fidelity Advisor® China Region Fund Class I
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
30.87
$
25.07
$
50.63
$
51.16
$
36.05
$
28.90
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.03
 
.32
 
.25
 
.22
 
.20
 
.25
     Net realized and unrealized gain (loss)
 
3.85
 
5.82 C
 
(21.15)
 
1.96
 
15.17
 
7.13
  Total from investment operations
 
3.88  
 
6.14  
 
(20.90)  
 
2.18  
 
15.37
 
7.38
  Distributions from net investment income
 
(.60)
 
(.34)
 
(.04)
 
(.55)
 
(.26)
 
(.23)
  Distributions from net realized gain
 
-
 
-
 
(4.62)
 
(2.16)
 
-
 
-
     Total distributions
 
(.60)
 
(.34)
 
(4.66)
 
(2.71)
 
(.26)
 
(.23)
  Net asset value, end of period
$
34.15
$
30.87
$
25.07
$
50.63
$
51.16
$
36.05
 Total Return D,E
 
12.72
%
 
 
24.40% C
 
(45.05)%
 
3.96%
 
42.91%
 
25.71%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.93% H
 
.94%
 
.93%
 
.93%
 
.95%
 
.97%
    Expenses net of fee waivers, if any
 
.92
% H
 
 
.93%
 
.93%
 
.93%
 
.95%
 
.96%
    Expenses net of all reductions
 
.92% H
 
.93%
 
.93%
 
.93%
 
.93%
 
.96%
    Net investment income (loss)
 
.20% H
 
.98%
 
.68%
 
.39%
 
.48%
 
.74%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
17,794
$
26,683
$
20,509
$
68,464
$
47,688
$
27,410
    Portfolio turnover rate I
 
20
% 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 24.38%.
 
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).
 
 
Fidelity Advisor® China Region Fund Class Z
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
30.90
$
25.02
$
50.57
$
51.07
$
36.00
$
28.91
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.03
 
.36
 
.30
 
.29
 
.26
 
.30
     Net realized and unrealized gain (loss)
 
3.87
 
5.80 C
 
(21.10)
 
1.95
 
15.14
 
7.11
  Total from investment operations
 
3.90  
 
6.16  
 
(20.80)  
 
2.24  
 
15.40
 
7.41
  Distributions from net investment income
 
(.68)
 
(.28)
 
(.12)
 
(.59)
 
(.33)
 
(.32)
  Distributions from net realized gain
 
-
 
-
 
(4.62)
 
(2.16)
 
-
 
-
     Total distributions
 
(.68)
 
(.28)
 
(4.75) D
 
(2.74) D
 
(.33)
 
(.32)
  Net asset value, end of period
$
34.12
$
30.90
$
25.02
$
50.57
$
51.07
$
36.00
 Total Return E,F
 
12.78
%
 
 
24.55% C
 
(44.97)%
 
4.09%
 
43.13%
 
25.86%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.92% I
 
.81%
 
.80%
 
.80%
 
.81%
 
.82%
    Expenses net of fee waivers, if any
 
.91
% I
 
 
.80%
 
.80%
 
.80%
 
.81%
 
.82%
    Expenses net of all reductions
 
.91% I
 
.80%
 
.80%
 
.80%
 
.79%
 
.81%
    Net investment income (loss)
 
.21% I
 
1.11%
 
.81%
 
.52%
 
.61%
 
.89%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
122,321
$
26,195
$
3,940
$
71,573
$
71,121
$
46,861
    Portfolio turnover rate J
 
20
% I
 
 
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 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).
 
 
For the period ended April 30, 2024
 
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, 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. 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
$11,257,963
Market comparable
Enterprise value/Revenue multiple (EV/R)
2.5 - 2.8 / 2.7
Increase
 
 
 
Enterprise value/EBITDA multiple (EV/EBITDA)
16.9
Increase
 
 
Black scholes
Discount rate
4.8%
Increase
 
 
 
Term
3.0
Increase
 
 
 
Volatility
60.0%
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 April 30, 2024, 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. 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. 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. 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, 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
$325,122,023
Gross unrealized depreciation
(102,148,376)
Net unrealized appreciation (depreciation)
$222,973,647
Tax cost
$788,092,855
 
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 prior 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)
 
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 China Region Fund
89,423,228
108,827,578
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.
 
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
.89
Class M
.89
Class C
.89
China Region
.87
Class I
.86
Class Z
.73
 
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.89
Class M
.89
Class C
.89
China Region
.87
Class I
.86
Class Z
.73
 
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was 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 decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
 
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
 
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.50% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
 
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%
26,521
1,534
Class M
 .25%
 .25%
 16,552
 98
Class C
 .75%
 .25%
22,564
3,781
 
 
 
65,637
5,413
 
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
 2,133
Class M
 364
Class CA
 18
 
2,515
 
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. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
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
.2000
Class M
.2000
Class C
.2000
China Region
.1844
Class I
.1762
 
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
Amount ($)
% of Class-Level Average Net AssetsA
Class A
 14,731
.21
Class M
 4,603
.21
Class C
 3,147
.20
China Region
 493,408
.18
Class I
 13,524
.17
Class Z
6,783
.04
 
536,196
 
 
A Annualized
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
 
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
.0445
 
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Fidelity China Region Fund
.04
 
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
 384
 
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
 834,352
 5,145,063
 (9,224,545)
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
857
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
1,459
-
-
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, custodian credits reduced the Fund's expenses by $1,118. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction ($)
Class A
 29
Class M
 69
Class C
 2
 
100
 
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 $40,600.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2024
Year ended
October 31, 2023
Fidelity China Region Fund
 
 
Distributions to shareholders
 
 
Class A
$338,330
 $147,676
Class M
 85,978
 22,086
Class C
 30,918
 -
China Region
 15,840,360
 9,963,708
Class I
 463,654
 287,558
Class Z
799,341
42,665
Total  
$17,558,581
$10,463,693
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
 
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Fidelity China Region Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
63,769
213,022
$2,067,177
$7,300,449
Reinvestment of distributions
10,187
4,346
321,753
141,383
Shares redeemed
(124,967)
(299,344)
(3,983,365)
(9,796,907)
Net increase (decrease)
(51,011)
(81,976)
$(1,594,435)
$(2,355,075)
Class M
 
 
 
 
Shares sold
4,749
55,083
$150,967
$1,982,190
Reinvestment of distributions
2,728
682
85,562
22,023
Shares redeemed
(23,036)
(73,707)
(721,282)
(2,410,361)
Net increase (decrease)
(15,559)
(17,942)
$(484,753)
$(406,148)
Class C
 
 
 
 
Shares sold
9,316
85,870
$283,133
$2,816,391
Reinvestment of distributions
934
-
28,179
-
Shares redeemed
(46,425)
(164,625)
(1,398,888)
(5,078,761)
Net increase (decrease)
(36,175)
(78,755)
$(1,087,576)
$(2,262,370)
China Region
 
 
 
 
Shares sold
1,996,257
4,425,610
$64,222,922
$152,711,723
Reinvestment of distributions
464,822
285,364
14,864,692
9,405,600
Shares redeemed
(4,307,623)
(7,820,514)
(137,805,126)
(259,958,996)
Net increase (decrease)
(1,846,544)
(3,109,540)
$(58,717,512)
$(97,841,673)
Class I
 
 
 
 
Shares sold
104,702
909,474
$3,299,980
$31,717,017
Reinvestment of distributions
12,678
7,396
402,398
241,861
Shares redeemed
(460,726)
(870,332)
(14,608,796)
(29,080,141)
Net increase (decrease)
(343,346)
46,538
$(10,906,418)
$2,878,737
Class Z
 
 
 
 
Shares sold
2,869,479
915,990
$90,421,737
$30,707,964
Reinvestment of distributions
24,293
1,256
770,360
41,047
Shares redeemed
(156,857)
(226,966)
(5,011,425)
(7,451,163)
Net increase (decrease)
2,736,915
690,280
$86,180,672
$23,297,848
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 China Region Fund
12%
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.
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
11.1
 
Sea Ltd. ADR  (Singapore, Entertainment)
5.5
 
PDD Holdings, Inc. ADR  (China, Broadline Retail)
5.4
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
5.2
 
MakeMyTrip Ltd.  (India, Hotels, Restaurants & Leisure)
4.3
 
Zomato Ltd.  (India, Hotels, Restaurants & Leisure)
3.6
 
SK Hynix, Inc.  (Korea (South), Semiconductors & Semiconductor Equipment)
2.6
 
Advanced Micro-Fabrication Equipment, Inc., China (A Shares)  (China, Semiconductors & Semiconductor Equipment)
2.1
 
Reliance Industries Ltd.  (India, Oil, Gas & Consumable Fuels)
2.0
 
Meituan Class B (China, Hotels, Restaurants & Leisure)
2.0
 
 
43.2
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
33.3
 
Consumer Discretionary
23.7
 
Communication Services
10.7
 
Health Care
10.7
 
Financials
9.8
 
Industrials
7.8
 
Energy
2.0
 
Materials
0.9
 
Consumer Staples
0.8
 
Real Estate
0.4
 
 
Asset Allocation (% of Fund's net assets)
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
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.
 
 
Fidelity® Emerging Asia Fund
Common Stocks - 98.7%
 
 
Shares
Value ($)
 
China - 35.3%
 
 
 
Advanced Micro-Fabrication Equipment, Inc., China (A Shares)
 
967,600
18,813,447
AK Medical Holdings Ltd. (a)
 
7,232,119
5,402,747
Akeso, Inc. (a)(b)
 
448,694
2,745,613
Alibaba Group Holding Ltd.
 
1,958,816
18,340,521
Asymchem Laboratories Tianjin Co. Ltd.:
 
 
 
 (A Shares)
 
137,300
1,562,275
 (H Shares) (a)
 
208,200
1,693,639
Baidu, Inc. Class A (b)
 
96,964
1,256,225
Beijing Chunlizhengda Medical Instruments Co. Ltd. (b)
 
653,700
2,022,132
Beijing Sinohytec Co. Ltd. (A Shares)
 
463,132
2,288,800
Empyrean Technology Co. Ltd. (A Shares)
 
184,500
1,989,509
Estun Automation Co. Ltd. (A Shares)
 
2,521,600
5,585,435
Glodon Co. Ltd. (A Shares)
 
4,989,840
7,760,670
GRG Metrology & Test Co. Ltd. (A Shares)
 
989,290
1,993,280
Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares)
 
411,432
2,173,785
Hangzhou Tigermed Consulting Co. Ltd. (A Shares)
 
341,497
2,773,803
Innovent Biologics, Inc. (a)(b)
 
882,759
4,273,405
Joinn Laboratories China Co. Ltd. (A Shares)
 
710,760
1,601,736
Kangji Medical Holdings Ltd.
 
1,511,945
1,391,188
Kanzhun Ltd. ADR
 
158,376
3,134,261
KE Holdings, Inc. ADR
 
221,395
3,347,492
Kindstar Globalgene Technology, Inc. (a)(b)
 
6,299,186
1,255,721
Kingsemi Co. Ltd. (A Shares)
 
269,900
3,326,208
Kuaishou Technology Class B (a)(b)
 
706,100
4,950,262
Li Auto, Inc. ADR (b)
 
399,986
10,511,632
Li Ning Co. Ltd.
 
2,478,964
6,489,603
Maxscend Microelectronics Co. Ltd. (A Shares)
 
136,500
1,700,783
Meituan Class B (a)(b)
 
1,348,382
18,411,524
Microport Cardioflow Medtech Corp. (a)(b)(c)
 
9,649,252
1,285,079
MicroPort NeuroTech Ltd. (b)(c)
 
545,000
643,961
MicroTech Medical (Hangzhou) Co. Ltd. (H Shares) (a)(b)
 
1,296,269
668,354
NAURA Technology Group Co. Ltd.
 
364,197
15,948,117
NXP Semiconductors NV
 
37,506
9,608,662
PDD Holdings, Inc. ADR (b)
 
389,572
48,766,623
Ping An Insurance Group Co. of China Ltd. (H Shares)
 
1,901,036
8,615,653
RLX Technology, Inc. ADR (c)
 
702,778
1,363,389
SG Micro Corp. (A Shares)
 
88,340
933,032
Shandong Weigao Orthopaedic Device Co. Ltd. (A Shares) (b)
 
1,513,400
5,322,776
Shanghai Aohua Photoelectricity Endoscope Co. Ltd. (A Shares) (b)
 
399,900
2,942,483
Shanghai MicroPort Endovascula MedTech Group Co. Ltd. (A Shares) (b)
 
87,700
2,251,726
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
315,689
13,255,724
Silergy Corp.
 
195,000
2,585,215
SITC International Holdings Co. Ltd. (c)
 
1,473,720
3,195,902
Smoore International Holdings Ltd. (a)(c)
 
2,003,966
1,745,285
SonoScape Medical Corp. (b)
 
408,300
2,325,254
Tencent Holdings Ltd.
 
390,302
17,127,701
Tofflon Science & Technology Group Co. Ltd. (A Shares) (b)
 
2,400,800
4,948,699
Trip.com Group Ltd. (b)
 
100,634
4,901,616
Venus MedTech Hangzhou, Inc. (H Shares) (a)(b)(c)(d)
 
2,490,882
1,431,604
Weihai Guangwei Composites Co. Ltd. (A Shares)
 
802,936
2,879,089
WuXi AppTec Co. Ltd. (H Shares) (a)
 
1,151,865
5,184,648
Wuxi Biologics (Cayman), Inc. (a)(b)
 
1,169,344
2,025,698
WuXi XDC Cayman, Inc.
 
5,996,343
16,704,003
Zai Lab Ltd. ADR (b)(c)
 
93,266
1,473,603
ZKH Group Ltd. (A Shares) (i)
 
11,329,413
3,536,363
Zylox-Tonbridge Medical Technology Co. Ltd. (a)(b)
 
1,144,681
1,523,524
TOTAL CHINA
 
 
319,989,479
Hong Kong - 2.2%
 
 
 
AIA Group Ltd.
 
1,428,287
10,461,285
Hong Kong Exchanges and Clearing Ltd.
 
237,017
7,531,079
Huanxi Media Group Ltd. (b)
 
19,829,015
1,435,469
TOTAL HONG KONG
 
 
19,427,833
India - 23.4%
 
 
 
Amber Enterprises India Ltd. (b)
 
46,438
2,131,637
Aster DM Healthcare Ltd. (a)
 
409,762
1,702,475
Bajaj Finance Ltd.
 
56,939
4,721,872
Bharat Electronics Ltd.
 
1,246,444
3,484,531
Computer Age Management Services Private Ltd.
 
299,371
11,471,090
Delhivery Private Ltd. (b)
 
2,456,003
13,199,887
Devyani International Ltd. (b)
 
987,424
1,961,346
Eicher Motors Ltd.
 
73,028
4,019,313
GMR Airports Infrastructure Ltd. (b)
 
3,240,313
3,294,750
HDFC Asset Management Co. Ltd. (a)
 
205,108
9,559,202
HDFC Bank Ltd.
 
975,225
17,705,625
HDFC Standard Life Insurance Co. Ltd. (a)
 
712,574
4,972,386
Hindustan Aeronautics Ltd.
 
224,176
10,576,216
INOX India Ltd.
 
164,104
2,636,578
Kotak Mahindra Bank Ltd.
 
112,303
2,182,032
Larsen & Toubro Ltd.
 
82,388
3,540,517
MakeMyTrip Ltd. (b)
 
594,860
39,385,681
Page Industries Ltd.
 
3,821
1,590,170
Reliance Industries Ltd.
 
528,571
18,549,818
Sapphire Foods India Ltd. (b)
 
180,394
3,072,866
SIS Ltd. (b)
 
499,100
2,791,246
SRF Ltd.
 
71,055
2,225,074
Syngene International Ltd. (a)
 
242,905
2,002,313
Tata Motors Ltd.
 
656,683
7,916,727
Ultratech Cement Ltd.
 
32,112
3,828,730
Vijaya Diagnostic Centre Pvt Ltd.
 
147,857
1,237,702
Zomato Ltd. (b)
 
14,100,739
32,534,225
TOTAL INDIA
 
 
212,294,009
Indonesia - 1.3%
 
 
 
PT Bank Central Asia Tbk
 
12,105,072
7,278,593
PT Bank Rakyat Indonesia (Persero) Tbk
 
15,015,984
4,545,392
TOTAL INDONESIA
 
 
11,823,985
Japan - 1.6%
 
 
 
Freee KK (b)
 
198,341
3,471,572
Money Forward, Inc. (b)
 
179,212
6,240,407
Renesas Electronics Corp.
 
290,520
4,716,811
TOTAL JAPAN
 
 
14,428,790
Korea (South) - 11.7%
 
 
 
Delivery Hero AG (a)(b)
 
292,551
8,184,857
Gabia, Inc.
 
128,155
1,640,752
HD Hyundai Marine Solution Co. Ltd. (e)
 
2,200
132,383
Kakao Corp.
 
89,222
3,089,905
Kakao Pay Corp. (b)
 
135,884
3,414,890
Kia Corp.
 
93,676
7,914,258
LG Energy Solution (b)
 
3,400
943,296
NAVER Corp.
 
74,331
9,776,779
Samsung Electronics Co. Ltd.
 
856,980
47,503,280
SK Hynix, Inc.
 
188,312
23,173,715
TOTAL KOREA (SOUTH)
 
 
105,774,115
Netherlands - 1.0%
 
 
 
ASML Holding NV (Netherlands)
 
10,068
8,947,003
Russia - 0.2%
 
 
 
Yandex NV Series A (b)(c)(d)
 
153,300
1,778,280
Singapore - 6.3%
 
 
 
Oversea-Chinese Banking Corp. Ltd.
 
381,871
3,964,422
Sea Ltd. ADR (b)
 
790,242
49,935,392
United Overseas Bank Ltd.
 
136,726
3,034,060
TOTAL SINGAPORE
 
 
56,933,874
Switzerland - 0.4%
 
 
 
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
1,401,887
ZWSOFT Co. Ltd. Guangzhou (UBS AG London Branch Bank Warrant Programme) Class A warrants 9/25/25 (a)(b)
 
202,088
2,303,686
TOTAL SWITZERLAND
 
 
3,705,573
Taiwan - 12.1%
 
 
 
MediaTek, Inc.
 
110,000
3,310,733
Taiwan Semiconductor Manufacturing Co. Ltd.
 
3,549,892
84,846,666
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
118,053
16,213,399
Unimicron Technology Corp.
 
1,023,000
5,647,158
TOTAL TAIWAN
 
 
110,017,956
United Kingdom - 0.2%
 
 
 
Endava PLC ADR (b)
 
74,056
2,147,624
United States of America - 2.7%
 
 
 
Frontage Holdings Corp. (a)(b)(c)
 
12,243,436
1,916,933
Micron Technology, Inc.
 
65,649
7,415,711
NVIDIA Corp.
 
6,922
5,980,746
ON Semiconductor Corp. (b)
 
68,637
4,815,572
Space Exploration Technologies Corp. Class A (b)(d)(f)
 
11,000
1,067,000
Teradyne, Inc.
 
30,254
3,519,145
TOTAL UNITED STATES OF AMERICA
 
 
24,715,107
Vietnam - 0.3%
 
 
 
Vietnam Dairy Products Corp.
 
1,043,400
2,672,249
 
TOTAL COMMON STOCKS
 (Cost $741,057,661)
 
 
 
894,655,877
 
 
 
 
Preferred Stocks - 1.4%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.7%
 
 
 
China - 0.7%
 
 
 
ByteDance Ltd. Series E1 (b)(d)(f)
 
23,366
5,385,162
dMed Biopharmaceutical Co. Ltd. Series C (b)(d)(f)
 
128,423
633,125
 
 
 
6,018,287
Nonconvertible Preferred Stocks - 0.7%
 
 
 
Korea (South) - 0.7%
 
 
 
Samsung Electronics Co. Ltd.
 
145,844
6,790,557
 
TOTAL PREFERRED STOCKS
 (Cost $9,290,656)
 
 
 
12,808,844
 
 
 
 
Money Market Funds - 1.1%
 
 
Shares
Value ($)
 
Fidelity Securities Lending Cash Central Fund 5.39% (g)(h)
 
 (Cost $10,167,246)
 
 
10,166,230
10,167,247
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.2%
 (Cost $760,515,563)
 
 
 
917,631,968
NET OTHER ASSETS (LIABILITIES) - (1.2)%  
(10,788,830)
NET ASSETS - 100.0%
906,843,138
 
 
 
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 $84,640,842 or 9.3% of net assets.
 
(b)
Non-income producing
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Level 3 security
 
(e)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(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 $7,085,287 or 0.8% 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 are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
(i)
Equity security is subject to lock-up or market standoff agreement and valued at a discount to the market price of the equivalent equity security. As of period end, the total fair value of equity securities discounted due to contractual sale restrictions is $3,536,363 and all restrictions are set to expire on or before  June 30, 2024.  Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
 
 
 
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
 
 
 
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 5.39%
8,975,185
165,315,810
174,291,022
237,999
27
-
-
0.0%
Fidelity Securities Lending Cash Central Fund 5.39%
16,834,536
76,005,623
82,672,912
154,886
-
-
10,167,247
0.0%
Total
25,809,721
241,321,433
256,963,934
392,885
27
-
10,167,247
 
 
 
 
 
 
 
 
 
 
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 April 30, 2024, 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
97,869,436
53,069,653
37,636,341
7,163,442
Consumer Discretionary
216,132,599
98,663,936
117,468,663
-
Consumer Staples
7,182,810
1,363,389
5,819,421
-
Energy
18,549,818
-
18,549,818
-
Financials
87,986,491
-
87,986,491
-
Health Care
96,375,728
1,473,603
92,837,396
2,064,729
Industrials
69,737,274
-
68,670,274
1,067,000
Information Technology
301,350,180
58,647,862
242,702,318
-
Materials
8,932,893
-
8,932,893
-
Real Estate
3,347,492
3,347,492
-
-
  Money Market Funds
10,167,247
10,167,247
-
-
 Total Investments in Securities:
917,631,968
226,733,182
680,603,615
10,295,171
 
The following is a reconciliation of  Investments in Securities for which Level 3 inputs were used in determining value:
 
 
Investments in Securities:
 
  Beginning Balance
$
11,961,089
 
  Net Realized Gain (Loss) on Investment Securities
 
(474)
 
  Net Unrealized Gain (Loss) on Investment Securities
 
104,850
 
  Cost of Purchases
 
-
 
  Proceeds of Sales
 
(121)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
1,412,971
 
  Transfers out of Level 3
 
(3,183,144)
 
  Ending Balance
$
10,295,171
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2024
$
104,850
 
 
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
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $8,981,000) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $750,348,317)
$
907,464,721
 
 
Fidelity Central Funds (cost $10,167,246)
10,167,247
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $760,515,563)
 
 
$
917,631,968
Foreign currency held at value (cost $175,373)
 
 
175,372
Receivable for investments sold
 
 
15,173,838
Receivable for fund shares sold
 
 
174,680
Dividends receivable
 
 
924,295
Distributions receivable from Fidelity Central Funds
 
 
47,578
Prepaid expenses
 
 
335
Other receivables
 
 
584,166
  Total assets
 
 
934,712,232
Liabilities
 
 
 
 
Payable to custodian bank
$
588,206
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
8,324,532
 
 
Delayed delivery
133,707
 
 
Payable for fund shares redeemed
581,979
 
 
Accrued management fee
441,404
 
 
Deferred taxes
7,423,154
 
 
Other payables and accrued expenses
207,636
 
 
Collateral on securities loaned
10,168,476
 
 
  Total liabilities
 
 
 
27,869,094
Net Assets  
 
 
$
906,843,138
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,063,624,344
Total accumulated earnings (loss)
 
 
 
(156,781,206)
Net Assets
 
 
$
906,843,138
Net Asset Value, offering price and redemption price per share ($906,843,138 ÷ 21,611,101 shares)
 
 
$
41.96
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
4,623,078
Interest  
 
 
549
Income from Fidelity Central Funds (including $154,886 from security lending)
 
 
392,885
 Income before foreign taxes withheld
 
 
$
5,016,512
Less foreign taxes withheld
 
 
(755,783)
 Total income
 
 
 
4,260,729
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
3,344,805
 
 
 Performance adjustment
(1,419,063)
 
 
Transfer agent fees
574,617
 
 
Accounting fees
135,028
 
 
Custodian fees and expenses
117,839
 
 
Independent trustees' fees and expenses
2,313
 
 
Registration fees
18,545
 
 
Audit
56,739
 
 
Legal
1,194
 
 
Interest
11,047
 
 
Miscellaneous
1,844
 
 
 Total expenses before reductions
 
2,844,908
 
 
 Expense reductions
 
(40,557)
 
 
 Total expenses after reductions
 
 
 
2,804,351
Net Investment income (loss)
 
 
 
1,456,378
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $3,878,958)
 
2,209,014
 
 
   Fidelity Central Funds
 
27
 
 
 Foreign currency transactions
 
(32,804)
 
 
Total net realized gain (loss)
 
 
 
2,176,237
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of increase in deferred foreign taxes of $1,867,172)  
 
135,258,424
 
 
 Assets and liabilities in foreign currencies
 
236,656
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
135,495,080
Net gain (loss)
 
 
 
137,671,317
Net increase (decrease) in net assets resulting from operations
 
 
$
139,127,695
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
1,456,378
$
1,271,379
Net realized gain (loss)
 
2,176,237
 
 
(172,657,476)
 
Change in net unrealized appreciation (depreciation)
 
135,495,080
 
329,221,567
 
Net increase (decrease) in net assets resulting from operations
 
139,127,695
 
 
157,835,470
 
Distributions to shareholders
 
(712,522)
 
 
-
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
21,232,149
 
89,917,598
  Reinvestment of distributions
 
649,603
 
 
-
 
Cost of shares redeemed
 
(121,107,263)
 
(203,626,450)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(99,225,511)
 
 
(113,708,852)
 
Total increase (decrease) in net assets
 
39,189,662
 
 
44,126,618
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
867,653,476
 
823,526,858
 
End of period
$
906,843,138
$
867,653,476
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
531,031
 
2,379,648
  Issued in reinvestment of distributions
 
16,661
 
 
-
 
Redeemed
 
(3,059,436)
 
(5,497,734)
Net increase (decrease)
 
(2,511,744)
 
(3,118,086)
 
 
 
 
 
 
Financial Highlights
 
Fidelity® Emerging Asia Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
35.97
$
30.23
$
64.66
$
63.60
$
45.03
$
36.69
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.06
 
.05
 
(.22)
 
(.31) C
 
(.12)
 
.34
     Net realized and unrealized gain (loss)
 
5.96
 
5.69
 
(26.97)
 
11.00
 
21.49
 
9.27
  Total from investment operations
 
6.02  
 
5.74  
 
(27.19)  
 
10.69  
 
21.37
 
9.61
  Distributions from net investment income
 
(.03)
 
-
 
(.09)
 
-
 
(.29) D
 
(.39)
  Distributions from net realized gain
 
-
 
-
 
(7.15)
 
(9.63)
 
(2.51) D
 
(.88)
     Total distributions
 
(.03)
 
-
 
(7.24)
 
(9.63)
 
(2.80)
 
(1.27)
  Net asset value, end of period
$
41.96
$
35.97
$
30.23
$
64.66
$
63.60
$
45.03
 Total Return E,F
 
16.74
%
 
 
18.99%
 
(46.77)%
 
17.02%
 
50.46%
 
26.95%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.63% I
 
.87%
 
1.18%
 
1.02%
 
1.13%
 
1.11%
    Expenses net of fee waivers, if any
 
.62
% I
 
 
.87%
 
1.17%
 
1.02%
 
1.13%
 
1.11%
    Expenses net of all reductions
 
.62% I
 
.87%
 
1.17%
 
1.02%
 
1.10%
 
1.11%
    Net investment income (loss)
 
.32% I
 
.13%
 
(.51)%
 
(.45)% C
 
(.24)%
 
.82%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
906,843
$
867,653
$
823,527
$
2,000,120
$
1,578,782
$
993,620
    Portfolio turnover rate J
 
67
% I
 
 
50%
 
44%
 
85%
 
114%
 
61% 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 $.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 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.
 
 
For the period ended April 30, 2024
 
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, 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. 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
$10,295,171
Market comparable
Enterprise value/Revenue multiple (EV/R)
2.5 - 2.8 / 2.7
Increase
 
 
 
Enterprise value/EBITDA multiple (EV/EBITDA)
16.9
Increase
 
 
Market approach
Discount rate
20.0%
Decrease
 
 
Black scholes
Discount rate
4.8%
Increase
 
 
 
Term
3.0
Increase
 
 
 
Volatility
60.0%
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 April 30, 2024, 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.
 
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. 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
$309,196,811
Gross unrealized depreciation
(158,379,947)
Net unrealized appreciation (depreciation)
$150,816,864
Tax cost
$766,815,104
 
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 prior 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)
 
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 Emerging Asia Fund
300,718,857
392,107,060
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.
 
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Fidelity Emerging Asia Fund
.87
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Fidelity Emerging Asia Fund
.87
 
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was 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 decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
 
 
Performance Adjustment Index
Fidelity Emerging Asia Fund
MSCI All Country Asia ex Japan Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of the Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was (.31)%.
 
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
 
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.50% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
 
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. Effective March 1, 2024, each Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of average net assets of .1908%.
 
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to account size and type of account.
 
For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the annualized rate of .19% of average net assets.
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
 
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
.0447
 
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Fidelity Emerging Asia Fund
.04
 
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
 1,340
 
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
 10,203,286
5.57%
 11,047
 
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
 7,057,099
 22,003,037
 952,921
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
836
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
16,820
-
-
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 $21.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $40,536.
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.
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
10.4
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
5.5
 
NVIDIA Corp.  (United States of America, Semiconductors & Semiconductor Equipment)
4.8
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
4.7
 
PT Bank Central Asia Tbk  (Indonesia, Banks)
2.9
 
PDD Holdings, Inc. ADR  (China, Broadline Retail)
2.8
 
Reliance Industries Ltd.  (India, Oil, Gas & Consumable Fuels)
2.8
 
HDFC Bank Ltd.  (India, Banks)
2.4
 
Kweichow Moutai Co. Ltd. (A Shares)  (China, Beverages)
2.2
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
2.0
 
 
40.5
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
28.7
 
Financials
18.1
 
Consumer Discretionary
11.7
 
Communication Services
9.2
 
Industrials
7.6
 
Consumer Staples
7.6
 
Energy
6.6
 
Health Care
5.5
 
Utilities
2.5
 
Materials
2.2
 
 
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
Common Stocks - 98.7%
 
 
Shares
Value ($)
 
Brazil - 7.1%
 
 
 
Atacadao SA
 
18,335,800
39,442,839
Equatorial Energia SA
 
10,634,100
62,646,289
Localiza Rent a Car SA
 
7,340,413
69,310,259
MercadoLibre, Inc. (a)
 
34,400
50,179,280
Nu Holdings Ltd. (a)
 
12,374,900
134,391,414
Raia Drogasil SA
 
15,093,300
74,353,236
Totvs SA
 
11,158,200
59,179,761
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA
 
18,665,484
25,557,831
Weg SA
 
7,498,400
57,112,375
XP, Inc. Class A
 
2,576,500
52,740,955
TOTAL BRAZIL
 
 
624,914,239
Canada - 1.0%
 
 
 
Cameco Corp.
 
1,897,100
86,555,661
China - 22.1%
 
 
 
Aier Eye Hospital Group Co. Ltd. (A Shares)
 
23,205,354
41,215,800
Airtac International Group
 
2,316,000
81,854,163
Alibaba Group Holding Ltd.
 
17,460,732
163,485,961
Bank of Chengdu Co. Ltd. (A Shares)
 
17,931,644
36,584,161
Chervon Holdings Ltd. (b)
 
9,903,337
24,050,869
Kweichow Moutai Co. Ltd. (A Shares)
 
821,215
192,547,153
Meituan Class B (a)(c)
 
12,301,310
167,968,621
NetEase, Inc. ADR
 
946,000
88,422,620
PDD Holdings, Inc. ADR (a)
 
1,977,300
247,518,414
Shandong Sinocera Functional Material Co. Ltd. (A Shares)
 
8,804,849
23,528,925
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
3,914,325
164,361,805
Sieyuan Electric Co. Ltd. (A Shares)
 
10,419,507
93,492,555
Sinopharm Group Co. Ltd. (H Shares)
 
21,850,899
55,181,433
Tencent Holdings Ltd.
 
11,182,800
490,737,053
Wuliangye Yibin Co. Ltd. (A Shares)
 
3,520,990
72,818,148
ZKH Group Ltd. (A Shares) (j)
 
49,945,071
15,589,854
TOTAL CHINA
 
 
1,959,357,535
France - 3.1%
 
 
 
Gaztransport et Technigaz SA
 
803,241
112,295,663
Hermes International SCA
 
42,019
100,940,866
LVMH Moet Hennessy Louis Vuitton SE
 
75,399
61,935,478
TOTAL FRANCE
 
 
275,172,007
Greece - 0.6%
 
 
 
OPAP SA
 
3,326,944
55,423,534
Hong Kong - 0.6%
 
 
 
AIA Group Ltd.
 
7,469,400
54,708,560
Hungary - 0.7%
 
 
 
Richter Gedeon PLC
 
2,267,800
57,749,587
India - 16.4%
 
 
 
360 ONE WAM Ltd.
 
7,990,461
75,048,010
Bajaj Finance Ltd.
 
1,199,400
99,464,572
Computer Age Management Services Private Ltd.
 
2,170,500
83,167,710
HDFC Bank Ltd.
 
11,542,967
209,567,475
HDFC Standard Life Insurance Co. Ltd. (c)
 
8,588,900
59,933,886
Kotak Mahindra Bank Ltd.
 
5,696,948
110,690,931
Larsen & Toubro Ltd.
 
3,305,632
142,055,217
Lenskart Solutions Pvt Ltd. (d)(e)
 
323,300
8,909,538
Max Healthcare Institute Ltd.
 
7,206,100
72,393,126
Power Grid Corp. of India Ltd.
 
43,641,333
157,359,806
Reliance Industries Ltd.
 
7,001,618
245,716,732
Tata Consultancy Services Ltd.
 
2,581,200
117,772,762
Ultratech Cement Ltd.
 
617,300
73,600,983
TOTAL INDIA
 
 
1,455,680,748
Indonesia - 3.7%
 
 
 
PT Bank Central Asia Tbk
 
429,597,970
258,310,646
PT Bank Mandiri (Persero) Tbk
 
156,525,500
66,159,753
TOTAL INDONESIA
 
 
324,470,399
Italy - 1.3%
 
 
 
Ferrari NV (b)
 
277,100
115,190,470
Kazakhstan - 1.4%
 
 
 
Kaspi.KZ JSC ADR
 
1,074,600
126,544,896
Korea (South) - 7.3%
 
 
 
JYP Entertainment Corp.
 
496,600
23,685,339
NAVER Corp.
 
724,240
95,259,509
Samsung Electronics Co. Ltd.
 
7,562,217
419,181,442
SK Hynix, Inc.
 
865,342
106,489,171
TOTAL KOREA (SOUTH)
 
 
644,615,461
Mexico - 3.1%
 
 
 
Banco del Bajio SA (c)
 
19,132,722
70,541,145
BBB Foods, Inc. (b)
 
2,125,970
48,791,012
Becle S.A.B. de CV (b)
 
31,875,094
64,752,172
Wal-Mart de Mexico SA de CV Series V
 
24,669,500
92,049,352
TOTAL MEXICO
 
 
276,133,681
Netherlands - 2.9%
 
 
 
ASML Holding NV (Netherlands)
 
200,700
178,353,549
BE Semiconductor Industries NV
 
590,400
79,074,398
TOTAL NETHERLANDS
 
 
257,427,947
Philippines - 0.4%
 
 
 
TaskUs, Inc. (a)(b)
 
2,793,772
32,016,627
Poland - 1.0%
 
 
 
Dino Polska SA (a)(c)
 
892,481
85,785,017
Russia - 0.0%
 
 
 
Sberbank of Russia (a)(e)
 
25,741,060
157,586
Saudi Arabia - 4.2%
 
 
 
Al Rajhi Bank
 
6,092,020
129,779,875
Dr Sulaiman Al Habib Medical Services Group Co.
 
1,083,393
89,719,476
Sabic Agriculture-Nutrients Co.
 
1,967,000
60,731,243
Saudi Arabian Oil Co. (c)
 
11,592,510
93,034,328
TOTAL SAUDI ARABIA
 
 
373,264,922
Sweden - 0.2%
 
 
 
VEF AB (a)(f)
 
95,309,129
19,761,657
Taiwan - 14.3%
 
 
 
ASPEED Tech, Inc.
 
833,000
77,859,278
Chailease Holding Co. Ltd.
 
7,770,168
40,909,038
eMemory Technology, Inc.
 
1,185,000
79,505,245
International Games Systems Co. Ltd.
 
3,127,036
95,458,622
Taiwan Semiconductor Manufacturing Co. Ltd.
 
38,643,000
923,613,902
Voltronic Power Technology Corp.
 
1,114,868
52,658,671
TOTAL TAIWAN
 
 
1,270,004,756
United Arab Emirates - 0.5%
 
 
 
Adnoc Gas PLC
 
50,698,800
41,410,439
United States of America - 6.4%
 
 
 
Energy Recovery, Inc. (a)
 
1,689,000
25,166,100
GCC S.A.B. de CV
 
2,680,400
30,507,969
Globant SA (a)
 
467,400
83,472,966
NVIDIA Corp.
 
491,808
424,931,948
TOTAL UNITED STATES OF AMERICA
 
 
564,078,983
Uruguay - 0.4%
 
 
 
Dlocal Ltd. (a)(b)
 
2,679,300
38,072,853
 
TOTAL COMMON STOCKS
 (Cost $6,603,172,244)
 
 
 
8,738,497,565
 
 
 
 
Preferred Stocks - 0.7%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.2%
 
 
 
China - 0.2%
 
 
 
ByteDance Ltd. Series E1 (a)(d)(e)
 
85,253
19,648,259
Nonconvertible Preferred Stocks - 0.5%
 
 
 
Brazil - 0.5%
 
 
 
Alpargatas SA (PN) (a)
 
21,970,500
40,026,370
 
TOTAL PREFERRED STOCKS
 (Cost $56,703,875)
 
 
 
59,674,629
 
 
 
 
Convertible Bonds - 0.3%
 
 
Principal
Amount (g)
 
Value ($)
 
Brazil - 0.3%
 
 
 
Creditas Financial Solutions Ltd. 5% 7/28/27 (d)(e)
  (Cost $30,523,684)
 
30,523,684
29,043,286
 
 
 
 
Money Market Funds - 2.7%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (h)
 
201,576,293
201,616,608
Fidelity Securities Lending Cash Central Fund 5.39% (h)(i)
 
39,897,510
39,901,500
 
TOTAL MONEY MARKET FUNDS
 (Cost $241,518,108)
 
 
241,518,108
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.4%
 (Cost $6,931,917,911)
 
 
 
9,068,733,588
NET OTHER ASSETS (LIABILITIES) - (2.4)%  
(211,259,519)
NET ASSETS - 100.0%
8,857,474,069
 
 
 
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 $477,262,997 or 5.4% 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 $57,601,083 or 0.7% of net assets.
 
(e)
Level 3 security
 
(f)
Affiliated company
 
(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 are available on the SEC's website or upon request.
 
(i)
Investment made with cash collateral received from securities on loan.
 
(j)
Equity security is subject to lock-up or market standoff agreement and valued at a discount to the market price of the equivalent equity security. As of period end, the total fair value of equity securities discounted due to contractual sale restrictions is $15,589,854 and all restrictions are set to expire on or before  June 30, 2024.  Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
 
 
 
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
 
 
 
Lenskart Solutions Pvt Ltd.
4/30/24
8,909,538
 
 
 
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 5.39%
53,179,150
1,520,098,719
1,371,663,868
4,560,050
2,607
-
201,616,608
0.4%
Fidelity Securities Lending Cash Central Fund 5.39%
27,684,244
409,376,827
397,159,571
97,242
-
-
39,901,500
0.1%
Total
80,863,394
1,929,475,546
1,768,823,439
4,657,292
2,607
-
241,518,108
 
 
 
 
 
 
 
 
 
 
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.
34,411,680
-
33,518,531
-
(10,714,754)
9,821,605
-
VEF AB
15,223,914
-
-
-
-
4,537,743
19,761,657
Total
49,635,594
-
33,518,531
-
(10,714,754)
14,359,348
19,761,657
 
 
 
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 April 30, 2024, 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
813,211,402
88,422,620
705,140,523
19,648,259
Consumer Discretionary
1,035,629,401
609,278,934
417,440,929
8,909,538
Consumer Staples
670,538,929
405,173,628
265,365,301
-
Energy
579,012,823
333,296,091
245,716,732
-
Financials
1,583,367,413
571,832,795
1,011,377,032
157,586
Health Care
480,621,227
147,469,063
333,152,164
-
Industrials
677,981,362
209,163,192
468,818,170
-
Information Technology
2,549,434,422
825,012,622
1,724,421,800
-
Materials
188,369,120
91,239,212
97,129,908
-
Utilities
220,006,095
62,646,289
157,359,806
-
 Corporate Bonds
29,043,286
-
-
29,043,286
  Money Market Funds
241,518,108
241,518,108
-
-
 Total Investments in Securities:
9,068,733,588
3,585,052,554
5,425,922,365
57,758,669
Fidelity® Emerging Markets Fund
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $38,412,633) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $6,654,375,810)
$
8,807,453,823
 
 
Fidelity Central Funds (cost $241,518,108)
241,518,108
 
 
Other affiliated issuers (cost $36,023,993)
19,761,657
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $6,931,917,911)
 
 
$
9,068,733,588
Foreign currency held at value (cost $3,301,596)
 
 
3,300,652
Receivable for investments sold
 
 
33,150,723
Receivable for fund shares sold
 
 
4,872,976
Dividends receivable
 
 
9,043,624
Interest receivable
 
 
1,158,078
Distributions receivable from Fidelity Central Funds
 
 
1,191,354
Prepaid expenses
 
 
2,527
Other receivables
 
 
2,107,951
  Total assets
 
 
9,123,561,473
Liabilities
 
 
 
 
Payable for investments purchased
$
156,030,492
 
 
Payable for fund shares redeemed
7,849,380
 
 
Accrued management fee
5,786,012
 
 
Distribution and service plan fees payable
7,797
 
 
Deferred taxes
55,497,050
 
 
Other payables and accrued expenses
1,015,173
 
 
Collateral on securities loaned
39,901,500
 
 
  Total liabilities
 
 
 
266,087,404
Net Assets  
 
 
$
8,857,474,069
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
7,638,401,983
Total accumulated earnings (loss)
 
 
 
1,219,072,086
Net Assets
 
 
$
8,857,474,069
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($21,401,333 ÷ 583,545 shares)(a)
 
 
$
36.67
Maximum offering price per share (100/94.25 of $36.67)
 
 
$
38.91
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($4,009,503 ÷ 109,268 shares)(a)
 
 
$
36.69
Maximum offering price per share (100/96.50 of $36.69)
 
 
$
38.02
Class C :
 
 
 
 
Net Asset Value and offering price per share ($2,052,515 ÷ 56,220 shares)(a)
 
 
$
36.51
Emerging Markets :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($4,183,607,269 ÷ 113,618,222 shares)
 
 
$
36.82
Class K :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,694,740,557 ÷ 46,011,434 shares)
 
 
$
36.83
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($311,898,436 ÷ 8,494,198 shares)
 
 
$
36.72
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($2,639,764,456 ÷ 71,751,932 shares)
 
 
$
36.79
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
65,965,458
Interest  
 
 
780,191
Income from Fidelity Central Funds (including $97,242 from security lending)
 
 
4,657,292
 Income before foreign taxes withheld
 
 
$
71,402,941
Less foreign taxes withheld
 
 
(7,271,240)
 Total income
 
 
 
64,131,701
Expenses
 
 
 
 
Management fee
$
29,027,517
 
 
Transfer agent fees
3,037,683
 
 
Distribution and service plan fees
42,422
 
 
Accounting fees
552,258
 
 
Custodian fees and expenses
818,615
 
 
Independent trustees' fees and expenses
19,564
 
 
Registration fees
152,097
 
 
Audit
73,326
 
 
Legal
4,421
 
 
Interest
12,017
 
 
Miscellaneous
14,902
 
 
 Total expenses before reductions
 
33,754,822
 
 
 Expense reductions
 
(356,977)
 
 
 Total expenses after reductions
 
 
 
33,397,845
Net Investment income (loss)
 
 
 
30,733,856
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(111,920,965)
 
 
   Fidelity Central Funds
 
2,607
 
 
   Other affiliated issuers
 
(10,714,754)
 
 
 Foreign currency transactions
 
(778,434)
 
 
Total net realized gain (loss)
 
 
 
(123,411,546)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of increase in deferred foreign taxes of $23,725,451)  
 
1,231,773,588
 
 
   Affiliated issuers
 
14,359,348
 
 
 Assets and liabilities in foreign currencies
 
626,713
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
1,246,759,649
Net gain (loss)
 
 
 
1,123,348,103
Net increase (decrease) in net assets resulting from operations
 
 
$
1,154,081,959
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
30,733,856
$
77,916,451
Net realized gain (loss)
 
(123,411,546)
 
 
(418,114,595)
 
Change in net unrealized appreciation (depreciation)
 
1,246,759,649
 
1,169,042,149
 
Net increase (decrease) in net assets resulting from operations
 
1,154,081,959
 
 
828,844,005
 
Distributions to shareholders
 
(91,875,932)
 
 
(50,450,464)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
967,924,594
 
 
524,409,567
 
 
 
 
 
 
Total increase (decrease) in net assets
 
2,030,130,621
 
 
1,302,803,108
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
6,827,343,448
 
5,524,540,340
 
End of period
$
8,857,474,069
$
6,827,343,448
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® Emerging Markets Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 A
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
31.80
$
27.73
$
47.48
$
46.83
  Income from Investment Operations
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.07
 
.26 D
 
.16 E
 
(.04)
     Net realized and unrealized gain (loss)
 
5.10
 
3.95
 
(17.27)
 
.69
  Total from investment operations
 
5.17  
 
4.21  
 
(17.11)  
 
.65  
  Distributions from net investment income
 
(.30)
 
(.14)
 
(.48)
 
-
  Distributions from net realized gain
 
-
 
-
 
(2.16)
 
-
     Total distributions
 
(.30)
 
(.14)
 
(2.64)
 
-
  Net asset value, end of period
$
36.67
$
31.80
$
27.73
$
47.48
 Total Return F,G,H
 
16.33
%
 
 
15.18%
 
(38.00)%
 
1.39%
 Ratios to Average Net Assets C,I,J
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.16% K
 
1.20%
 
1.21%
 
1.25% K
    Expenses net of fee waivers, if any
 
1.15
% K
 
 
1.20%
 
1.21%
 
1.25% K
    Expenses net of all reductions
 
1.15% K
 
1.20%
 
1.21%
 
1.25% K
    Net investment income (loss)
 
.42% K
 
.77% D
 
.45% E
 
(.17)% K
 Supplemental Data
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
21,401
$
15,288
$
10,046
$
6,248
    Portfolio turnover rate L
 
29
% K
 
 
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
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 A
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
31.80
$
27.71
$
47.42
$
46.83
  Income from Investment Operations
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.03
 
.17 D
 
.05 E
 
(.09)
     Net realized and unrealized gain (loss)
 
5.10
 
3.96
 
(17.29)
 
.68
  Total from investment operations
 
5.13  
 
4.13  
 
(17.24)  
 
.59  
  Distributions from net investment income
 
(.24)
 
(.04)
 
(.32)
 
-
  Distributions from net realized gain
 
-
 
-
 
(2.16)
 
-
     Total distributions
 
(.24)
 
(.04)
 
(2.47) F
 
-
  Net asset value, end of period
$
36.69
$
31.80
$
27.71
$
47.42
 Total Return G,H,I
 
16.19
%
 
 
14.90%
 
(38.20)%
 
1.26%
 Ratios to Average Net Assets C,J,K
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.42% L
 
1.48%
 
1.51%
 
1.52% L
    Expenses net of fee waivers, if any
 
1.42
% L
 
 
1.47%
 
1.50%
 
1.51% L
    Expenses net of all reductions
 
1.42% L
 
1.47%
 
1.50%
 
1.51% L
    Net investment income (loss)
 
.15% L
 
.50% D
 
.15% E
 
(.39)% L
 Supplemental Data
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,010
$
3,070
$
1,392
$
2,234
    Portfolio turnover rate M
 
29
% L
 
 
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
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 A
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
31.54
$
27.59
$
47.31
$
46.83
  Income from Investment Operations
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
(.06)
 
- D,E
 
(.12) F
 
(.19)
     Net realized and unrealized gain (loss)
 
5.08
 
3.95
 
(17.26)
 
.67
  Total from investment operations
 
5.02  
 
3.95  
 
(17.38)  
 
.48  
  Distributions from net investment income
 
(.05)
 
-
 
(.18)
 
-
  Distributions from net realized gain
 
-
 
-
 
(2.16)
 
-
     Total distributions
 
(.05)
 
-
 
(2.34)
 
-
  Net asset value, end of period
$
36.51
$
31.54
$
27.59
$
47.31
 Total Return G,H,I
 
15.91
%
 
 
14.32%
 
(38.50)%
 
1.02%
 Ratios to Average Net Assets C,J,K
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.90% L
 
1.98%
 
2.00%
 
2.01% L
    Expenses net of fee waivers, if any
 
1.90
% L
 
 
1.98%
 
2.00%
 
2.01% L
    Expenses net of all reductions
 
1.90% L
 
1.97%
 
2.00%
 
2.01% L
    Net investment income (loss)
 
(.33)% L
 
(.01)% E
 
(.34)% F
 
(.86)% L
 Supplemental Data
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,053
$
1,768
$
1,377
$
1,587
    Portfolio turnover rate M
 
29
% L
 
 
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.
 
DAmount represents less than $.005 per share.
 
ENet 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)%.
 
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
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
31.97
$
27.87
$
47.56
$
40.26
$
33.03
$
26.66
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.13
 
.36 C
 
.28 D
 
.12
 
.15
 
.61 E
     Net realized and unrealized gain (loss)
 
5.12
 
3.98
 
(17.35)
 
7.81
 
7.68
 
5.98
  Total from investment operations
 
5.25  
 
4.34  
 
(17.07)  
 
7.93  
 
7.83
 
6.59
  Distributions from net investment income
 
(.40)
 
(.24)
 
(.46)
 
(.09)
 
(.60)
 
(.22)
  Distributions from net realized gain
 
-
 
-
 
(2.16)
 
(.54)
 
-
 
-
     Total distributions
 
(.40)
 
(.24)
 
(2.62)
 
(.63)
 
(.60)
 
(.22)
  Net asset value, end of period
$
36.82
$
31.97
$
27.87
$
47.56
$
40.26
$
33.03
 Total Return F,G
 
16.50
%
 
 
15.56%
 
(37.83)%
 
19.83%
 
24.09%
 
24.91%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.86% J
 
.90%
 
.90%
 
.88%
 
.92%
 
.94%
    Expenses net of fee waivers, if any
 
.86
% J
 
 
.90%
 
.90%
 
.88%
 
.92%
 
.94%
    Expenses net of all reductions
 
.86% J
 
.90%
 
.90%
 
.88%
 
.91%
 
.92%
    Net investment income (loss)
 
.71% J
 
1.07% C
 
.76% D
 
.26%
 
.43%
 
2.02% E
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,183,607
$
3,985,433
$
3,330,900
$
5,016,159
$
4,526,531
$
3,104,887
    Portfolio turnover rate K
 
29
% J
 
 
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 .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 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.
 
MPortfolio turnover rate excludes securities received or delivered in-kind.
 
 
Fidelity® Emerging Markets Fund Class K
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
32.00
$
27.90
$
47.62
$
40.30
$
33.07
$
26.70
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.15
 
.40 C
 
.33 D
 
.16
 
.19
 
.65 E
     Net realized and unrealized gain (loss)
 
5.12
 
3.98
 
(17.35)
 
7.83
 
7.69
 
5.99
  Total from investment operations
 
5.27  
 
4.38  
 
(17.02)  
 
7.99  
 
7.88
 
6.64
  Distributions from net investment income
 
(.44)
 
(.28)
 
(.54)
 
(.12)
 
(.65)
 
(.26)
  Distributions from net realized gain
 
-
 
-
 
(2.16)
 
(.54)
 
-
 
- F
     Total distributions
 
(.44)
 
(.28)
 
(2.70)
 
(.67) G
 
(.65)
 
(.27) G
  Net asset value, end of period
$
36.83
$
32.00
$
27.90
$
47.62
$
40.30
$
33.07
 Total Return H,I
 
16.58
%
 
 
15.69%
 
(37.73)%
 
19.94%
 
24.24%
 
25.08%
 Ratios to Average Net Assets B,J,K
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.76% L
 
.77%
 
.77%
 
.77%
 
.80%
 
.80%
    Expenses net of fee waivers, if any
 
.75
% L
 
 
.76%
 
.77%
 
.77%
 
.80%
 
.80%
    Expenses net of all reductions
 
.75% L
 
.76%
 
.77%
 
.77%
 
.79%
 
.79%
    Net investment income (loss)
 
.82% L
 
1.20% C
 
.88% D
 
.34%
 
.55%
 
2.15% E
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,694,741
$
1,095,217
$
826,468
$
1,689,454
$
1,227,097
$
1,018,765
    Portfolio turnover rate M
 
29
% L
 
 
23%
 
34%
 
38% N
 
34%
 
85% O
 
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 for periods of less than one year are not annualized.
 
ITotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
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.
 
OPortfolio turnover rate excludes securities received or delivered in-kind.
 
 
Fidelity Advisor® Emerging Markets Fund Class I
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 A
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
31.89
$
27.83
$
47.55
$
46.83
  Income from Investment Operations
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.11
 
.36 D
 
.26 E
 
.04
     Net realized and unrealized gain (loss)
 
5.12
 
3.97
 
(17.29)
 
.68
  Total from investment operations
 
5.23  
 
4.33  
 
(17.03)  
 
.72  
  Distributions from net investment income
 
(.40)
 
(.27)
 
(.53)
 
-
  Distributions from net realized gain
 
-
 
-
 
(2.16)
 
-
     Total distributions
 
(.40)
 
(.27)
 
(2.69)
 
-
  Net asset value, end of period
$
36.72
$
31.89
$
27.83
$
47.55
 Total Return F,G
 
16.50
%
 
 
15.54%
 
(37.81)%
 
1.54%
 Ratios to Average Net Assets C,H,I
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.98% J
 
.91%
 
.89%
 
.94% J
    Expenses net of fee waivers, if any
 
.97
% J
 
 
.90%
 
.89%
 
.93% J
    Expenses net of all reductions
 
.97% J
 
.90%
 
.89%
 
.93% J
    Net investment income (loss)
 
.60% J
 
1.06% D
 
.76% E
 
.17% J
 Supplemental Data
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
311,898
$
114,992
$
47,819
$
25,824
    Portfolio turnover rate K
 
29
% J
 
 
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
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 A
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
31.96
$
27.87
$
47.59
$
46.83
  Income from Investment Operations
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.14
 
.40 D
 
.32 E
 
(.03)
     Net realized and unrealized gain (loss)
 
5.13
 
3.97
 
(17.33)
 
.79
  Total from investment operations
 
5.27  
 
4.37  
 
(17.01)  
 
.76  
  Distributions from net investment income
 
(.44)
 
(.28)
 
(.55)
 
-
  Distributions from net realized gain
 
-
 
-
 
(2.16)
 
-
     Total distributions
 
(.44)
 
(.28)
 
(2.71)
 
-
  Net asset value, end of period
$
36.79
$
31.96
$
27.87
$
47.59
 Total Return F,G
 
16.60
%
 
 
15.67%
 
(37.74)%
 
1.62%
 Ratios to Average Net Assets C,H,I
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.78% J
 
.77%
 
.77%
 
.78% J
    Expenses net of fee waivers, if any
 
.77
% J
 
 
.76%
 
.77%
 
.78% J
    Expenses net of all reductions
 
.77% J
 
.76%
 
.77%
 
.78% J
    Net investment income (loss)
 
.80% J
 
1.20% D
 
.88% E
 
(.13)% J
 Supplemental Data
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,639,764
$
1,611,575
$
1,306,539
$
1,797,766
    Portfolio turnover rate K
 
29
% J
 
 
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).
 
LPortfolio turnover rate excludes securities received or delivered in-kind.
 
 
For the period ended April 30, 2024
 
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, 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.
 
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 April 30, 2024 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. 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. 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.
 
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
$2,874,158,896
Gross unrealized depreciation
(744,833,388)
Net unrealized appreciation (depreciation)
$2,129,325,508
Tax cost
$6,939,408,080
 
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 prior 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)
 
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 Fund
2,029,254,779
1,173,800,567
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.
 
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
.86
Class M
.86
Class C
.86
Emerging Markets
.84
Class K
.71
Class I
.85
Class Z
.71
 
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.86
Class M
.86
Class C
.86
Emerging Markets
.84
Class K
.71
Class I
.84
Class Z
.71
 
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was 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 decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
 
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
 
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.50% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
 
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%
23,621
1,660
Class M
 .25%
 .25%
 8,856
 35
Class C
 .75%
 .25%
9,945
3,258
 
 
 
42,422
4,953
 
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
 3,543
Class M
 393
Class CA
 12
 
3,948
 
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. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
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
.2000
Class M
.2000
Class C
.2000
Emerging Markets
.1718
Class I
.1894
 
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied 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 received an asset-based fee of Class K's and Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
Amount ($)
% of Class-Level Average Net AssetsA
Class A
 12,360
.20
Class M
 2,319
.21
Class C
 1,355
.21
Emerging Markets
 2,466,395
.17
Class K
 201,867
.04
Class I
 88,058
.19
Class Z
 265,329
.04
 
3,037,683
 
 
A Annualized
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
 
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
.0211
 
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Fidelity Emerging Markets Fund
.02
 
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
 8,467
 
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
 11,095,714
5.57%
 12,017
 
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
 16,679,278
 35,118,679
 (5,125,871)
 
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
 
 
Amount ($)
Fidelity Emerging Markets Fund
 3,941
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
7,310
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
10,757
-
-
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
 7
 
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 $356,970.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2024
Year ended
October 31, 2023
Fidelity Emerging Markets Fund
 
 
Distributions to shareholders
 
 
Class A
$149,850
 $53,539
Class M
 22,696
 1,926
Class C
 2,509
 -
Emerging Markets
 49,044,521
 28,390,916
Class K
 18,162,751
 8,364,511
Class I
 1,576,885
 674,976
Class Z
       22,916,720
       12,964,596
Total  
$91,875,932
$50,450,464
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
 
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Fidelity Emerging Markets Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
168,119
311,663
$6,057,658
$10,362,526
Reinvestment of distributions
4,334
1,632
148,618
52,760
Shares redeemed
(69,670)
(194,860)
(2,479,974)
(6,441,724)
Net increase (decrease)
102,783
118,435
$3,726,302
$3,973,562
Class M
 
 
 
 
Shares sold
30,800
53,614
$1,138,757
$1,831,527
Reinvestment of distributions
656
60
22,545
1,926
Shares redeemed
(18,723)
(7,386)
(675,397)
(241,523)
Net increase (decrease)
12,733
46,288
$485,905
$1,591,930
Class C
 
 
 
 
Shares sold
7,409
28,408
$260,653
$941,354
Reinvestment of distributions
72
-
2,487
-
Shares redeemed
(7,304)
(22,275)
(256,237)
(725,503)
Net increase (decrease)
177
6,133
$6,903
$215,851
Emerging Markets
 
 
 
 
Shares sold
9,186,457
32,842,894
$328,251,116
$1,091,041,239
Reinvestment of distributions
1,104,208
705,770
37,951,098
22,902,138
Shares redeemed
(21,337,740)
(28,385,896)
(770,019,059)
(937,069,628)
Net increase (decrease)
(11,047,075)
5,162,768
$(403,816,845)
$176,873,749
Class K
 
 
 
 
Shares sold
15,662,088
13,987,503
$553,285,904
$471,747,111
Reinvestment of distributions
528,375
257,656
18,156,694
8,363,213
Shares redeemed
(4,401,808)
(9,646,138)
(158,077,314)
(321,986,003)
Net increase (decrease)
11,788,655
4,599,021
$413,365,284
$158,124,321
Class I
 
 
 
 
Shares sold
5,917,511
3,147,089
$217,806,869
$103,953,662
Reinvestment of distributions
42,705
19,449
1,463,912
629,629
Shares redeemed
(1,072,033)
(1,278,880)
(38,515,599)
(41,874,106)
Net increase (decrease)
4,888,183
1,887,658
$180,755,182
$62,709,185
Class Z
 
 
 
 
Shares sold
21,830,098
6,017,620
$791,846,571
$203,435,458
Reinvestment of distributions
649,621
395,803
22,297,061
12,830,167
Shares redeemed
(1,146,348)
(2,879,543)
(40,741,769)
(95,344,656)
Net increase (decrease)
21,333,371
3,533,880
$773,401,863
$120,920,969
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
18%
 
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
36%
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.
13. Proposed Reorganization.
The Board of Trustees of the Fund approved an Agreement and Plan of Reorganization (the Agreement) between the Fund and Fidelity Latin America Fund. The agreement provides for the transfer of all the assets and the assumption of all the liabilities of Fidelity Latin America Fund in exchange for corresponding shares of the Fund equal in value to the net assets of Fidelity Latin America Fund on the day the reorganization is effective. The reorganization provides shareholders of Fidelity Latin America Fund access to a larger portfolio with a similar investment objective.
 
A meeting of shareholders of Fidelity Latin America Fund is expected to be held during third quarter of 2024 to vote on the reorganization. If approved by shareholders, the reorganization is expected to become effective in September 2024. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.
 
Top Holdings (% of Fund's net assets)
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
6.7
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
5.4
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
3.9
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
3.5
 
TotalEnergies SE  (France, Oil, Gas & Consumable Fuels)
3.5
 
SAP SE  (Germany, Software)
3.1
 
Air Liquide SA  (France, Chemicals)
2.4
 
RELX PLC (London Stock Exchange)  (United Kingdom, Professional Services)
2.3
 
L'Oreal SA  (France, Personal Care Products)
2.1
 
Nestle SA (Reg. S)  (United States of America, Food Products)
1.9
 
 
34.8
 
 
Market Sectors (% of Fund's net assets)
 
Health Care
17.5
 
Financials
17.5
 
Industrials
14.7
 
Information Technology
13.0
 
Consumer Discretionary
12.8
 
Consumer Staples
8.5
 
Energy
4.7
 
Materials
4.7
 
Communication Services
3.5
 
Real Estate
1.1
 
Utilities
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® Europe Fund
Common Stocks - 98.3%
 
 
Shares
Value ($)
 
Australia - 1.2%
 
 
 
Glencore PLC
 
1,232,200
7,169,635
Belgium - 2.2%
 
 
 
KBC Group NV
 
54,900
4,095,391
UCB SA
 
68,800
9,144,880
TOTAL BELGIUM
 
 
13,240,271
Denmark - 8.8%
 
 
 
Novo Nordisk A/S Series B
 
313,800
40,242,430
Pandora A/S
 
19,500
2,984,053
Tryg A/S
 
294,400
5,834,166
Vestas Wind Systems A/S (a)
 
136,100
3,668,852
TOTAL DENMARK
 
 
52,729,501
Finland - 1.3%
 
 
 
Nordea Bank Abp
 
688,600
8,035,458
France - 20.6%
 
 
 
Air Liquide SA
 
74,180
14,508,022
Airbus Group NV
 
44,800
7,372,188
ALTEN
 
12,000
1,417,668
AXA SA
 
244,500
8,464,582
BNP Paribas SA
 
114,900
8,268,417
Capgemini SA
 
36,400
7,650,591
Danone SA
 
83,400
5,219,783
Dassault Aviation SA
 
27,300
5,861,874
Dassault Systemes SA
 
58,000
2,276,612
EssilorLuxottica SA
 
30,300
6,493,101
L'Oreal SA
 
26,600
12,480,573
LVMH Moet Hennessy Louis Vuitton SE
 
26,100
21,439,488
Pernod Ricard SA
 
10,700
1,621,504
TotalEnergies SE
 
290,707
21,104,957
TOTAL FRANCE
 
 
124,179,360
Germany - 11.3%
 
 
 
Deutsche Borse AG
 
32,100
6,188,623
Deutsche Telekom AG
 
261,000
5,978,353
DHL Group
 
78,400
3,282,603
Gerresheimer AG
 
24,500
2,640,786
Merck KGaA
 
28,200
4,482,656
MTU Aero Engines AG
 
20,600
4,981,647
Rheinmetall AG
 
12,000
6,623,470
RWE AG
 
73,000
2,542,993
SAP SE
 
103,200
18,634,519
SCHOTT Pharma AG & Co. KGaA
 
63,500
2,664,606
Scout24 AG (b)
 
77,600
5,722,497
Siemens Healthineers AG (b)
 
75,400
4,181,492
TOTAL GERMANY
 
 
67,924,245
Ireland - 0.8%
 
 
 
AIB Group PLC
 
961,400
4,992,546
Italy - 7.5%
 
 
 
Coca-Cola HBC AG
 
89,600
2,899,756
Davide Campari Milano NV
 
366,500
3,684,433
Ferrari NV (Italy)
 
15,100
6,239,620
FinecoBank SpA
 
291,635
4,494,203
Prada SpA
 
1,116,300
9,103,778
Prysmian SpA
 
65,400
3,572,102
Recordati SpA
 
148,000
7,905,177
UniCredit SpA
 
193,300
7,094,953
TOTAL ITALY
 
 
44,994,022
Luxembourg - 0.5%
 
 
 
CVC Capital Partners PLC
 
151,700
2,752,202
Netherlands - 6.5%
 
 
 
ASML Holding NV (Netherlands)
 
36,900
32,791,460
Heineken NV (Bearer)
 
35,800
3,488,186
Topicus.Com, Inc.
 
37,300
3,039,761
TOTAL NETHERLANDS
 
 
39,319,407
Norway - 1.8%
 
 
 
Equinor ASA
 
192,400
5,119,452
Kongsberg Gruppen ASA
 
54,100
3,827,934
TGS ASA
 
176,583
2,021,997
TOTAL NORWAY
 
 
10,969,383
Spain - 1.0%
 
 
 
CaixaBank SA
 
1,000,400
5,275,669
Puig Group SL Class B
 
22,700
593,523
TOTAL SPAIN
 
 
5,869,192
Sweden - 8.1%
 
 
 
ASSA ABLOY AB (B Shares)
 
143,300
3,786,189
EQT AB
 
118,800
3,258,796
Evolution AB (b)
 
38,600
4,315,197
Haypp Group (a)
 
399,824
3,127,366
Hemnet Group AB
 
301,500
7,906,564
HEXPOL AB (B Shares)
 
197,400
2,256,942
Indutrade AB
 
236,800
5,548,053
Investor AB (B Shares)
 
323,000
7,982,383
Kry International AB (a)(c)(d)
 
406
12,362
Nordnet AB (e)
 
203,700
3,681,993
Saab AB (B Shares)
 
38,200
3,045,490
Sandvik AB (e)
 
202,800
4,098,178
TOTAL SWEDEN
 
 
49,019,513
Switzerland - 3.5%
 
 
 
Compagnie Financiere Richemont SA Series A
 
71,440
9,874,939
Galderma Group AG
 
24,560
1,830,144
Sika AG
 
14,220
4,073,023
UBS Group AG
 
110,380
2,914,248
Ypsomed Holding AG
 
6,090
2,179,614
TOTAL SWITZERLAND
 
 
20,871,968
United Kingdom - 20.6%
 
 
 
3i Group PLC
 
135,764
4,850,502
AstraZeneca PLC (United Kingdom)
 
154,600
23,383,088
B&M European Value Retail SA
 
441,000
2,859,958
Beazley PLC
 
328,300
2,719,807
Bunzl PLC
 
140,908
5,412,441
Compass Group PLC
 
284,617
7,916,260
Deliveroo PLC Class A (a)(b)
 
1,916,500
3,204,192
Diageo PLC
 
285,087
9,852,515
Direct Line Insurance Group PLC
 
516,100
1,198,211
Games Workshop Group PLC
 
17,512
2,168,518
Grainger Trust PLC
 
816,670
2,617,506
Halma PLC
 
106,400
2,934,253
Hiscox Ltd.
 
270,317
4,154,628
JD Sports Fashion PLC
 
1,847,400
2,668,532
Judges Scientific PLC
 
15,102
2,113,519
London Stock Exchange Group PLC
 
73,500
8,102,648
Londonmetric Properity PLC
 
920,163
2,260,487
Oxford Instruments PLC
 
21,900
618,452
RELX PLC (London Stock Exchange)
 
342,618
14,077,105
Rolls-Royce Holdings PLC (a)
 
1,029,300
5,278,277
Safestore Holdings PLC
 
209,963
2,029,349
Sage Group PLC
 
570,600
8,313,501
Spirax-Sarco Engineering PLC
 
14,000
1,547,318
Vistry Group PLC
 
141,700
2,121,194
Zegona Communications PLC (a)
 
469,500
1,349,327
TOTAL UNITED KINGDOM
 
 
123,751,588
United States of America - 2.6%
 
 
 
Experian PLC
 
105,447
4,253,094
Nestle SA (Reg. S)
 
114,320
11,477,751
TOTAL UNITED STATES OF AMERICA
 
 
15,730,845
 
TOTAL COMMON STOCKS
 (Cost $473,259,189)
 
 
 
591,549,136
 
 
 
 
Preferred Stocks - 0.1%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.1%
 
 
 
Estonia - 0.1%
 
 
 
Bolt Technology OU Series E (a)(c)(d)
 
3,852
473,036
Nonconvertible Preferred Stocks - 0.0%
 
 
 
Sweden - 0.0%
 
 
 
Kry International AB Series E (a)(c)(d)
 
2,345
97,125
 
TOTAL PREFERRED STOCKS
 (Cost $2,072,807)
 
 
 
570,161
 
 
 
 
Money Market Funds - 2.1%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (f)
 
5,207,190
5,208,231
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g)
 
7,200,883
7,201,604
 
TOTAL MONEY MARKET FUNDS
 (Cost $12,409,835)
 
 
12,409,835
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.5%
 (Cost $487,741,831)
 
 
 
604,529,132
NET OTHER ASSETS (LIABILITIES) - (0.5)%  
(2,709,247)
NET ASSETS - 100.0%
601,819,885
 
 
 
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 $17,423,378 or 2.9% 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 $582,523 or 0.1% of net assets.
 
(d)
Level 3 security
 
(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 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
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 5.39%
4,563,237
76,076,406
75,431,444
108,786
32
-
5,208,231
0.0%
Fidelity Securities Lending Cash Central Fund 5.39%
2,636,857
18,370,417
13,805,670
15,191
-
-
7,201,604
0.0%
Total
7,200,094
94,446,823
89,237,114
123,977
32
-
12,409,835
 
 
 
 
 
 
 
 
 
 
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 April 30, 2024, 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
20,956,741
14,978,388
5,978,353
-
Consumer Discretionary
78,023,095
29,688,630
48,334,465
-
Consumer Staples
51,318,024
24,174,452
27,143,572
-
Energy
28,246,406
2,021,997
26,224,409
-
Financials
104,359,426
64,578,614
39,780,812
-
Health Care
105,147,974
37,340,964
67,807,010
-
Industrials
88,350,334
50,300,878
38,049,456
-
Information Technology
78,259,340
49,115,095
28,561,722
582,523
Materials
28,007,622
6,329,965
21,677,657
-
Real Estate
6,907,342
6,907,342
-
-
Utilities
2,542,993
-
2,542,993
-
  Money Market Funds
12,409,835
12,409,835
-
-
 Total Investments in Securities:
604,529,132
297,846,160
306,100,449
582,523
Fidelity® Europe Fund
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $6,762,958) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $475,331,996)
$
592,119,297
 
 
Fidelity Central Funds (cost $12,409,835)
12,409,835
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $487,741,831)
 
 
$
604,529,132
Foreign currency held at value (cost $278,866)
 
 
257,257
Receivable for investments sold
 
 
1,410,814
Receivable for fund shares sold
 
 
24,202
Dividends receivable
 
 
1,877,504
Reclaims receivable
 
 
3,517,501
Distributions receivable from Fidelity Central Funds
 
 
22,592
Prepaid expenses
 
 
216
  Total assets
 
 
611,639,218
Liabilities
 
 
 
 
Payable for investments purchased
$
1,890,498
 
 
Payable for fund shares redeemed
364,961
 
 
Accrued management fee
299,646
 
 
Distribution and service plan fees payable
7,055
 
 
Other payables and accrued expenses
55,569
 
 
Collateral on securities loaned
7,201,604
 
 
  Total liabilities
 
 
 
9,819,333
Net Assets  
 
 
$
601,819,885
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
571,326,504
Total accumulated earnings (loss)
 
 
 
30,493,381
Net Assets
 
 
$
601,819,885
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($16,258,163 ÷ 452,686 shares)(a)
 
 
$
35.91
Maximum offering price per share (100/94.25 of $35.91)
 
 
$
38.10
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($4,833,963 ÷ 134,368 shares)(a)
 
 
$
35.98
Maximum offering price per share (100/96.50 of $35.98)
 
 
$
37.28
Class C :
 
 
 
 
Net Asset Value and offering price per share ($1,894,111 ÷ 53,207 shares)(a)
 
 
$
35.60
Europe :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($571,693,706 ÷ 15,913,949 shares)
 
 
$
35.92
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($4,701,075 ÷ 130,862 shares)
 
 
$
35.92
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($2,438,867 ÷ 68,070 shares)
 
 
$
35.83
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
8,333,298
Interest  
 
 
1,058
Income from Fidelity Central Funds (including $15,191 from security lending)
 
 
123,977
 Income before foreign taxes withheld
 
 
$
8,458,333
Less foreign taxes withheld
 
 
(734,642)
 Total income
 
 
 
7,723,691
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
2,174,988
 
 
 Performance adjustment
(756,850)
 
 
Transfer agent fees
325,541
 
 
Distribution and service plan fees
42,820
 
 
Accounting fees
94,136
 
 
Custodian fees and expenses
25,170
 
 
Independent trustees' fees and expenses
1,497
 
 
Registration fees
66,050
 
 
Audit
38,178
 
 
Legal
1,332
 
 
Miscellaneous
1,198
 
 
 Total expenses before reductions
 
2,014,060
 
 
 Expense reductions
 
(26,821)
 
 
 Total expenses after reductions
 
 
 
1,987,239
Net Investment income (loss)
 
 
 
5,736,452
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
9,695,514
 
 
   Fidelity Central Funds
 
32
 
 
 Foreign currency transactions
 
(46,014)
 
 
Total net realized gain (loss)
 
 
 
9,649,532
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
88,474,271
 
 
 Assets and liabilities in foreign currencies
 
22,088
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
88,496,359
Net gain (loss)
 
 
 
98,145,891
Net increase (decrease) in net assets resulting from operations
 
 
$
103,882,343
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
5,736,452
$
10,631,570
Net realized gain (loss)
 
9,649,532
 
 
(1,666,121)
 
Change in net unrealized appreciation (depreciation)
 
88,496,359
 
54,400,651
 
Net increase (decrease) in net assets resulting from operations
 
103,882,343
 
 
63,366,100
 
Distributions to shareholders
 
(9,697,062)
 
 
-
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
(40,001,337)
 
 
(68,214,872)
 
 
 
 
 
 
Total increase (decrease) in net assets
 
54,183,944
 
 
(4,848,772)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
547,635,941
 
552,484,713
 
End of period
$
601,819,885
$
547,635,941
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® Europe Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
30.50
$
27.58
$
46.12
$
35.37
$
36.30
$
37.61
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.28
 
.46
 
.47
 
.41
 
.19
 
1.41 C
     Net realized and unrealized gain (loss)
 
5.56
 
2.46
 
(12.91)
 
10.72
 
1.46
 
.82
  Total from investment operations
 
5.84  
 
2.92  
 
(12.44)  
 
11.13  
 
1.65
 
2.23
  Distributions from net investment income
 
(.43)
 
-
 
(.99)
 
(.38)
 
(1.50)
 
(.11)
  Distributions from net realized gain
 
-
 
-
 
(5.12)
 
-
 
(1.08)
 
(3.43)
     Total distributions
 
(.43)
 
-
 
(6.10) D
 
(.38)
 
(2.58)
 
(3.54)
  Net asset value, end of period
$
35.91
$
30.50
$
27.58
$
46.12
$
35.37
$
36.30
 Total Return E,F,G
 
19.27
%
 
 
10.59%
 
(30.29)%
 
31.60%
 
4.62%
 
7.21%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.94% J
 
1.02%
 
1.18%
 
1.36%
 
1.34%
 
1.09%
    Expenses net of fee waivers, if any
 
.94
% J
 
 
1.01%
 
1.18%
 
1.36%
 
1.34%
 
1.09%
    Expenses net of all reductions
 
.94% J
 
1.01%
 
1.18%
 
1.36%
 
1.33%
 
1.07%
    Net investment income (loss)
 
1.64% J
 
1.43%
 
1.42%
 
.92%
 
.56%
 
4.02% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
16,258
$
15,325
$
16,495
$
32,148
$
23,189
$
20,819
    Portfolio turnover rate K
 
32
% J
 
 
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 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.
 
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.
 
JAnnualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor® Europe Fund Class M
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
30.50
$
27.65
$
46.18
$
35.42
$
36.32
$
37.57
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.24
 
.38
 
.37
 
.27
 
.09
 
1.30 C
     Net realized and unrealized gain (loss)
 
5.57
 
2.47
 
(12.95)
 
10.75
 
1.45
 
.83
  Total from investment operations
 
5.81  
 
2.85  
 
(12.58)  
 
11.02  
 
1.54
 
2.13
  Distributions from net investment income
 
(.33)
 
-
 
(.83)
 
(.26)
 
(1.36)
 
-
  Distributions from net realized gain
 
-
 
-
 
(5.12)
 
-
 
(1.08)
 
(3.38)
     Total distributions
 
(.33)
 
-
 
(5.95)
 
(.26)
 
(2.44)
 
(3.38)
  Net asset value, end of period
$
35.98
$
30.50
$
27.65
$
46.18
$
35.42
$
36.32
 Total Return D,E,F
 
19.14
%
 
 
10.31%
 
(30.51)%
 
31.20%
 
4.30%
 
6.88%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.20% I
 
1.29%
 
1.49%
 
1.68%
 
1.65%
 
1.41%
    Expenses net of fee waivers, if any
 
1.20
% I
 
 
1.28%
 
1.48%
 
1.68%
 
1.65%
 
1.40%
    Expenses net of all reductions
 
1.19% I
 
1.28%
 
1.48%
 
1.68%
 
1.64%
 
1.38%
    Net investment income (loss)
 
1.38% I
 
1.16%
 
1.12%
 
.59%
 
.25%
 
3.70% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,834
$
4,248
$
4,066
$
6,937
$
5,204
$
5,782
    Portfolio turnover rate J
 
32
% 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 3.12%.
 
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.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor® Europe Fund Class C
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
30.03
$
27.36
$
45.63
$
35.01
$
35.87
$
37.23
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.15
 
.21
 
.21
 
.04
 
(.09)
 
1.12 C
     Net realized and unrealized gain (loss)
 
5.50
 
2.46
 
(12.84)
 
10.64
 
1.45
 
.82
  Total from investment operations
 
5.65  
 
2.67  
 
(12.63)  
 
10.68  
 
1.36
 
1.94
  Distributions from net investment income
 
(.08)
 
-
 
(.52)
 
(.06)
 
(1.14)
 
-
  Distributions from net realized gain
 
-
 
-
 
(5.12)
 
-
 
(1.08)
 
(3.30)
     Total distributions
 
(.08)
 
-
 
(5.64)
 
(.06)
 
(2.22)
 
(3.30)
  Net asset value, end of period
$
35.60
$
30.03
$
27.36
$
45.63
$
35.01
$
35.87
 Total Return D,E,F
 
18.83
%
 
 
9.76%
 
(30.85)%
 
30.53%
 
3.81%
 
6.35%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.69% I
 
1.79%
 
1.99%
 
2.19%
 
2.15%
 
1.90%
    Expenses net of fee waivers, if any
 
1.68
% I
 
 
1.78%
 
1.98%
 
2.18%
 
2.15%
 
1.90%
    Expenses net of all reductions
 
1.68% I
 
1.78%
 
1.98%
 
2.18%
 
2.14%
 
1.87%
    Net investment income (loss)
 
.90% I
 
.65%
 
.62%
 
.09%
 
(.25)%
 
3.21% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,894
$
2,025
$
2,496
$
5,255
$
5,242
$
6,145
    Portfolio turnover rate J
 
32
% 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 2.63%.
 
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.
 
IAnnualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity® Europe Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
30.58
$
27.57
$
46.11
$
35.35
$
36.28
$
37.70
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.33
 
.57
 
.57
 
.54
 
.30
 
1.52 C
     Net realized and unrealized gain (loss)
 
5.57
 
2.44
 
(12.88)
 
10.71
 
1.46
 
.81
  Total from investment operations
 
5.90  
 
3.01  
 
(12.31)  
 
11.25  
 
1.76
 
2.33
  Distributions from net investment income
 
(.56)
 
-
 
(1.11)
 
(.49)
 
(1.61)
 
(.32)
  Distributions from net realized gain
 
-
 
-
 
(5.12)
 
-
 
(1.08)
 
(3.43)
     Total distributions
 
(.56)
 
-
 
(6.23)
 
(.49)
 
(2.69)
 
(3.75)
  Net asset value, end of period
$
35.92
$
30.58
$
27.57
$
46.11
$
35.35
$
36.28
 Total Return D,E
 
19.44
%
 
 
10.92%
 
(30.07)%
 
31.99%
 
4.95%
 
7.56%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.66% H
 
.70%
 
.88%
 
1.06%
 
1.03%
 
.78%
    Expenses net of fee waivers, if any
 
.65
% H
 
 
.69%
 
.88%
 
1.06%
 
1.03%
 
.77%
    Expenses net of all reductions
 
.65% H
 
.69%
 
.88%
 
1.06%
 
1.02%
 
.75%
    Net investment income (loss)
 
1.93% H
 
1.75%
 
1.73%
 
1.21%
 
.86%
 
4.33% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
571,694
$
519,010
$
523,685
$
913,296
$
755,125
$
836,373
    Portfolio turnover rate I
 
32
% 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 3.75%.
 
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).
 
 
Fidelity Advisor® Europe Fund Class I
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
30.58
$
27.56
$
46.07
$
35.34
$
36.27
$
37.69
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.34
 
.57
 
.60
 
.54
 
.31
 
1.53 C
     Net realized and unrealized gain (loss)
 
5.56
 
2.45
 
(12.91)
 
10.70
 
1.46
 
.80
  Total from investment operations
 
5.90  
 
3.02  
 
(12.31)  
 
11.24  
 
1.77
 
2.33
  Distributions from net investment income
 
(.56)
 
-
 
(1.08)
 
(.51)
 
(1.62)
 
(.32)
  Distributions from net realized gain
 
-
 
-
 
(5.12)
 
-
 
(1.08)
 
(3.43)
     Total distributions
 
(.56)
 
-
 
(6.20)
 
(.51)
 
(2.70)
 
(3.75)
  Net asset value, end of period
$
35.92
$
30.58
$
27.56
$
46.07
$
35.34
$
36.27
 Total Return D,E
 
19.46
%
 
 
10.96%
 
(30.08)%
 
31.99%
 
4.99%
 
7.58%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.64% H
 
.68%
 
.86%
 
1.06%
 
1.00%
 
.75%
    Expenses net of fee waivers, if any
 
.63
% H
 
 
.67%
 
.86%
 
1.06%
 
1.00%
 
.74%
    Expenses net of all reductions
 
.63% H
 
.67%
 
.86%
 
1.06%
 
.99%
 
.72%
    Net investment income (loss)
 
1.95% H
 
1.77%
 
1.74%
 
1.22%
 
.90%
 
4.36% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,701
$
4,806
$
4,283
$
14,401
$
14,733
$
6,686
    Portfolio turnover rate I
 
32
% 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 3.78%.
 
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).
 
 
Fidelity Advisor® Europe Fund Class Z
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
30.53
$
27.48
$
46.00
$
35.27
$
36.21
$
37.69
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.35
 
.61
 
.62
 
.59
 
.34
 
1.53 C
     Net realized and unrealized gain (loss)
 
5.56
 
2.44
 
(12.86)
 
10.67
 
1.47
 
.82
  Total from investment operations
 
5.91  
 
3.05  
 
(12.24)  
 
11.26  
 
1.81
 
2.35
  Distributions from net investment income
 
(.61)
 
-
 
(1.17)
 
(.53)
 
(1.67)
 
(.41)
  Distributions from net realized gain
 
-
 
-
 
(5.12)
 
-
 
(1.08)
 
(3.43)
     Total distributions
 
(.61)
 
-
 
(6.28) D
 
(.53)
 
(2.75)
 
(3.83) D
  Net asset value, end of period
$
35.83
$
30.53
$
27.48
$
46.00
$
35.27
$
36.21
 Total Return E,F
 
19.53
%
 
 
11.10%
 
(30.00)%
 
32.13%
 
5.11%
 
7.71%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.54% I
 
.57%
 
.76%
 
.95%
 
.91%
 
.65%
    Expenses net of fee waivers, if any
 
.53
% I
 
 
.56%
 
.75%
 
.95%
 
.90%
 
.64%
    Expenses net of all reductions
 
.53% I
 
.56%
 
.75%
 
.95%
 
.90%
 
.62%
    Net investment income (loss)
 
2.05% I
 
1.87%
 
1.85%
 
1.33%
 
.99%
 
4.46% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,439
$
2,222
$
1,461
$
28,249
$
19,479
$
21,838
    Portfolio turnover rate J
 
32
% 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 3.88%.
 
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.
 
IAnnualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
For the period ended April 30, 2024
 
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, 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 April 30, 2024 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.
 
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. 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
$132,986,766
Gross unrealized depreciation
(16,258,620)
Net unrealized appreciation (depreciation)
$116,728,146
Tax cost
$487,800,986
 
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 prior 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)
 
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
93,743,123
139,327,574
 
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.
 
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
.88
Class M
.88
Class C
.88
Europe
.84
Class I
.83
Class Z
.72
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.87
Class M
.87
Class C
.87
Europe
.83
Class I
.83
Class Z
.72
 
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was 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 decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
 
 
Performance Adjustment Index
Fidelity Europe Fund
MSCI Europe Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Europe. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was (.25)%.
 
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
 
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.44% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
 
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%
20,832
180
Class M
 .25%
 .25%
 11,828
 126
Class C
 .75%
 .25%
10,160
476
 
 
 
42,820
782
 
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
 526
Class M
 72
Class CA
 50
 
648
 
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. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
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
.2000
Class M
.2000
Class C
.2000
Europe
.1641
Class I
.1486
 
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
Amount ($)
% of Class-Level Average Net AssetsA
Class A
 11,676
.21
Class M
 3,224
.21
Class C
 1,460
.21
Europe
 306,527
.16
Class I
 2,318
.15
Class Z
 336
.04
 
325,541
 
 
A Annualized
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
 
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
.0476
 
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Fidelity Europe Fund
.05
 
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
 62
 
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
 2,864,929
 5,037,350
 (228,621)
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
548
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
1,683
-
-
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
 1
Class M
 25
 
26
 
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 $26,795.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2024
Year ended
October 31, 2023
Fidelity Europe Fund
 
 
Distributions to shareholders
 
 
Class A
$214,383
 $ -
Class M
 44,641
 -
Class C
 5,044
 -
Europe
 9,309,343
 -
Class I
 81,789
 -
Class Z
 41,862
 -
Total  
$9,697,062
$ -
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
 
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Fidelity Europe Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
10,872
44,425
$376,921
$1,464,114
Reinvestment of distributions
6,443
-
213,141
-
Shares redeemed
(67,050)
(139,999)
(2,329,419)
(4,536,728)
Net increase (decrease)
(49,735)
(95,574)
$(1,739,357)
$(3,072,614)
Class M
 
 
 
 
Shares sold
2,139
4,489
$74,928
$147,618
Reinvestment of distributions
1,296
-
42,989
-
Shares redeemed
(8,337)
(12,258)
(284,291)
(398,082)
Net increase (decrease)
(4,902)
(7,769)
$(166,374)
$(250,464)
Class C
 
 
 
 
Shares sold
1,103
8,574
$38,158
$278,728
Reinvestment of distributions
153
-
5,024
-
Shares redeemed
(15,474)
(32,347)
(527,954)
(1,039,195)
Net increase (decrease)
(14,218)
(23,773)
$(484,772)
$(760,467)
Europe
 
 
 
 
Shares sold
358,158
957,209
$12,498,504
$31,285,588
Reinvestment of distributions
259,528
-
8,577,392
-
Shares redeemed
(1,675,216)
(2,983,175)
(57,645,055)
(96,260,656)
Net increase (decrease)
(1,057,530)
(2,025,966)
$(36,569,159)
$(64,975,068)
Class I
 
 
 
 
Shares sold
7,280
81,291
$250,946
$2,703,708
Reinvestment of distributions
1,869
-
61,781
-
Shares redeemed
(35,435)
(79,518)
(1,187,932)
(2,541,717)
Net increase (decrease)
(26,286)
1,773
$(875,205)
$161,991
Class Z
 
 
 
 
Shares sold
5,635
49,574
$191,620
$1,674,500
Reinvestment of distributions
865
-
28,496
-
Shares redeemed
(11,212)
(29,932)
(386,586)
(992,750)
Net increase (decrease)
(4,712)
19,642
$(166,470)
$681,750
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.
 
Top Holdings (% of Fund's net assets)
 
Sumitomo Mitsui Financial Group, Inc.  (Banks)
5.8
 
Hitachi Ltd.  (Industrial Conglomerates)
4.1
 
Sony Group Corp.  (Household Durables)
3.8
 
Renesas Electronics Corp.  (Semiconductors & Semiconductor Equipment)
3.6
 
ORIX Corp.  (Financial Services)
3.2
 
Shin-Etsu Chemical Co. Ltd.  (Chemicals)
3.1
 
Hoya Corp.  (Health Care Equipment & Supplies)
3.0
 
DENSO Corp.  (Automobile Components)
2.9
 
FUJIFILM Holdings Corp.  (Technology Hardware, Storage & Peripherals)
2.3
 
SMC Corp.  (Machinery)
2.2
 
 
34.0
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
22.8
 
Information Technology
20.0
 
Consumer Discretionary
17.3
 
Financials
12.2
 
Materials
7.6
 
Health Care
6.8
 
Communication Services
4.4
 
Consumer Staples
3.2
 
Energy
2.5
 
Utilities
1.5
 
Real Estate
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® Japan Fund
Common Stocks - 99.1%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 4.4%
 
 
 
Diversified Telecommunication Services - 0.6%
 
 
 
JTOWER, Inc. (a)
 
184,000
3,758,093
Entertainment - 0.6%
 
 
 
Daiichikosho Co. Ltd.
 
344,300
4,018,809
Interactive Media & Services - 1.4%
 
 
 
Hypebeast Ltd. (a)
 
6,975,700
204,033
Kakaku.com, Inc.
 
389,000
4,474,495
LY Corp.
 
1,807,400
4,342,521
 
 
 
9,021,049
Wireless Telecommunication Services - 1.8%
 
 
 
SoftBank Group Corp.
 
228,100
11,218,094
TOTAL COMMUNICATION SERVICES
 
 
28,016,045
CONSUMER DISCRETIONARY - 17.3%
 
 
 
Automobile Components - 2.9%
 
 
 
DENSO Corp.
 
1,099,700
18,742,322
Automobiles - 2.4%
 
 
 
Isuzu Motors Ltd.
 
443,900
5,625,480
Suzuki Motor Corp.
 
830,400
9,670,660
 
 
 
15,296,140
Broadline Retail - 1.1%
 
 
 
Pan Pacific International Holdings Ltd.
 
290,200
6,815,645
Hotels, Restaurants & Leisure - 1.6%
 
 
 
Curves Holdings Co. Ltd.
 
856,100
4,020,804
Kyoritsu Maintenance Co. Ltd.
 
290,800
6,201,500
 
 
 
10,222,304
Household Durables - 5.1%
 
 
 
Chervon Holdings Ltd. (b)
 
1,163,900
2,826,603
Open House Group Co. Ltd.
 
179,700
5,464,720
Sony Group Corp.
 
294,600
24,349,093
 
 
 
32,640,416
Leisure Products - 1.0%
 
 
 
Roland Corp.
 
145,600
3,958,103
YONEX Co. Ltd.
 
345,100
2,751,977
 
 
 
6,710,080
Specialty Retail - 2.4%
 
 
 
Fast Retailing Co. Ltd.
 
38,400
10,040,412
ZOZO, Inc.
 
268,200
5,776,620
 
 
 
15,817,032
Textiles, Apparel & Luxury Goods - 0.8%
 
 
 
Descente Ltd.
 
224,000
5,050,608
TOTAL CONSUMER DISCRETIONARY
 
 
111,294,547
CONSUMER STAPLES - 3.2%
 
 
 
Consumer Staples Distribution & Retail - 2.7%
 
 
 
Seven & i Holdings Co. Ltd.
 
869,100
11,229,816
Sugi Holdings Co. Ltd.
 
152,100
2,231,654
Tsuruha Holdings, Inc.
 
29,100
1,836,906
Welcia Holdings Co. Ltd.
 
142,300
2,092,209
 
 
 
17,390,585
Food Products - 0.5%
 
 
 
Ajinomoto Co., Inc.
 
89,200
3,316,587
TOTAL CONSUMER STAPLES
 
 
20,707,172
ENERGY - 2.5%
 
 
 
Oil, Gas & Consumable Fuels - 2.5%
 
 
 
ENEOS Holdings, Inc.
 
840,400
3,882,829
INPEX Corp.
 
812,000
12,163,599
 
 
 
16,046,428
FINANCIALS - 12.2%
 
 
 
Banks - 5.8%
 
 
 
Sumitomo Mitsui Financial Group, Inc.
 
653,600
37,126,973
Capital Markets - 0.6%
 
 
 
SBI Holdings, Inc. Japan
 
155,200
3,778,832
Financial Services - 3.2%
 
 
 
ORIX Corp.
 
1,004,900
20,565,697
Insurance - 2.6%
 
 
 
Lifenet Insurance Co. (a)(b)
 
406,600
3,590,195
Tokio Marine Holdings, Inc.
 
419,200
13,249,401
 
 
 
16,839,596
TOTAL FINANCIALS
 
 
78,311,098
HEALTH CARE - 6.8%
 
 
 
Biotechnology - 0.2%
 
 
 
PeptiDream, Inc. (a)
 
110,100
1,402,921
Health Care Equipment & Supplies - 3.0%
 
 
 
Hoya Corp.
 
168,600
19,547,455
Health Care Providers & Services - 0.3%
 
 
 
CUC, Inc. (a)(b)
 
192,700
2,062,625
Health Care Technology - 0.2%
 
 
 
Medlive Technology Co. Ltd. (c)
 
1,008,500
1,059,457
Pharmaceuticals - 3.1%
 
 
 
Astellas Pharma, Inc.
 
775,900
7,447,012
Daiichi Sankyo Kabushiki Kaisha
 
370,500
12,470,182
 
 
 
19,917,194
TOTAL HEALTH CARE
 
 
43,989,652
INDUSTRIALS - 22.8%
 
 
 
Aerospace & Defense - 0.3%
 
 
 
Space Exploration Technologies Corp. Class A (a)(d)(e)
 
18,055
1,751,335
Building Products - 0.7%
 
 
 
Toto Ltd.
 
159,400
4,314,081
Electrical Equipment - 2.1%
 
 
 
Mitsubishi Electric Corp.
 
583,700
10,173,848
Nidec Corp.
 
73,900
3,460,949
 
 
 
13,634,797
Industrial Conglomerates - 4.1%
 
 
 
Hitachi Ltd.
 
289,400
26,700,245
Machinery - 7.9%
 
 
 
Ebara Corp.
 
31,200
2,571,943
Hoshizaki Corp.
 
93,400
3,218,444
IHI Corp.
 
327,800
7,848,894
Kawasaki Heavy Industries Ltd.
 
105,200
3,256,789
Minebea Mitsumi, Inc.
 
201,100
3,766,674
Misumi Group, Inc.
 
366,160
5,952,978
Mitsubishi Heavy Industries Ltd.
 
851,100
7,609,785
Nabtesco Corp.
 
155,900
2,571,094
SMC Corp.
 
27,400
14,395,047
 
 
 
51,191,648
Professional Services - 5.9%
 
 
 
BayCurrent Consulting, Inc.
 
221,900
4,723,622
Funai Soken Holdings, Inc.
 
250,200
3,785,318
Gakujo Co. Ltd. (b)
 
202,100
2,230,432
Persol Holdings Co. Ltd.
 
6,714,800
9,288,647
SMS Co., Ltd.
 
238,300
3,297,474
TechnoPro Holdings, Inc.
 
623,400
10,618,620
Visional, Inc. (a)
 
84,500
3,855,589
 
 
 
37,799,702
Trading Companies & Distributors - 1.8%
 
 
 
Itochu Corp.
 
253,000
11,414,037
TOTAL INDUSTRIALS
 
 
146,805,845
INFORMATION TECHNOLOGY - 20.0%
 
 
 
Electronic Equipment, Instruments & Components - 6.0%
 
 
 
Dexerials Corp.
 
236,400
8,854,749
Hamamatsu Photonics K.K.
 
177,400
6,500,233
Ibiden Co. Ltd.
 
170,400
6,477,502
Iriso Electronics Co. Ltd.
 
71,200
1,392,295
Murata Manufacturing Co. Ltd.
 
372,800
6,811,866
Shibaura Electronics Co. Ltd.
 
68,000
2,632,665
TDK Corp.
 
138,200
6,165,240
 
 
 
38,834,550
IT Services - 5.1%
 
 
 
DTS Corp.
 
185,100
5,049,660
ExaWizards, Inc. (a)(b)
 
627,500
1,758,451
Fujitsu Ltd.
 
925,000
14,289,542
NSD Co. Ltd.
 
373,400
7,298,469
Techmatrix Corp.
 
407,600
4,319,760
 
 
 
32,715,882
Semiconductors & Semiconductor Equipment - 5.5%
 
 
 
Furuya Metal Co. Ltd. (b)
 
5,200
363,719
Renesas Electronics Corp.
 
1,415,800
22,986,578
ROHM Co. Ltd.
 
336,400
4,835,701
Sumco Corp.
 
476,900
7,112,161
 
 
 
35,298,159
Software - 0.9%
 
 
 
Appier Group, Inc. (a)
 
76,600
631,345
Money Forward, Inc. (a)
 
145,800
5,076,956
 
 
 
5,708,301
Technology Hardware, Storage & Peripherals - 2.5%
 
 
 
FUJIFILM Holdings Corp.
 
701,200
14,916,268
Sun Corp.
 
78,000
1,648,749
 
 
 
16,565,017
TOTAL INFORMATION TECHNOLOGY
 
 
129,121,909
MATERIALS - 7.6%
 
 
 
Chemicals - 7.6%
 
 
 
Mitsui Chemicals, Inc.
 
180,700
5,143,248
Nippon Sanso Holdings Corp.
 
213,600
6,344,435
Nissan Chemical Corp.
 
64,500
2,198,688
NOF Corp.
 
335,700
4,503,728
Resonac Holdings Corp.
 
240,200
5,208,241
Shin-Etsu Chemical Co. Ltd.
 
514,800
19,927,362
Tokyo Ohka Kogyo Co. Ltd.
 
213,300
5,656,352
 
 
 
48,982,054
REAL ESTATE - 0.8%
 
 
 
Real Estate Management & Development - 0.8%
 
 
 
Relo Group, Inc.
 
612,000
5,319,876
UTILITIES - 1.5%
 
 
 
Electric Utilities - 1.5%
 
 
 
Kansai Electric Power Co., Inc.
 
657,600
9,850,468
 
TOTAL COMMON STOCKS
 (Cost $522,795,111)
 
 
 
638,445,094
 
 
 
 
Money Market Funds - 1.2%
 
 
Shares
Value ($)
 
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g)
 
 (Cost $7,467,979)
 
 
7,467,232
7,467,979
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.3%
 (Cost $530,263,090)
 
 
 
645,913,073
NET OTHER ASSETS (LIABILITIES) - (0.3)%  
(1,733,574)
NET ASSETS - 100.0%
644,179,499
 
 
 
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 $1,059,457 or 0.2% 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 $1,751,335 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 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 5.39%
558,316
14,720,659
15,278,969
21,915
(6)
-
-
0.0%
Fidelity Securities Lending Cash Central Fund 5.39%
13,586,272
145,224,567
151,342,860
121,713
-
-
7,467,979
0.0%
Total
14,144,588
159,945,226
166,621,829
143,628
(6)
-
7,467,979
 
 
 
 
 
 
 
 
 
 
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 April 30, 2024, 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
28,016,045
-
28,016,045
-
Consumer Discretionary
111,294,547
-
111,294,547
-
Consumer Staples
20,707,172
-
20,707,172
-
Energy
16,046,428
-
16,046,428
-
Financials
78,311,098
-
78,311,098
-
Health Care
43,989,652
-
43,989,652
-
Industrials
146,805,845
-
145,054,510
1,751,335
Information Technology
129,121,909
-
129,121,909
-
Materials
48,982,054
-
48,982,054
-
Real Estate
5,319,876
-
5,319,876
-
Utilities
9,850,468
-
9,850,468
-
  Money Market Funds
7,467,979
7,467,979
-
-
 Total Investments in Securities:
645,913,073
7,467,979
636,693,759
1,751,335
Fidelity® Japan Fund
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $7,097,767) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $522,795,111)
$
638,445,094
 
 
Fidelity Central Funds (cost $7,467,979)
7,467,979
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $530,263,090)
 
 
$
645,913,073
Foreign currency held at value (cost $3,243,326)
 
 
3,243,326
Receivable for investments sold
 
 
2,244,868
Receivable for fund shares sold
 
 
549,037
Dividends receivable
 
 
4,920,502
Distributions receivable from Fidelity Central Funds
 
 
20,488
Prepaid expenses
 
 
242
  Total assets
 
 
656,891,536
Liabilities
 
 
 
 
Payable to custodian bank
$
929,195
 
 
Payable for investments purchased
3,890,242
 
 
Payable for fund shares redeemed
61,369
 
 
Accrued management fee
307,625
 
 
Distribution and service plan fees payable
6,652
 
 
Other payables and accrued expenses
48,975
 
 
Collateral on securities loaned
7,467,979
 
 
  Total liabilities
 
 
 
12,712,037
Net Assets  
 
 
$
644,179,499
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
525,421,148
Total accumulated earnings (loss)
 
 
 
118,758,351
Net Assets
 
 
$
644,179,499
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($17,466,949 ÷ 1,100,086 shares)(a)
 
 
$
15.88
Maximum offering price per share (100/94.25 of $15.88)
 
 
$
16.85
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($2,672,655 ÷ 169,383 shares)(a)
 
 
$
15.78
Maximum offering price per share (100/96.50 of $15.78)
 
 
$
16.35
Class C :
 
 
 
 
Net Asset Value and offering price per share ($2,055,506 ÷ 132,817 shares)(a)
 
 
$
15.48
Japan :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($169,185,918 ÷ 10,570,767 shares)
 
 
$
16.01
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($38,077,303 ÷ 2,359,705 shares)
 
 
$
16.14
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($414,721,168 ÷ 25,970,397 shares)
 
 
$
15.97
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
6,877,352
Income from Fidelity Central Funds (including $121,713 from security lending)
 
 
143,628
 Income before foreign taxes withheld
 
 
$
7,020,980
Less foreign taxes withheld
 
 
(686,498)
 Total income
 
 
 
6,334,482
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
2,275,299
 
 
 Performance adjustment
(702,604)
 
 
Transfer agent fees
201,076
 
 
Distribution and service plan fees
39,032
 
 
Accounting fees
99,064
 
 
Custodian fees and expenses
20,182
 
 
Independent trustees' fees and expenses
1,651
 
 
Registration fees
67,715
 
 
Audit
33,885
 
 
Legal
339
 
 
Interest
38,788
 
 
Miscellaneous
1,323
 
 
 Total expenses before reductions
 
2,075,750
 
 
 Expense reductions
 
(28,574)
 
 
 Total expenses after reductions
 
 
 
2,047,176
Net Investment income (loss)
 
 
 
4,287,306
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
6,102,578
 
 
   Fidelity Central Funds
 
(6)
 
 
 Foreign currency transactions
 
(165,877)
 
 
Total net realized gain (loss)
 
 
 
5,936,695
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
67,480,994
 
 
 Assets and liabilities in foreign currencies
 
(111,105)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
67,369,889
Net gain (loss)
 
 
 
73,306,584
Net increase (decrease) in net assets resulting from operations
 
 
$
77,593,890
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
4,287,306
$
6,921,452
Net realized gain (loss)
 
5,936,695
 
 
32,280,933
 
Change in net unrealized appreciation (depreciation)
 
67,369,889
 
14,095,560
 
Net increase (decrease) in net assets resulting from operations
 
77,593,890
 
 
53,297,945
 
Distributions to shareholders
 
(23,847,306)
 
 
-
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
(41,824,066)
 
 
6,725,873
 
 
 
 
 
 
Total increase (decrease) in net assets
 
11,922,518
 
 
60,023,818
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
632,256,981
 
572,233,163
 
End of period
$
644,179,499
$
632,256,981
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® Japan Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.56
$
13.26
$
20.90
$
17.50
$
15.80
$
14.15
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.08
 
.11
 
.04
 
.02
 
.05
 
.07
     Net realized and unrealized gain (loss)
 
1.79
 
1.19
 
(5.58)
 
3.71
 
1.81
 
1.58
  Total from investment operations
 
1.87  
 
1.30  
 
(5.54)  
 
3.73  
 
1.86
 
1.65
  Distributions from net investment income
 
(.09)
 
-
 
(.55)
 
(.07)
 
(.07)
 
-
  Distributions from net realized gain
 
(.46)
 
-
 
(1.55)
 
(.25)
 
(.09)
 
-
     Total distributions
 
(.55)
 
-
 
(2.10)
 
(.33) C
 
(.16)
 
-
  Net asset value, end of period
$
15.88
$
14.56
$
13.26
$
20.90
$
17.50
$
15.80
 Total Return D,E,F
 
13.05
%
 
 
9.80%
 
(29.38)%
 
21.42%
 
11.85%
 
11.66%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.98% I
 
1.22%
 
1.39%
 
1.38%
 
1.37%
 
1.33%
    Expenses net of fee waivers, if any
 
.98
% I
 
 
1.22%
 
1.39%
 
1.38%
 
1.37%
 
1.32%
    Expenses net of all reductions
 
.97% I
 
1.21%
 
1.39%
 
1.38%
 
1.37%
 
1.32%
    Net investment income (loss)
 
.98% I
 
.69%
 
.26%
 
.08%
 
.35%
 
.51%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
17,467
$
15,764
$
13,004
$
20,357
$
16,181
$
16,069
    Portfolio turnover rate J
 
24
% 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.
 
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.
 
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.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor® Japan Fund Class M
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.44
$
13.19
$
20.76
$
17.40
$
15.71
$
14.11
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.06
 
.06
 
(.01)
 
(.05)
 
.01
 
.03
     Net realized and unrealized gain (loss)
 
1.78
 
1.19
 
(5.55)
 
3.69
 
1.80
 
1.57
  Total from investment operations
 
1.84  
 
1.25  
 
(5.56)  
 
3.64  
 
1.81
 
1.60
  Distributions from net investment income
 
(.04)
 
-
 
(.46)
 
(.02)
 
(.03)
 
-
  Distributions from net realized gain
 
(.46)
 
-
 
(1.55)
 
(.25)
 
(.09)
 
-
     Total distributions
 
(.50)
 
-
 
(2.01)
 
(.28) C
 
(.12)
 
-
  Net asset value, end of period
$
15.78
$
14.44
$
13.19
$
20.76
$
17.40
$
15.71
 Total Return D,E,F
 
12.87
%
 
 
9.48%
 
(29.55)%
 
21.00%
 
11.55%
 
11.34%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.24% I
 
1.51%
 
1.69%
 
1.70%
 
1.67%
 
1.64%
    Expenses net of fee waivers, if any
 
1.23
% I
 
 
1.50%
 
1.69%
 
1.70%
 
1.67%
 
1.64%
    Expenses net of all reductions
 
1.23% I
 
1.49%
 
1.69%
 
1.70%
 
1.67%
 
1.63%
    Net investment income (loss)
 
.73% I
 
.42%
 
(.04)%
 
(.23)%
 
.04%
 
.19%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,673
$
2,354
$
2,282
$
3,919
$
3,728
$
3,945
    Portfolio turnover rate J
 
24
% 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.
 
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.
 
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.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor® Japan Fund Class C
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.17
$
13.00
$
20.43
$
17.17
$
15.49
$
13.97
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.02
 
- C
 
(.07)
 
(.12)
 
(.05)
 
(.02)
     Net realized and unrealized gain (loss)
 
1.75
 
1.17
 
(5.49)
 
3.63
 
1.77
 
1.54
  Total from investment operations
 
1.77  
 
1.17  
 
(5.56)  
 
3.51  
 
1.72
 
1.52
  Distributions from net investment income
 
-
 
-
 
(.33)
 
(.01)
 
-
 
-
  Distributions from net realized gain
 
(.46)
 
-
 
(1.55)
 
(.25)
 
(.04)
 
-
     Total distributions
 
(.46)
 
-
 
(1.87) D
 
(.25) D
 
(.04)
 
-
  Net asset value, end of period
$
15.48
$
14.17
$
13.00
$
20.43
$
17.17
$
15.49
 Total Return E,F,G
 
12.64
%
 
 
9.00%
 
(29.85)%
 
20.54%
 
11.09%
 
10.88%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.72% J
 
1.94%
 
2.11%
 
2.09%
 
2.06%
 
2.01%
    Expenses net of fee waivers, if any
 
1.71
% J
 
 
1.93%
 
2.10%
 
2.09%
 
2.05%
 
2.00%
    Expenses net of all reductions
 
1.71% J
 
1.93%
 
2.10%
 
2.09%
 
2.05%
 
2.00%
    Net investment income (loss)
 
.24% J
 
(.02)%
 
(.46)%
 
(.63)%
 
(.34)%
 
(.17)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,056
$
1,779
$
2,179
$
4,778
$
6,167
$
8,829
    Portfolio turnover rate K
 
24
% J
 
 
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 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.
 
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.
 
JAnnualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity® Japan Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.69
$
13.35
$
21.01
$
17.58
$
15.86
$
14.20
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.10
 
.15
 
.08
 
.08
 
.10
 
.12
     Net realized and unrealized gain (loss)
 
1.82
 
1.19
 
(5.60)
 
3.72
 
1.81
 
1.59
  Total from investment operations
 
1.92  
 
1.34  
 
(5.52)  
 
3.80  
 
1.91
 
1.71
  Distributions from net investment income
 
(.14)
 
-
 
(.59)
 
(.11)
 
(.11)
 
(.05)
  Distributions from net realized gain
 
(.46)
 
-
 
(1.55)
 
(.25)
 
(.09)
 
-
     Total distributions
 
(.60)
 
-
 
(2.14)
 
(.37) C
 
(.19) C
 
(.05)
  Net asset value, end of period
$
16.01
$
14.69
$
13.35
$
21.01
$
17.58
$
15.86
 Total Return D,E
 
13.24
%
 
 
10.04%
 
(29.16)%
 
21.75%
 
12.16%
 
12.10%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.72% H
 
.96%
 
1.13%
 
1.09%
 
1.06%
 
1.01%
    Expenses net of fee waivers, if any
 
.71
% H
 
 
.95%
 
1.12%
 
1.09%
 
1.06%
 
1.01%
    Expenses net of all reductions
 
.71% H
 
.95%
 
1.12%
 
1.09%
 
1.06%
 
1.00%
    Net investment income (loss)
 
1.25% H
 
.96%
 
.52%
 
.37%
 
.65%
 
.82%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
169,186
$
149,990
$
113,015
$
167,954
$
274,433
$
401,344
    Portfolio turnover rate I
 
24
% 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 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).
 
 
Fidelity Advisor® Japan Fund Class I
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.81
$
13.45
$
20.97
$
17.56
$
15.85
$
14.18
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.10
 
.15
 
.09
 
.09
 
.11
 
.13
     Net realized and unrealized gain (loss)
 
1.83
 
1.21
 
(5.65)
 
3.71
 
1.81
 
1.58
  Total from investment operations
 
1.93  
 
1.36  
 
(5.56)  
 
3.80  
 
1.92
 
1.71
  Distributions from net investment income
 
(.14)
 
-
 
(.41)
 
(.14)
 
(.12)
 
(.04)
  Distributions from net realized gain
 
(.46)
 
-
 
(1.55)
 
(.25)
 
(.09)
 
-
     Total distributions
 
(.60)
 
-
 
(1.96)
 
(.39)
 
(.21)
 
(.04)
  Net asset value, end of period
$
16.14
$
14.81
$
13.45
$
20.97
$
17.56
$
15.85
 Total Return C,D
 
13.21
%
 
 
10.11%
 
(29.15)%
 
21.80%
 
12.20%
 
12.12%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.74% G
 
.94%
 
1.09%
 
1.04%
 
1.01%
 
.96%
    Expenses net of fee waivers, if any
 
.73
% G
 
 
.94%
 
1.09%
 
1.04%
 
1.01%
 
.96%
    Expenses net of all reductions
 
.73% G
 
.94%
 
1.09%
 
1.04%
 
1.00%
 
.95%
    Net investment income (loss)
 
1.23% G
 
.97%
 
.56%
 
.43%
 
.71%
 
.87%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
38,077
$
32,712
$
33,320
$
48,887
$
473,859
$
319,164
    Portfolio turnover rate H
 
24
% 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 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.
 
GAnnualized.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor® Japan Fund Class Z
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.68
$
13.31
$
20.98
$
17.56
$
15.84
$
14.19
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.11
 
.17
 
.11
 
.10
 
.13
 
.14
     Net realized and unrealized gain (loss)
 
1.80
 
1.20
 
(5.59)
 
3.72
 
1.81
 
1.57
  Total from investment operations
 
1.91  
 
1.37  
 
(5.48)  
 
3.82  
 
1.94
 
1.71
  Distributions from net investment income
 
(.16)
 
-
 
(.64)
 
(.15)
 
(.13)
 
(.06)
  Distributions from net realized gain
 
(.46)
 
-
 
(1.55)
 
(.25)
 
(.09)
 
-
     Total distributions
 
(.62)
 
-
 
(2.19)
 
(.40)
 
(.22)
 
(.06)
  Net asset value, end of period
$
15.97
$
14.68
$
13.31
$
20.98
$
17.56
$
15.84
 Total Return C,D
 
13.23
%
 
 
10.29%
 
(29.07)%
 
21.93%
 
12.36%
 
12.14%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.58% G
 
.80%
 
.96%
 
.96%
 
.92%
 
.87%
    Expenses net of fee waivers, if any
 
.57
% G
 
 
.79%
 
.96%
 
.96%
 
.92%
 
.87%
    Expenses net of all reductions
 
.57% G
 
.79%
 
.96%
 
.96%
 
.92%
 
.86%
    Net investment income (loss)
 
1.39% G
 
1.12%
 
.69%
 
.51%
 
.79%
 
.96%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
414,721
$
429,659
$
408,434
$
585,487
$
8,368
$
8,136
    Portfolio turnover rate H
 
24
% 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 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.
 
GAnnualized.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
For the period ended April 30, 2024
 
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, 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 April 30, 2024 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. 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
$175,253,566
Gross unrealized depreciation
(65,752,573)
Net unrealized appreciation (depreciation)
$109,500,993
Tax cost
$536,412,080
 
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
75,359,502
136,911,235
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.
 
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
.88
Class M
.88
Class C
.86
Japan
.87
Class I
.87
Class Z
.72
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.87
Class M
.87
Class C
.86
Japan
.83
Class I
.87
Class Z
.72
 
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was 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 decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
 
 
Performance Adjustment Index
Fidelity Japan Fund
TOPIX
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Japan. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was (.22)%.
 
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
 
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.44% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
 
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%
22,178
2,548
Class M
 .25%
 .25%
 6,638
 27
Class C
 .75%
 .25%
10,216
3,448
 
 
 
39,032
6,023
 
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
 3,413
Class M
 66
Class CA
 25
 
3,504
 
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. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
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
.2000
Class M
.2000
Class C
.1827
Japan
.1937
Class I
.1893
 
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
Amount ($)
% of Class-Level Average Net AssetsA
Class A
 11,693
.20
Class M
 1,776
.21
Class C
 1,208
.18
Japan
 104,766
.19
Class I
 24,297
.19
Class Z
 57,336
.04
 
201,076
 
 
A Annualized
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
 
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
.0466
 
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Fidelity Japan Fund
.05
 
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
 17,489,214
5.57%
 37,852
 
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
 -
 294,358
 98,368
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
596
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
12,893
-
-
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 Japan Fund
1,155,600
5.83%
 936
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 A
 24
Class M
 47
Class C
 3
 
74
 
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 $28,500.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2024
Year ended
October 31, 2023
Fidelity Japan Fund
 
 
Distributions to shareholders
 
 
Class A
$601,432
 $ -
Class M
 80,704
 -
Class C
 58,025
 -
Japan
 5,977,883
 -
Class I
 1,377,391
 -
Class Z
       15,751,871
-
Total  
$23,847,306
$-
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
 
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Fidelity Japan Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
83,576
253,562
$1,332,646
$4,046,153
Reinvestment of distributions
37,678
-
571,577
-
Shares redeemed
(103,748)
(151,426)
(1,654,700)
(2,307,493)
Net increase (decrease)
17,506
102,136
$249,523
$1,738,660
Class M
 
 
 
 
Shares sold
5,740
12,539
$91,987
$196,973
Reinvestment of distributions
5,341
-
80,602
-
Shares redeemed
(4,736)
(22,565)
(74,900)
(338,510)
Net increase (decrease)
6,345
(10,026)
$97,689
$(141,537)
Class C
 
 
 
 
Shares sold
19,748
39,644
$304,498
$604,997
Reinvestment of distributions
3,913
-
58,025
-
Shares redeemed
(16,402)
(81,701)
(253,842)
(1,220,282)
Net increase (decrease)
7,259
(42,057)
$108,681
$(615,285)
Japan
 
 
 
 
Shares sold
1,802,620
4,480,372
$29,219,879
$70,308,105
Reinvestment of distributions
360,541
-
5,509,063
-
Shares redeemed
(1,800,412)
(2,739,105)
(28,842,105)
(42,188,958)
Net increase (decrease)
362,749
1,741,267
$5,886,837
$28,119,147
Class I
 
 
 
 
Shares sold
647,354
2,062,944
$10,453,999
$32,061,275
Reinvestment of distributions
86,366
-
1,330,039
-
Shares redeemed
(582,454)
(2,330,965)
(9,419,528)
(34,977,085)
Net increase (decrease)
151,266
(268,021)
$2,364,510
$(2,915,810)
Class Z
 
 
 
 
Shares sold
6,679,073
5,627,405
$101,405,712
$89,494,212
Reinvestment of distributions
630,507
-
9,602,617
-
Shares redeemed
(10,615,795)
(7,035,462)
(161,539,635)
(108,953,514)
Net increase (decrease)
(3,306,215)
(1,408,057)
$(50,531,306)
$(19,459,302)
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
Strategic Advisers International Fund
Fidelity Japan Fund
24%
39%
 
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
63%
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.
 
Top Holdings (% of Fund's net assets)
 
INPEX Corp.  (Oil, Gas & Consumable Fuels)
3.5
 
Yamato Kogyo Co. Ltd.  (Metals & Mining)
2.6
 
Renesas Electronics Corp.  (Semiconductors & Semiconductor Equipment)
2.5
 
Money Forward, Inc.  (Software)
2.3
 
Suzuki Motor Corp.  (Automobiles)
2.2
 
Mitsubishi Heavy Industries Ltd.  (Machinery)
2.2
 
SWCC Showa Holdings Co. Ltd.  (Electrical Equipment)
2.1
 
Kyoto Financial Group, Inc.  (Banks)
2.0
 
Amano Corp.  (Electronic Equipment, Instruments & Components)
2.0
 
Kansai Electric Power Co., Inc.  (Electric Utilities)
2.0
 
 
23.4
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
23.2
 
Information Technology
19.1
 
Consumer Discretionary
13.9
 
Financials
12.6
 
Materials
10.3
 
Consumer Staples
5.9
 
Energy
4.8
 
Utilities
3.3
 
Health Care
2.6
 
Communication Services
1.6
 
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® Japan Smaller Companies Fund
Common Stocks - 97.7%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 1.6%
 
 
 
Entertainment - 1.6%
 
 
 
Capcom Co. Ltd.
 
415,400
6,838,498
CONSUMER DISCRETIONARY - 13.9%
 
 
 
Automobiles - 3.2%
 
 
 
Subaru Corp.
 
199,000
4,443,469
Suzuki Motor Corp.
 
839,600
9,777,802
 
 
 
14,221,271
Broadline Retail - 1.8%
 
 
 
Pan Pacific International Holdings Ltd.
 
329,500
7,738,646
Distributors - 1.7%
 
 
 
Central Automotive Products Ltd.
 
198,100
7,251,468
Hotels, Restaurants & Leisure - 1.2%
 
 
 
Koshidaka Holdings Co. Ltd.
 
927,800
5,075,716
Leisure Products - 0.9%
 
 
 
Roland Corp.
 
88,900
2,416,726
YONEX Co. Ltd.
 
212,400
1,693,770
 
 
 
4,110,496
Specialty Retail - 4.3%
 
 
 
ABC-MART, Inc.
 
273,000
5,437,692
Fast Retailing Co. Ltd.
 
22,900
5,987,642
Fuji Corp. (a)
 
633,600
7,359,461
 
 
 
18,784,795
Textiles, Apparel & Luxury Goods - 0.8%
 
 
 
Fujibo Holdings, Inc.
 
137,000
3,621,377
TOTAL CONSUMER DISCRETIONARY
 
 
60,803,769
CONSUMER STAPLES - 5.9%
 
 
 
Beverages - 1.6%
 
 
 
Asahi Group Holdings
 
211,000
7,218,096
Consumer Staples Distribution & Retail - 0.7%
 
 
 
Kato Sangyo
 
110,500
3,204,499
Food Products - 3.6%
 
 
 
Ajinomoto Co., Inc.
 
156,600
5,822,619
Kotobuki Spirits Co. Ltd.
 
459,300
4,729,214
Toyo Suisan Kaisha Ltd.
 
80,500
5,034,013
 
 
 
15,585,846
TOTAL CONSUMER STAPLES
 
 
26,008,441
ENERGY - 4.8%
 
 
 
Oil, Gas & Consumable Fuels - 4.8%
 
 
 
ENEOS Holdings, Inc.
 
1,218,700
5,630,656
INPEX Corp.
 
1,014,700
15,200,007
 
 
 
20,830,663
FINANCIALS - 12.6%
 
 
 
Banks - 4.5%
 
 
 
Chiba Bank Ltd.
 
819,000
6,918,148
Hokuhoku Financial Group, Inc.
 
306,000
3,753,685
Kyoto Financial Group, Inc.
 
500,100
8,901,365
 
 
 
19,573,198
Consumer Finance - 1.4%
 
 
 
Credit Saison Co. Ltd.
 
332,400
6,135,825
Financial Services - 0.7%
 
 
 
Zenkoku Hosho Co. Ltd.
 
91,800
3,223,278
Insurance - 6.0%
 
 
 
FP Partner, Inc.
 
68,000
2,165,549
Lifenet Insurance Co. (a)(b)
 
322,400
2,846,726
Sompo Holdings, Inc.
 
351,300
6,952,273
T&D Holdings, Inc.
 
394,200
6,432,292
Tokio Marine Holdings, Inc.
 
255,700
8,081,755
 
 
 
26,478,595
TOTAL FINANCIALS
 
 
55,410,896
HEALTH CARE - 2.6%
 
 
 
Health Care Providers & Services - 0.7%
 
 
 
As One Corp.
 
184,200
3,034,746
Pharmaceuticals - 1.9%
 
 
 
Eisai Co. Ltd.
 
103,600
4,254,754
Santen Pharmaceutical Co. Ltd.
 
437,000
4,221,021
 
 
 
8,475,775
TOTAL HEALTH CARE
 
 
11,510,521
INDUSTRIALS - 23.2%
 
 
 
Construction & Engineering - 0.7%
 
 
 
Raito Kogyo Co. Ltd.
 
233,900
3,039,228
Electrical Equipment - 3.5%
 
 
 
Fuji Electric Co. Ltd.
 
99,500
6,189,291
SWCC Showa Holdings Co. Ltd.
 
346,600
9,138,819
 
 
 
15,328,110
Ground Transportation - 1.4%
 
 
 
Kyushu Railway Co.
 
285,200
6,136,341
Machinery - 5.2%
 
 
 
CKD Corp.
 
226,500
4,233,064
IHI Corp.
 
190,200
4,554,178
Minebea Mitsumi, Inc.
 
226,200
4,236,806
Mitsubishi Heavy Industries Ltd.
 
1,073,000
9,593,819
 
 
 
22,617,867
Marine Transportation - 1.0%
 
 
 
Nippon Concept Corp.
 
379,200
4,353,672
Professional Services - 4.8%
 
 
 
Funai Soken Holdings, Inc.
 
262,780
3,975,643
Open Up Group, Inc.
 
373,100
4,726,366
Rise Consulting Group, Inc.
 
329,300
1,652,266
TKC Corp.
 
206,900
4,761,390
Visional, Inc. (b)
 
132,600
6,050,310
 
 
 
21,165,975
Trading Companies & Distributors - 5.2%
 
 
 
Hanwa Co. Ltd.
 
140,250
5,396,314
Inaba Denki Sangyo Co. Ltd.
 
192,500
4,491,132
Itochu Corp.
 
115,000
5,188,199
Mitani Shoji Co. Ltd.
 
281,800
2,973,939
Senshu Electric Co. Ltd. (a)
 
137,100
4,777,673
 
 
 
22,827,257
Transportation Infrastructure - 1.4%
 
 
 
Kamigumi Co. Ltd.
 
294,300
6,355,582
TOTAL INDUSTRIALS
 
 
101,824,032
INFORMATION TECHNOLOGY - 19.1%
 
 
 
Electronic Equipment, Instruments & Components - 8.3%
 
 
 
Amano Corp.
 
365,800
8,797,955
Azbil Corp.
 
151,400
4,228,602
Dexerials Corp.
 
141,500
5,300,114
Ibiden Co. Ltd.
 
89,700
3,409,812
Maruwa Ceramic Co. Ltd.
 
37,300
7,860,149
Riken Keiki Co. Ltd.
 
127,400
3,117,313
Shibaura Electronics Co. Ltd.
 
97,900
3,790,263
 
 
 
36,504,208
IT Services - 3.8%
 
 
 
Argo Graphics, Inc.
 
266,700
6,841,862
Net One Systems Co. Ltd.
 
217,000
3,630,981
NSD Co. Ltd.
 
308,900
6,037,753
 
 
 
16,510,596
Semiconductors & Semiconductor Equipment - 3.8%
 
 
 
Renesas Electronics Corp.
 
663,600
10,774,045
Sumco Corp.
 
395,157
5,893,102
 
 
 
16,667,147
Software - 2.3%
 
 
 
Money Forward, Inc. (b)
 
290,450
10,113,867
Technology Hardware, Storage & Peripherals - 0.9%
 
 
 
FUJIFILM Holdings Corp.
 
193,800
4,122,608
TOTAL INFORMATION TECHNOLOGY
 
 
83,918,426
MATERIALS - 10.3%
 
 
 
Chemicals - 5.3%
 
 
 
C. Uyemura & Co. Ltd.
 
98,000
6,414,746
Fujimi, Inc.
 
160,900
3,489,878
NOF Corp.
 
367,200
4,926,330
Osaka Soda Co. Ltd.
 
80,400
4,715,338
Tokyo Ohka Kogyo Co. Ltd.
 
147,200
3,903,492
 
 
 
23,449,784
Construction Materials - 1.0%
 
 
 
Maeda Kosen Co. Ltd.
 
190,000
4,158,131
Metals & Mining - 4.0%
 
 
 
Dowa Holdings Co. Ltd.
 
158,500
5,935,350
Yamato Kogyo Co. Ltd.
 
215,700
11,589,387
 
 
 
17,524,737
TOTAL MATERIALS
 
 
45,132,652
REAL ESTATE - 0.4%
 
 
 
Real Estate Management & Development - 0.4%
 
 
 
Relo Group, Inc.
 
209,215
1,818,624
UTILITIES - 3.3%
 
 
 
Electric Utilities - 2.0%
 
 
 
Kansai Electric Power Co., Inc.
 
573,200
8,586,205
Gas Utilities - 1.3%
 
 
 
Nippon Gas Co. Ltd.
 
357,400
5,828,913
TOTAL UTILITIES
 
 
14,415,118
 
TOTAL COMMON STOCKS
 (Cost $335,505,454)
 
 
 
428,511,640
 
 
 
 
Money Market Funds - 0.5%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (c)
 
592,448
592,566
Fidelity Securities Lending Cash Central Fund 5.39% (c)(d)
 
1,695,001
1,695,170
 
TOTAL MONEY MARKET FUNDS
 (Cost $2,287,736)
 
 
2,287,736
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 98.2%
 (Cost $337,793,190)
 
 
 
430,799,376
NET OTHER ASSETS (LIABILITIES) - 1.8%  
7,846,486
NET ASSETS - 100.0%
438,645,862
 
 
 
Legend
 
(a)
Security or a portion of the security is on loan at period end.
 
(b)
Non-income producing
 
(c)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(d)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
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 5.39%
163,542
15,227,520
14,798,490
9,763
(6)
-
592,566
0.0%
Fidelity Securities Lending Cash Central Fund 5.39%
13,158,092
126,817,832
138,280,754
42,629
-
-
1,695,170
0.0%
Total
13,321,634
142,045,352
153,079,244
52,392
(6)
-
2,287,736
 
 
 
 
 
 
 
 
 
 
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 April 30, 2024, 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
6,838,498
-
6,838,498
-
Consumer Discretionary
60,803,769
-
60,803,769
-
Consumer Staples
26,008,441
-
26,008,441
-
Energy
20,830,663
-
20,830,663
-
Financials
55,410,896
-
55,410,896
-
Health Care
11,510,521
-
11,510,521
-
Industrials
101,824,032
-
101,824,032
-
Information Technology
83,918,426
-
83,918,426
-
Materials
45,132,652
-
45,132,652
-
Real Estate
1,818,624
-
1,818,624
-
Utilities
14,415,118
-
14,415,118
-
  Money Market Funds
2,287,736
2,287,736
-
-
 Total Investments in Securities:
430,799,376
2,287,736
428,511,640
-
Fidelity® Japan Smaller Companies Fund
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $1,567,321) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $335,505,454)
$
428,511,640
 
 
Fidelity Central Funds (cost $2,287,736)
2,287,736
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $337,793,190)
 
 
$
430,799,376
Foreign currency held at value (cost $5,161,421)
 
 
5,015,602
Receivable for investments sold
 
 
4,813,719
Receivable for fund shares sold
 
 
200,317
Dividends receivable
 
 
4,310,222
Distributions receivable from Fidelity Central Funds
 
 
7,558
Prepaid expenses
 
 
140
  Total assets
 
 
445,146,934
Liabilities
 
 
 
 
Payable for investments purchased
$
4,438,964
 
 
Payable for fund shares redeemed
12,754
 
 
Accrued management fee
310,985
 
 
Other payables and accrued expenses
43,199
 
 
Collateral on securities loaned
1,695,170
 
 
  Total liabilities
 
 
 
6,501,072
Net Assets  
 
 
$
438,645,862
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
359,924,407
Total accumulated earnings (loss)
 
 
 
78,721,455
Net Assets
 
 
$
438,645,862
Net Asset Value, offering price and redemption price per share ($438,645,862 ÷ 29,049,454 shares)
 
 
$
15.10
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
5,926,600
Income from Fidelity Central Funds (including $42,629 from security lending)
 
 
52,392
 Income before foreign taxes withheld
 
 
$
5,978,992
Less foreign taxes withheld
 
 
(594,906)
 Total income
 
 
 
5,384,086
Expenses
 
 
 
 
Management fee
$
1,670,250
 
 
Transfer agent fees
234,926
 
 
Accounting fees
76,922
 
 
Custodian fees and expenses
17,300
 
 
Independent trustees' fees and expenses
1,175
 
 
Registration fees
16,729
 
 
Audit
28,998
 
 
Legal
247
 
 
Interest
9,747
 
 
Miscellaneous
844
 
 
 Total expenses before reductions
 
2,057,138
 
 
 Expense reductions
 
(20,801)
 
 
 Total expenses after reductions
 
 
 
2,036,337
Net Investment income (loss)
 
 
 
3,347,749
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(2,977,818)
 
 
   Fidelity Central Funds
 
(6)
 
 
 Foreign currency transactions
 
(328,983)
 
 
Total net realized gain (loss)
 
 
 
(3,306,807)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
58,771,315
 
 
 Assets and liabilities in foreign currencies
 
114,885
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
58,886,200
Net gain (loss)
 
 
 
55,579,393
Net increase (decrease) in net assets resulting from operations
 
 
$
58,927,142
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
3,347,749
$
5,244,318
Net realized gain (loss)
 
(3,306,807)
 
 
17,301,493
 
Change in net unrealized appreciation (depreciation)
 
58,886,200
 
7,606,221
 
Net increase (decrease) in net assets resulting from operations
 
58,927,142
 
 
30,152,032
 
Distributions to shareholders
 
(13,096,272)
 
 
(198,124)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
17,566,606
 
104,318,260
  Reinvestment of distributions
 
12,571,486
 
 
192,250
 
Cost of shares redeemed
 
(73,192,685)
 
(63,019,461)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(43,054,593)
 
 
41,491,049
 
Total increase (decrease) in net assets
 
2,776,277
 
 
71,444,957
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
435,869,585
 
364,424,628
 
End of period
$
438,645,862
$
435,869,585
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
1,163,901
 
7,080,855
  Issued in reinvestment of distributions
 
873,020
 
 
14,575
 
Redeemed
 
(4,846,428)
 
(4,466,160)
Net increase (decrease)
 
(2,809,507)
 
2,629,270
 
 
 
 
 
 
Financial Highlights
 
Fidelity® Japan Smaller Companies Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.68
$
12.47
$
17.92
$
16.64
$
17.60
$
17.12
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.11
 
.18
 
.19
 
.20
 
.16
 
.22
     Net realized and unrealized gain (loss)
 
1.74
 
1.04
 
(3.75)
 
1.36
 
.11
 
1.10
  Total from investment operations
 
1.85  
 
1.22  
 
(3.56)  
 
1.56  
 
.27
 
1.32
  Distributions from net investment income
 
(.33)
 
(.01)
 
(.51)
 
(.19)
 
(.23)
 
(.11)
  Distributions from net realized gain
 
(.10)
 
-
 
(1.38)
 
(.10)
 
(1.00)
 
(.73)
     Total distributions
 
(.43)
 
(.01)
 
(1.89)
 
(.28) C
 
(1.23)
 
(.84)
  Net asset value, end of period
$
15.10
$
13.68
$
12.47
$
17.92
$
16.64
$
17.60
 Total Return D,E
 
13.64
%
 
 
9.76%
 
(21.95)%
 
9.44%
 
1.31%
 
8.22%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.89% H
 
.92%
 
.91%
 
.91%
 
.92%
 
.93%
    Expenses net of fee waivers, if any
 
.88
% H
 
 
.91%
 
.91%
 
.91%
 
.92%
 
.93%
    Expenses net of all reductions
 
.88% H
 
.91%
 
.91%
 
.91%
 
.92%
 
.93%
    Net investment income (loss)
 
1.45% H
 
1.26%
 
1.33%
 
1.13%
 
1.02%
 
1.31%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
438,646
$
435,870
$
364,425
$
501,214
$
523,774
$
685,651
    Portfolio turnover rate I
 
23
% H
 
 
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 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).
 
 
For the period ended April 30, 2024
 
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, 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 April 30, 2024 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. 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 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
$99,505,157
Gross unrealized depreciation
(17,403,164)
Net unrealized appreciation (depreciation)
$82,101,993
Tax cost
$348,697,383
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
51,733,731
100,312,536
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.
 
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Fidelity Japan Smaller Companies Fund
.84
 
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Fidelity Japan Smaller Companies Fund
.83
 
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was 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 decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
 
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
 
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.44% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
 
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. Effective March 1, 2024, each Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of average net assets of .1535%.
 
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to account size and type of account.
 
For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the annualized rate of .15% of average net assets.
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
 
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
.0497
 
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Fidelity Japan Smaller Companies Fund
.05
 
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 Smaller Companies Fund
 Borrower
 7,880,125
5.57%
 9,747
 
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
 241,483
 7,852,683
 3,726,851
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
424
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
4,568
-
-
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 $20,801.
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
Strategic Advisers International Fund
VIP Funds Manager 60% Portfolio
Fidelity Japan Smaller Companies Fund
10%
20%
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 Japan Smaller Companies Fund
53%
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.
 
Top Holdings (% of Fund's net assets)
 
Genomma Lab Internacional SA de CV  (Mexico, Pharmaceuticals)
10.8
 
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels)
9.2
 
Afya Ltd.  (Brazil, Diversified Consumer Services)
6.4
 
Itausa-Investimentos Itau SA (PN)  (Brazil, Banks)
4.8
 
Hypera SA  (Brazil, Pharmaceuticals)
4.5
 
Caixa Seguridade Participacoes  (Brazil, Insurance)
4.5
 
Sendas Distribuidora SA  (Brazil, Consumer Staples Distribution & Retail)
4.4
 
Intercorp Financial Services, Inc.  (Peru, Banks)
4.0
 
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA  (Brazil, Ground Transportation)
4.0
 
Qualitas Controladora S.A.B. de CV  (Mexico, Insurance)
3.8
 
 
56.4
 
 
Market Sectors (% of Fund's net assets)
 
Financials
31.7
 
Health Care
22.0
 
Consumer Staples
10.3
 
Energy
9.2
 
Consumer Discretionary
9.1
 
Industrials
7.4
 
Materials
5.6
 
Utilities
3.6
 
 
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  April 30, 2024, 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
Common Stocks - 82.9%
 
 
Shares
Value ($)
 
Brazil - 44.2%
 
 
 
Afya Ltd. (a)
 
888,331
15,305,943
Atacadao SA
 
4,008,263
8,622,327
Caixa Seguridade Participacoes
 
3,616,219
10,905,903
CM Hospitalar SA (a)
 
3,211,887
3,117,496
Equatorial Energia SA
 
1,449,559
8,539,462
Hapvida Participacoes e Investimentos SA (a)(b)
 
8,454,210
6,007,787
Hypera SA (a)
 
1,918,855
10,908,716
PagSeguro Digital Ltd. (a)
 
680,413
8,471,142
Sendas Distribuidora SA
 
4,231,165
10,690,769
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA
 
6,976,756
9,552,967
Vasta Platform Ltd. (a)
 
1,725,714
6,557,713
XP, Inc. Class A
 
372,117
7,617,235
TOTAL BRAZIL
 
 
106,297,460
Mexico - 27.0%
 
 
 
Banco del Bajio SA (b)
 
2,016,201
7,433,607
Becle S.A.B. de CV (c)
 
2,778,531
5,644,404
Genomma Lab Internacional SA de CV (c)
 
26,714,569
26,058,427
Grupo Aeroportuario Norte S.A.B. de CV
 
736,823
8,157,603
Qualitas Controladora S.A.B. de CV (c)
 
698,319
9,131,966
Regional S.A.B. de CV (c)
 
948,024
8,562,280
TOTAL MEXICO
 
 
64,988,287
Peru - 6.9%
 
 
 
Auna SA (c)
 
1,020,707
6,940,808
Intercorp Financial Services, Inc.
 
448,354
9,558,907
TOTAL PERU
 
 
16,499,715
Sweden - 1.2%
 
 
 
VEF AB (a)
 
14,010,796
2,905,037
United States of America - 3.6%
 
 
 
GCC S.A.B. de CV
 
751,657
8,555,264
 
TOTAL COMMON STOCKS
 (Cost $211,413,417)
 
 
 
199,245,763
 
 
 
 
Nonconvertible Preferred Stocks - 16.0%
 
 
Shares
Value ($)
 
Brazil - 16.0%
 
 
 
Itausa-Investimentos Itau SA (PN)
 
6,332,709
11,659,034
Metalurgica Gerdau SA (PN)
 
2,311,074
4,708,848
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.)
 
2,732,566
22,112,703
 
 
 
 
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 (Cost $22,831,256)
 
 
 
38,480,585
 
 
 
 
Money Market Funds - 3.9%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (d)
 
902,022
902,203
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e)
 
8,506,554
8,507,405
 
TOTAL MONEY MARKET FUNDS
 (Cost $9,409,608)
 
 
9,409,608
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.8%
 (Cost $243,654,281)
 
 
 
247,135,956
NET OTHER ASSETS (LIABILITIES) - (2.8)%  
(6,731,811)
NET ASSETS - 100.0%
240,404,145
 
 
 
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 $13,441,394 or 5.6% 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 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 5.39%
-
31,965,610
31,063,486
42,313
79
-
902,203
0.0%
Fidelity Securities Lending Cash Central Fund 5.39%
4,830,855
32,073,041
28,396,491
8,729
-
-
8,507,405
0.0%
Total
4,830,855
64,038,651
59,459,977
51,042
79
-
9,409,608
 
 
 
 
 
 
 
 
 
 
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 April 30, 2024, 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
21,863,656
21,863,656
-
-
Consumer Staples
24,957,500
24,957,500
-
-
Energy
22,112,703
22,112,703
-
-
Financials
76,245,111
76,245,111
-
-
Health Care
53,033,234
53,033,234
-
-
Industrials
17,710,570
17,710,570
-
-
Materials
13,264,112
13,264,112
-
-
Utilities
8,539,462
8,539,462
-
-
  Money Market Funds
9,409,608
9,409,608
-
-
 Total Investments in Securities:
247,135,956
247,135,956
-
-
Fidelity® Latin America Fund
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $7,824,602) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $234,244,673)
$
237,726,348
 
 
Fidelity Central Funds (cost $9,409,608)
9,409,608
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $243,654,281)
 
 
$
247,135,956
Receivable for fund shares sold
 
 
31,345
Dividends receivable
 
 
2,065,680
Distributions receivable from Fidelity Central Funds
 
 
7,126
Prepaid expenses
 
 
95
  Total assets
 
 
249,240,202
Liabilities
 
 
 
 
Payable for fund shares redeemed
$
64,400
 
 
Accrued management fee
181,409
 
 
Distribution and service plan fees payable
5,079
 
 
Other payables and accrued expenses
80,343
 
 
Collateral on securities loaned
8,504,826
 
 
  Total liabilities
 
 
 
8,836,057
Net Assets  
 
 
$
240,404,145
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
314,789,293
Total accumulated earnings (loss)
 
 
 
(74,385,148)
Net Assets
 
 
$
240,404,145
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($12,831,741 ÷ 668,614 shares)(a)
 
 
$
19.19
Maximum offering price per share (100/94.25 of $19.19)
 
 
$
20.36
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($2,602,310 ÷ 135,214 shares)(a)
 
 
$
19.25
Maximum offering price per share (100/96.50 of $19.25)
 
 
$
19.95
Class C :
 
 
 
 
Net Asset Value and offering price per share ($1,453,312 ÷ 74,903 shares)(a)
 
 
$
19.40
Latin America :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($219,883,480 ÷ 11,480,909 shares)
 
 
$
19.15
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($3,015,188 ÷ 157,747 shares)
 
 
$
19.11
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($618,114 ÷ 32,210 shares)
 
 
$
19.19
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
6,385,137
Income from Fidelity Central Funds (including $8,729 from security lending)
 
 
51,042
 Income before foreign taxes withheld
 
 
$
6,436,179
Less foreign taxes withheld
 
 
(270,596)
 Total income
 
 
 
6,165,583
Expenses
 
 
 
 
Management fee
$
987,803
 
 
Transfer agent fees
188,179
 
 
Distribution and service plan fees
32,196
 
 
Accounting fees
45,218
 
 
Custodian fees and expenses
40,645
 
 
Independent trustees' fees and expenses
684
 
 
Registration fees
44,995
 
 
Audit
35,113
 
 
Legal
1,333
 
 
Miscellaneous
533
 
 
 Total expenses before reductions
 
1,376,699
 
 
 Expense reductions
 
(12,350)
 
 
 Total expenses after reductions
 
 
 
1,364,349
Net Investment income (loss)
 
 
 
4,801,234
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
3,132,303
 
 
   Fidelity Central Funds
 
79
 
 
 Foreign currency transactions
 
(24,828)
 
 
Total net realized gain (loss)
 
 
 
3,107,554
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
22,040,399
 
 
 Assets and liabilities in foreign currencies
 
(18,359)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
22,022,040
Net gain (loss)
 
 
 
25,129,594
Net increase (decrease) in net assets resulting from operations
 
 
$
29,930,828
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
4,801,234
$
14,702,353
Net realized gain (loss)
 
3,107,554
 
 
(191,243)
 
Change in net unrealized appreciation (depreciation)
 
22,022,040
 
(36,891,605)
 
Net increase (decrease) in net assets resulting from operations
 
29,930,828
 
 
(22,380,495)
 
Distributions to shareholders
 
(11,562,386)
 
 
(21,810,363)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
(18,226,373)
 
 
(262,025)
 
 
 
 
 
 
Total increase (decrease) in net assets
 
142,069
 
 
(44,452,883)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
240,262,076
 
284,714,959
 
End of period
$
240,404,145
$
240,262,076
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® Latin America Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.89
$
21.18
$
19.37
$
17.40
$
28.36
$
21.98
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.34
 
1.02
 
1.60
 
.15
 
.04
 
.69
     Net realized and unrealized gain (loss)
 
1.79
 
(2.73)
 
.68
 
1.82
 
(10.40)
 
6.11
  Total from investment operations
 
2.13  
 
(1.71)  
 
2.28  
 
1.97  
 
(10.36)
 
6.80
  Distributions from net investment income
 
(.83)
 
(1.58)
 
(.47)
 
- C
 
(.60)
 
(.42)
     Total distributions
 
(.83)
 
(1.58)
 
(.47)
 
- C
 
(.60)
 
(.42)
  Net asset value, end of period
$
19.19
$
17.89
$
21.18
$
19.37
$
17.40
$
28.36
 Total Return D,E,F
 
11.81
%
 
 
(8.07)%
 
12.17%
 
11.34%
 
(37.31)%
 
31.60%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.26% I
 
1.33%
 
1.32%
 
1.33%
 
1.36%
 
1.36%
    Expenses net of fee waivers, if any
 
1.25
% I
 
 
1.32%
 
1.32%
 
1.33%
 
1.35%
 
1.36%
    Expenses net of all reductions
 
1.25% I
 
1.32%
 
1.32%
 
1.33%
 
1.33%
 
1.36%
    Net investment income (loss)
 
3.36% I
 
5.29%
 
7.98%
 
.70%
 
.18%
 
2.81%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
12,832
$
12,309
$
13,309
$
10,217
$
9,131
$
17,953
    Portfolio turnover rate J
 
15
% I
 
 
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 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.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor® Latin America Fund Class M
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.91
$
21.19
$
19.35
$
17.44
$
28.41
$
22.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.32
 
.98
 
1.55
 
.10
 
(.02)
 
.63
     Net realized and unrealized gain (loss)
 
1.80
 
(2.73)
 
.69
 
1.81
 
(10.42)
 
6.13
  Total from investment operations
 
2.12  
 
(1.75)  
 
2.24  
 
1.91  
 
(10.44)
 
6.76
  Distributions from net investment income
 
(.78)
 
(1.53)
 
(.40)
 
-
 
(.53)
 
(.35)
     Total distributions
 
(.78)
 
(1.53)
 
(.40)
 
-
 
(.53)
 
(.35)
  Net asset value, end of period
$
19.25
$
17.91
$
21.19
$
19.35
$
17.44
$
28.41
 Total Return C,D,E
 
11.74
%
 
 
(8.30)%
 
11.92%
 
10.95%
 
(37.45)%
 
31.26%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.50% H
 
1.58%
 
1.58%
 
1.59%
 
1.62%
 
1.64%
    Expenses net of fee waivers, if any
 
1.49
% H
 
 
1.57%
 
1.58%
 
1.59%
 
1.61%
 
1.63%
    Expenses net of all reductions
 
1.49% H
 
1.56%
 
1.58%
 
1.59%
 
1.59%
 
1.63%
    Net investment income (loss)
 
3.12% H
 
5.06%
 
7.72%
 
.44%
 
(.09)%
 
2.54%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,602
$
2,606
$
3,024
$
2,701
$
2,912
$
6,032
    Portfolio turnover rate I
 
15
% 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.
 
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.
 
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.
 
HAnnualized.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor® Latin America Fund Class C
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
18.04
$
21.33
$
19.45
$
17.61
$
28.67
$
22.16
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.27
 
.88
 
1.46
 
(.01)
 
(.13)
 
.51
     Net realized and unrealized gain (loss)
 
1.80
 
(2.74)
 
.71
 
1.85
 
(10.56)
 
6.21
  Total from investment operations
 
2.07  
 
(1.86)  
 
2.17  
 
1.84  
 
(10.69)
 
6.72
  Distributions from net investment income
 
(.71)
 
(1.43)
 
(.29)
 
-
 
(.37)
 
(.21)
     Total distributions
 
(.71)
 
(1.43)
 
(.29)
 
-
 
(.37)
 
(.21)
  Net asset value, end of period
$
19.40
$
18.04
$
21.33
$
19.45
$
17.61
$
28.67
 Total Return C,D,E
 
11.41
%
 
 
(8.77)%
 
11.36%
 
10.45%
 
(37.78)%
 
30.62%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.02% H
 
2.08%
 
2.08%
 
2.08%
 
2.11%
 
2.12%
    Expenses net of fee waivers, if any
 
2.01
% H
 
 
2.07%
 
2.07%
 
2.08%
 
2.11%
 
2.12%
    Expenses net of all reductions
 
2.01% H
 
2.07%
 
2.07%
 
2.08%
 
2.09%
 
2.12%
    Net investment income (loss)
 
2.60% H
 
4.54%
 
7.22%
 
(.05)%
 
(.58)%
 
2.06%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,453
$
1,134
$
946
$
656
$
810
$
3,438
    Portfolio turnover rate I
 
15
% 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.
 
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.
 
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.
 
HAnnualized.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity® Latin America Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.87
$
21.17
$
19.36
$
17.36
$
28.30
$
21.94
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.36
 
1.07
 
1.65
 
.22
 
.10
 
.77
     Net realized and unrealized gain (loss)
 
1.79
 
(2.74)
 
.69
 
1.79
 
(10.36)
 
6.09
  Total from investment operations
 
2.15  
 
(1.67)  
 
2.34  
 
2.01  
 
(10.26)
 
6.86
  Distributions from net investment income
 
(.87)
 
(1.63)
 
(.53)
 
(.01)
 
(.68)
 
(.50)
     Total distributions
 
(.87)
 
(1.63)
 
(.53)
 
(.01)
 
(.68)
 
(.50)
  Net asset value, end of period
$
19.15
$
17.87
$
21.17
$
19.36
$
17.36
$
28.30
 Total Return C,D
 
11.97
%
 
 
(7.88)%
 
12.55%
 
11.58%
 
(37.13)%
 
32.06%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.01% G
 
1.07%
 
1.06%
 
1.04%
 
1.05%
 
1.05%
    Expenses net of fee waivers, if any
 
1.00
% G
 
 
1.06%
 
1.05%
 
1.04%
 
1.05%
 
1.04%
    Expenses net of all reductions
 
1.00% G
 
1.06%
 
1.05%
 
1.04%
 
1.03%
 
1.04%
    Net investment income (loss)
 
3.62% G
 
5.55%
 
8.24%
 
.99%
 
.48%
 
3.13%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
219,883
$
217,336
$
262,361
$
262,484
$
277,942
$
517,901
    Portfolio turnover rate H
 
15
% 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 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.
 
GAnnualized.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor® Latin America Fund Class I
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.85
$
21.15
$
19.34
$
17.34
$
28.28
$
21.92
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.37
 
1.07
 
1.67
 
.23
 
.12
 
.78
     Net realized and unrealized gain (loss)
 
1.78
 
(2.73)
 
.67
 
1.78
 
(10.34)
 
6.08
  Total from investment operations
 
2.15  
 
(1.66)  
 
2.34  
 
2.01  
 
(10.22)
 
6.86
  Distributions from net investment income
 
(.89)
 
(1.64)
 
(.53)
 
(.01)
 
(.72)
 
(.50)
     Total distributions
 
(.89)
 
(1.64)
 
(.53)
 
(.01)
 
(.72)
 
(.50)
  Net asset value, end of period
$
19.11
$
17.85
$
21.15
$
19.34
$
17.34
$
28.28
 Total Return C,D
 
11.97
%
 
 
(7.83)%
 
12.57%
 
11.60%
 
(37.07)%
 
32.09%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.97% G
 
1.02%
 
1.02%
 
1.00%
 
.99%
 
1.01%
    Expenses net of fee waivers, if any
 
.97
% G
 
 
1.02%
 
1.02%
 
1.00%
 
.99%
 
1.00%
    Expenses net of all reductions
 
.97% G
 
1.02%
 
1.02%
 
1.00%
 
.97%
 
1.00%
    Net investment income (loss)
 
3.65% G
 
5.60%
 
8.28%
 
1.04%
 
.54%
 
3.17%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,015
$
6,213
$
3,960
$
2,768
$
3,508
$
7,124
    Portfolio turnover rate H
 
15
% 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 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.
 
GAnnualized.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor® Latin America Fund Class Z
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.92
$
21.14
$
19.35
$
17.32
$
28.24
$
21.92
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.38
 
1.10
 
1.70
 
.26
 
.14
 
.85
     Net realized and unrealized gain (loss)
 
1.80
 
(2.72)
 
.66
 
1.79
 
(10.32)
 
6.03
  Total from investment operations
 
2.18  
 
(1.62)  
 
2.36  
 
2.05  
 
(10.18)
 
6.88
  Distributions from net investment income
 
(.91)
 
(1.60)
 
(.57)
 
(.02)
 
(.74)
 
(.56)
     Total distributions
 
(.91)
 
(1.60)
 
(.57)
 
(.02)
 
(.74)
 
(.56)
  Net asset value, end of period
$
19.19
$
17.92
$
21.14
$
19.35
$
17.32
$
28.24
 Total Return C,D
 
12.10
%
 
 
(7.67)%
 
12.73%
 
11.82%
 
(37.00)%
 
32.28%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.85% G
 
.86%
 
.85%
 
.85%
 
.86%
 
.86%
    Expenses net of fee waivers, if any
 
.84
% G
 
 
.86%
 
.85%
 
.85%
 
.86%
 
.86%
    Expenses net of all reductions
 
.84% G
 
.86%
 
.85%
 
.85%
 
.84%
 
.86%
    Net investment income (loss)
 
3.77% G
 
5.76%
 
8.45%
 
1.19%
 
.67%
 
3.31%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
618
$
664
$
1,115
$
14,338
$
13,520
$
26,605
    Portfolio turnover rate H
 
15
% 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 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.
 
GAnnualized.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
For the period ended April 30, 2024
 
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.
 
Effective March 22, 2024, the Fund was closed to new accounts 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 April 30, 2024 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. 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, 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
$54,318,407
Gross unrealized depreciation
(51,484,934)
Net unrealized appreciation (depreciation)
$2,833,473
Tax cost
$244,302,483
 
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 prior 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)
 
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
19,387,237
44,956,060
 
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.
 
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
.88
Class M
.88
Class C
.88
Latin America
.88
Class I
.88
Class Z
.72
 
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.88
Class M
.88
Class C
.88
Latin America
.88
Class I
.88
Class Z
.72
 
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was 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 decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
 
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
 
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.50% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
 
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%
17,424
705
Class M
 .25%
 .25%
 7,348
 43
Class C
 .75%
 .25%
7,424
3,315
 
 
 
32,196
4,063
 
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
 1,310
Class M
 88
Class CA
 41
 
1,439
 
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. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
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
.2000
Class M
.2000
Class C
.2000
Latin America
.2000
Class I
.2000
 
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
Amount ($)
% of Class-Level Average Net AssetsA
Class A
 9,753
.21
Class M
 2,053
.20
Class C
 1,030
.21
Latin America
 170,466
.21
Class I
 4,776
.20
Class Z
 101
.04
 
188,179
 
 
A Annualized
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
 
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
.0498
 
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Fidelity Latin America Fund
.05
 
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
 97
 
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. During the period, there were no interfund trades.
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
247
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
901
12
-
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
 57
 
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 $12,293.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2024
Year ended
October 31, 2023
Fidelity Latin America Fund
 
 
Distributions to shareholders
 
 
Class A
$563,727
 $1,004,697
Class M
 114,072
 219,803
Class C
 48,016
 62,841
Latin America
 10,518,210
 20,106,391
Class I
 285,565
 319,001
Class Z
32,796
97,630
Total  
$11,562,386
$21,810,363
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
 
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Fidelity Latin America Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
16,974
134,846
$344,291
$2,591,643
Reinvestment of distributions
28,394
54,943
554,935
985,119
Shares redeemed
(64,977)
(129,882)
(1,312,781)
(2,397,461)
Net increase (decrease)
(19,609)
59,907
$(413,555)
$1,179,301
Class M
 
 
 
 
Shares sold
5,987
13,661
$122,476
$273,957
Reinvestment of distributions
5,786
12,131
113,521
218,228
Shares redeemed
(22,088)
(22,967)
(448,486)
(443,213)
Net increase (decrease)
(10,315)
2,825
$(212,489)
$48,972
Class C
 
 
 
 
Shares sold
18,257
26,302
$372,404
$509,122
Reinvestment of distributions
2,420
3,453
48,016
62,841
Shares redeemed
(8,639)
(11,221)
(178,432)
(215,686)
Net increase (decrease)
12,038
18,534
$241,988
$356,277
Latin America
 
 
 
 
Shares sold
556,670
1,714,595
$11,279,615
$33,449,842
Reinvestment of distributions
499,966
1,050,900
9,738,606
18,779,586
Shares redeemed
(1,738,401)
(2,998,723)
(35,147,898)
(57,166,973)
Net increase (decrease)
(681,765)
(233,228)
$(14,129,677)
$(4,937,545)
Class I
 
 
 
 
Shares sold
106,321
270,444
$2,180,144
$5,353,519
Reinvestment of distributions
14,662
17,723
284,846
316,179
Shares redeemed
(311,288)
(127,375)
(6,084,051)
(2,335,762)
Net increase (decrease)
(190,305)
160,792
$(3,619,061)
$3,333,936
Class Z
 
 
 
 
Shares sold
10,511
24,093
$207,339
$494,949
Reinvestment of distributions
1,656
3,612
32,284
64,625
Shares redeemed
(16,987)
(43,424)
(333,202)
(802,540)
Net increase (decrease)
(4,820)
(15,719)
$(93,579)
$(242,966)
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.
13.  Proposed Reorganization.
The Board of Trustees of the Fund approved an Agreement and Plan of Reorganization (the Agreement) between the Fund and Fidelity Emerging Markets Fund. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of the Fund in exchange for corresponding shares of Fidelity Emerging Markets Fund equal in value to the net assets of the Fund on the day the reorganization is effective. 
 
A meeting of shareholders of the Fund is expected to be held during the third quarter of 2024 to vote on the reorganization. If approved by shareholders, the reorganization is expected to become effective in September 2024. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.
 
Top Holdings (% of Fund's net assets)
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
24.4
 
Investor AB (B Shares)  (Sweden, Financial Services)
5.7
 
Atlas Copco AB (B Shares)  (Sweden, Machinery)
5.0
 
Nordea Bank Abp  (Finland, Banks)
4.8
 
Sandvik AB  (Sweden, Machinery)
2.9
 
ASSA ABLOY AB (B Shares)  (Sweden, Building Products)
2.7
 
Vestas Wind Systems A/S  (Denmark, Electrical Equipment)
2.7
 
Alfa Laval AB  (Sweden, Machinery)
2.3
 
Evolution AB  (Sweden, Hotels, Restaurants & Leisure)
2.3
 
Equinor ASA  (Norway, Oil, Gas & Consumable Fuels)
2.2
 
 
55.0
 
 
Market Sectors (% of Fund's net assets)
 
Health Care
27.5
 
Industrials
25.2
 
Financials
19.0
 
Consumer Discretionary
5.4
 
Materials
4.7
 
Communication Services
3.8
 
Energy
3.4
 
Information Technology
2.6
 
Consumer Staples
2.6
 
Utilities
0.5
 
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  April 30, 2024, 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
Common Stocks - 95.1%
 
 
Shares
Value ($)
 
Denmark - 35.8%
 
 
 
Carlsberg A/S Series B
 
46,500
6,254,848
Demant A/S (a)
 
56,800
2,733,981
DSV A/S
 
28,600
4,083,201
Genmab A/S (a)
 
21,600
5,996,811
Novo Nordisk A/S Series B
 
643,800
82,562,400
Pandora A/S
 
29,000
4,437,823
Tryg A/S
 
291,383
5,774,377
Vestas Wind Systems A/S (a)
 
342,000
9,219,305
TOTAL DENMARK
 
 
121,062,746
Finland - 10.2%
 
 
 
Elisa Corp. (A Shares)
 
128,700
5,812,594
Fortum Corp.
 
130,200
1,720,194
Neste OYJ
 
131,700
2,999,342
Nordea Bank Abp
 
1,401,944
16,359,660
Sampo Oyj (A Shares)
 
115,100
4,657,893
UPM-Kymmene Corp.
 
89,600
3,147,847
TOTAL FINLAND
 
 
34,697,530
Norway - 8.6%
 
 
 
DNB Bank ASA
 
325,700
5,690,991
Equinor ASA
 
283,300
7,538,153
Kongsberg Gruppen ASA
 
89,200
6,311,491
Mowi ASA
 
115,300
2,033,851
Norsk Hydro ASA
 
913,300
5,612,580
Selvaag Bolig ASA
 
321,200
1,016,355
TGS ASA
 
79,300
908,040
TOTAL NORWAY
 
 
29,111,461
Sweden - 40.5%
 
 
 
Alfa Laval AB
 
184,900
7,946,049
ASSA ABLOY AB (B Shares)
 
349,400
9,231,643
Atlas Copco AB (B Shares)
 
1,112,400
16,907,463
Autoliv, Inc.
 
16,700
2,000,493
Axfood AB
 
12,100
313,359
Beijer Alma AB (B Shares)
 
86,600
1,650,212
Eltel AB (a)(b)
 
1,544,681
925,093
EQT AB (c)
 
258,500
7,090,900
Evolution AB (b)
 
69,900
7,814,308
Fortnox AB
 
539,500
3,200,656
Haypp Group (a)
 
385,600
3,016,108
Hemnet Group AB
 
272,500
7,146,065
HEXPOL AB (B Shares)
 
304,170
3,477,680
Indutrade AB
 
277,600
6,503,967
Investor AB (B Shares) (c)
 
774,500
19,140,419
Lagercrantz Group AB (B Shares)
 
394,353
5,864,983
Nordnet AB (c)
 
294,900
5,330,485
Rusta AB
 
148,900
1,022,806
Saab AB (B Shares)
 
91,900
7,326,716
Sandvik AB (c)
 
489,000
9,881,701
Surgical Science Sweden AB (a)
 
124,000
1,767,667
Svenska Cellulosa AB SCA (B Shares)
 
272,700
4,009,930
Swedish Logistic Property AB (a)
 
131,004
395,851
Trelleborg AB (B Shares)
 
148,900
5,312,646
TOTAL SWEDEN
 
 
137,277,200
 
TOTAL COMMON STOCKS
 (Cost $227,410,975)
 
 
 
322,148,937
 
 
 
 
Money Market Funds - 11.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (d)
 
3,256,254
3,256,905
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e)
 
34,994,373
34,997,872
 
TOTAL MONEY MARKET FUNDS
 (Cost $38,254,777)
 
 
38,254,777
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 106.4%
 (Cost $265,665,752)
 
 
 
360,403,714
NET OTHER ASSETS (LIABILITIES) - (6.4)%  
(21,832,205)
NET ASSETS - 100.0%
338,571,509
 
 
 
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 $8,739,401 or 2.6% 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 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 5.39%
9,211,851
25,828,687
31,783,533
207,536
(100)
-
3,256,905
0.0%
Fidelity Securities Lending Cash Central Fund 5.39%
3,656,000
48,549,920
17,208,048
19,001
-
-
34,997,872
0.1%
Total
12,867,851
74,378,607
48,991,581
226,537
(100)
-
38,254,777
 
 
 
 
 
 
 
 
 
 
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 April 30, 2024, 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
12,958,659
12,958,659
-
-
Consumer Discretionary
18,291,538
18,291,538
-
-
Consumer Staples
8,602,058
2,347,210
6,254,848
-
Energy
11,445,535
3,907,382
7,538,153
-
Financials
64,044,725
64,044,725
-
-
Health Care
93,060,859
4,501,648
88,559,211
-
Industrials
85,299,487
76,067,844
9,231,643
-
Information Technology
9,065,639
9,065,639
-
-
Materials
16,248,037
10,635,457
5,612,580
-
Real Estate
1,412,206
1,412,206
-
-
Utilities
1,720,194
1,720,194
-
-
  Money Market Funds
38,254,777
38,254,777
-
-
 Total Investments in Securities:
360,403,714
243,207,279
117,196,435
-
Fidelity® Nordic Fund
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $33,062,834) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $227,410,975)
$
322,148,937
 
 
Fidelity Central Funds (cost $38,254,777)
38,254,777
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $265,665,752)
 
 
$
360,403,714
Foreign currency held at value (cost $212)
 
 
212
Receivable for investments sold
 
 
9,744,669
Receivable for fund shares sold
 
 
28,244
Dividends receivable
 
 
1,644,048
Reclaims receivable
 
 
2,224,673
Distributions receivable from Fidelity Central Funds
 
 
29,504
Prepaid expenses
 
 
111
  Total assets
 
 
374,075,175
Liabilities
 
 
 
 
Payable for fund shares redeemed
$
52,257
 
 
Accrued management fee
235,727
 
 
Other payables and accrued expenses
217,810
 
 
Collateral on securities loaned
34,997,872
 
 
  Total liabilities
 
 
 
35,503,666
Net Assets  
 
 
$
338,571,509
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
244,616,906
Total accumulated earnings (loss)
 
 
 
93,954,603
Net Assets
 
 
$
338,571,509
Net Asset Value, offering price and redemption price per share ($338,571,509 ÷ 5,138,521 shares)
 
 
$
65.89
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
5,850,637
Non-Cash dividends
 
 
348,292
Foreign Tax Reclaims
 
 
413,721
Interest  
 
 
1,718
Income from Fidelity Central Funds (including $19,001 from security lending)
 
 
226,537
 Income before foreign taxes withheld
 
 
$
6,840,905
Less foreign taxes withheld
 
 
(1,393,067)
 Total income
 
 
 
5,447,838
Expenses
 
 
 
 
Management fee
$
1,201,055
 
 
Transfer agent fees
175,119
 
 
Accounting fees
53,499
 
 
Custodian fees and expenses
11,370
 
 
Independent trustees' fees and expenses
806
 
 
Registration fees
13,767
 
 
Audit
29,409
 
 
Legal
170
 
 
Miscellaneous
633
 
 
 Total expenses before reductions
 
1,485,828
 
 
 Expense reductions
 
(14,678)
 
 
 Total expenses after reductions
 
 
 
1,471,150
Net Investment income (loss)
 
 
 
3,976,688
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
7,711,535
 
 
   Fidelity Central Funds
 
(100)
 
 
 Foreign currency transactions
 
(65,795)
 
 
Total net realized gain (loss)
 
 
 
7,645,640
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
53,853,178
 
 
 Assets and liabilities in foreign currencies
 
73,614
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
53,926,792
Net gain (loss)
 
 
 
61,572,432
Net increase (decrease) in net assets resulting from operations
 
 
$
65,549,120
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
3,976,688
$
5,184,181
Net realized gain (loss)
 
7,645,640
 
 
1,880,670
 
Change in net unrealized appreciation (depreciation)
 
53,926,792
 
34,480,640
 
Net increase (decrease) in net assets resulting from operations
 
65,549,120
 
 
41,545,491
 
Distributions to shareholders
 
(158,641)
 
 
-
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
13,394,764
 
44,092,104
  Reinvestment of distributions
 
143,738
 
 
-
 
Cost of shares redeemed
 
(27,010,260)
 
(56,149,155)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(13,471,758)
 
 
(12,057,051)
 
Total increase (decrease) in net assets
 
51,918,721
 
 
29,488,440
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
286,652,788
 
257,164,348
 
End of period
$
338,571,509
$
286,652,788
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
211,465
 
789,514
  Issued in reinvestment of distributions
 
2,295
 
 
-
 
Redeemed
 
(428,483)
 
(1,011,489)
Net increase (decrease)
 
(214,723)
 
(221,975)
 
 
 
 
 
 
Financial Highlights
 
Fidelity® Nordic Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
53.55
$
46.13
$
75.57
$
56.51
$
46.69
$
49.64
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.76
 
.93
 
.78
 
1.06
 
.15
 
1.50 C
     Net realized and unrealized gain (loss)
 
11.61
 
6.49
 
(20.65) D
 
20.17
 
11.86
 
.15
  Total from investment operations
 
12.37  
 
7.42  
 
(19.87)  
 
21.23  
 
12.01
 
1.65
  Distributions from net investment income
 
(.03)
 
-
 
(3.02)
 
(.96)
 
(1.60)
 
(.05)
  Distributions from net realized gain
 
-
 
-
 
(6.56)
 
(1.21)
 
(.59)
 
(4.55)
     Total distributions
 
(.03)
 
-
 
(9.57) E
 
(2.17)
 
(2.19)
 
(4.60)
  Net asset value, end of period
$
65.89
$
53.55
$
46.13
$
75.57
$
56.51
$
46.69
 Total Return F,G
 
23.10
%
 
 
16.08%
 
(29.33)% D
 
38.39%
 
26.73%
 
3.96%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.90% J
 
.94%
 
.93%
 
.92%
 
.96%
 
.98%
    Expenses net of fee waivers, if any
 
.89
% J
 
 
.93%
 
.92%
 
.92%
 
.96%
 
.98%
    Expenses net of all reductions
 
.89% J
 
.93%
 
.92%
 
.92%
 
.96%
 
.96%
    Net investment income (loss)
 
2.41% J
 
1.69%
 
1.45%
 
1.51%
 
.31%
 
3.28% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
338,572
$
286,653
$
257,164
$
422,673
$
301,424
$
261,896
    Portfolio turnover rate K
 
20
% J
 
 
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 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).
 
 
For the period ended April 30, 2024
 
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, 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 April 30, 2024 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 tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. 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. 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. 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
$107,898,418
Gross unrealized depreciation
(18,330,113)
Net unrealized appreciation (depreciation)
$89,568,305
Tax cost
$270,835,409
 
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 prior fiscal period end and is subject to adjustment.
 
Short-term
$(7,039,045)
Total capital loss carryforward
$(7,039,045)
 
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
32,200,524
46,837,134
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.
 
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Fidelity Nordic Fund
.85
 
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Fidelity Nordic Fund
.83
 
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was 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 decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
 
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
 
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.44% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
 
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. Effective March 1, 2024, each Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of average net assets of .1637%.
 
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to account size and type of account.
 
For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the annualized rate of .16% of average net assets.
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
 
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
.0498
 
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Fidelity Nordic Fund
.05
 
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
 6,875,037
 14,699,467
 6,909,186
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
300
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
2,181
-
-
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 $2.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $14,676.
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.
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
9.8
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
5.1
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
4.2
 
Alibaba Group Holding Ltd. (China, Broadline Retail)
3.7
 
Sony Group Corp.  (Japan, Household Durables)
2.6
 
ORIX Corp.  (Japan, Financial Services)
2.6
 
AIA Group Ltd.  (Hong Kong, Insurance)
2.5
 
Shin-Etsu Chemical Co. Ltd.  (Japan, Chemicals)
2.4
 
DENSO Corp.  (Japan, Automobile Components)
2.4
 
Hitachi Ltd.  (Japan, Industrial Conglomerates)
2.3
 
 
37.6
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
26.6
 
Consumer Discretionary
19.9
 
Financials
12.2
 
Communication Services
11.5
 
Industrials
11.3
 
Health Care
5.3
 
Materials
3.1
 
Real Estate
2.7
 
Energy
2.6
 
Utilities
2.5
 
Consumer Staples
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
Common Stocks - 92.6%
 
 
Shares
Value ($)
 
Australia - 6.5%
 
 
 
Aristocrat Leisure Ltd.
 
196,979
5,026,901
CAR Group Ltd.
 
243,614
5,282,408
Cogstate Ltd. (a)
 
1,950,314
1,760,895
Dominos Pizza Enterprises Ltd.
 
162,846
4,107,859
HUB24 Ltd.
 
247,352
6,355,347
Macquarie Group Ltd.
 
92,404
11,064,318
National Storage REIT unit
 
2,224,120
3,066,899
Santos Ltd.
 
1,050,151
5,153,477
TOTAL AUSTRALIA
 
 
41,818,104
Cayman Islands - 0.1%
 
 
 
PropertyGuru Group Ltd. (a)
 
174,957
668,336
China - 18.7%
 
 
 
Advanced Micro-Fabrication Equipment, Inc., China (A Shares)
 
180,200
3,503,703
Alibaba Group Holding Ltd.
 
1,495,100
13,998,718
Alibaba Group Holding Ltd. sponsored ADR
 
127,400
9,535,890
Antengene Corp. (a)(b)
 
8,904,211
1,148,795
Baidu, Inc. Class A (a)
 
386,000
5,000,856
Canaan, Inc. ADR (a)(c)
 
389,132
340,491
Chervon Holdings Ltd. (c)
 
1,894,700
4,601,397
China Longyuan Power Grid Corp. Ltd. (H Shares)
 
5,932,000
4,155,564
DouYu International Holdings Ltd. ADR (a)(c)
 
455,510
3,908,276
HUYA, Inc. ADR
 
710,157
3,188,605
JOYY, Inc. ADR
 
20,600
671,972
KE Holdings, Inc. ADR
 
285,500
4,316,760
Kweichow Moutai Co. Ltd. (A Shares)
 
28,900
6,776,073
Medlive Technology Co. Ltd. (b)(c)
 
3,838,000
4,031,926
PDD Holdings, Inc. ADR (a)
 
79,200
9,914,256
Tencent Holdings Ltd.
 
626,100
27,475,272
TravelSky Technology Ltd. (H Shares)
 
4,587,000
5,958,661
Zai Lab Ltd. (a)(c)
 
2,452,600
3,942,091
Zhejiang Hechuan Technology Co. Ltd. (a)
 
663,500
2,491,066
Zylox-Tonbridge Medical Technology Co. Ltd. (a)(b)(c)
 
4,632,000
6,165,003
TOTAL CHINA
 
 
121,125,375
Hong Kong - 3.4%
 
 
 
AIA Group Ltd.
 
2,210,400
16,189,761
China Metal Recycling (Holdings) Ltd. (a)(d)
 
2,572,200
3
Oriental Watch Holdings Ltd.
 
2,381,424
1,073,466
Prudential PLC
 
569,885
4,956,490
TOTAL HONG KONG
 
 
22,219,720
India - 1.6%
 
 
 
Delhivery Private Ltd. (a)
 
785,400
4,221,164
HDFC Standard Life Insurance Co. Ltd. (b)
 
887,000
6,189,542
TOTAL INDIA
 
 
10,410,706
Japan - 40.4%
 
 
 
BayCurrent Consulting, Inc.
 
209,200
4,453,275
CUC, Inc. (a)(c)
 
196,400
2,102,230
Daiichikosho Co. Ltd.
 
232,600
2,715,001
DENSO Corp.
 
897,600
15,297,907
Descente Ltd.
 
161,200
3,634,634
ENEOS Holdings, Inc.
 
741,900
3,427,737
Fast Retailing Co. Ltd.
 
30,300
7,922,513
FUJIFILM Holdings Corp.
 
349,800
7,441,116
Fujitsu Ltd.
 
392,000
6,055,676
Funai Soken Holdings, Inc.
 
257,200
3,891,222
Hitachi Ltd.
 
159,200
14,687,903
Hoya Corp.
 
125,100
14,504,072
IHI Corp.
 
110,100
2,636,252
INPEX Corp.
 
550,600
8,247,879
JTOWER, Inc. (a)
 
129,700
2,649,047
Kansai Electric Power Co., Inc.
 
802,400
12,019,488
Lifenet Insurance Co. (a)(c)
 
370,100
3,267,907
LY Corp.
 
2,026,000
4,867,737
Minebea Mitsumi, Inc.
 
254,100
4,759,383
Mitsubishi Electric Corp.
 
264,900
4,617,188
Mitsubishi Heavy Industries Ltd.
 
609,100
5,446,034
Mitsui & Co. Ltd.
 
87,300
4,214,468
Money Forward, Inc. (a)
 
122,200
4,255,171
Murata Manufacturing Co. Ltd.
 
227,200
4,151,438
Nidec Corp.
 
71,300
3,339,183
NSD Co. Ltd.
 
228,200
4,460,393
Open House Group Co. Ltd.
 
177,300
5,391,735
ORIX Corp.
 
822,200
16,826,665
Pan Pacific International Holdings Ltd.
 
299,500
7,034,065
Pasona Group, Inc.
 
177,000
2,483,800
Renesas Electronics Corp.
 
882,600
14,329,675
Shin-Etsu Chemical Co. Ltd.
 
406,900
15,750,668
SMS Co., Ltd.
 
272,600
3,772,100
Sony Group Corp.
 
204,100
16,869,145
Square Enix Holdings Co. Ltd.
 
90,100
3,256,859
Sun Corp.
 
156,000
3,297,498
TechnoPro Holdings, Inc.
 
325,300
5,540,964
Tokio Marine Holdings, Inc.
 
128,300
4,055,101
ZOZO, Inc.
 
376,300
8,104,929
TOTAL JAPAN
 
 
261,778,058
Korea (South) - 4.4%
 
 
 
AMOREPACIFIC Corp.
 
38,670
4,700,110
HD Hyundai Marine Solution Co. Ltd. (e)
 
1,600
96,278
KB Financial Group, Inc.
 
111,279
6,018,536
Lotte Confectionery Co. Ltd.
 
182,448
3,626,464
MagnaChip Semiconductor Corp. (a)
 
1,243,100
6,240,362
SK Hynix, Inc.
 
35,090
4,318,183
SK Square Co. Ltd. (a)
 
69,190
3,790,827
TOTAL KOREA (SOUTH)
 
 
28,790,760
Malaysia - 0.5%
 
 
 
MR DIY Group M Sdn Bhd (b)
 
10,785,800
3,525,475
Philippines - 1.5%
 
 
 
Robinsons Land Corp.
 
36,857,400
9,942,904
Singapore - 2.3%
 
 
 
Sea Ltd. ADR (a)
 
231,700
14,641,123
Taiwan - 12.1%
 
 
 
eMemory Technology, Inc.
 
69,000
4,629,419
Global Unichip Corp.
 
48,000
1,989,969
Nanya Technology Corp.
 
4,136,000
8,333,438
Taiwan Semiconductor Manufacturing Co. Ltd.
 
2,647,000
63,266,467
TOTAL TAIWAN
 
 
78,219,293
United States of America - 1.1%
 
 
 
Canva, Inc. Class A (d)(f)
 
400
426,664
GI Dynamics, Inc. (a)(d)
 
111,225
1
Newmont Corp. CDI
 
113,954
4,613,860
Space Exploration Technologies Corp. Class A (a)(d)(f)
 
22,539
2,186,283
TOTAL UNITED STATES OF AMERICA
 
 
7,226,808
 
TOTAL COMMON STOCKS
 (Cost $490,741,011)
 
 
 
600,366,662
 
 
 
 
Preferred Stocks - 6.8%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.1%
 
 
 
China - 0.1%
 
 
 
dMed Biopharmaceutical Co. Ltd. Series C (a)(d)(f)
 
87,773
432,721
United States of America - 0.0%
 
 
 
Canva, Inc.:
 
 
 
 Series A (d)(f)
 
85
90,666
 Series A2 (d)(f)
 
15
16,000
 
 
 
106,666
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
539,387
Nonconvertible Preferred Stocks - 6.7%
 
 
 
Korea (South) - 6.7%
 
 
 
Hyundai Motor Co. Ltd. Series 2
 
50,180
5,717,905
Samsung Electronics Co. Ltd.
 
716,130
33,343,307
Samsung Fire & Marine Insurance Co. Ltd.
 
27,078
4,759,877
 
 
 
43,821,089
 
TOTAL PREFERRED STOCKS
 (Cost $43,686,873)
 
 
 
44,360,476
 
 
 
 
Money Market Funds - 2.6%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (g)
 
5,339,579
5,340,647
Fidelity Securities Lending Cash Central Fund 5.39% (g)(h)
 
11,642,616
11,643,781
 
TOTAL MONEY MARKET FUNDS
 (Cost $16,984,428)
 
 
16,984,428
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.0%
 (Cost $551,412,312)
 
 
 
661,711,566
NET OTHER ASSETS (LIABILITIES) - (2.0)%  
(13,200,130)
NET ASSETS - 100.0%
648,511,436
 
 
 
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 $21,060,741 or 3.2% of net assets.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Level 3 security
 
(e)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(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 $3,152,334 or 0.5% 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 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 ($)
 
Canva, Inc. Class A
3/18/24
426,664
 
 
 
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 5.39%
2,803,622
83,090,231
80,553,317
69,702
111
-
5,340,647
0.0%
Fidelity Securities Lending Cash Central Fund 5.39%
10,707,799
58,931,475
57,995,493
66,221
-
-
11,643,781
0.0%
Total
13,511,421
142,021,706
138,548,810
135,923
111
-
16,984,428
 
 
 
 
 
 
 
 
 
 
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 April 30, 2024, 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
74,325,492
23,078,312
51,247,180
-
Consumer Discretionary
128,248,786
19,450,146
108,265,310
533,330
Consumer Staples
11,476,183
-
11,476,183
-
Energy
16,829,093
-
16,829,093
-
Financials
79,683,544
-
79,683,544
-
Health Care
34,087,734
-
33,655,012
432,722
Industrials
73,762,788
-
71,576,505
2,186,283
Information Technology
172,447,372
6,580,853
165,866,519
-
Materials
20,364,531
-
20,364,528
3
Real Estate
17,326,563
4,316,760
13,009,803
-
Utilities
16,175,052
-
16,175,052
-
  Money Market Funds
16,984,428
16,984,428
-
-
 Total Investments in Securities:
661,711,566
70,410,499
588,148,729
3,152,338
Fidelity® Pacific Basin Fund
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $10,992,266) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $534,427,884)
$
644,727,138
 
 
Fidelity Central Funds (cost $16,984,428)
16,984,428
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $551,412,312)
 
 
$
661,711,566
Receivable for investments sold
 
 
6,759,007
Receivable for fund shares sold
 
 
24,719
Dividends receivable
 
 
2,209,400
Distributions receivable from Fidelity Central Funds
 
 
27,331
Prepaid expenses
 
 
256
Other receivables
 
 
122,190
  Total assets
 
 
670,854,469
Liabilities
 
 
 
 
Payable to custodian bank
$
1,403
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
9,588,552
 
 
Delayed delivery
97,241
 
 
Payable for fund shares redeemed
263,385
 
 
Accrued management fee
446,997
 
 
Other payables and accrued expenses
301,674
 
 
Collateral on securities loaned
11,643,781
 
 
  Total liabilities
 
 
 
22,343,033
Net Assets  
 
 
$
648,511,436
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
553,066,586
Total accumulated earnings (loss)
 
 
 
95,444,850
Net Assets
 
 
$
648,511,436
Net Asset Value, offering price and redemption price per share ($648,511,436 ÷ 22,263,032 shares)
 
 
$
29.13
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
6,979,920
Income from Fidelity Central Funds (including $66,221 from security lending)
 
 
135,923
 Income before foreign taxes withheld
 
 
$
7,115,843
Less foreign taxes withheld
 
 
(738,370)
 Total income
 
 
 
6,377,473
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
2,439,229
 
 
 Performance adjustment
7,115
 
 
Transfer agent fees
339,461
 
 
Accounting fees
104,942
 
 
Custodian fees and expenses
121,885
 
 
Independent trustees' fees and expenses
1,733
 
 
Registration fees
17,690
 
 
Audit
47,824
 
 
Legal
367
 
 
Interest
6,277
 
 
Miscellaneous
1,392
 
 
 Total expenses before reductions
 
3,087,915
 
 
 Expense reductions
 
(30,313)
 
 
 Total expenses after reductions
 
 
 
3,057,602
Net Investment income (loss)
 
 
 
3,319,871
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $441,745)
 
(4,722,777)
 
 
   Fidelity Central Funds
 
111
 
 
 Foreign currency transactions
 
(113,997)
 
 
Total net realized gain (loss)
 
 
 
(4,836,663)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $885,293)  
 
70,746,527
 
 
 Assets and liabilities in foreign currencies
 
(106,407)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
70,640,120
Net gain (loss)
 
 
 
65,803,457
Net increase (decrease) in net assets resulting from operations
 
 
$
69,123,328
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
3,319,871
$
7,981,660
Net realized gain (loss)
 
(4,836,663)
 
 
44,389,743
 
Change in net unrealized appreciation (depreciation)
 
70,640,120
 
56,085,701
 
Net increase (decrease) in net assets resulting from operations
 
69,123,328
 
 
108,457,104
 
Distributions to shareholders
 
(36,646,040)
 
 
(59,141,027)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
22,141,788
 
84,533,936
  Reinvestment of distributions
 
28,015,888
 
 
44,008,733
 
Cost of shares redeemed
 
(84,088,576)
 
(185,451,402)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(33,930,900)
 
 
(56,908,733)
 
Total increase (decrease) in net assets
 
(1,453,612)
 
 
(7,592,656)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
649,965,048
 
657,557,704
 
End of period
$
648,511,436
$
649,965,048
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
764,880
 
2,854,991
  Issued in reinvestment of distributions
 
1,000,210
 
 
1,565,033
 
Redeemed
 
(2,893,198)
 
(6,326,367)
Net increase (decrease)
 
(1,128,108)
 
(1,906,343)
 
 
 
 
 
 
Financial Highlights
 
Fidelity® Pacific Basin Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.79
$
25.99
$
46.10
$
40.16
$
32.65
$
29.51
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.14
 
.32 C
 
.22
 
.15
 
.16
 
.26
     Net realized and unrealized gain (loss)
 
2.79
 
3.88
 
(14.49)
 
7.74
 
7.61
 
5.74
  Total from investment operations
 
2.93  
 
4.20  
 
(14.27)  
 
7.89  
 
7.77
 
6.00
  Distributions from net investment income
 
(.25)
 
-
 
(1.17) D
 
(.10)
 
(.26)
 
(.20)
  Distributions from net realized gain
 
(1.34)
 
(2.40)
 
(4.67) D
 
(1.85)
 
-
 
(2.67)
     Total distributions
 
(1.59)
 
(2.40)
 
(5.84)
 
(1.95)
 
(.26)
 
(2.86) E
  Net asset value, end of period
$
29.13
$
27.79
$
25.99
$
46.10
$
40.16
$
32.65
 Total Return F,G
 
10.75
%
 
 
16.06%
 
(35.11)%
 
20.08%
 
23.95%
 
22.37%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.92% J
 
1.07%
 
1.12%
 
1.04%
 
1.11%
 
.97%
    Expenses net of fee waivers, if any
 
.91
% J
 
 
1.07%
 
1.12%
 
1.04%
 
1.11%
 
.97%
    Expenses net of all reductions
 
.91% J
 
1.07%
 
1.12%
 
1.04%
 
1.10%
 
.97%
    Net investment income (loss)
 
.99% J
 
1.08% C
 
.64%
 
.32%
 
.47%
 
.88%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
648,511
$
649,965
$
657,558
$
1,214,726
$
1,084,673
$
891,154
    Portfolio turnover rate K
 
55
% J
 
 
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 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).
 
 
For the period ended April 30, 2024
 
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, 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 April 30, 2024 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.
 
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. 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) 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
$160,843,277
Gross unrealized depreciation
(60,747,486)
Net unrealized appreciation (depreciation)
$100,095,791
Tax cost
$561,615,775
 
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 Pacific Basin Fund
184,434,496
251,834,454
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.
 
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Fidelity Pacific Basin Fund
.83
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Fidelity Pacific Basin Fund
.83
 
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was 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 decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
 
 
Performance Adjustment Index
Fidelity Pacific Basin Fund
MSCI All Country Pacific Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of the Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was an amount less than .005%
 
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
 
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.50% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
 
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. Effective March 1, 2024, each Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of average net assets of .1515%.
 
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to account size and type of account.
 
For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the annualized rate of .15% of average net assets.
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
 
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
.0464
 
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Fidelity Pacific Basin Fund
.05
 
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
 2,370
 
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
 3,272,385
5.57%
 6,277
 
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
 3,910,912
 3,096,928
 (176,906)
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
624
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
7,068
-
-
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 $30,313.
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.
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 (November 1, 2023 to April 30, 2024).
 
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 November 1, 2023
 
Ending Account Value April 30, 2024
 
Expenses Paid During Period- C November 1, 2023 to April 30, 2024
Fidelity® Canada Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.36%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,164.70
 
$ 7.32
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,018.10
 
$ 6.82
 
Class M
 
 
 
1.61%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,163.00
 
$ 8.66
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,016.86
 
$ 8.07
 
Class C
 
 
 
2.11%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,160.30
 
$ 11.33
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,014.37
 
$ 10.57
 
Fidelity® Canada Fund
 
 
 
1.07%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,166.40
 
$ 5.76
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.54
 
$ 5.37
 
Class I
 
 
 
1.09%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,166.50
 
$ 5.87
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.44
 
$ 5.47
 
Class Z **
 
 
 
.98%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,167.00
 
$ 5.28
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.99
 
$ 4.92
 
Fidelity® China Region Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.20%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,125.50
 
$ 6.34
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,018.90
 
$ 6.02
 
Class M
 
 
 
1.45%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,124.30
 
$ 7.66
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,017.65
 
$ 7.27
 
Class C
 
 
 
1.95%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,121.70
 
$ 10.29
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,015.17
 
$ 9.77
 
Fidelity® China Region Fund
 
 
 
.93%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,127.00
 
$ 4.92
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.24
 
$ 4.67
 
Class I
 
 
 
.92%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,127.20
 
$ 4.87
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.29
 
$ 4.62
 
Class Z
 
 
 
.78%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,127.80
 
$ 4.13
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.98
 
$ 3.92
 
 
 
 
 
 
 
 
 
 
 
Fidelity® Emerging Asia Fund
 
 
 
.62%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,167.40
 
$ 3.34
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.78
 
$ 3.12
Fidelity® Emerging Markets Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.15%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,163.30
 
$ 6.19
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.14
 
$ 5.77
 
Class M
 
 
 
1.42%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,161.90
 
$ 7.63
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,017.80
 
$ 7.12
 
Class C
 
 
 
1.90%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,159.10
 
$ 10.20
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,015.42
 
$ 9.52
 
Fidelity® Emerging Markets Fund
 
 
 
.86%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,165.00
 
$ 4.63
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.59
 
$ 4.32
 
Class K
 
 
 
.75%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,165.80
 
$ 4.04
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.13
 
$ 3.77
 
Class I **
 
 
 
.97%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,165.00
 
$ 5.22
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.04
 
$ 4.87
 
Class Z **
 
 
 
.77%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,166.00
 
$ 4.15
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.03
 
$ 3.87
 
Fidelity® Europe Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
.94%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,192.70
 
$ 5.12
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.19
 
$ 4.72
 
Class M
 
 
 
1.20%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,191.40
 
$ 6.54
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,018.90
 
$ 6.02
 
Class C
 
 
 
1.68%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,188.30
 
$ 9.14
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,016.51
 
$ 8.42
 
Fidelity® Europe Fund **
 
 
 
.65%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,194.40
 
$ 3.55
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.63
 
$ 3.27
 
Class I
 
 
 
.63%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,194.60
 
$ 3.44
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.73
 
$ 3.17
 
Class Z
 
 
 
.53%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,195.30
 
$ 2.89
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.23
 
$ 2.66
 
Fidelity® Japan Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
.98%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,130.50
 
$ 5.19
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.99
 
$ 4.92
 
Class M
 
 
 
1.23%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,128.70
 
$ 6.51
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,018.75
 
$ 6.17
 
Class C
 
 
 
1.71%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,126.40
 
$ 9.04
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,016.36
 
$ 8.57
 
Fidelity® Japan Fund **
 
 
 
.71%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,132.40
 
$ 3.76
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.33
 
$ 3.57
 
Class I
 
 
 
.73%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,132.10
 
$ 3.87
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.23
 
$ 3.67
 
Class Z
 
 
 
.57%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,132.30
 
$ 3.02
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.03
 
$ 2.87
 
 
 
 
 
 
 
 
 
 
 
Fidelity® Japan Smaller Companies Fund
 
 
 
.88%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,136.40
 
$ 4.67
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.49
 
$ 4.42
Fidelity® Latin America Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.25%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,118.10
 
$ 6.58
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,018.65
 
$ 6.27
 
Class M
 
 
 
1.49%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,117.40
 
$ 7.84
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,017.45
 
$ 7.47
 
Class C
 
 
 
2.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,114.10
 
$ 10.57
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,014.87
 
$ 10.07
 
Fidelity® Latin America Fund
 
 
 
1.00%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,119.70
 
$ 5.27
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.89
 
$ 5.02
 
Class I
 
 
 
.97%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,119.70
 
$ 5.11
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.04
 
$ 4.87
 
Class Z
 
 
 
.84%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,121.00
 
$ 4.43
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.69
 
$ 4.22
 
 
 
 
 
 
 
 
 
 
 
Fidelity® Nordic Fund
 
 
 
.89%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,231.00
 
$ 4.94
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.44
 
$ 4.47
 
 
 
 
 
 
 
 
 
 
Fidelity® Pacific Basin Fund
 
 
 
.91%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,107.50
 
$ 4.77
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.34
 
$ 4.57
 
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 182/ 366 (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 March 1, 2024, had been in effect during the entire 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® Canada Fund
 
 
 
 
 
 
Class Z
 
 
 
.93%
 
 
Actual
 
 
 
 
 
$ 5.01
Hypothetical- B
 
 
 
 
 
 
$ 4.67
 
 
 
 
 
 
 
 
 
 
 
 
Fidelity® Emerging Markets Fund
 
 
 
 
 
 
Class I
 
 
 
.86%
 
 
Actual
 
 
 
 
 
$ 4.63
Hypothetical- B
 
 
 
 
 
 
$ 4.32
Class Z
 
 
 
.73%
 
 
Actual
 
 
 
 
 
$ 3.93
Hypothetical- B
 
 
 
 
 
 
$ 3.67
Fidelity® Europe Fund
 
 
 
 
 
 
Fidelity® Europe Fund
 
 
 
.61%
 
 
Actual
 
 
 
 
 
$ 3.33
Hypothetical- B
 
 
 
 
 
 
$ 3.07
Fidelity® Japan Fund
 
 
 
 
 
 
Fidelity® Japan Fund
 
 
 
.65%
 
 
Actual
 
 
 
 
 
$ 3.45
Hypothetical- B
 
 
 
 
 
 
$ 3.27
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
 
 
 
 
 
B   5% return per year before expenses
 
 
 
 
 
 
 
 
 
Board Approval of Investment Advisory Contracts
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
 
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for each fund, including each fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), Fidelity Management & Research (Japan) Limited (FMR Japan), and FIL Investment Advisors (FIL). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of each fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of each fund and each class of each fund into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, each fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of each fund would be no higher than the sum of (i) the lowest contractual management fee rate under each fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to each fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, Rule 12b-1 fees (as applicable), and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of each fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of a fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including each fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board further noted that the funds' agreements with FIL were amended to provide that FMR will compensate FIL at a flat fee rate of the net assets sub-advised by it. For Fidelity Canada Fund, Fidelity Europe Fund, Fidelity Japan Fund, Fidelity Japan Smaller Companies Fund and Fidelity Nordic Fund, the flat rate is 0.44% and for Fidelity China Region Fund, Fidelity Emerging Asia Fund, Fidelity Emerging Markets Fund, Fidelity Latin America Fund and Fidelity Pacific Basin Fund, the flat rate is 0.50%. The Board considered that, under the Sub-Advisory Contracts, FMR, and not each fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of each fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of each fund's assets or the day-to-day management of each fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of each fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to each fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of each fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for each fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing each fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the funds) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that each fund's management fee structure is fair and reasonable, and that the funds' Advisory Contracts should be approved.
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Funds have adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage each Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. Each Fund's Board of Trustees (the Board) has designated each Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factor specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable. 
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.703611.126
TIF-SANN-0624
Fidelity® Global Equity Income Fund
 
 
Semi-Annual Report
April 30, 2024

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

Liquidity Risk Management Program

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. © 2024 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.
 
Top Holdings (% of Fund's net assets)
 
Microsoft Corp.  (United States of America, Software)
4.7
 
Apple, Inc.  (United States of America, Technology Hardware, Storage & Peripherals)
4.4
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
2.3
 
Rheinmetall AG  (Germany, Aerospace & Defense)
2.2
 
JPMorgan Chase & Co.  (United States of America, Banks)
2.1
 
NXP Semiconductors NV  (China, Semiconductors & Semiconductor Equipment)
2.1
 
Exxon Mobil Corp.  (United States of America, Oil, Gas & Consumable Fuels)
1.6
 
Bank of America Corp.  (United States of America, Banks)
1.6
 
Linde PLC  (United States of America, Chemicals)
1.5
 
Eli Lilly & Co.  (United States of America, Pharmaceuticals)
1.5
 
 
24.0
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
19.9
 
Financials
13.5
 
Industrials
13.3
 
Health Care
11.0
 
Consumer Staples
9.3
 
Consumer Discretionary
9.0
 
Communication Services
5.8
 
Materials
5.2
 
Energy
5.1
 
Utilities
4.0
 
Real Estate
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 - 97.3%
 
 
Shares
Value ($)
 
Belgium - 0.8%
 
 
 
KBC Group NV
 
11,316
844,143
UCB SA
 
3,231
429,464
TOTAL BELGIUM
 
 
1,273,607
Brazil - 0.7%
 
 
 
Equatorial Energia SA
 
170,160
1,002,425
Canada - 4.7%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
29,716
1,646,991
Canadian Natural Resources Ltd.
 
15,436
1,169,712
Constellation Software, Inc.
 
362
931,994
Constellation Software, Inc. warrants 3/31/40 (a)(b)
 
362
0
Imperial Oil Ltd.
 
17,061
1,173,010
Metro, Inc.
 
22,800
1,166,292
PrairieSky Royalty Ltd.
 
55,500
1,057,469
TOTAL CANADA
 
 
7,145,468
China - 2.5%
 
 
 
Kweichow Moutai Co. Ltd. (A Shares)
 
1,387
325,205
NXP Semiconductors NV
 
12,144
3,111,171
SITC International Holdings Co. Ltd.
 
159,884
346,724
TOTAL CHINA
 
 
3,783,100
Finland - 0.9%
 
 
 
Elisa Corp. (A Shares)
 
25,561
1,154,435
Neste OYJ
 
7,706
175,497
TOTAL FINLAND
 
 
1,329,932
France - 3.4%
 
 
 
Airbus Group NV
 
8,302
1,366,159
Capgemini SA
 
4,652
977,762
Edenred SA
 
10,953
519,695
LVMH Moet Hennessy Louis Vuitton SE
 
2,276
1,869,589
VINCI SA
 
3,828
448,550
TOTAL FRANCE
 
 
5,181,755
Germany - 3.5%
 
 
 
Deutsche Telekom AG
 
42,583
975,388
Rheinmetall AG
 
6,117
3,376,314
Siemens AG
 
5,433
1,017,783
TOTAL GERMANY
 
 
5,369,485
Hong Kong - 0.5%
 
 
 
AIA Group Ltd.
 
94,872
694,877
HKBN Ltd.
 
448,630
134,953
TOTAL HONG KONG
 
 
829,830
Hungary - 0.4%
 
 
 
Richter Gedeon PLC
 
22,254
566,699
India - 0.3%
 
 
 
HDFC Bank Ltd. sponsored ADR
 
5,039
290,246
Redington (India) Ltd.
 
71,339
186,468
TOTAL INDIA
 
 
476,714
Italy - 0.6%
 
 
 
Prysmian SpA
 
16,200
884,833
Japan - 6.3%
 
 
 
Capcom Co. Ltd.
 
35,448
583,561
Daiichikosho Co. Ltd.
 
44,808
523,017
FUJIFILM Holdings Corp.
 
21,459
456,486
Hitachi Ltd.
 
13,148
1,213,044
Hoya Corp.
 
6,801
788,507
Inaba Denki Sangyo Co. Ltd.
 
30,990
723,014
Minebea Mitsumi, Inc.
 
17,966
336,510
Mitsubishi Electric Corp.
 
14,300
249,248
Renesas Electronics Corp.
 
49,410
802,209
Roland Corp.
 
17,640
479,539
Shin-Etsu Chemical Co. Ltd.
 
29,163
1,128,869
Sony Group Corp.
 
15,371
1,270,434
Toyota Motor Corp.
 
40,923
933,396
TOTAL JAPAN
 
 
9,487,834
Kenya - 0.3%
 
 
 
Safaricom Ltd.
 
3,575,246
422,409
Korea (South) - 0.9%
 
 
 
Samsung Electronics Co. Ltd.
 
25,636
1,421,030
Luxembourg - 0.2%
 
 
 
L'Occitane Ltd.
 
75,000
309,082
Sweden - 0.3%
 
 
 
HEXPOL AB (B Shares)
 
45,026
514,798
Switzerland - 1.1%
 
 
 
Compagnie Financiere Richemont SA Series A
 
3,630
501,764
Galderma Group AG
 
4,800
357,683
Sika AG
 
2,659
761,615
TOTAL SWITZERLAND
 
 
1,621,062
Taiwan - 2.3%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
142,877
3,414,931
United Kingdom - 6.8%
 
 
 
AstraZeneca PLC sponsored ADR
 
26,362
2,000,349
B&M European Value Retail SA
 
129,988
842,994
BAE Systems PLC
 
80,785
1,343,634
Compass Group PLC
 
35,848
997,066
Diageo PLC
 
14,997
518,292
Games Workshop Group PLC
 
1,300
160,980
JD Sports Fashion PLC
 
443,834
641,109
London Stock Exchange Group PLC
 
7,400
815,777
RELX PLC (London Stock Exchange)
 
29,796
1,224,225
RS GROUP PLC
 
62,672
577,158
Starling Bank Ltd. Series D (a)(b)(c)
 
62,800
236,200
Unilever PLC
 
12,959
670,380
WH Smith PLC
 
22,817
312,765
TOTAL UNITED KINGDOM
 
 
10,340,929
United States of America - 60.5%
 
 
 
AbbVie, Inc.
 
7,900
1,284,856
Accenture PLC Class A
 
6,462
1,944,480
Albertsons Companies, Inc.
 
8,300
169,320
Amdocs Ltd.
 
15,335
1,287,987
Ameren Corp.
 
9,454
698,367
American Tower Corp.
 
3,323
570,094
Apple, Inc.
 
38,843
6,616,128
AT&T, Inc.
 
26,586
449,038
Ball Corp.
 
5,400
375,678
Bank of America Corp.
 
65,223
2,413,903
BJ's Wholesale Club Holdings, Inc. (a)
 
11,421
852,920
BlackRock, Inc. Class A
 
700
528,248
Capital One Financial Corp.
 
6,894
988,806
Chubb Ltd.
 
4,437
1,103,216
Cisco Systems, Inc.
 
30,829
1,448,346
Comcast Corp. Class A
 
24,839
946,614
Costco Wholesale Corp.
 
1,426
1,030,855
Crane Co.
 
6,393
895,084
Crane NXT Co.
 
3,993
242,814
Crown Holdings, Inc.
 
8,912
731,408
Danaher Corp.
 
6,937
1,710,803
Dollar Tree, Inc. (a)
 
9,485
1,121,601
Eli Lilly & Co.
 
2,922
2,282,374
Estee Lauder Companies, Inc. Class A
 
3,145
461,403
Experian PLC
 
27,784
1,120,638
Exxon Mobil Corp.
 
20,432
2,416,493
Freeport-McMoRan, Inc.
 
32,597
1,627,894
GE Vernova LLC
 
2,739
421,012
General Dynamics Corp.
 
1,500
430,635
General Electric Co.
 
10,156
1,643,444
Gilead Sciences, Inc.
 
13,304
867,421
GSK PLC
 
36,500
757,263
H&R Block, Inc.
 
24,514
1,157,796
Hartford Financial Services Group, Inc.
 
15,573
1,508,868
Hess Corp.
 
5,590
880,369
Hillenbrand, Inc.
 
7,100
338,812
Johnson Controls International PLC
 
11,742
764,052
JPMorgan Chase & Co.
 
16,988
3,257,279
Kenvue, Inc.
 
19,800
372,636
Keurig Dr. Pepper, Inc.
 
16,291
549,007
Lamar Advertising Co. Class A
 
10,017
1,160,469
Linde PLC
 
5,298
2,336,206
Lowe's Companies, Inc.
 
4,811
1,096,860
M&T Bank Corp.
 
7,897
1,140,248
McDonald's Corp.
 
4,136
1,129,293
MDU Resources Group, Inc.
 
10,600
261,820
Merck & Co., Inc.
 
11,339
1,465,226
Microsoft Corp.
 
18,281
7,117,339
Mondelez International, Inc.
 
5,477
394,015
MSCI, Inc.
 
827
385,208
Nestle SA (Reg. S)
 
8,111
814,346
NextEra Energy, Inc.
 
16,358
1,095,495
Norfolk Southern Corp.
 
800
184,256
PG&E Corp.
 
17,858
305,550
Phillips 66 Co.
 
2,735
391,679
PNC Financial Services Group, Inc.
 
10,751
1,647,698
Procter & Gamble Co.
 
8,764
1,430,285
Roche Holding AG (participation certificate)
 
5,169
1,238,566
Samsonite International SA (d)
 
135,000
474,615
Sanofi SA
 
10,232
1,010,850
Southern Co.
 
11,718
861,273
Southwest Gas Holdings, Inc.
 
4,500
335,790
T-Mobile U.S., Inc.
 
10,498
1,723,457
Tapestry, Inc.
 
12,742
508,661
Target Corp.
 
2,776
446,880
The Boeing Co. (a)
 
300
50,352
The Coca-Cola Co.
 
16,660
1,029,088
The Travelers Companies, Inc.
 
6,320
1,340,851
The Walt Disney Co.
 
10,700
1,188,770
TJX Companies, Inc.
 
15,806
1,487,187
U.S. Bancorp
 
19,100
776,033
United Parcel Service, Inc. Class B
 
4,101
604,815
UnitedHealth Group, Inc.
 
3,707
1,793,076
Valero Energy Corp.
 
2,133
341,003
Veralto Corp.
 
2,979
279,073
Verizon Communications, Inc.
 
14,459
570,986
Vistra Corp.
 
16,050
1,217,232
Walmart, Inc.
 
17,000
1,008,950
WEC Energy Group, Inc.
 
4,950
409,068
Wells Fargo & Co.
 
37,054
2,198,043
TOTAL UNITED STATES OF AMERICA
 
 
91,518,574
Zambia - 0.3%
 
 
 
First Quantum Minerals Ltd.
 
34,707
440,692
 
TOTAL COMMON STOCKS
 (Cost $105,710,380)
 
 
 
147,335,189
 
 
 
 
Money Market Funds - 2.6%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (e)
 
 (Cost $3,882,071)
 
 
3,881,294
3,882,071
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.9%
 (Cost $109,592,451)
 
 
 
151,217,260
NET OTHER ASSETS (LIABILITIES) - 0.1%  
132,101
NET ASSETS - 100.0%
151,349,361
 
 
 
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 $236,200 or 0.2% of net assets.
 
(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 $474,615 or 0.3% of net assets.
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
 
 
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 5.39%
2,909,895
27,898,751
26,926,476
92,486
(99)
-
3,882,071
0.0%
Fidelity Securities Lending Cash Central Fund 5.39%
-
2,560,107
2,560,107
243
-
-
-
0.0%
Total
2,909,895
30,458,858
29,486,583
92,729
(99)
-
3,882,071
 
 
 
 
 
 
 
 
 
 
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 April 30, 2024, 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
8,672,628
6,455,709
2,216,919
-
Consumer Discretionary
13,864,048
7,337,645
6,526,403
-
Consumer Staples
14,317,548
11,680,243
2,637,305
-
Energy
7,605,232
7,605,232
-
-
Financials
20,689,339
18,942,485
1,510,654
236,200
Health Care
16,553,137
12,757,951
3,795,186
-
Industrials
20,101,189
10,711,660
9,389,529
-
Information Technology
29,959,145
22,700,259
7,258,886
-
Materials
7,917,160
6,788,291
1,128,869
-
Real Estate
1,730,563
1,730,563
-
-
Utilities
5,925,200
5,925,200
-
-
  Money Market Funds
3,882,071
3,882,071
-
-
 Total Investments in Securities:
151,217,260
116,517,309
34,463,751
236,200
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $105,710,380)
$
147,335,189
 
 
Fidelity Central Funds (cost $3,882,071)
3,882,071
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $109,592,451)
 
 
$
151,217,260
Foreign currency held at value (cost $12,891)
 
 
12,961
Receivable for fund shares sold
 
 
43,742
Dividends receivable
 
 
216,082
Reclaims receivable
 
 
181,286
Distributions receivable from Fidelity Central Funds
 
 
17,747
Prepaid expenses
 
 
56
Other receivables
 
 
441
  Total assets
 
 
151,689,575
Liabilities
 
 
 
 
Payable for investments purchased
$
35,437
 
 
Payable for fund shares redeemed
140,499
 
 
Accrued management fee
109,553
 
 
Deferred taxes
20,521
 
 
Audit fee payable
29,448
 
 
Other payables and accrued expenses
4,756
 
 
  Total liabilities
 
 
 
340,214
Net Assets  
 
 
$
151,349,361
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
117,581,331
Total accumulated earnings (loss)
 
 
 
33,768,030
Net Assets
 
 
$
151,349,361
Net Asset Value, offering price and redemption price per share ($151,349,361 ÷ 8,017,224 shares)
 
 
$
18.88
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
1,697,925
Income from Fidelity Central Funds (including $243 from security lending)
 
 
92,729
 Income before foreign taxes withheld
 
 
$
1,790,654
Less foreign taxes withheld
 
 
(82,351)
 Total income
 
 
 
1,708,303
Expenses
 
 
 
 
Management fee
$
570,845
 
 
Transfer agent fees
88,871
 
 
Accounting fees
25,744
 
 
Custodian fees and expenses
5,560
 
 
Independent trustees' fees and expenses
396
 
 
Registration fees
25,584
 
 
Audit
36,259
 
 
Legal
704
 
 
Interest
1,017
 
 
Miscellaneous
313
 
 
 Total expenses before reductions
 
755,293
 
 
 Expense reductions
 
(6,988)
 
 
 Total expenses after reductions
 
 
 
748,305
Net Investment income (loss)
 
 
 
959,998
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
2,581,637
 
 
   Fidelity Central Funds
 
(99)
 
 
 Foreign currency transactions
 
785
 
 
Total net realized gain (loss)
 
 
 
2,582,323
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of increase in deferred foreign taxes of $7,722)  
 
20,799,751
 
 
 Assets and liabilities in foreign currencies
 
(1,516)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
20,798,235
Net gain (loss)
 
 
 
23,380,558
Net increase (decrease) in net assets resulting from operations
 
 
$
24,340,556
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
959,998
$
2,123,940
Net realized gain (loss)
 
2,582,323
 
 
(502,645)
 
Change in net unrealized appreciation (depreciation)
 
20,798,235
 
6,189,227
 
Net increase (decrease) in net assets resulting from operations
 
24,340,556
 
 
7,810,522
 
Distributions to shareholders
 
(767,578)
 
 
(2,201,013)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
16,935,369
 
64,120,579
  Reinvestment of distributions
 
679,252
 
 
1,975,864
 
Cost of shares redeemed
 
(37,778,662)
 
(63,120,560)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(20,164,041)
 
 
2,975,883
 
Total increase (decrease) in net assets
 
3,408,937
 
 
8,585,392
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
147,940,424
 
139,355,032
 
End of period
$
151,349,361
$
147,940,424
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
925,947
 
3,849,023
  Issued in reinvestment of distributions
 
37,067
 
 
117,757
 
Redeemed
 
(2,081,719)
 
(3,775,132)
Net increase (decrease)
 
(1,118,705)
 
191,648
 
 
 
 
 
 
Financial Highlights
 
Fidelity® Global Equity Income Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.19
$
15.58
$
19.80
$
15.12
$
14.64
$
13.53
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.11
 
.22
 
.20
 
.15
 
.16
 
.23
     Net realized and unrealized gain (loss)
 
2.67
 
.62
 
(2.21)
 
5.07
 
.48
 
1.63
  Total from investment operations
 
2.78  
 
.84  
 
(2.01)  
 
5.22  
 
.64
 
1.86
  Distributions from net investment income
 
(.09)
 
(.23)
 
(.17)
 
(.16)
 
(.15)
 
(.24)
  Distributions from net realized gain
 
-
 
-
 
(2.04)
 
(.38)
 
(.01)
 
(.51)
     Total distributions
 
(.09)
 
(.23)
 
(2.21)
 
(.54)
 
(.16)
 
(.75)
  Net asset value, end of period
$
18.88
$
16.19
$
15.58
$
19.80
$
15.12
$
14.64
 Total Return C,D
 
17.18
%
 
 
5.36%
 
(11.45)%
 
35.09%
 
4.44%
 
14.60%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.96% G
 
1.00%
 
.98%
 
1.02%
 
1.09%
 
1.09%
    Expenses net of fee waivers, if any
 
.95
% G
 
 
1.00%
 
.98%
 
1.02%
 
1.09%
 
1.09%
    Expenses net of all reductions
 
.95% G
 
1.00%
 
.98%
 
1.02%
 
1.09%
 
1.08%
    Net investment income (loss)
 
1.22% G
 
1.33%
 
1.22%
 
.84%
 
1.08%
 
1.72%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
151,349
$
147,940
$
139,355
$
92,918
$
66,715
$
67,764
    Portfolio turnover rate H
 
21
% G
 
 
30%
 
61%
 
43%
 
48%
 
20% 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.
 
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.
 
GAnnualized.
 
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 April 30, 2024
 
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 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 April 30, 2024 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. 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
$46,945,732
Gross unrealized depreciation
(5,491,615)
Net unrealized appreciation (depreciation)
$41,454,117
Tax cost
$109,763,143
 
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 prior fiscal period end and is subject to adjustment.
 
 Short-term
$(9,721,612)
 Long-term
(435,875)
Total capital loss carryforward
$(10,157,487)
 
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
16,217,656
37,144,422
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.
 
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Fidelity Global Equity Income Fund
.86
 
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Fidelity Global Equity Income Fund
.83
 
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was 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 decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
 
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
 
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.38% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
 
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. Effective March 1, 2024, each Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of average net assets of .1729%.
 
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to account size and type of account.
 
For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the annualized rate of .17% of 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 Global Equity Income Fund
 137
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
 
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
.0498
 
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Fidelity Global Equity Income Fund
.05
 
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 Equity Income Fund
 Borrower
 6,573,000
5.57%
 1,017
 
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
 1,414,146
 3,488,688
 402,056
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
144
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
26
 -
-
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 $6,988.
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.
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 (November 1, 2023 to April 30, 2024).
 
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 November 1, 2023
 
Ending Account Value April 30, 2024
 
Expenses Paid During Period- C November 1, 2023 to April 30, 2024
 
 
 
 
 
 
 
 
 
 
Fidelity® Global Equity Income Fund
 
 
 
.95%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,171.80
 
$ 5.13
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.14
 
$ 4.77
 
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 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
Board Approval of Investment Advisory Contracts
Fidelity Global Equity Income Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund into a single fee based on tiered schedules and subject to a maximum rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as third-party expenses and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.938166.111
GED-SANN-0624
Fidelity® International Small Cap Fund
 
 
Semi-Annual Report
April 30, 2024
Includes Fidelity and Fidelity Advisor share classes

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

Liquidity Risk Management Program

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. © 2024 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.
 
Top Holdings (% of Fund's net assets)
 
Rheinmetall AG  (Germany, Aerospace & Defense)
1.8
 
Ashtead Technology Holdings PLC  (United Kingdom, Trading Companies & Distributors)
1.5
 
International Games Systems Co. Ltd.  (Taiwan, Entertainment)
1.4
 
Qualitas Controladora S.A.B. de CV  (Mexico, Insurance)
1.1
 
Talanx AG  (Germany, Insurance)
1.0
 
Gruma S.A.B. de CV Series B (Mexico, Food Products)
1.0
 
RHI Magnesita NV  (United States of America, Construction Materials)
1.0
 
Renesas Electronics Corp.  (Japan, Semiconductors & Semiconductor Equipment)
1.0
 
Premier Foods PLC  (United Kingdom, Food Products)
0.9
 
Century Pacific Food, Inc.  (Philippines, Food Products)
0.9
 
 
11.6
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
21.5
 
Financials
13.4
 
Consumer Discretionary
12.4
 
Consumer Staples
10.3
 
Information Technology
9.3
 
Materials
8.0
 
Real Estate
5.8
 
Health Care
5.6
 
Communication Services
4.3
 
Energy
3.7
 
Utilities
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.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 95.6%
 
 
Shares
Value ($)
 
Australia - 3.2%
 
 
 
EBOS Group Ltd.
 
675,495
13,919,937
GUD Holdings Ltd.
 
2,957,137
19,418,843
Imdex Ltd.
 
14,171,197
19,004,744
Inghams Group Ltd.
 
12,245,540
28,983,763
Nanosonics Ltd. (a)
 
5,222,808
9,663,827
National Storage REIT unit
 
9,547,071
13,164,714
NIB Holdings Ltd.
 
5,000,000
23,877,700
Servcorp Ltd. (b)
 
7,066,585
18,618,559
SomnoMed Ltd. (a)
 
1,703,898
239,834
TOTAL AUSTRALIA
 
 
146,891,921
Austria - 2.3%
 
 
 
EuroTeleSites AG
 
2,412,000
9,060,784
Mayr-Melnhof Karton AG
 
232,300
27,815,565
Strabag SE
 
312,197
13,293,748
Telekom Austria AG
 
2,941,500
25,270,309
Wienerberger AG
 
880,600
31,538,893
TOTAL AUSTRIA
 
 
106,979,299
Belgium - 1.0%
 
 
 
Econocom Group SA
 
4,581,895
10,757,556
Fagron NV
 
1,727,100
33,619,259
TOTAL BELGIUM
 
 
44,376,815
Brazil - 2.0%
 
 
 
Afya Ltd. (a)
 
1,307,000
22,519,610
Atacadao SA
 
10,664,500
22,940,813
Hypera SA (a)
 
5,325,300
30,274,401
YDUQS Participacoes SA
 
5,293,500
14,873,506
TOTAL BRAZIL
 
 
90,608,330
Canada - 4.7%
 
 
 
CCL Industries, Inc. Class B
 
412,900
21,085,149
Computer Modelling Group Ltd.
 
3,344,863
26,678,238
ECN Capital Corp.
 
5,364,300
6,858,074
Genesis Land Development Corp. (b)
 
4,494,999
9,860,819
Lassonde Industries, Inc. Class A (sub. vtg.)
 
297,030
31,074,173
McCoy Global, Inc.
 
1,327,470
1,851,409
North West Co., Inc.
 
1,190,300
33,738,064
Open Text Corp.
 
727,396
25,684,611
Parkland Corp.
 
711,400
21,915,864
Quebecor, Inc. Class A
 
568,500
11,604,148
Richelieu Hardware Ltd.
 
303,400
8,562,155
Total Energy Services, Inc.
 
911,100
6,406,456
VerticalScope Holdings, Inc. (a)
 
677,619
3,859,030
Western Forest Products, Inc. (b)(c)
 
17,341,175
6,802,190
TOTAL CANADA
 
 
215,980,380
China - 3.0%
 
 
 
Best Pacific International Holdings Ltd.
 
22,158,900
5,854,906
Chervon Holdings Ltd.
 
3,345,000
8,123,540
Far East Horizon Ltd.
 
26,280,000
19,507,861
Horizon Construction Development Ltd.
 
1
0
Impro Precision Industries Ltd. (d)
 
24,717,300
6,546,327
Precision Tsugami China Corp. Ltd.
 
9,991,453
11,733,440
Qingdao Port International Co. Ltd. (H Shares) (d)
 
37,582,000
24,604,529
Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares)
 
5,208,166
19,197,645
Sinopharm Group Co. Ltd. (H Shares)
 
6,896,400
17,415,907
Weifu High-Technology Group Co. Ltd. (B Shares)
 
7,955,075
11,540,993
Xingda International Holdings Ltd.
 
72,583,353
13,492,762
TOTAL CHINA
 
 
138,017,910
Denmark - 0.5%
 
 
 
Spar Nord Bank A/S
 
1,301,875
23,098,413
Finland - 1.1%
 
 
 
Huhtamaki Oyj
 
897,100
34,427,569
Tokmanni Group Corp.
 
1,107,600
16,832,118
TOTAL FINLAND
 
 
51,259,687
France - 2.4%
 
 
 
Altarea SCA (c)
 
146,357
12,667,187
Antin Infrastructure Partners SA
 
405,055
5,187,296
ARGAN SA
 
313,700
24,706,811
Elior SA (a)(d)
 
820,675
2,263,130
Lectra
 
361,754
12,354,044
Thermador Groupe SA (c)
 
390,266
33,319,350
Vallourec SA (a)
 
1,038,400
18,024,556
TOTAL FRANCE
 
 
108,522,374
Germany - 4.7%
 
 
 
DWS Group GmbH & Co. KGaA (d)
 
238,600
10,093,689
JOST Werke AG (d)
 
437,020
21,127,365
NORMA Group AG
 
623,692
12,446,797
Rheinmetall AG
 
146,725
80,985,716
Stabilus Se
 
345,400
21,453,153
Takkt AG
 
1,395,512
19,420,347
Talanx AG
 
632,867
47,750,474
TOTAL GERMANY
 
 
213,277,541
Greece - 1.3%
 
 
 
Athens International Airport SA
 
2,022,300
17,934,630
Mytilineos SA
 
1,026,216
41,835,789
TOTAL GREECE
 
 
59,770,419
Hong Kong - 2.1%
 
 
 
ASMPT Ltd.
 
2,824,900
35,106,956
China Metal Recycling (Holdings) Ltd. (a)(e)
 
436,800
1
HKT Trust/HKT Ltd. unit
 
15,025,000
16,587,268
Magnificent Hotel Investment Ltd. (a)
 
316,412,000
3,126,544
Pico Far East Holdings Ltd.
 
61,300,071
12,762,475
Sino Land Ltd.
 
12,116,375
12,954,824
WH Group Ltd. (d)
 
21,022,000
15,279,633
TOTAL HONG KONG
 
 
95,817,701
Hungary - 0.8%
 
 
 
Richter Gedeon PLC
 
1,497,000
38,121,145
India - 2.3%
 
 
 
Embassy Office Parks (REIT)
 
5,523,100
23,611,984
IndusInd Bank Ltd.
 
1,043,700
18,917,359
Mahanagar Gas Ltd.
 
1,715,800
29,648,153
Shriram Finance Ltd.
 
1,133,252
34,565,811
TOTAL INDIA
 
 
106,743,307
Indonesia - 0.4%
 
 
 
PT Selamat Sempurna Tbk
 
160,672,900
17,798,587
Ireland - 1.6%
 
 
 
AerCap Holdings NV (a)
 
312,072
26,366,963
Dalata Hotel Group PLC
 
4,968,109
22,374,296
Irish Residential Properties REIT PLC
 
15,711,500
16,616,407
Mincon Group PLC (b)
 
13,529,844
6,786,353
TOTAL IRELAND
 
 
72,144,019
Italy - 2.6%
 
 
 
Banca Generali SpA
 
694,894
27,305,376
BFF Bank SpA (d)
 
2,405,056
30,928,443
MARR SpA
 
985,827
12,709,061
Recordati SpA
 
552,011
29,484,762
Sesa SpA
 
200,000
20,906,448
TOTAL ITALY
 
 
121,334,090
Japan - 18.5%
 
 
 
Amano Corp.
 
1,067,650
25,678,339
Arcland Sakamoto Co. Ltd.
 
2,194,589
27,015,963
As One Corp.
 
721,400
11,885,263
ASKUL Corp.
 
1,602,100
24,195,378
Capcom Co. Ltd.
 
1,473,000
24,249,174
Central Automotive Products Ltd.
 
573,200
20,982,037
Dexerials Corp.
 
749,000
28,055,022
Dip Corp.
 
644,700
10,895,541
Funai Soken Holdings, Inc.
 
1,230,800
18,620,979
GMO Internet, Inc.
 
1,244,800
20,438,549
Hokuhoku Financial Group, Inc.
 
1,202,200
14,747,322
Inaba Denki Sangyo Co. Ltd.
 
1,334,000
31,122,962
Isuzu Motors Ltd.
 
1,705,200
21,609,751
Justsystems Corp.
 
562,400
9,796,221
Kamigumi Co. Ltd.
 
1,459,800
31,525,240
Kansai Electric Power Co., Inc.
 
2,172,900
32,548,785
Kyoto Financial Group, Inc.
 
1,275,700
22,706,402
Maruwa Ceramic Co. Ltd.
 
133,300
28,090,022
Meitec Group Holdings, Inc.
 
1,044,700
19,483,668
Minebea Mitsumi, Inc.
 
1,128,400
21,135,333
Mitani Shoji Co. Ltd.
 
1,137,700
12,006,568
Nishimoto Co. Ltd.
 
399,700
14,762,677
NOF Corp.
 
2,317,800
31,095,447
NSD Co. Ltd.
 
1,485,700
29,039,463
PALTAC Corp.
 
945,000
28,602,272
Park24 Co. Ltd. (a)
 
808,000
8,701,827
Persol Holdings Co. Ltd.
 
12,087,700
16,721,031
Prestige International, Inc.
 
3,604,500
15,393,243
Relo Group, Inc.
 
1,449,800
12,602,543
Renesas Electronics Corp.
 
2,739,700
44,481,090
Roland Corp.
 
791,400
21,514,029
S Foods, Inc.
 
1,137,623
21,961,499
San-Ai Obbli Co. Ltd.
 
1,960,300
25,716,647
Ship Healthcare Holdings, Inc.
 
1,964,400
29,226,183
Sumco Corp.
 
1,361,600
20,305,974
TechnoPro Holdings, Inc.
 
1,400,000
23,846,756
TIS, Inc.
 
741,500
15,835,901
TKC Corp.
 
336,600
7,746,177
Tsuruha Holdings, Inc. (c)
 
374,200
23,620,968
TOTAL JAPAN
 
 
847,962,246
Korea (South) - 1.4%
 
 
 
Hyundai Marine & Fire Insurance Co. Ltd.
 
596,426
13,426,064
Soulbrain Co. Ltd.
 
150,600
32,420,865
Vitzrocell Co. Ltd. (b)
 
1,496,641
18,666,630
TOTAL KOREA (SOUTH)
 
 
64,513,559
Mexico - 3.8%
 
 
 
Bolsa Mexicana de Valores S.A.B. de CV
 
10,327,582
19,400,294
Genomma Lab Internacional SA de CV
 
16,940,461
16,524,385
Gruma S.A.B. de CV Series B
 
2,361,077
46,373,216
Grupo Comercial Chedraui S.A.B. de CV
 
5,581,100
41,235,779
Qualitas Controladora S.A.B. de CV
 
3,895,035
50,935,642
TOTAL MEXICO
 
 
174,469,316
Netherlands - 1.2%
 
 
 
Acomo NV
 
915,999
17,068,095
Arcadis NV
 
443,150
27,500,861
Van Lanschot Kempen NV (Bearer)
 
283,041
10,073,746
TOTAL NETHERLANDS
 
 
54,642,702
Norway - 1.5%
 
 
 
Europris ASA (d)
 
4,904,600
30,994,547
Selvaag Bolig ASA
 
2,186,000
6,917,037
Sparebanken Midt-Norge
 
2,429,700
32,003,754
TOTAL NORWAY
 
 
69,915,338
Peru - 0.3%
 
 
 
Intercorp Financial Services, Inc.
 
683,100
14,563,692
Philippines - 1.4%
 
 
 
Century Pacific Food, Inc.
 
64,787,600
42,543,482
Robinsons Land Corp.
 
85,329,700
23,019,123
TOTAL PHILIPPINES
 
 
65,562,605
Romania - 0.7%
 
 
 
Banca Transilvania SA
 
5,183,505
31,568,782
Singapore - 1.5%
 
 
 
Boustead Singapore Ltd.
 
14,552,066
10,166,950
HRnetgroup Ltd.
 
32,187,700
16,850,838
Mapletree Industrial (REIT)
 
15,498,931
25,663,691
The Hour Glass Ltd.
 
14,188,880
16,497,997
TOTAL SINGAPORE
 
 
69,179,476
South Africa - 0.3%
 
 
 
Pepkor Holdings Ltd. (d)
 
15,580,200
14,697,549
Spain - 2.8%
 
 
 
Cie Automotive SA
 
928,200
24,665,319
Compania de Distribucion Integral Logista Holdings SA
 
1,510,300
41,197,408
Grupo Catalana Occidente SA
 
798,222
30,922,610
Prosegur Compania de Seguridad SA (Reg.) (c)
 
7,627,481
13,496,199
Viscofan Envolturas Celulosicas SA
 
293,400
18,693,054
TOTAL SPAIN
 
 
128,974,590
Sweden - 1.7%
 
 
 
Alligo AB (B Shares)
 
900,797
10,593,381
Granges AB
 
2,166,476
25,733,341
Haypp Group (a)
 
1,232,700
9,642,004
HEXPOL AB (B Shares)
 
2,043,700
23,366,321
Nordnet AB (c)
 
427,400
7,725,498
TOTAL SWEDEN
 
 
77,060,545
Switzerland - 0.6%
 
 
 
Anhui Heli Co. Ltd. (UBS AG London Branch Bank Warrant Programme) ELS Class A warrants 12/8/25 (a)(d)
 
8,014,256
26,415,937
Taiwan - 3.8%
 
 
 
International Games Systems Co. Ltd.
 
2,037,000
62,183,234
Lumax International Corp. Ltd.
 
4,537,292
15,120,580
Sporton International, Inc.
 
2,147,977
16,358,149
Test Research, Inc.
 
8,193,000
26,516,895
Tripod Technology Corp.
 
4,938,000
29,569,068
Yageo Corp.
 
922,578
17,566,428
Yung Chi Paint & Varnish Manufacturing Co. Ltd.
 
2,908,000
7,043,839
TOTAL TAIWAN
 
 
174,358,193
Thailand - 0.4%
 
 
 
Star Petroleum Refining PCL (For. Reg.)
 
76,469,600
16,346,288
United Kingdom - 16.0%
 
 
 
Alliance Pharma PLC (c)
 
20,115,527
8,546,021
Ashtead Technology Holdings PLC (b)
 
6,922,000
70,665,477
B&M European Value Retail SA
 
5,048,300
32,739,056
Bodycote PLC
 
2,147,471
18,676,272
Cranswick PLC
 
490,300
26,405,403
DCC PLC (United Kingdom)
 
457,300
31,342,344
Direct Line Insurance Group PLC
 
9,160,900
21,268,531
Grainger Trust PLC
 
7,345,266
23,542,281
Harbour Energy PLC
 
4,880,094
17,616,895
Hiscox Ltd.
 
2,702,648
41,538,254
Indivior PLC (a)
 
929,200
16,742,801
Informa PLC
 
3,145,433
31,277,931
J.D. Wetherspoon PLC (a)
 
2,092,400
18,942,476
Jet2 PLC
 
1,827,500
32,791,816
John Wood Group PLC (a)
 
12,397,900
22,989,825
Lancashire Holdings Ltd.
 
2,892,700
22,048,897
LSL Property Services PLC
 
4,204,235
15,655,138
Luxfer Holdings PLC sponsored
 
1,078,259
10,383,634
Mears Group PLC (b)
 
7,803,114
35,296,380
On The Beach Group PLC (a)(d)
 
6,731,236
12,145,507
Pets At Home Group PLC
 
3,026,900
11,051,772
Premier Foods PLC
 
21,377,300
43,220,025
Rathbone Brothers PLC
 
923,400
18,899,809
RS GROUP PLC
 
2,485,053
22,885,309
Sabre Insurance Group PLC (d)
 
9,562,200
19,213,103
Savills PLC
 
2,234,400
30,209,381
Tate & Lyle PLC
 
3,640,843
29,980,647
Vistry Group PLC
 
1,896,298
28,386,840
WH Smith PLC
 
1,264,600
17,334,585
TOTAL UNITED KINGDOM
 
 
731,796,410
United States of America - 3.7%
 
 
 
Adient PLC (a)
 
485,600
14,504,872
Adtalem Global Education, Inc. (a)
 
581,600
28,858,992
Antero Resources Corp. (a)
 
1,002,400
34,091,624
GCC S.A.B. de CV
 
2,930,800
33,357,990
RHI Magnesita NV
 
984,391
44,527,657
WestRock Co.
 
327,700
15,716,492
TOTAL UNITED STATES OF AMERICA
 
 
171,057,627
 
TOTAL COMMON STOCKS
 (Cost $3,854,934,975)
 
 
 
4,383,826,793
 
 
 
 
Money Market Funds - 2.1%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (f)
 
77,252,139
77,267,590
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g)
 
18,459,073
18,460,919
 
TOTAL MONEY MARKET FUNDS
 (Cost $95,728,509)
 
 
95,728,509
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 97.7%
 (Cost $3,950,663,484)
 
 
 
4,479,555,302
NET OTHER ASSETS (LIABILITIES) - 2.3%  
105,525,899
NET ASSETS - 100.0%
4,585,081,201
 
 
 
Security Type Abbreviations
ELS
-
EQUITY-LINKED SECURITY
 
Legend
 
(a)
Non-income producing
 
(b)
Affiliated company
 
(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 $214,309,759 or 4.7% 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 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 5.39%
93,381,597
440,773,849
456,887,939
2,350,261
83
-
77,267,590
0.2%
Fidelity Securities Lending Cash Central Fund 5.39%
31,092,349
265,928,916
278,560,346
81,504
-
-
18,460,919
0.1%
Total
124,473,946
706,702,765
735,448,285
2,431,765
83
-
95,728,509
 
 
 
 
 
 
 
 
 
 
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
42,426,011
-
3,271,280
-
2,237,282
29,273,464
70,665,477
Genesis Land Development Corp.
7,126,596
960,504
-
212,336
-
1,773,719
9,860,819
Mears Group PLC
23,189,551
2,830,058
883,999
-
(706,930)
10,867,700
35,296,380
Mincon Group PLC
8,303,238
-
-
154,089
-
(1,516,885)
6,786,353
Servcorp Ltd.
13,569,097
-
-
556,748
-
5,049,462
18,618,559
SomnoMed Ltd.
1,718,117
-
731,578
-
(3,833,710)
3,087,005
-
Ten Entertainment Group PLC
21,267,175
-
-
-
17,753,663
(7,913,930)
-
Vitzrocell Co. Ltd.
17,271,915
1,707,327
-
221,507
-
(312,612)
18,666,630
Western Forest Products, Inc.
9,003,531
-
-
-
-
(2,201,341)
6,802,190
Total
143,875,231
5,497,889
4,886,857
1,144,680
15,450,305
38,106,582
166,696,408
 
 
 
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 April 30, 2024, 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
196,854,353
81,072,202
115,782,151
-
Consumer Discretionary
562,599,781
308,128,630
254,471,151
-
Consumer Staples
470,590,352
323,438,330
147,152,022
-
Energy
164,959,564
122,896,629
42,062,935
-
Financials
619,132,896
471,384,377
147,748,519
-
Health Care
255,663,725
173,312,774
82,350,951
-
Industrials
982,024,152
618,361,447
363,662,705
-
Information Technology
426,860,825
96,380,897
330,479,928
-
Materials
373,133,708
264,371,167
108,762,540
1
Real Estate
269,810,499
140,175,061
129,635,438
-
Utilities
62,196,938
-
62,196,938
-
  Money Market Funds
95,728,509
95,728,509
-
-
 Total Investments in Securities:
4,479,555,302
2,695,250,023
1,784,305,278
1
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $17,534,650) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $3,721,771,606)
$
4,217,130,385
 
 
Fidelity Central Funds (cost $95,728,509)
95,728,509
 
 
Other affiliated issuers (cost $133,163,369)
166,696,408
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $3,950,663,484)
 
 
$
4,479,555,302
Foreign currency held at value (cost $111,024,485)
 
 
109,295,137
Receivable for investments sold
 
 
3,226,528
Receivable for fund shares sold
 
 
3,382,663
Dividends receivable
 
 
17,683,517
Reclaims receivable
 
 
3,387,108
Distributions receivable from Fidelity Central Funds
 
 
392,802
Prepaid expenses
 
 
1,238
Other receivables
 
 
9,615
  Total assets
 
 
4,616,933,910
Liabilities
 
 
 
 
Payable for investments purchased
$
2,703,911
 
 
Payable for fund shares redeemed
1,727,909
 
 
Accrued management fee
3,727,382
 
 
Distribution and service plan fees payable
45,483
 
 
Deferred taxes
4,987,687
 
 
Other payables and accrued expenses
203,512
 
 
Collateral on securities loaned
18,456,825
 
 
  Total liabilities
 
 
 
31,852,709
Net Assets  
 
 
$
4,585,081,201
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
4,163,363,906
Total accumulated earnings (loss)
 
 
 
421,717,295
Net Assets
 
 
$
4,585,081,201
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($126,815,661 ÷ 4,106,769 shares)(a)
 
 
$
30.88
Maximum offering price per share (100/94.25 of $30.88)
 
 
$
32.76
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($17,430,627 ÷ 566,912 shares)(a)
 
 
$
30.75
Maximum offering price per share (100/96.50 of $30.75)
 
 
$
31.87
Class C :
 
 
 
 
Net Asset Value and offering price per share ($13,628,633 ÷ 460,507 shares)(a)
 
 
$
29.59
International Small Cap :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,555,431,975 ÷ 49,267,565 shares)
 
 
$
31.57
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,221,492,008 ÷ 38,420,690 shares)
 
 
$
31.79
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,650,282,297 ÷ 51,966,571 shares)
 
 
$
31.76
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends (including $1,144,680 earned from affiliated issuers)
 
 
$
59,105,470
Income from Fidelity Central Funds (including $81,504 from security lending)
 
 
2,431,765
 Income before foreign taxes withheld
 
 
$
61,537,235
Less foreign taxes withheld
 
 
(5,403,622)
 Total income
 
 
 
56,133,613
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
18,000,415
 
 
 Performance adjustment
2,739,401
 
 
Transfer agent fees
1,792,476
 
 
Distribution and service plan fees
269,067
 
 
Accounting fees
534,270
 
 
Custodian fees and expenses
252,708
 
 
Independent trustees' fees and expenses
10,362
 
 
Registration fees
157,601
 
 
Audit
56,922
 
 
Legal
2,201
 
 
Miscellaneous
7,593
 
 
 Total expenses before reductions
 
23,823,016
 
 
 Expense reductions
 
(191,738)
 
 
 Total expenses after reductions
 
 
 
23,631,278
Net Investment income (loss)
 
 
 
32,502,335
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(1,516,422)
 
 
   Fidelity Central Funds
 
83
 
 
   Other affiliated issuers
 
15,450,305
 
 
 Foreign currency transactions
 
(1,084,686)
 
 
Total net realized gain (loss)
 
 
 
12,849,280
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of increase in deferred foreign taxes of $2,816,103)  
 
553,815,299
 
 
   Affiliated issuers
 
38,106,582
 
 
 Assets and liabilities in foreign currencies
 
(524,492)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
591,397,389
Net gain (loss)
 
 
 
604,246,669
Net increase (decrease) in net assets resulting from operations
 
 
$
636,749,004
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
32,502,335
$
65,046,236
Net realized gain (loss)
 
12,849,280
 
 
(49,505,968)
 
Change in net unrealized appreciation (depreciation)
 
591,397,389
 
332,949,836
 
Net increase (decrease) in net assets resulting from operations
 
636,749,004
 
 
348,490,104
 
Distributions to shareholders
 
(81,035,424)
 
 
(22,796,062)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
373,974,743
 
 
398,485,883
 
Total increase (decrease) in net assets
 
929,688,323
 
 
724,179,925
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
3,655,392,878
 
2,931,212,953
 
End of period
$
4,585,081,201
$
3,655,392,878
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® International Small Cap Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
26.84
$
23.88
$
34.31
$
24.75
$
26.32
$
25.78
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.18
 
.44
 
.58
 
.31
 
.27
 
.49
     Net realized and unrealized gain (loss)
 
4.37
 
2.63
 
(8.74)
 
9.42
 
(1.26)
 
1.43
  Total from investment operations
 
4.55  
 
3.07  
 
(8.16)  
 
9.73  
 
(.99)
 
1.92
  Distributions from net investment income
 
(.51)
 
(.11)
 
(.75)
 
(.17)
 
(.44)
 
(.38)
  Distributions from net realized gain
 
-
 
-
 
(1.52)
 
-
 
(.14)
 
(1.00)
     Total distributions
 
(.51)
 
(.11)
 
(2.27)
 
(.17)
 
(.58)
 
(1.38)
  Net asset value, end of period
$
30.88
$
26.84
$
23.88
$
34.31
$
24.75
$
26.32
 Total Return C,D,E
 
17.07
%
 
 
12.87%
 
(25.19)%
 
39.43%
 
(3.91)%
 
8.00%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.39% H
 
1.43%
 
1.29%
 
1.29%
 
1.36%
 
1.47%
    Expenses net of fee waivers, if any
 
1.38
% H
 
 
1.43%
 
1.29%
 
1.29%
 
1.36%
 
1.47%
    Expenses net of all reductions
 
1.38% H
 
1.43%
 
1.29%
 
1.29%
 
1.35%
 
1.46%
    Net investment income (loss)
 
1.21% H
 
1.56%
 
2.06%
 
.95%
 
1.09%
 
1.94%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
126,816
$
108,866
$
95,906
$
136,131
$
92,044
$
105,786
    Portfolio turnover rate I
 
13
% 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 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.
 
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.
 
HAnnualized.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor® International Small Cap Fund Class M
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
26.69
$
23.73
$
34.12
$
24.62
$
26.18
$
25.62
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.14
 
.36
 
.50
 
.22
 
.19
 
.41
     Net realized and unrealized gain (loss)
 
4.35
 
2.64
 
(8.70)
 
9.38
 
(1.25)
 
1.43
  Total from investment operations
 
4.49  
 
3.00  
 
(8.20)  
 
9.60  
 
(1.06)
 
1.84
  Distributions from net investment income
 
(.43)
 
(.04)
 
(.66)
 
(.10)
 
(.36)
 
(.27)
  Distributions from net realized gain
 
-
 
-
 
(1.52)
 
-
 
(.14)
 
(1.00)
     Total distributions
 
(.43)
 
(.04)
 
(2.19) C
 
(.10)
 
(.50)
 
(1.28) C
  Net asset value, end of period
$
30.75
$
26.69
$
23.73
$
34.12
$
24.62
$
26.18
 Total Return D,E,F
 
16.90
%
 
 
12.62%
 
(25.43)%
 
39.07%
 
(4.19)%
 
7.65%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.65% I
 
1.71%
 
1.57%
 
1.57%
 
1.67%
 
1.78%
    Expenses net of fee waivers, if any
 
1.64
% I
 
 
1.70%
 
1.56%
 
1.57%
 
1.67%
 
1.78%
    Expenses net of all reductions
 
1.64% I
 
1.70%
 
1.56%
 
1.57%
 
1.65%
 
1.77%
    Net investment income (loss)
 
.96% I
 
1.29%
 
1.79%
 
.68%
 
.78%
 
1.62%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
17,431
$
15,515
$
13,761
$
19,926
$
12,492
$
16,013
    Portfolio turnover rate J
 
13
% I
 
 
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 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.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor® International Small Cap Fund Class C
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
25.64
$
22.88
$
32.93
$
23.80
$
25.27
$
24.77
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.07
 
.21
 
.35
 
.06
 
.08
 
.28
     Net realized and unrealized gain (loss)
 
4.17
 
2.55
 
(8.40)
 
9.07
 
(1.23)
 
1.39
  Total from investment operations
 
4.24  
 
2.76  
 
(8.05)  
 
9.13  
 
(1.15)
 
1.67
  Distributions from net investment income
 
(.29)
 
-
 
(.48)
 
-
 
(.18)
 
(.17)
  Distributions from net realized gain
 
-
 
-
 
(1.52)
 
-
 
(.14)
 
(1.00)
     Total distributions
 
(.29)
 
-
 
(2.00)
 
-
 
(.32)
 
(1.17)
  Net asset value, end of period
$
29.59
$
25.64
$
22.88
$
32.93
$
23.80
$
25.27
 Total Return C,D,E
 
16.58
%
 
 
12.06%
 
(25.77)%
 
38.36%
 
(4.65)%
 
7.17%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.14% H
 
2.20%
 
2.06%
 
2.05%
 
2.13%
 
2.24%
    Expenses net of fee waivers, if any
 
2.13
% H
 
 
2.19%
 
2.05%
 
2.05%
 
2.13%
 
2.24%
    Expenses net of all reductions
 
2.13% H
 
2.19%
 
2.05%
 
2.05%
 
2.11%
 
2.23%
    Net investment income (loss)
 
.46% H
 
.80%
 
1.30%
 
.19%
 
.32%
 
1.16%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
13,629
$
12,603
$
13,556
$
21,683
$
17,659
$
23,937
    Portfolio turnover rate I
 
13
% 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 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.
 
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.
 
HAnnualized.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity® International Small Cap Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.46
$
24.43
$
35.05
$
25.28
$
26.86
$
26.29
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.23
 
.52
 
.67
 
.41
 
.34
 
.57
     Net realized and unrealized gain (loss)
 
4.47
 
2.70
 
(8.94)
 
9.61
 
(1.27)
 
1.45
  Total from investment operations
 
4.70  
 
3.22  
 
(8.27)  
 
10.02  
 
(.93)
 
2.02
  Distributions from net investment income
 
(.59)
 
(.19)
 
(.83)
 
(.25)
 
(.51)
 
(.45)
  Distributions from net realized gain
 
-
 
-
 
(1.52)
 
-
 
(.14)
 
(1.00)
     Total distributions
 
(.59)
 
(.19)
 
(2.35)
 
(.25)
 
(.65)
 
(1.45)
  Net asset value, end of period
$
31.57
$
27.46
$
24.43
$
35.05
$
25.28
$
26.86
 Total Return C,D
 
17.22
%
 
 
13.19%
 
(25.01)%
 
39.83%
 
(3.61)%
 
8.27%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.12% G
 
1.17%
 
1.02%
 
1.01%
 
1.08%
 
1.19%
    Expenses net of fee waivers, if any
 
1.11
% G
 
 
1.16%
 
1.02%
 
1.01%
 
1.08%
 
1.19%
    Expenses net of all reductions
 
1.11% G
 
1.16%
 
1.02%
 
1.01%
 
1.07%
 
1.18%
    Net investment income (loss)
 
1.48% G
 
1.83%
 
2.33%
 
1.23%
 
1.37%
 
2.22%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,555,432
$
1,342,755
$
1,145,773
$
1,534,214
$
1,122,746
$
1,282,412
    Portfolio turnover rate H
 
13
% 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 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.
 
GAnnualized.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor® International Small Cap Fund Class I
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.66
$
24.60
$
35.27
$
25.44
$
27.03
$
26.45
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.23
 
.53
 
.68
 
.41
 
.35
 
.58
     Net realized and unrealized gain (loss)
 
4.49
 
2.71
 
(8.99)
 
9.67
 
(1.28)
 
1.46
  Total from investment operations
 
4.72  
 
3.24  
 
(8.31)  
 
10.08  
 
(.93)
 
2.04
  Distributions from net investment income
 
(.59)
 
(.18)
 
(.84)
 
(.25)
 
(.52)
 
(.46)
  Distributions from net realized gain
 
-
 
-
 
(1.52)
 
-
 
(.14)
 
(1.00)
     Total distributions
 
(.59)
 
(.18)
 
(2.36)
 
(.25)
 
(.66)
 
(1.46)
  Net asset value, end of period
$
31.79
$
27.66
$
24.60
$
35.27
$
25.44
$
27.03
 Total Return C,D
 
17.20
%
 
 
13.20%
 
(24.98)%
 
39.80%
 
(3.62)%
 
8.28%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.14% G
 
1.16%
 
1.02%
 
1.02%
 
1.08%
 
1.19%
    Expenses net of fee waivers, if any
 
1.13
% G
 
 
1.15%
 
1.01%
 
1.02%
 
1.08%
 
1.18%
    Expenses net of all reductions
 
1.13% G
 
1.15%
 
1.01%
 
1.02%
 
1.06%
 
1.18%
    Net investment income (loss)
 
1.46% G
 
1.84%
 
2.34%
 
1.22%
 
1.38%
 
2.22%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,221,492
$
924,094
$
696,515
$
1,080,258
$
605,100
$
777,771
    Portfolio turnover rate H
 
13
% 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 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.
 
GAnnualized.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor® International Small Cap Fund Class Z
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.65
$
24.59
$
35.26
$
25.43
$
27.03
$
26.46
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.25
 
.56
 
.70
 
.45
 
.38
 
.61
     Net realized and unrealized gain (loss)
 
4.49
 
2.72
 
(8.97)
 
9.67
 
(1.28)
 
1.47
  Total from investment operations
 
4.74  
 
3.28  
 
(8.27)  
 
10.12  
 
(.90)
 
2.08
  Distributions from net investment income
 
(.63)
 
(.22)
 
(.88)
 
(.29)
 
(.56)
 
(.50)
  Distributions from net realized gain
 
-
 
-
 
(1.52)
 
-
 
(.14)
 
(1.00)
     Total distributions
 
(.63)
 
(.22)
 
(2.40)
 
(.29)
 
(.70)
 
(1.51) C
  Net asset value, end of period
$
31.76
$
27.65
$
24.59
$
35.26
$
25.43
$
27.03
 Total Return D,E
 
17.27
%
 
 
13.38%
 
(24.89)%
 
39.99%
 
(3.51)%
 
8.44%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.02% H
 
1.03%
 
.89%
 
.89%
 
.94%
 
1.05%
    Expenses net of fee waivers, if any
 
1.01
% H
 
 
1.03%
 
.89%
 
.89%
 
.94%
 
1.05%
    Expenses net of all reductions
 
1.01% H
 
1.03%
 
.89%
 
.89%
 
.93%
 
1.04%
    Net investment income (loss)
 
1.59% H
 
1.96%
 
2.47%
 
1.35%
 
1.51%
 
2.35%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,650,282
$
1,251,559
$
965,701
$
739,757
$
275,127
$
245,252
    Portfolio turnover rate I
 
13
% 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 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).
 
For the period ended April 30, 2024
 
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 April 30, 2024 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. 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.
 
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
$962,166,396
Gross unrealized depreciation
(475,415,761)
Net unrealized appreciation (depreciation)
$486,750,635
Tax cost
$3,992,804,667
 
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 prior 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)
 
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
606,881,550
270,408,456
 
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.
 
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
1.02
Class M
1.02
Class C
1.02
International Small Cap
1.00
Class I
1.00
Class Z
.87
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.91
Class M
.91
Class C
.91
International Small Cap
.87
Class I
.91
Class Z
.79
 
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was 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 decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .82%.
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
 
 
Performance Adjustment Index
Fidelity International Small Cap Fund
MSCI ACWI (All Country World Index) ex USA Small Cap Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of International Small Cap. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was .13%.
 
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
 
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.44% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
 
 
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%
156,690
2,452
Class M
 .25%
 .25%
 43,072
 190
Class C
 .75%
 .25%
                69,305
                  5,625
 
 
 
269,067
8,267
 
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
 11,428
Class M
 636
Class CA
 15
 
                12,079
 
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. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
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%
 
 
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
Amount ($)
% of Class-Level Average Net AssetsA
Class A
 77,950
.19
Class M
 11,353
.20
Class C
 9,182
.20
International Small Cap
 861,865
.18
Class I
 626,562
.17
Class Z
 205,564
.04
 
                   1,792,476
 
 
A Annualized
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
 
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%
 
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Fidelity International Small Cap Fund
.04
 
 
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
 253
 
 
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
 24,977,234
 4,842,097
 (2,947,619)
 
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
3,871
 
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
8,846
 -
-
 
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 $428 . During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction ($)
 
 
Class M
 35
 
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 $191,275.
 
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2024
Year ended
October 31, 2023
Fidelity International Small Cap Fund
 
 
Distributions to shareholders
 
 
Class A
$2,098,372
 $440,641
Class M
 241,727
 19,955
Class C
 139,497
 -
International Small Cap
 27,992,078
 8,831,165
Class I
 20,805,567
 5,018,235
Class Z
       29,758,183
          8,486,066
Total  
$     81,035,424
$     22,796,062
 
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
 
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Fidelity International Small Cap Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
475,989
918,692
$14,155,361
$25,838,409
Reinvestment of distributions
71,368
16,707
2,084,465
437,544
Shares redeemed
(495,980)
(896,876)
(14,948,476)
(25,017,177)
Net increase (decrease)
51,377
38,523
$1,291,350
$1,258,776
Class M
 
 
 
 
Shares sold
40,481
114,850
$1,216,745
$3,220,186
Reinvestment of distributions
8,280
763
241,156
19,926
Shares redeemed
(63,199)
(114,079)
(1,886,135)
(3,149,104)
Net increase (decrease)
(14,438)
1,534
$(428,234)
$91,008
Class C
 
 
 
 
Shares sold
29,733
51,153
$860,014
$1,355,166
Reinvestment of distributions
4,960
-
139,376
-
Shares redeemed
(65,750)
(152,016)
(1,910,359)
(4,049,390)
Net increase (decrease)
(31,057)
(100,863)
$(910,969)
$(2,694,224)
International Small Cap
 
 
 
 
Shares sold
5,547,404
12,448,015
$171,269,742
$353,729,600
Reinvestment of distributions
843,925
303,022
25,168,669
8,099,784
Shares redeemed
(6,014,007)
(10,758,826)
(183,224,262)
(307,464,961)
Net increase (decrease)
377,322
1,992,211
$13,214,149
$54,364,423
Class I
 
 
 
 
Shares sold
8,296,860
14,669,013
$256,508,490
$422,708,769
Reinvestment of distributions
673,230
178,126
20,225,978
4,795,157
Shares redeemed
(3,955,506)
(9,758,006)
(122,542,369)
(275,755,333)
Net increase (decrease)
5,014,584
5,089,133
$154,192,099
$151,748,593
Class Z
 
 
 
 
Shares sold
10,006,119
18,575,488
$310,120,312
$542,508,039
Reinvestment of distributions
663,553
206,606
19,900,821
5,553,574
Shares redeemed
(3,973,592)
(12,784,069)
(123,404,785)
(354,344,306)
Net increase (decrease)
6,696,080
5,998,025
$206,616,348
$193,717,307
 
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.
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 (November 1, 2023 to April 30, 2024).
 
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 November 1, 2023
 
Ending Account Value April 30, 2024
 
Expenses Paid During Period- C November 1, 2023 to April 30, 2024
Fidelity® International Small Cap Fund
 
 
 
 
 
 
 
 
 
 
Class A **
 
 
 
1.38%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,170.70
 
$ 7.45
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,018.00
 
$ 6.92
 
Class M **
 
 
 
1.64%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,169.00
 
$ 8.84
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,016.71
 
$ 8.22
 
Class C
 
 
 
2.13%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,165.80
 
$ 11.47
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,014.27
 
$ 10.67
 
Fidelity® International Small Cap Fund **
 
 
 
1.11%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,172.20
 
$ 5.99
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.34
 
$ 5.57
 
Class I **
 
 
 
1.13%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,172.00
 
$ 6.10
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.24
 
$ 5.67
 
Class Z **
 
 
 
1.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,172.70
 
$ 5.46
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.84
 
$ 5.07
 
 
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 182/ 366 (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 March 1, 2024, had been in effect during the entire 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® International Small Cap Fund
 
 
 
 
 
 
Class A
 
 
 
1.30%
 
 
Actual
 
 
 
 
 
$ 7.02
Hypothetical- B
 
 
 
 
 
 
$ 6.52
Class M
 
 
 
1.55%
 
 
Actual
 
 
 
 
 
$ 8.36
Hypothetical- B
 
 
 
 
 
 
$ 7.77
Fidelity® International Small Cap Fund
 
 
 
1.01%
 
 
Actual
 
 
 
 
 
$ 5.46
Hypothetical- B
 
 
 
 
 
 
$ 5.07
Class I
 
 
 
1.05%
 
 
Actual
 
 
 
 
 
$ 5.67
Hypothetical- B
 
 
 
 
 
 
$ 5.27
Class Z
 
 
 
.93%
 
 
Actual
 
 
 
 
 
$ 5.02
Hypothetical- B
 
 
 
 
 
 
$ 4.67
 
 
 
 
 
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
 
 
 
 
 
B   5% return per year before expenses
 
 
 
 
 
 
 
 
 
Board Approval of Investment Advisory Contracts
Fidelity International Small Cap Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), Fidelity Management & Research (Japan) Limited (FMR Japan), and FIL Investment Advisors (FIL). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board further noted that the agreement with FIL was amended to provide that FMR will compensate FIL at a flat fee rate of 0.44% of the net assets sub-advised by it. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.800662.120
ISC-SANN-0624
Fidelity® Sustainable Emerging Markets Equity Fund
 
 
Semi-Annual Report
April 30, 2024
Includes Fidelity and Fidelity Advisor share classes

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

Liquidity Risk Management Program

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. © 2024 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.
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR  (Taiwan, Semiconductors & Semiconductor Equipment)
9.0
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
6.3
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
5.7
 
Alibaba Group Holding Ltd.  (China, Broadline Retail)
3.3
 
Reliance Industries Ltd. GDR  (India, Oil, Gas & Consumable Fuels)
2.4
 
SK Hynix, Inc.  (Korea (South), Semiconductors & Semiconductor Equipment)
2.0
 
Grupo Financiero Banorte S.A.B. de CV Series O  (Mexico, Banks)
1.9
 
HDFC Bank Ltd.
1.7
 
Bharti Airtel Ltd.  (India, Wireless Telecommunication Services)
1.6
 
Meituan Class B (China, Hotels, Restaurants & Leisure)
1.6
 
 
35.5
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
23.1
 
Financials
23.1
 
Consumer Discretionary
15.8
 
Communication Services
10.9
 
Industrials
5.8
 
Materials
3.9
 
Consumer Staples
3.8
 
Health Care
3.5
 
Energy
3.2
 
Real Estate
1.1
 
Utilities
0.6
 
 
Asset Allocation (% of Fund's net assets)
Futures - 1.0%
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 - 93.9%
 
 
Shares
Value ($)
 
Brazil - 4.7%
 
 
 
Banco BTG Pactual SA unit
 
6,019
38,716
Banco do Brasil SA
 
6,642
35,074
Hapvida Participacoes e Investimentos SA (a)(b)
 
22,159
15,747
Localiza Rent a Car SA
 
2,035
19,215
Lojas Renner SA
 
7,812
23,063
Nu Holdings Ltd. (a)
 
5,709
62,000
Raia Drogasil SA
 
4,660
22,956
Suzano SA
 
888
9,997
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA
 
21,935
30,035
TOTAL BRAZIL
 
 
256,803
China - 27.9%
 
 
 
Airtac International Group
 
1,019
36,014
Alibaba Group Holding Ltd.
 
19,497
182,552
Anta Sports Products Ltd.
 
4,976
56,333
Baidu, Inc. sponsored ADR (a)
 
137
14,166
BYD Co. Ltd. (H Shares)
 
2,127
58,307
China Construction Bank Corp. (H Shares)
 
110,729
71,641
China Life Insurance Co. Ltd. (H Shares)
 
24,016
31,627
China Merchants Bank Co. Ltd. (H Shares)
 
10,608
45,942
Flat Glass Group Co. Ltd.
 
6,858
16,519
Haier Smart Home Co. Ltd.
 
4,519
16,738
Innovent Biologics, Inc. (a)(b)
 
4,977
24,093
JD.com, Inc. sponsored ADR
 
1,081
31,230
Kuaishou Technology Class B (a)(b)
 
1,918
13,447
Kweichow Moutai Co. Ltd. (A Shares)
 
136
31,887
Li Auto, Inc. ADR (a)
 
567
14,901
Li Ning Co. Ltd.
 
4,232
11,079
Meituan Class B (a)(b)
 
6,447
88,031
NetEase, Inc. ADR
 
336
31,406
New Oriental Education & Technology Group, Inc. sponsored ADR (a)
 
890
68,619
PDD Holdings, Inc. ADR (a)
 
584
73,105
Ping An Insurance Group Co. of China Ltd. (H Shares)
 
8,922
40,435
Qingdao Port International Co. Ltd. (H Shares) (b)
 
18,173
11,898
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
1,303
54,713
Sinotruk Hong Kong Ltd.
 
25,412
63,243
Tencent Holdings Ltd.
 
7,085
310,912
Trip.com Group Ltd. ADR (a)
 
568
27,412
Zhongji Innolight Co. Ltd. (A Shares)
 
1,169
29,467
Zijin Mining Group Co. Ltd. (H Shares)
 
33,112
72,233
TOTAL CHINA
 
 
1,527,950
Greece - 0.5%
 
 
 
Athens International Airport SA
 
600
5,321
OPAP SA
 
1,472
24,522
TOTAL GREECE
 
 
29,843
Hungary - 1.7%
 
 
 
OTP Bank PLC
 
953
47,289
Richter Gedeon PLC
 
1,698
43,240
TOTAL HUNGARY
 
 
90,529
India - 13.5%
 
 
 
Axis Bank Ltd.
 
4,138
57,742
Bharti Airtel Ltd.
 
5,633
89,138
Computer Age Management Services Private Ltd.
 
756
28,968
HDFC Bank Ltd.
 
3,437
62,400
HDFC Bank Ltd. sponsored ADR
 
540
31,104
HDFC Standard Life Insurance Co. Ltd. (b)
 
4,036
28,163
ICICI Bank Ltd.
 
3,686
50,775
Infosys Ltd. sponsored ADR
 
1,212
20,253
Larsen & Toubro Ltd.
 
1,361
58,487
Mankind Pharma Ltd.
 
877
24,786
NTPC Ltd.
 
7,794
33,863
Reliance Industries Ltd.
 
1,457
51,132
Reliance Industries Ltd. GDR (b)
 
1,103
77,982
SRF Ltd.
 
422
13,215
Tata Consultancy Services Ltd.
 
348
15,878
Tata Steel Ltd.
 
7,998
15,761
Ultratech Cement Ltd.
 
163
19,435
Zomato Ltd. (a)
 
25,296
58,365
TOTAL INDIA
 
 
737,447
Indonesia - 2.5%
 
 
 
PT Bank Central Asia Tbk
 
137,509
82,682
PT Bank Mandiri (Persero) Tbk
 
58,173
24,588
PT Bank Rakyat Indonesia (Persero) Tbk
 
24,259
7,343
PT Telkom Indonesia Persero Tbk
 
102,012
19,776
TOTAL INDONESIA
 
 
134,389
Korea (South) - 13.8%
 
 
 
AMOREPACIFIC Corp.
 
347
42,176
BGF Retail Co. Ltd.
 
91
8,555
Hana Financial Group, Inc.
 
223
9,379
Hyundai Motor Co. Ltd.
 
332
59,552
JYP Entertainment Corp.
 
75
3,577
KB Financial Group, Inc.
 
575
31,099
Kia Corp.
 
238
20,108
LG Corp.
 
84
4,779
NAVER Corp.
 
328
43,142
Samsung Biologics Co. Ltd. (a)(b)
 
49
27,464
Samsung Electronics Co. Ltd.
 
6,250
346,444
Samsung Fire & Marine Insurance Co. Ltd.
 
72
16,070
SK Hynix, Inc.
 
881
108,416
SK Square Co. Ltd. (a)
 
570
31,230
TOTAL KOREA (SOUTH)
 
 
751,991
Mexico - 4.1%
 
 
 
Corporacion Inmobiliaria Vesta S.A.B. de CV ADR
 
1,100
39,061
Fomento Economico Mexicano S.A.B. de CV sponsored ADR
 
116
13,649
Grupo Aeroportuario Norte S.A.B. de CV
 
1,295
14,337
Grupo Financiero Banorte S.A.B. de CV Series O
 
10,304
101,983
Wal-Mart de Mexico SA de CV Series V
 
15,091
56,309
TOTAL MEXICO
 
 
225,339
Peru - 1.0%
 
 
 
Credicorp Ltd. (United States)
 
321
53,161
Philippines - 0.4%
 
 
 
Ayala Land, Inc.
 
42,913
21,291
Poland - 0.9%
 
 
 
Powszechna Kasa Oszczednosci Bank SA
 
3,202
47,915
Saudi Arabia - 1.7%
 
 
 
Al Rajhi Bank
 
1,428
30,421
Alinma Bank
 
2,205
19,607
The Saudi National Bank
 
4,503
45,143
TOTAL SAUDI ARABIA
 
 
95,171
Singapore - 0.7%
 
 
 
Sea Ltd. ADR (a)
 
643
40,631
South Africa - 4.6%
 
 
 
Absa Group Ltd.
 
890
6,863
Bid Corp. Ltd.
 
647
14,747
Capitec Bank Holdings Ltd.
 
357
44,183
FirstRand Ltd.
 
5,814
20,071
Gold Fields Ltd. sponsored ADR
 
1,231
19,905
Impala Platinum Holdings Ltd.
 
5,068
22,560
MTN Group Ltd.
 
6,757
32,385
Naspers Ltd. Class N
 
188
35,979
Pepkor Holdings Ltd. (b)
 
15,017
14,166
Shoprite Holdings Ltd.
 
1,490
19,880
Standard Bank Group Ltd.
 
2,085
19,580
TOTAL SOUTH AFRICA
 
 
250,319
Taiwan - 14.3%
 
 
 
Alchip Technologies Ltd.
 
462
43,496
Chailease Holding Co. Ltd.
 
7,759
40,850
E.SUN Financial Holdings Co. Ltd.
 
15,067
12,638
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
9,457
44,939
MediaTek, Inc.
 
2,116
63,686
Quanta Computer, Inc.
 
2,212
17,329
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
3,576
491,127
Unimicron Technology Corp.
 
3,278
18,095
Wiwynn Corp.
 
151
10,723
Yageo Corp.
 
2,144
40,823
TOTAL TAIWAN
 
 
783,706
Thailand - 0.9%
 
 
 
PTT Exploration and Production PCL (For. Reg.)
 
11,402
47,570
United Kingdom - 0.7%
 
 
 
AngloGold Ashanti PLC
 
1,699
39,060
 
TOTAL COMMON STOCKS
 (Cost $4,617,254)
 
 
 
5,133,115
 
 
 
 
Nonconvertible Preferred Stocks - 0.9%
 
 
Shares
Value ($)
 
Brazil - 0.9%
 
 
 
Itau Unibanco Holding SA
  (Cost $42,386)
 
8,190
49,462
 
 
 
 
Money Market Funds - 4.5%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (c)
 
 (Cost $246,600)
 
 
246,551
246,600
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.3%
 (Cost $4,906,240)
 
 
 
5,429,177
NET OTHER ASSETS (LIABILITIES) - 0.7%  
37,481
NET ASSETS - 100.0%
5,466,658
 
 
 
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
Jun 2024
52,100
1,061
1,061
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 1.0%
 
 
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 $300,991 or 5.5% 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 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 5.39%
151,488
1,328,192
1,233,080
8,831
-
-
246,600
0.0%
Total
151,488
1,328,192
1,233,080
8,831
-
-
246,600
 
 
 
 
 
 
 
 
 
 
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 April 30, 2024, 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
598,580
86,203
512,377
-
Consumer Discretionary
864,062
262,852
601,210
-
Consumer Staples
210,159
92,914
117,245
-
Energy
176,684
77,982
98,702
-
Financials
1,265,946
561,875
704,071
-
Health Care
190,043
58,987
131,056
-
Industrials
303,527
68,908
234,619
-
Information Technology
1,267,195
511,380
755,815
-
Materials
212,166
68,962
143,204
-
Real Estate
60,352
39,061
21,291
-
Utilities
33,863
-
33,863
-
  Money Market Funds
246,600
246,600
-
-
 Total Investments in Securities:
5,429,177
2,075,724
3,353,453
-
 Derivative Instruments:
 Assets
 
 
 
 
Futures Contracts
1,061
1,061
-
-
  Total Assets
1,061
1,061
-
-
 Total Derivative Instruments:
1,061
1,061
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2024. 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) 
1,061
0
Total Equity Risk
1,061
0
Total Value of Derivatives
1,061
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
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $4,659,640)
$
5,182,577
 
 
Fidelity Central Funds (cost $246,600)
246,600
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $4,906,240)
 
 
$
5,429,177
Segregated cash with brokers for derivative instruments
 
 
1,526
Cash
 
 
17,462
Foreign currency held at value (cost $12,557)
 
 
12,555
Receivable for investments sold
 
 
60,208
Receivable for fund shares sold
 
 
26,118
Dividends receivable
 
 
5,341
Distributions receivable from Fidelity Central Funds
 
 
1,342
Prepaid expenses
 
 
2
Receivable from investment adviser for expense reductions
 
 
7,567
  Total assets
 
 
5,561,298
Liabilities
 
 
 
 
Payable for investments purchased
$
27,904
 
 
Payable for fund shares redeemed
2,466
 
 
Accrued management fee
4,162
 
 
Distribution and service plan fees payable
329
 
 
Payable for daily variation margin on futures contracts
715
 
 
Deferred taxes
15,777
 
 
Audit fee payable
34,886
 
 
Custody fee payable
8,261
 
 
Other payables and accrued expenses
140
 
 
  Total liabilities
 
 
 
94,640
Net Assets  
 
 
$
5,466,658
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
5,759,276
Total accumulated earnings (loss)
 
 
 
(292,618)
Net Assets
 
 
$
5,466,658
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($280,244 ÷ 33,314 shares)(a)
 
 
$
8.41
Maximum offering price per share (100/94.25 of $8.41)
 
 
$
8.92
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($225,227 ÷ 26,784 shares)(a)
 
 
$
8.41
Maximum offering price per share (100/96.50 of $8.41)
 
 
$
8.72
Class C :
 
 
 
 
Net Asset Value and offering price per share ($214,206 ÷ 25,568 shares)(a)
 
 
$
8.38
Fidelity Sustainable Emerging Markets Equity Fund :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($4,049,720 ÷ 480,747 shares)
 
 
$
8.42
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($226,553 ÷ 26,898 shares)
 
 
$
8.42
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($470,708 ÷ 55,709 shares)
 
 
$
8.45
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
45,847
Income from Fidelity Central Funds  
 
 
8,831
 Income before foreign taxes withheld
 
 
$
54,678
Less foreign taxes withheld
 
 
(5,684)
 Total income
 
 
 
48,994
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
20,414
 
 
 Performance adjustment
68
 
 
Transfer agent fees
2,956
 
 
Distribution and service plan fees
1,887
 
 
Accounting fees and expenses
786
 
 
Custodian fees and expenses
13,045
 
 
Independent trustees' fees and expenses
12
 
 
Registration fees
76,889
 
 
Audit
43,415
 
 
Legal
2
 
 
Miscellaneous
9
 
 
 Total expenses before reductions
 
159,483
 
 
 Expense reductions
 
(127,506)
 
 
 Total expenses after reductions
 
 
 
31,977
Net Investment income (loss)
 
 
 
17,017
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $5,485)
 
41,752
 
 
 Foreign currency transactions
 
(1,635)
 
 
 Futures contracts
 
(2,290)
 
 
Total net realized gain (loss)
 
 
 
37,827
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of increase in deferred foreign taxes of $11,106)  
 
631,913
 
 
 Assets and liabilities in foreign currencies
 
(148)
 
 
 Futures contracts
 
1,228
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
632,993
Net gain (loss)
 
 
 
670,820
Net increase (decrease) in net assets resulting from operations
 
 
$
687,837
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
17,017
$
55,252
Net realized gain (loss)
 
37,827
 
 
(415,154)
 
Change in net unrealized appreciation (depreciation)
 
632,993
 
636,341
 
Net increase (decrease) in net assets resulting from operations
 
687,837
 
 
276,439
 
Distributions to shareholders
 
(77,705)
 
 
(23,630)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
725,020
 
 
866,372
 
Total increase (decrease) in net assets
 
1,335,152
 
 
1,119,181
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
4,131,506
 
3,012,325
 
End of period
$
5,466,658
$
4,131,506
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® Sustainable Emerging Markets Equity Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022 A
  Selected Per-Share Data 
 
 
 
 
 
 
  Net asset value, beginning of period
$
7.36
$
6.55
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.02
 
.08
 
.03
     Net realized and unrealized gain (loss)
 
1.15
 
.77
 
(3.48)
  Total from investment operations
 
1.17  
 
.85  
 
(3.45)  
  Distributions from net investment income
 
(.12)
 
(.04)
 
-
     Total distributions
 
(.12)
 
(.04)
 
-
  Net asset value, end of period
$
8.41
$
7.36
$
6.55
 Total Return D,E,F
 
16.06
%
 
 
12.93%
 
(34.50)%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
    Expenses before reductions
 
6.68% I
 
6.44%
 
8.77% I,J
    Expenses net of fee waivers, if any
 
1.49
% I
 
 
1.49%
 
1.57% I
    Expenses net of all reductions
 
1.48% I
 
1.48%
 
1.56% I
    Net investment income (loss)
 
.50% I
 
1.06%
 
.51% I
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
280
$
224
$
164
    Portfolio turnover rate K
 
97
% I
 
 
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
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022 A
  Selected Per-Share Data 
 
 
 
 
 
 
  Net asset value, beginning of period
$
7.35
$
6.54
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.01
 
.06
 
.01
     Net realized and unrealized gain (loss)
 
1.15
 
.77
 
(3.47)
  Total from investment operations
 
1.16  
 
.83  
 
(3.46)  
  Distributions from net investment income
 
(.10)
 
(.02)
 
-
     Total distributions
 
(.10)
 
(.02)
 
-
  Net asset value, end of period
$
8.41
$
7.35
$
6.54
 Total Return D,E,F
 
15.94
%
 
 
12.65%
 
(34.60)%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
    Expenses before reductions
 
6.84% I
 
6.57%
 
9.01% I,J
    Expenses net of fee waivers, if any
 
1.74
% I
 
 
1.74%
 
1.82% I
    Expenses net of all reductions
 
1.73% I
 
1.73%
 
1.82% I
    Net investment income (loss)
 
.25% I
 
.81%
 
.26% I
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
225
$
184
$
164
    Portfolio turnover rate K
 
97
% I
 
 
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 C
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022 A
  Selected Per-Share Data 
 
 
 
 
 
 
  Net asset value, beginning of period
$
7.30
$
6.52
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
(.01)
 
.02
 
(.01)
     Net realized and unrealized gain (loss)
 
1.15
 
.76
 
(3.47)
  Total from investment operations
 
1.14  
 
.78  
 
(3.48)  
  Distributions from net investment income
 
(.06)
 
-
 
-
     Total distributions
 
(.06)
 
-
 
-
  Net asset value, end of period
$
8.38
$
7.30
$
6.52
 Total Return D,E,F
 
15.73
%
 
 
11.96%
 
(34.80)%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
    Expenses before reductions
 
7.36% I
 
7.07%
 
9.51% I,J
    Expenses net of fee waivers, if any
 
2.24
% I
 
 
2.25%
 
2.32% I
    Expenses net of all reductions
 
2.23% I
 
2.24%
 
2.32% I
    Net investment income (loss)
 
(.25)% I
 
.31%
 
(.24)% I
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
214
$
185
$
163
    Portfolio turnover rate K
 
97
% I
 
 
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 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.
 
IAnnualized.
 
JAudit fees are not annualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity® Sustainable Emerging Markets Equity Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022 A
  Selected Per-Share Data 
 
 
 
 
 
 
  Net asset value, beginning of period
$
7.38
$
6.57
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.03
 
.10
 
.05
     Net realized and unrealized gain (loss)
 
1.15
 
.76
 
(3.48)
  Total from investment operations
 
1.18  
 
.86  
 
(3.43)  
  Distributions from net investment income
 
(.14)
 
(.05)
 
-
     Total distributions
 
(.14)
 
(.05)
 
-
  Net asset value, end of period
$
8.42
$
7.38
$
6.57
 Total Return D,E
 
16.18
%
 
 
13.11%
 
(34.30)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
    Expenses before reductions
 
6.37% H
 
6.16%
 
8.07% H,I
    Expenses net of fee waivers, if any
 
1.24
% H
 
 
1.25%
 
1.25% H
    Expenses net of all reductions
 
1.23% H
 
1.24%
 
1.25% H
    Net investment income (loss)
 
.75% H
 
1.31%
 
.83% H
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,050
$
2,947
$
2,082
    Portfolio turnover rate J
 
97
% H
 
 
119%
 
84% 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 Emerging Markets Equity Fund Class I
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022 A
  Selected Per-Share Data 
 
 
 
 
 
 
  Net asset value, beginning of period
$
7.38
$
6.57
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.03
 
.10
 
.04
     Net realized and unrealized gain (loss)
 
1.15
 
.76
 
(3.47)
  Total from investment operations
 
1.18  
 
.86  
 
(3.43)  
  Distributions from net investment income
 
(.14)
 
(.05)
 
-
     Total distributions
 
(.14)
 
(.05)
 
-
  Net asset value, end of period
$
8.42
$
7.38
$
6.57
 Total Return D,E
 
16.18
%
 
 
13.11%
 
(34.30)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
    Expenses before reductions
 
6.39% H
 
6.00%
 
8.50% H,I
    Expenses net of fee waivers, if any
 
1.24
% H
 
 
1.24%
 
1.31% H
    Expenses net of all reductions
 
1.23% H
 
1.23%
 
1.31% H
    Net investment income (loss)
 
.75% H
 
1.31%
 
.76% H
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
227
$
201
$
164
    Portfolio turnover rate J
 
97
% H
 
 
119%
 
84% 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 Emerging Markets Equity Fund Class Z
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022 A
  Selected Per-Share Data 
 
 
 
 
 
 
  Net asset value, beginning of period
$
7.40
$
6.57
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.04
 
.11
 
.05
     Net realized and unrealized gain (loss)
 
1.15
 
.77
 
(3.48)
  Total from investment operations
 
1.19  
 
.88  
 
(3.43)  
  Distributions from net investment income
 
(.14)
 
(.05)
 
-
     Total distributions
 
(.14)
 
(.05)
 
-
  Net asset value, end of period
$
8.45
$
7.40
$
6.57
 Total Return D,E
 
16.27
%
 
 
13.42%
 
(34.30)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
    Expenses before reductions
 
6.25% H
 
5.87%
 
8.23% H,I
    Expenses net of fee waivers, if any
 
1.09
% H
 
 
1.09%
 
1.15% H
    Expenses net of all reductions
 
1.08% H
 
1.09%
 
1.15% H
    Net investment income (loss)
 
.90% H
 
1.46%
 
.93% H
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
471
$
390
$
276
    Portfolio turnover rate J
 
97
% H
 
 
119%
 
84% 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).
 
For the period ended April 30, 2024
 
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 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 April 30, 2024 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. 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.
 
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
$700,098
Gross unrealized depreciation
(255,868)
Net unrealized appreciation (depreciation)
$444,230
Tax cost
$4,986,006
 
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 prior fiscal period end and is subject to adjustment.
 
 Short-term
$(574,011)
 Long-term
(169,094)
Total capital loss carryforward
$(743,105)
 
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
2,707,109
2,235,531
 
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.
 
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
.98
Class M
.90
Class C
.90
Fidelity Sustainable Emerging Markets Equity Fund
.98
Class I
.90
Class Z
.83
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.97
Class M
.90
Class C
.90
Fidelity Sustainable Emerging Markets Equity Fund
.93
Class I
.90
Class Z
.83
 
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .55% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was 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 decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .77%.
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
 
 
Performance Adjustment Index
Fidelity Sustainable Emerging Markets Equity Fund
MSCI Emerging Markets Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Fidelity Sustainable Emerging Markets Equity Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.10% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was less than .005%.
 
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
 
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%
328
261
Class M
 .25%
 .25%
 520
 518
Class C
 .75%
 .25%
                  1,039
                  1,024
 
 
 
1,887
1,803
 
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
 
 
 
 
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. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
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
.1963
Class M
.1153
Class C
.1151
Fidelity Sustainable Emerging Markets Equity Fund
.2000
Class I
.1217
 
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
Amount ($)
% of Class-Level Average Net AssetsA
Class A
 195
.23
Class M
 81
.12
Class C
 79
.12
Fidelity Sustainable Emerging Markets Equity Fund
 2,450
.21
Class I
 92
.13
Class Z
                        59
.04
 
                           2,956
 
A Annualized
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
 
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
.0498
 
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Fidelity Sustainable Emerging Markets Equity Fund
.05
 
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
 38,006
 58,627
 1,840
 
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
4
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%
 6,801
Class M
1.75%
 5,288
Class C
2.25%
 5,307
Fidelity Sustainable Emerging Markets Equity Fund
1.25%
 92,680
Class I
1.25%
 5,731
Class Z
1.10%
                11,146
 
 
             126,953
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 $337.
 
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 $216.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2024
Year ended
October 31, 2023
Fidelity Sustainable Emerging Markets Equity Fund
 
 
Distributions to shareholders
 
 
Class A
$3,751
 $1,114
Class M
 2,609
 450
Class C
 1,624
 -
Fidelity Sustainable Emerging Markets Equity Fund
 59,025
 18,515
Class I
 3,903
 1,326
Class Z
                  6,793
                  2,225
Total  
$77,705
$23,630
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
 
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Fidelity Sustainable Emerging Markets Equity Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
2,473
8,323
$20,365
$64,307
Reinvestment of distributions
479
147
3,751
1,114
Shares redeemed
(58)
(3,050)
(497)
(25,227)
Net increase (decrease)
2,894
5,420
$23,619
$40,194
Class M
 
 
 
 
Shares sold
1,381
11
$11,309
$89
Reinvestment of distributions
333
59
2,609
450
Net increase (decrease)
1,714
70
$13,918
$539
Class C
 
 
 
 
Shares sold
45
848
$346
$6,892
Reinvestment of distributions
207
-
1,624
-
Shares redeemed
-
(532)
-
(4,129)
Net increase (decrease)
252
316
$1,970
$2,763
Fidelity Sustainable Emerging Markets Equity Fund
 
 
 
 
Shares sold
130,633
371,692
$1,061,368
$2,989,168
Reinvestment of distributions
6,946
2,252
54,391
17,120
Shares redeemed
(56,284)
(291,557)
(451,308)
(2,290,199)
Net increase (decrease)
81,295
82,387
$664,451
$716,089
Class I
 
 
 
 
Shares sold
-
2,102
$ -
$17,000
Reinvestment of distributions
498
174
3,903
1,326
Shares redeemed
(876)
-
(7,101)
-
Net increase (decrease)
(378)
2,276
$(3,198)
$18,326
Class Z
 
 
 
 
Shares sold
14,468
14,147
$118,373
$113,210
Reinvestment of distributions
462
174
3,624
1,326
Shares redeemed
(11,989)
(3,509)
(97,737)
(26,075)
Net increase (decrease)
2,941
10,812
$24,260
$88,461
 
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:
 
Fund
Affiliated %
Fidelity Sustainable Emerging Markets Equity Fund 
 28%
 
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
21%
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.
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 (November 1, 2023 to April 30, 2024).
 
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 November 1, 2023
 
Ending Account Value April 30, 2024
 
Expenses Paid During Period- C November 1, 2023 to April 30, 2024
Fidelity® Sustainable Emerging Markets Equity Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.49%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,160.60
 
$ 8.00
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,017.45
 
$ 7.47
 
Class M
 
 
 
1.74%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,159.40
 
$ 9.34
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,016.21
 
$ 8.72
 
Class C
 
 
 
2.24%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,157.30
 
$ 12.01
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,013.72
 
$ 11.22
 
Fidelity® Sustainable Emerging Markets Equity Fund
 
 
 
1.24%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,161.80
 
$ 6.66
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,018.70
 
$ 6.22
 
Class I
 
 
 
1.24%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,161.80
 
$ 6.66
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,018.70
 
$ 6.22
 
Class Z
 
 
 
1.09%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,162.70
 
$ 5.86
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.44
 
$ 5.47
 
 
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 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
Board Approval of Investment Advisory Contracts
Fidelity Sustainable Emerging Markets Equity Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9905244.102
MAR-SANN-0624
Fidelity® Sustainable International Equity Fund
 
 
Semi-Annual Report
April 30, 2024
Includes Fidelity and Fidelity Advisor share classes

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

Liquidity Risk Management Program

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. © 2024 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.
 
Top Holdings (% of Fund's net assets)
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
5.3
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
4.2
 
Hitachi Ltd.  (Japan, Industrial Conglomerates)
3.3
 
Itochu Corp.  (Japan, Trading Companies & Distributors)
3.2
 
Sony Group Corp.  (Japan, Household Durables)
3.2
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
2.9
 
ORIX Corp.  (Japan, Financial Services)
2.7
 
CRH PLC  (United States of America, Construction Materials)
2.4
 
Schneider Electric SA  (United States of America, Electrical Equipment)
2.4
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
2.4
 
 
32.0
 
 
Market Sectors (% of Fund's net assets)
 
Financials
23.1
 
Industrials
16.6
 
Health Care
13.6
 
Information Technology
13.2
 
Consumer Discretionary
11.7
 
Materials
5.9
 
Consumer Staples
5.0
 
Utilities
3.7
 
Communication Services
2.0
 
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.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 96.1%
 
 
Shares
Value ($)
 
Australia - 1.5%
 
 
 
Brambles Ltd.
 
2,852
26,831
Macquarie Group Ltd.
 
922
110,399
TOTAL AUSTRALIA
 
 
137,230
Austria - 1.0%
 
 
 
Wienerberger AG
 
2,641
94,588
Belgium - 1.9%
 
 
 
KBC Group NV
 
800
59,678
UCB SA
 
895
118,963
TOTAL BELGIUM
 
 
178,641
Canada - 0.2%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
377
20,895
China - 0.4%
 
 
 
Chervon Holdings Ltd.
 
15,591
37,864
Denmark - 7.0%
 
 
 
Carlsberg A/S Series B
 
1,002
134,782
Novo Nordisk A/S Series B
 
3,891
498,988
Vestas Wind Systems A/S (a)
 
1,128
30,408
TOTAL DENMARK
 
 
664,178
France - 10.8%
 
 
 
Air Liquide SA
 
560
109,524
Amundi SA (b)
 
1,564
109,743
AXA SA
 
5,824
201,627
BNP Paribas SA
 
2,008
144,499
EssilorLuxottica SA
 
389
83,360
L'Oreal SA
 
343
160,934
LVMH Moet Hennessy Louis Vuitton SE
 
255
209,466
TOTAL FRANCE
 
 
1,019,153
Germany - 6.4%
 
 
 
adidas AG
 
247
59,679
DHL Group
 
1,715
71,807
Gerresheimer AG
 
207
22,312
Instone Real Estate Group BV (b)
 
6,652
61,548
Merck KGaA
 
910
144,653
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
253
111,295
SAP SE
 
423
76,380
Siemens AG
 
302
56,575
TOTAL GERMANY
 
 
604,249
Hong Kong - 1.7%
 
 
 
AIA Group Ltd.
 
21,525
157,657
India - 0.9%
 
 
 
HDFC Bank Ltd. sponsored ADR
 
1,497
86,227
Ireland - 1.9%
 
 
 
Dalata Hotel Group PLC
 
18,025
81,177
Kingspan Group PLC (Ireland)
 
1,075
96,196
TOTAL IRELAND
 
 
177,373
Italy - 3.2%
 
 
 
Prysmian SpA
 
2,023
110,495
UniCredit SpA
 
5,345
196,185
TOTAL ITALY
 
 
306,680
Japan - 20.6%
 
 
 
Eisai Co. Ltd.
 
639
26,243
Fuji Electric Co. Ltd.
 
1,000
62,204
Hitachi Ltd.
 
3,411
314,701
Hoya Corp.
 
1,368
158,606
Itochu Corp.
 
6,728
303,532
Net One Systems Co. Ltd.
 
5,995
100,312
ORIX Corp.
 
12,690
259,706
Renesas Electronics Corp.
 
5,077
82,429
Sony Group Corp.
 
3,618
299,033
Sumitomo Mitsui Financial Group, Inc.
 
2,727
154,904
Tokio Marine Holdings, Inc.
 
1,923
60,779
Tokyo Electron Ltd.
 
575
126,124
TOTAL JAPAN
 
 
1,948,573
Korea (South) - 1.0%
 
 
 
Samsung Electronics Co. Ltd.
 
949
52,604
SK Hynix, Inc.
 
366
45,040
TOTAL KOREA (SOUTH)
 
 
97,644
Netherlands - 9.4%
 
 
 
ASML Holding NV (Netherlands)
 
447
397,230
BE Semiconductor Industries NV
 
360
48,216
ING Groep NV (Certificaten Van Aandelen)
 
8,848
139,889
Koninklijke KPN NV
 
53,298
193,692
Wolters Kluwer NV
 
750
112,656
TOTAL NETHERLANDS
 
 
891,683
New Zealand - 1.0%
 
 
 
Contact Energy Ltd.
 
19,058
97,299
Norway - 0.0%
 
 
 
Schibsted ASA (A Shares)
 
65
1,860
Singapore - 0.9%
 
 
 
United Overseas Bank Ltd.
 
3,608
80,064
Spain - 1.5%
 
 
 
CaixaBank SA
 
8,255
43,533
EDP Renovaveis SA
 
269
3,695
Iberdrola SA
 
6,651
81,552
Puig Group SL Class B
 
400
10,459
TOTAL SPAIN
 
 
139,239
Sweden - 0.7%
 
 
 
Investor AB (B Shares)
 
1,793
44,311
Lagercrantz Group AB (B Shares)
 
1,680
24,986
TOTAL SWEDEN
 
 
69,297
Switzerland - 0.8%
 
 
 
Compagnie Financiere Richemont SA Series A
 
524
72,431
Taiwan - 2.9%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
11,410
272,713
United Kingdom - 12.4%
 
 
 
3i Group PLC
 
2,250
80,387
AstraZeneca PLC (United Kingdom)
 
1,487
224,907
Beazley PLC
 
3,417
28,308
Bellway PLC
 
3,279
103,661
Berkeley Group Holdings PLC
 
1,838
108,265
Big Yellow Group PLC
 
1,361
18,367
Compass Group PLC
 
4,756
132,282
Diageo PLC
 
2,160
74,649
Direct Line Insurance Group PLC
 
22,877
53,113
Grainger Trust PLC
 
11,726
37,583
London Stock Exchange Group PLC
 
421
46,411
National Grid PLC
 
5,753
75,463
RELX PLC (London Stock Exchange)
 
1,013
41,621
Renewi PLC (a)
 
2,622
18,446
Sage Group PLC
 
2,060
30,014
SSE PLC
 
4,688
97,447
TOTAL UNITED KINGDOM
 
 
1,170,924
United States of America - 8.0%
 
 
 
CRH PLC
 
2,980
232,207
Ferguson PLC
 
480
101,723
Linde PLC
 
271
119,500
Nestle SA (Reg. S)
 
812
81,525
Schneider Electric SA
 
988
225,277
TOTAL UNITED STATES OF AMERICA
 
 
760,232
 
TOTAL COMMON STOCKS
 (Cost $7,857,404)
 
 
 
9,086,694
 
 
 
 
Money Market Funds - 3.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (c)
 
 (Cost $310,273)
 
 
310,211
310,273
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.4%
 (Cost $8,167,677)
 
 
 
9,396,967
NET OTHER ASSETS (LIABILITIES) - 0.6%  
59,805
NET ASSETS - 100.0%
9,456,772
 
 
 
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 $171,291 or 1.8% of net assets.
 
(c)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
 
 
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 5.39%
226,885
1,931,593
1,848,205
8,139
-
-
310,273
0.0%
Total
226,885
1,931,593
1,848,205
8,139
-
-
310,273
 
 
 
 
 
 
 
 
 
 
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 April 30, 2024, 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
195,552
1,860
193,692
-
Consumer Discretionary
1,103,858
352,782
751,076
-
Consumer Staples
483,244
181,829
301,415
-
Financials
2,168,715
694,302
1,474,413
-
Health Care
1,278,032
369,288
908,744
-
Industrials
1,572,472
469,924
1,102,548
-
Information Technology
1,256,048
500,446
755,602
-
Materials
555,819
446,295
109,524
-
Real Estate
117,498
117,498
-
-
Utilities
355,456
3,695
351,761
-
  Money Market Funds
310,273
310,273
-
-
 Total Investments in Securities:
9,396,967
3,448,192
5,948,775
-
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $7,857,404)
$
9,086,694
 
 
Fidelity Central Funds (cost $310,273)
310,273
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $8,167,677)
 
 
$
9,396,967
Cash
 
 
29,358
Foreign currency held at value (cost $7,373)
 
 
7,355
Receivable for fund shares sold
 
 
10,906
Dividends receivable
 
 
51,684
Reclaims receivable
 
 
12,530
Distributions receivable from Fidelity Central Funds
 
 
1,763
Prepaid expenses
 
 
3
Receivable from investment adviser for expense reductions
 
 
10,816
  Total assets
 
 
9,521,382
Liabilities
 
 
 
 
Payable for investments purchased
$
10,459
 
 
Payable for fund shares redeemed
7,004
 
 
Accrued management fee
5,902
 
 
Distribution and service plan fees payable
379
 
 
Audit fee payable
31,537
 
 
Custody fee payable
9,304
 
 
Other payables and accrued expenses
25
 
 
  Total liabilities
 
 
 
64,610
Net Assets  
 
 
$
9,456,772
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
8,828,889
Total accumulated earnings (loss)
 
 
 
627,883
Net Assets
 
 
$
9,456,772
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($277,676 ÷ 30,180 shares)(a)
 
 
$
9.20
Maximum offering price per share (100/94.25 of $9.20)
 
 
$
9.76
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($253,819 ÷ 27,607 shares)(a)
 
 
$
9.19
Maximum offering price per share (100/96.50 of $9.19)
 
 
$
9.52
Class C :
 
 
 
 
Net Asset Value and offering price per share ($265,822 ÷ 29,025 shares)(a)
 
 
$
9.16
Fidelity Sustainable International Equity Fund :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($8,138,058 ÷ 883,380 shares)
 
 
$
9.21
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($235,442 ÷ 25,559 shares)
 
 
$
9.21
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($285,955 ÷ 30,941 shares)
 
 
$
9.24
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
118,054
Income from Fidelity Central Funds  
 
 
8,139
 Income before foreign taxes withheld
 
 
$
126,193
Less foreign taxes withheld
 
 
(11,957)
 Total income
 
 
 
114,236
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
30,224
 
 
 Performance adjustment
(2,837)
 
 
Transfer agent fees
5,045
 
 
Distribution and service plan fees
2,176
 
 
Accounting fees and expenses
1,297
 
 
Custodian fees and expenses
8,626
 
 
Independent trustees' fees and expenses
20
 
 
Registration fees
75,668
 
 
Audit
33,592
 
 
Legal
4
 
 
Miscellaneous
15
 
 
 Total expenses before reductions
 
153,830
 
 
 Expense reductions
 
(108,827)
 
 
 Total expenses after reductions
 
 
 
45,003
Net Investment income (loss)
 
 
 
69,233
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(82,156)
 
 
 Foreign currency transactions
 
355
 
 
Total net realized gain (loss)
 
 
 
(81,801)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
1,328,495
 
 
 Assets and liabilities in foreign currencies
 
(547)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
1,327,948
Net gain (loss)
 
 
 
1,246,147
Net increase (decrease) in net assets resulting from operations
 
 
$
1,315,380
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
69,233
$
98,930
Net realized gain (loss)
 
(81,801)
 
 
(273,187)
 
Change in net unrealized appreciation (depreciation)
 
1,327,948
 
561,529
 
Net increase (decrease) in net assets resulting from operations
 
1,315,380
 
 
387,272
 
Distributions to shareholders
 
(119,018)
 
 
(29,290)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
1,467,174
 
 
1,623,323
 
Total increase (decrease) in net assets
 
2,663,536
 
 
1,981,305
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
6,793,236
 
4,811,931
 
End of period
$
9,456,772
$
6,793,236
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® Sustainable International Equity Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022 A
  Selected Per-Share Data 
 
 
 
 
 
 
  Net asset value, beginning of period
$
7.85
$
7.20
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.06
 
.10
 
.07
     Net realized and unrealized gain (loss)
 
1.41
 
.58
 
(2.87)
  Total from investment operations
 
1.47  
 
.68  
 
(2.80)  
  Distributions from net investment income
 
(.12)
 
(.03)
 
-
     Total distributions
 
(.12)
 
(.03)
 
-
  Net asset value, end of period
$
9.20
$
7.85
$
7.20
 Total Return D,E,F
 
18.86
%
 
 
9.43%
 
(28.00)%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
    Expenses before reductions
 
4.05% I
 
3.91%
 
7.77% I,J
    Expenses net of fee waivers, if any
 
1.29
% I
 
 
1.29%
 
1.30% I
    Expenses net of all reductions
 
1.29% I
 
1.29%
 
1.28% I
    Net investment income (loss)
 
1.46% I
 
1.23%
 
1.18% I
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
278
$
353
$
185
    Portfolio turnover rate K
 
68
% I
 
 
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
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022 A
  Selected Per-Share Data 
 
 
 
 
 
 
  Net asset value, beginning of period
$
7.83
$
7.19
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.05
 
.08
 
.05
     Net realized and unrealized gain (loss)
 
1.41
 
.57
 
(2.86)
  Total from investment operations
 
1.46  
 
.65  
 
(2.81)  
  Distributions from net investment income
 
(.10)
 
(.01)
 
-
     Total distributions
 
(.10)
 
(.01)
 
-
  Net asset value, end of period
$
9.19
$
7.83
$
7.19
 Total Return D,E,F
 
18.69
%
 
 
9.08%
 
(28.10)%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
    Expenses before reductions
 
4.12% I
 
4.24%
 
8.02% I,J
    Expenses net of fee waivers, if any
 
1.54
% I
 
 
1.55%
 
1.55% I
    Expenses net of all reductions
 
1.53% I
 
1.54%
 
1.55% I
    Net investment income (loss)
 
1.21% I
 
.98%
 
.91% I
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
254
$
196
$
180
    Portfolio turnover rate K
 
68
% I
 
 
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
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022 A
  Selected Per-Share Data 
 
 
 
 
 
 
  Net asset value, beginning of period
$
7.78
$
7.16
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.03
 
.04
 
.02
     Net realized and unrealized gain (loss)
 
1.40
 
.58
 
(2.86)
  Total from investment operations
 
1.43  
 
.62  
 
(2.84)  
  Distributions from net investment income
 
(.05)
 
-
 
-
     Total distributions
 
(.05)
 
-
 
-
  Net asset value, end of period
$
9.16
$
7.78
$
7.16
 Total Return D,E,F
 
18.39
%
 
 
8.66%
 
(28.40)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
    Expenses before reductions
 
4.56% I
 
4.73%
 
8.51% I,J
    Expenses net of fee waivers, if any
 
2.04
% I
 
 
2.04%
 
2.05% I
    Expenses net of all reductions
 
2.03% I
 
2.04%
 
2.05% I
    Net investment income (loss)
 
.71% I
 
.48%
 
.41% I
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
266
$
194
$
179
    Portfolio turnover rate K
 
68
% I
 
 
36%
 
43% I
 
AFor the period February 10, 2022 (commencement of operations) through October 31, 2022
 
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.
 
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.
 
IAnnualized.
 
JAudit fees are not annualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity® Sustainable International Equity Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022 A
  Selected Per-Share Data 
 
 
 
 
 
 
  Net asset value, beginning of period
$
7.87
$
7.21
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.08
 
.12
 
.08
     Net realized and unrealized gain (loss)
 
1.40
 
.58
 
(2.87)
  Total from investment operations
 
1.48  
 
.70  
 
(2.79)  
  Distributions from net investment income
 
(.14)
 
(.04)
 
-
     Total distributions
 
(.14)
 
(.04)
 
-
  Net asset value, end of period
$
9.21
$
7.87
$
7.21
 Total Return D,E
 
19.01
%
 
 
9.73%
 
(27.90)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
    Expenses before reductions
 
3.65% H
 
3.72%
 
7.64% H,I
    Expenses net of fee waivers, if any
 
1.04
% H
 
 
1.04%
 
1.05% H
    Expenses net of all reductions
 
1.04% H
 
1.04%
 
1.01% H
    Net investment income (loss)
 
1.71% H
 
1.48%
 
1.45% H
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
8,138
$
5,563
$
3,908
    Portfolio turnover rate J
 
68
% H
 
 
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 I
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022 A
  Selected Per-Share Data 
 
 
 
 
 
 
  Net asset value, beginning of period
$
7.87
$
7.21
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.08
 
.12
 
.08
     Net realized and unrealized gain (loss)
 
1.40
 
.58
 
(2.87)
  Total from investment operations
 
1.48  
 
.70  
 
(2.79)  
  Distributions from net investment income
 
(.14)
 
(.04)
 
-
     Total distributions
 
(.14)
 
(.04)
 
-
  Net asset value, end of period
$
9.21
$
7.87
$
7.21
 Total Return D,E
 
19.01
%
 
 
9.73%
 
(27.90)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
    Expenses before reductions
 
3.63% H
 
3.74%
 
7.52% H,I
    Expenses net of fee waivers, if any
 
1.04
% H
 
 
1.04%
 
1.05% H
    Expenses net of all reductions
 
1.04% H
 
1.04%
 
1.03% H
    Net investment income (loss)
 
1.71% H
 
1.48%
 
1.43% H
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
235
$
199
$
180
    Portfolio turnover rate J
 
68
% H
 
 
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
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022 A
  Selected Per-Share Data 
 
 
 
 
 
 
  Net asset value, beginning of period
$
7.89
$
7.22
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.08
 
.14
 
.09
     Net realized and unrealized gain (loss)
 
1.41
 
.57
 
(2.87)
  Total from investment operations
 
1.49  
 
.71  
 
(2.78)  
  Distributions from net investment income
 
(.14)
 
(.04)
 
-
     Total distributions
 
(.14)
 
(.04)
 
-
  Net asset value, end of period
$
9.24
$
7.89
$
7.22
 Total Return D,E
 
19.09
%
 
 
9.86%
 
(27.80)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
    Expenses before reductions
 
3.51% H
 
3.56%
 
7.46% H,I
    Expenses net of fee waivers, if any
 
.89
% H
 
 
.89%
 
.90% H
    Expenses net of all reductions
 
.89% H
 
.89%
 
.90% H
    Net investment income (loss)
 
1.86% H
 
1.63%
 
1.56% H
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
286
$
287
$
181
    Portfolio turnover rate J
 
68
% H
 
 
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).
 
For the period ended April 30, 2024
 
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, 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 April 30, 2024 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. 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
$1,435,995
Gross unrealized depreciation
(240,128)
Net unrealized appreciation (depreciation)
$1,195,867
Tax cost
$8,201,100
 
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 prior 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.
 
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
3,983,170
2,719,979
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.
 
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
.82
Class M
.79
Class C
.78
Fidelity Sustainable International Equity Fund
.88
Class I
.79
Class Z
.73
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.82
Class M
.79
Class C
.78
Fidelity Sustainable International Equity Fund
.83
Class I
.79
Class Z
.73
 
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was 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 decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
 
 
Performance Adjustment Index
Fidelity Sustainable International Equity Fund
MSCI EAFE Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Fidelity Sustainable International Equity Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ± .10% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was (.07)%.
 
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
 
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
284
Class M
 .25%
 .25%
 562
 558
Class C
 .75%
 .25%
                  1,164
                  1,142
 
 
 
2,176
1,984
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
 
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. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
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
.1367
Class M
.1048
Class C
.0960
Fidelity Sustainable International Equity Fund
.2000
Class I
.1047
 
 
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
Amount ($)
% of Class-Level Average Net Assets
Class A
 199
.16
Class M
 78
.11
Class C
 69
.09
Fidelity Sustainable International Equity Fund
 4,582
.21
Class I
 78
.11
Class Z
                        39
.04
 
                           5,045
 
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
 
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
.0498
 
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Fidelity Sustainable International Equity Fund
.05
 
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
 255,787
 322,741
 (275)
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
7
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%
 4,928
Class M
1.55%
 2,899
Class C
2.05%
 2,920
Fidelity Sustainable International Equity Fund
1.05%
 90,872
Class I
1.05%
 2,927
Class Z
.90%
                  3,709
 
 
             108,255
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 $213.
 
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 $359.
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2024
Year ended
October 31, 2023
Fidelity Sustainable International Equity Fund
 
 
Distributions to shareholders
 
 
Class A
$5,401
 $863
Class M
 2,380
 325
Class C
 1,175
 -
Fidelity Sustainable International Equity Fund
 101,474
 25,952
Class I
 3,624
 1,075
Class Z
4,964
1,075
Total  
$119,018
$29,290
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
 
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Fidelity Sustainable International Equity Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
363
19,860
$3,271
$158,247
Reinvestment of distributions
639
107
5,401
863
Shares redeemed
(15,789)
(633)
(146,263)
(5,146)
Net increase (decrease)
(14,787)
19,334
$(137,591)
$153,964
Class M
 
 
 
 
Shares sold
2,276
9
$20,478
$77
Reinvestment of distributions
282
40
2,380
325
Net increase (decrease)
2,558
49
$22,858
$402
Class C
 
 
 
 
Shares sold
3,886
-
$35,522
$ -
Reinvestment of distributions
139
-
1,175
-
Net increase (decrease)
4,025
-
$36,697
$ -
Fidelity Sustainable International Equity Fund
 
 
 
 
Shares sold
231,187
397,160
$2,060,351
$3,312,938
Reinvestment of distributions
10,727
2,932
90,641
23,779
Shares redeemed
(65,236)
(235,082)
(560,635)
(1,968,118)
Net increase (decrease)
176,678
165,010
$1,590,357
$1,368,599
Class I
 
 
 
 
Shares sold
-
211
$ -
$1,800
Reinvestment of distributions
429
133
3,624
1,075
Shares redeemed
(210)
(4)
(1,824)
(30)
Net increase (decrease)
219
340
$1,800
$2,845
Class Z
 
 
 
 
Shares sold
63
12,333
$558
$104,463
Reinvestment of distributions
424
132
3,594
1,075
Shares redeemed
(5,981)
(1,030)
(51,099)
(8,025)
Net increase (decrease)
(5,494)
11,435
$(46,947)
$97,513
 
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 
18%
 
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
35%
 
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.
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 (November 1, 2023 to April 30, 2024).
 
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 November 1, 2023
 
Ending Account Value April 30, 2024
 
Expenses Paid During Period- C November 1, 2023 to April 30, 2024
Fidelity® Sustainable International Equity Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.29%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,188.60
 
$ 7.02
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,018.45
 
$ 6.47
 
Class M
 
 
 
1.54%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,186.90
 
$ 8.37
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,017.21
 
$ 7.72
 
Class C
 
 
 
2.04%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,183.90
 
$ 11.08
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,014.72
 
$ 10.22
 
Fidelity® Sustainable International Equity Fund
 
 
 
1.04%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,190.10
 
$ 5.66
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.69
 
$ 5.22
 
Class I
 
 
 
1.04%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,190.10
 
$ 5.66
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.69
 
$ 5.22
 
Class Z
 
 
 
.89%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,190.90
 
$ 4.85
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.44
 
$ 4.47
 
 
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 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
Board Approval of Investment Advisory Contracts
Fidelity Sustainable International Equity Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9904430.102
SIC-SANN-0624
Fidelity® Emerging Markets Discovery Fund
Fidelity® Total Emerging Markets Fund
 
 
Semi-Annual Report
April 30, 2024
Includes Fidelity and Fidelity Advisor share classes

Contents

Fidelity® Emerging Markets Discovery Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Total Emerging Markets Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

Liquidity Risk Management Program

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. © 2024 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)
 
Qualitas Controladora S.A.B. de CV  (Mexico, Insurance)
1.5
 
AMOREPACIFIC Corp.  (Korea (South), Personal Care Products)
1.5
 
Impala Platinum Holdings Ltd.  (South Africa, Metals & Mining)
1.5
 
Haier Smart Home Co. Ltd. (A Shares)  (China, Household Durables)
1.4
 
Shriram Finance Ltd.  (India, Consumer Finance)
1.4
 
International Games Systems Co. Ltd.  (Taiwan, Entertainment)
1.4
 
Flat Glass Group Co. Ltd.  (China, Semiconductors & Semiconductor Equipment)
1.4
 
Realtek Semiconductor Corp.  (Taiwan, Semiconductors & Semiconductor Equipment)
1.3
 
Mavi Jeans Class B (Turkey, Textiles, Apparel & Luxury Goods)
1.3
 
Hansoh Pharmaceutical Group Co. Ltd.  (China, Pharmaceuticals)
1.3
 
 
14.0
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
21.8
 
Consumer Discretionary
16.4
 
Financials
15.2
 
Information Technology
9.7
 
Consumer Staples
9.2
 
Real Estate
6.3
 
Materials
4.9
 
Utilities
4.4
 
Energy
4.3
 
Health Care
4.2
 
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
Common Stocks - 98.2%
 
 
Shares
Value ($)
 
Brazil - 13.6%
 
 
 
Afya Ltd. (a)
 
756,659
13,037,235
Atacadao SA
 
5,773,094
12,418,723
Caixa Seguridade Participacoes
 
4,529,890
13,661,379
Enauta Participacoes SA
 
3,044,558
16,018,435
Equatorial Energia SA
 
2,106,377
12,408,826
Hypera SA (a)
 
2,289,899
13,018,106
Localiza Rent a Car SA
 
1,187,615
11,213,797
LOG Commercial Properties e Participacoes SA
 
2,681,456
11,221,361
Lojas Renner SA
 
4,420,326
13,050,032
Orizon Valorizacao de Residuos SA (a)
 
1,442,010
10,733,291
PRIO SA
 
1,767,610
16,339,653
Rumo SA
 
3,688,256
14,319,463
XP, Inc. Class A
 
586,382
12,003,240
TOTAL BRAZIL
 
 
169,443,541
Chile - 0.9%
 
 
 
Banco de Chile sponsored ADR
 
520,779
11,498,800
China - 21.5%
 
 
 
Airtac International Group
 
458,330
16,198,713
China Communications Services Corp. Ltd. (H Shares)
 
26,852,394
12,836,706
China Resources Beer Holdings Co. Ltd.
 
3,418,083
15,579,836
Far East Horizon Ltd.
 
15,163,244
11,255,802
Flat Glass Group Co. Ltd. (b)
 
7,020,410
16,910,582
Fu Shou Yuan International Group Ltd.
 
18,217,916
12,333,210
Guangdong Investment Ltd.
 
21,826,860
11,401,596
Haier Smart Home Co. Ltd. (A Shares)
 
4,241,211
17,644,792
Haitian International Holdings Ltd.
 
4,624,227
15,060,411
Hansoh Pharmaceutical Group Co. Ltd. (c)
 
7,410,308
16,374,524
Li Ning Co. Ltd.
 
5,473,380
14,328,591
Shenzhen Expressway Co. Ltd. (H Shares)
 
12,291,465
11,182,957
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
1,423,087
11,670,683
Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares)
 
3,385,673
12,479,815
Sinopec Engineering Group Co. Ltd. (H Shares)
 
22,301,632
14,364,581
Sinotruk Hong Kong Ltd.
 
6,103,335
15,189,434
SITC International Holdings Co. Ltd. (b)
 
7,546,220
16,364,698
Tongdao Liepin Group (a)(b)
 
11,976,997
4,580,297
TravelSky Technology Ltd. (H Shares)
 
11,333,719
14,722,868
Tsingtao Brewery Co. Ltd. (H Shares)
 
1,158,266
8,346,930
TOTAL CHINA
 
 
268,827,026
Georgia - 1.3%
 
 
 
Bank of Georgia Group PLC
 
242,426
16,297,279
Greece - 0.7%
 
 
 
Athens International Airport SA
 
903,030
8,008,460
Hong Kong - 2.3%
 
 
 
ASMPT Ltd.
 
1,181,733
14,686,201
WH Group Ltd. (c)
 
18,708,743
13,598,265
TOTAL HONG KONG
 
 
28,284,466
Hungary - 0.8%
 
 
 
Richter Gedeon PLC
 
367,685
9,363,108
India - 12.4%
 
 
 
Bharat Electronics Ltd.
 
5,764,803
16,115,955
Computer Age Management Services Private Ltd.
 
351,220
13,457,804
Deccan Cements Ltd. (d)
 
745,139
5,630,283
Eicher Motors Ltd.
 
261,613
14,398,649
Embassy Office Parks (REIT)
 
3,281,665
14,029,553
Hindustan Aeronautics Ltd.
 
337,760
15,934,903
Indraprastha Gas Ltd.
 
1,853,883
10,398,027
ITC Ltd.
 
1,873,345
9,765,284
Mahanagar Gas Ltd.
 
612,600
10,585,417
Manappuram General Finance & Leasing Ltd.
 
940,273
2,244,329
Oberoi Realty Ltd.
 
640,691
11,363,544
Shriram Finance Ltd.
 
575,207
17,544,638
Torrent Pharmaceuticals Ltd.
 
432,698
13,664,756
TOTAL INDIA
 
 
155,133,142
Indonesia - 1.8%
 
 
 
First Resources Ltd.
 
9,486,841
9,773,498
PT United Tractors Tbk
 
8,520,790
12,986,500
TOTAL INDONESIA
 
 
22,759,998
Korea (South) - 9.5%
 
 
 
AMOREPACIFIC Corp.
 
152,000
18,474,703
Coway Co. Ltd.
 
341,449
13,642,349
Db Insurance Co. Ltd.
 
191,585
13,401,090
Fila Holdings Corp.
 
368,715
10,823,703
Hanon Systems
 
2,736,412
10,928,272
Hansol Chemical Co. Ltd.
 
87,438
12,094,084
Hyundai Marine & Fire Insurance Co. Ltd.
 
366,299
8,245,706
LG Corp.
 
166,621
9,480,437
SFA Engineering Corp.
 
477,510
8,836,825
Soulbrain Co. Ltd.
 
58,867
12,672,769
TOTAL KOREA (SOUTH)
 
 
118,599,938
Malaysia - 0.0%
 
 
 
Scientex Bhd warrants 1/14/26 (a)
 
130,640
16,157
Mexico - 5.3%
 
 
 
FIBRA Macquarie Mexican (REIT) (b)(c)
 
5,190,385
9,338,042
Fibra Uno Administracion SA de CV
 
6,423,936
9,221,113
Grupo Comercial Chedraui S.A.B. de CV
 
2,086,673
15,417,317
Qualitas Controladora S.A.B. de CV
 
1,450,463
18,967,804
Regional S.A.B. de CV
 
1,474,062
13,313,303
TOTAL MEXICO
 
 
66,257,579
Philippines - 0.9%
 
 
 
Robinsons Land Corp.
 
38,856,129
10,482,095
Poland - 0.9%
 
 
 
Dino Polska SA (a)(c)
 
120,110
11,544,939
Romania - 0.9%
 
 
 
Societatea de Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA
 
403,860
11,665,796
Russia - 0.0%
 
 
 
Etalon Group PLC GDR (Reg. S) (a)(e)
 
167,549
13,330
LSR Group OJSC (a)(e)
 
67,346
67,454
TKS Holding MKPAO JSC (a)(e)
 
59,253
75,127
TOTAL RUSSIA
 
 
155,911
Saudi Arabia - 2.6%
 
 
 
Bupa Arabia for Cooperative Insurance Co.
 
253,671
16,313,509
Catrion Catering Holding Co.
 
468,260
15,780,959
TOTAL SAUDI ARABIA
 
 
32,094,468
South Africa - 4.4%
 
 
 
Bidvest Group Ltd./The (b)
 
916,207
11,948,299
FirstRand Ltd.
 
3,138,536
10,834,704
Impala Platinum Holdings Ltd.
 
4,129,147
18,381,123
Mr Price Group Ltd.
 
1,535,008
14,221,089
TOTAL SOUTH AFRICA
 
 
55,385,215
Taiwan - 13.3%
 
 
 
BizLink Holding, Inc.
 
1,625,758
11,432,905
Chailease Holding Co. Ltd.
 
2,144,682
11,291,503
Cleanaway Co. Ltd.
 
1,949,105
11,546,741
E Ink Holdings, Inc.
 
2,400,780
15,321,431
International Games Systems Co. Ltd.
 
565,195
17,253,634
Makalot Industrial Co. Ltd.
 
1,101,557
13,165,445
Nanya Technology Corp.
 
6,329,370
12,752,759
Nien Made Enterprise Co. Ltd.
 
1,137,860
13,273,795
Poya International Co. Ltd.
 
826,681
12,642,597
Realtek Semiconductor Corp.
 
1,053,372
16,587,566
Unimicron Technology Corp.
 
2,835,504
15,652,530
Yageo Corp.
 
805,504
15,337,270
TOTAL TAIWAN
 
 
166,258,176
Turkey - 1.3%
 
 
 
Mavi Jeans Class B (c)
 
5,741,852
16,399,593
United Arab Emirates - 1.0%
 
 
 
Aldar Properties PJSC
 
8,503,561
12,641,086
United States of America - 2.7%
 
 
 
FirstCash Holdings, Inc.
 
106,540
12,036,889
Parade Technologies Ltd.
 
564,735
12,798,148
Tenaris SA sponsored ADR
 
274,390
9,052,126
TOTAL UNITED STATES OF AMERICA
 
 
33,887,163
Vietnam - 0.1%
 
 
 
FPT Corp.
 
225,647
1,096,325
 
TOTAL COMMON STOCKS
 (Cost $1,076,261,354)
 
 
 
1,226,100,261
 
 
 
 
Money Market Funds - 5.6%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (f)
 
36,666,399
36,673,732
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g)
 
33,581,683
33,585,041
 
TOTAL MONEY MARKET FUNDS
 (Cost $70,258,773)
 
 
70,258,773
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 103.8%
 (Cost $1,146,520,127)
 
 
 
1,296,359,034
NET OTHER ASSETS (LIABILITIES) - (3.8)%  
(47,026,678)
NET ASSETS - 100.0%
1,249,332,356
 
 
 
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 $67,255,363 or 5.4% of net assets.
 
(d)
Affiliated company
 
(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 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 5.39%
41,349,421
212,346,285
217,022,032
1,068,274
58
-
36,673,732
0.1%
Fidelity Securities Lending Cash Central Fund 5.39%
11,126,496
78,365,722
55,907,177
259,998
-
-
33,585,041
0.1%
Total
52,475,917
290,712,007
272,929,209
1,328,272
58
-
70,258,773
 
 
 
 
 
 
 
 
 
 
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) ($)
Value,
end
of period ($)
Deccan Cements Ltd.
4,283,550
283,827
-
-
-
1,062,906
5,630,283
Total
4,283,550
283,827
-
-
-
1,062,906
5,630,283
 
 
 
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 April 30, 2024, 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
21,833,931
-
21,833,931
-
Consumer Discretionary
204,612,220
42,486,860
162,125,360
-
Consumer Staples
114,919,495
39,380,979
75,538,516
-
Energy
54,396,714
41,410,214
12,986,500
-
Financials
188,985,102
114,092,203
74,817,772
75,127
Health Care
52,420,494
22,381,214
30,039,280
-
Industrials
271,678,022
60,055,970
211,622,052
-
Information Technology
121,142,812
-
121,142,812
-
Materials
61,274,231
-
61,274,231
-
Real Estate
78,377,578
42,421,602
35,875,192
80,784
Utilities
56,459,662
24,074,622
32,385,040
-
  Money Market Funds
70,258,773
70,258,773
-
-
 Total Investments in Securities:
1,296,359,034
456,562,437
839,640,686
155,911
Fidelity® Emerging Markets Discovery Fund
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $31,360,711) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $1,071,009,261)
$
1,220,469,978
 
 
Fidelity Central Funds (cost $70,258,773)
70,258,773
 
 
Other affiliated issuers (cost $5,252,093)
5,630,283
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,146,520,127)
 
 
$
1,296,359,034
Foreign currency held at value (cost $140,264)
 
 
124,986
Receivable for investments sold
 
 
6,414,387
Receivable for fund shares sold
 
 
1,087,511
Dividends receivable
 
 
1,600,173
Distributions receivable from Fidelity Central Funds
 
 
187,976
Prepaid expenses
 
 
271
Other receivables
 
 
118,399
  Total assets
 
 
1,305,892,737
Liabilities
 
 
 
 
Payable for investments purchased
$
11,592,128
 
 
Payable for fund shares redeemed
1,882,877
 
 
Accrued management fee
957,264
 
 
Distribution and service plan fees payable
11,417
 
 
Deferred taxes
8,381,088
 
 
Other payables and accrued expenses
150,566
 
 
Collateral on securities loaned
33,585,041
 
 
  Total liabilities
 
 
 
56,560,381
Net Assets  
 
 
$
1,249,332,356
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,134,827,791
Total accumulated earnings (loss)
 
 
 
114,504,565
Net Assets
 
 
$
1,249,332,356
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($29,574,988 ÷ 1,814,822 shares)(a)
 
 
$
16.30
Maximum offering price per share (100/94.25 of $16.30)
 
 
$
17.29
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($5,962,750 ÷ 366,532 shares)(a)
 
 
$
16.27
Maximum offering price per share (100/96.50 of $16.27)
 
 
$
16.86
Class C :
 
 
 
 
Net Asset Value and offering price per share ($3,324,052 ÷ 209,752 shares)(a)
 
 
$
15.85
Emerging Markets Discovery :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($449,161,361 ÷ 27,383,776 shares)
 
 
$
16.40
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($591,718,290 ÷ 35,978,541 shares)
 
 
$
16.45
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($169,590,915 ÷ 10,332,170 shares)
 
 
$
16.41
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
11,988,489
Interest  
 
 
1,441
Income from Fidelity Central Funds (including $259,998 from security lending)
 
 
1,328,272
 Income before foreign taxes withheld
 
 
$
13,318,202
Less foreign taxes withheld
 
 
(1,557,575)
 Total income
 
 
 
11,760,627
Expenses
 
 
 
 
Management fee
$
4,947,513
 
 
Transfer agent fees
622,458
 
 
Distribution and service plan fees
68,662
 
 
Accounting fees
167,037
 
 
Custodian fees and expenses
175,703
 
 
Independent trustees' fees and expenses
2,691
 
 
Registration fees
74,673
 
 
Audit
56,816
 
 
Legal
572
 
 
Miscellaneous
1,840
 
 
 Total expenses before reductions
 
6,117,965
 
 
 Expense reductions
 
(50,889)
 
 
 Total expenses after reductions
 
 
 
6,067,076
Net Investment income (loss)
 
 
 
5,693,551
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $2,328,005)
 
(9,365,120)
 
 
   Fidelity Central Funds
 
58
 
 
 Foreign currency transactions
 
25,342
 
 
Total net realized gain (loss)
 
 
 
(9,339,720)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of increase in deferred foreign taxes of $4,366,028)  
 
132,964,820
 
 
   Affiliated issuers
 
1,062,906
 
 
 Assets and liabilities in foreign currencies
 
21,656
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
134,049,382
Net gain (loss)
 
 
 
124,709,662
Net increase (decrease) in net assets resulting from operations
 
 
$
130,403,213
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
5,693,551
$
16,742,394
Net realized gain (loss)
 
(9,339,720)
 
 
(3,777,524)
 
Change in net unrealized appreciation (depreciation)
 
134,049,382
 
49,069,215
 
Net increase (decrease) in net assets resulting from operations
 
130,403,213
 
 
62,034,085
 
Distributions to shareholders
 
(23,040,155)
 
 
(8,639,871)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
212,767,920
 
 
444,710,316
 
Total increase (decrease) in net assets
 
320,130,978
 
 
498,104,530
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
929,201,378
 
431,096,848
 
End of period
$
1,249,332,356
$
929,201,378
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® Emerging Markets Discovery Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.69
$
12.89
$
18.36
$
13.93
$
13.66
$
12.01
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.06
 
.31
 
.31
 
.11
 
.04
 
.13
     Net realized and unrealized gain (loss)
 
1.85
 
1.69
 
(3.92)
 
4.37
 
.34
 
1.71
  Total from investment operations
 
1.91  
 
2.00  
 
(3.61)  
 
4.48  
 
.38
 
1.84
  Distributions from net investment income
 
(.30)
 
(.20)
 
(.37)
 
(.05)
 
(.11)
 
(.18)
  Distributions from net realized gain
 
-
 
-
 
(1.49)
 
-
 
-
 
(.01)
     Total distributions
 
(.30)
 
(.20)
 
(1.86)
 
(.05)
 
(.11)
 
(.19)
  Net asset value, end of period
$
16.30
$
14.69
$
12.89
$
18.36
$
13.93
$
13.66
 Total Return C,D,E
 
13.12
%
 
 
15.56%
 
(21.58)%
 
32.23%
 
2.76%
 
15.50%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.32% H
 
1.43%
 
1.49%
 
1.49%
 
1.54%
 
1.55%
    Expenses net of fee waivers, if any
 
1.32
% H
 
 
1.42%
 
1.49%
 
1.49%
 
1.53%
 
1.54%
    Expenses net of all reductions
 
1.32% H
 
1.42%
 
1.49%
 
1.49%
 
1.51%
 
1.54%
    Net investment income (loss)
 
.72% H
 
2.07%
 
2.11%
 
.60%
 
.33%
 
.96%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
29,575
$
23,373
$
16,063
$
18,900
$
11,745
$
15,323
    Portfolio turnover rate I
 
19
% 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.
 
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.
 
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.
 
HAnnualized.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor® Emerging Markets Discovery Fund Class M
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.65
$
12.85
$
18.30
$
13.89
$
13.62
$
11.94
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.04
 
.27
 
.27
 
.06
 
- C
 
.08
     Net realized and unrealized gain (loss)
 
1.85
 
1.68
 
(3.91)
 
4.36
 
.34
 
1.71
  Total from investment operations
 
1.89  
 
1.95  
 
(3.64)  
 
4.42  
 
.34
 
1.79
  Distributions from net investment income
 
(.27)
 
(.15)
 
(.32)
 
(.01)
 
(.07)
 
(.10)
  Distributions from net realized gain
 
-
 
-
 
(1.49)
 
-
 
-
 
(.01)
     Total distributions
 
(.27)
 
(.15)
 
(1.81)
 
(.01)
 
(.07)
 
(.11)
  Net asset value, end of period
$
16.27
$
14.65
$
12.85
$
18.30
$
13.89
$
13.62
 Total Return D,E,F
 
12.97
%
 
 
15.25%
 
(21.77)%
 
31.82%
 
2.49%
 
15.06%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.55% I
 
1.69%
 
1.75%
 
1.76%
 
1.83%
 
1.86%
    Expenses net of fee waivers, if any
 
1.54
% I
 
 
1.69%
 
1.75%
 
1.76%
 
1.83%
 
1.86%
    Expenses net of all reductions
 
1.54% I
 
1.68%
 
1.75%
 
1.76%
 
1.80%
 
1.86%
    Net investment income (loss)
 
.50% I
 
1.80%
 
1.85%
 
.33%
 
.03%
 
.64%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
5,963
$
6,560
$
4,355
$
6,095
$
4,552
$
5,773
    Portfolio turnover rate J
 
19
% I
 
 
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 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.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor® Emerging Markets Discovery Fund Class C
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.23
$
12.47
$
17.78
$
13.55
$
13.29
$
11.66
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
- C
 
.19
 
.19
 
(.03)
 
(.06)
 
.02
     Net realized and unrealized gain (loss)
 
1.79
 
1.65
 
(3.81)
 
4.26
 
.32
 
1.67
  Total from investment operations
 
1.79  
 
1.84  
 
(3.62)  
 
4.23  
 
.26
 
1.69
  Distributions from net investment income
 
(.17)
 
(.08)
 
(.20)
 
-
 
-
 
(.05)
  Distributions from net realized gain
 
-
 
-
 
(1.49)
 
-
 
-
 
(.01)
     Total distributions
 
(.17)
 
(.08)
 
(1.69)
 
-
 
-
 
(.06)
  Net asset value, end of period
$
15.85
$
14.23
$
12.47
$
17.78
$
13.55
$
13.29
 Total Return D,E,F
 
12.66
%
 
 
14.76%
 
(22.21)%
 
31.22%
 
1.96%
 
14.54%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.06% I
 
2.20%
 
2.25%
 
2.25%
 
2.32%
 
2.36%
    Expenses net of fee waivers, if any
 
2.05
% I
 
 
2.19%
 
2.25%
 
2.25%
 
2.31%
 
2.35%
    Expenses net of all reductions
 
2.05% I
 
2.19%
 
2.25%
 
2.25%
 
2.29%
 
2.35%
    Net investment income (loss)
 
(.02)% I
 
1.29%
 
1.35%
 
(.16)%
 
(.45)%
 
.14%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,324
$
3,300
$
3,079
$
4,995
$
5,080
$
7,562
    Portfolio turnover rate J
 
19
% I
 
 
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 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.
 
IAnnualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity® Emerging Markets Discovery Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.80
$
12.98
$
18.48
$
14.02
$
13.75
$
12.10
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.08
 
.35
 
.36
 
.16
 
.08
 
.16
     Net realized and unrealized gain (loss)
 
1.86
 
1.71
 
(3.95)
 
4.40
 
.34
 
1.72
  Total from investment operations
 
1.94  
 
2.06  
 
(3.59)  
 
4.56  
 
.42
 
1.88
  Distributions from net investment income
 
(.34)
 
(.24)
 
(.42)
 
(.10)
 
(.15)
 
(.22)
  Distributions from net realized gain
 
-
 
-
 
(1.49)
 
-
 
-
 
(.01)
     Total distributions
 
(.34)
 
(.24)
 
(1.91)
 
(.10)
 
(.15)
 
(.23)
  Net asset value, end of period
$
16.40
$
14.80
$
12.98
$
18.48
$
14.02
$
13.75
 Total Return C,D
 
13.21
%
 
 
15.94%
 
(21.37)%
 
32.63%
 
3.07%
 
15.78%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.06% G
 
1.15%
 
1.19%
 
1.19%
 
1.23%
 
1.25%
    Expenses net of fee waivers, if any
 
1.05
% G
 
 
1.15%
 
1.19%
 
1.18%
 
1.23%
 
1.25%
    Expenses net of all reductions
 
1.05% G
 
1.15%
 
1.19%
 
1.18%
 
1.20%
 
1.25%
    Net investment income (loss)
 
.99% G
 
2.34%
 
2.41%
 
.90%
 
.63%
 
1.25%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
449,161
$
368,811
$
248,805
$
283,133
$
189,784
$
208,657
    Portfolio turnover rate H
 
19
% 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 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.
 
GAnnualized.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor® Emerging Markets Discovery Fund Class I
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.85
$
13.03
$
18.54
$
14.06
$
13.79
$
12.13
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.08
 
.36
 
.34
 
.16
 
.08
 
.17
     Net realized and unrealized gain (loss)
 
1.87
 
1.71
 
(3.95)
 
4.41
 
.34
 
1.72
  Total from investment operations
 
1.95  
 
2.07  
 
(3.61)  
 
4.57  
 
.42
 
1.89
  Distributions from net investment income
 
(.35)
 
(.25)
 
(.41)
 
(.09)
 
(.15)
 
(.22)
  Distributions from net realized gain
 
-
 
-
 
(1.49)
 
-
 
-
 
(.01)
     Total distributions
 
(.35)
 
(.25)
 
(1.90)
 
(.09)
 
(.15)
 
(.23)
  Net asset value, end of period
$
16.45
$
14.85
$
13.03
$
18.54
$
14.06
$
13.79
 Total Return C,D
 
13.24
%
 
 
15.99%
 
(21.37)%
 
32.62%
 
3.07%
 
15.78%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.07% G
 
1.12%
 
1.17%
 
1.19%
 
1.24%
 
1.25%
    Expenses net of fee waivers, if any
 
1.06
% G
 
 
1.11%
 
1.16%
 
1.19%
 
1.23%
 
1.24%
    Expenses net of all reductions
 
1.06% G
 
1.11%
 
1.16%
 
1.19%
 
1.21%
 
1.24%
    Net investment income (loss)
 
.98% G
 
2.37%
 
2.44%
 
.90%
 
.63%
 
1.26%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
591,718
$
404,844
$
129,250
$
27,397
$
28,034
$
51,081
    Portfolio turnover rate H
 
19
% 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 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.
 
GAnnualized.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor® Emerging Markets Discovery Fund Class Z
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.82
$
13.00
$
18.51
$
14.04
$
13.77
$
12.13
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.09
 
.38
 
.37
 
.19
 
.10
 
.18
     Net realized and unrealized gain (loss)
 
1.86
 
1.70
 
(3.95)
 
4.40
 
.35
 
1.72
  Total from investment operations
 
1.95  
 
2.08  
 
(3.58)  
 
4.59  
 
.45
 
1.90
  Distributions from net investment income
 
(.36)
 
(.26)
 
(.44)
 
(.12)
 
(.18)
 
(.26)
  Distributions from net realized gain
 
-
 
-
 
(1.49)
 
-
 
-
 
(.01)
     Total distributions
 
(.36)
 
(.26)
 
(1.93)
 
(.12)
 
(.18)
 
(.26) C
  Net asset value, end of period
$
16.41
$
14.82
$
13.00
$
18.51
$
14.04
$
13.77
 Total Return D,E
 
13.30
%
 
 
16.10%
 
(21.27)%
 
32.82%
 
3.24%
 
15.97%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.94% H
 
.99%
 
1.03%
 
1.05%
 
1.09%
 
1.10%
    Expenses net of fee waivers, if any
 
.93
% H
 
 
.98%
 
1.03%
 
1.05%
 
1.08%
 
1.10%
    Expenses net of all reductions
 
.93% H
 
.98%
 
1.03%
 
1.05%
 
1.06%
 
1.10%
    Net investment income (loss)
 
1.11% H
 
2.50%
 
2.57%
 
1.04%
 
.78%
 
1.40%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
169,591
$
122,312
$
29,546
$
16,365
$
11,561
$
18,267
    Portfolio turnover rate I
 
19
% 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.
 
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.
 
HAnnualized.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
For the period ended April 30, 2024
 
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, 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 April 30, 2024 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 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. 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.
 
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
$234,548,065
Gross unrealized depreciation
(93,955,355)
Net unrealized appreciation (depreciation)
$140,592,710
Tax cost
$1,155,766,324
 
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 prior 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)
 
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
311,964,009
104,695,387
 
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.
 
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
1.02
Class M
1.02
Class C
1.02
Emerging Markets Discovery
1.00
Class I
1.01
Class Z
0.88
 
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.95
Class M
.96
Class C
.96
Emerging Markets Discovery
.91
Class I
.95
Class Z
.83
 
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was 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 was 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 decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .82%.
 
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
 
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.50% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA (UK).
 
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%
34,835
2,571
Class M
 .25%
 .25%
 16,406
 82
Class C
 .75%
 .25%
                17,421
                  1,787
 
 
 
68,662
4,440
 
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
 4,188
Class M
 344
Class CA
                      104
 
                  4,636
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. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
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
.2000
Class M
.2000
Class C
.2000
Emerging Markets Discovery
.2000
Class I
.1752
 
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
Amount ($)
% of Class-Level Average Net AssetsA
Class A
 18,487
.20
Class M
 4,771
.21
Class C
 2,429
.21
Emerging Markets Discovery
 283,822
.20
Class I
 292,454
.17
Class Z
                20,495
.04
 
                      622,458
 
A Annualized
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
 
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
.0455
 
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Fidelity Emerging Markets Discovery Fund
.05
 
 
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
 401
 
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
 1,344,442
 -
 -
 
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
1,026
 
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 Emerging Markets Discovery Fund
28,451
 -
-
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 $315. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction ($)
 
 
Class M
 30
 
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 $50,544.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2024
Year ended
October 31, 2023
Fidelity Emerging Markets Discovery Fund
 
 
Distributions to shareholders
 
 
Class A
$509,536
 $244,475
Class M
 117,571
 51,851
Class C
 40,122
 19,009
Emerging Markets Discovery
 8,637,465
 4,513,320
Class I
 10,634,852
 3,021,352
Class Z
          3,100,609
             789,864
Total  
$23,040,155
$8,639,871
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
 
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Fidelity Emerging Markets Discovery Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
357,226
510,197
$5,656,991
$7,644,504
Reinvestment of distributions
32,877
17,518
509,269
244,303
Shares redeemed
(166,267)
(183,067)
(2,661,937)
(2,708,612)
Net increase (decrease)
223,836
344,648
$3,504,323
$5,180,195
Class M
 
 
 
 
Shares sold
18,272
154,343
$290,286
$2,297,021
Reinvestment of distributions
7,600
3,721
117,571
51,851
Shares redeemed
(107,083)
(49,285)
(1,708,930)
(724,267)
Net increase (decrease)
(81,211)
108,779
$(1,301,073)
$1,624,605
Class C
 
 
 
 
Shares sold
14,824
67,155
$228,814
$954,938
Reinvestment of distributions
2,657
1,399
40,122
19,009
Shares redeemed
(39,675)
(83,426)
(616,517)
(1,201,723)
Net increase (decrease)
(22,194)
(14,872)
$(347,581)
$(227,776)
Emerging Markets Discovery
 
 
 
 
Shares sold
5,929,341
10,451,564
$94,821,625
$157,422,112
Reinvestment of distributions
500,754
291,173
7,796,740
4,078,445
Shares redeemed
(3,968,804)
(4,985,788)
(63,688,810)
(74,007,673)
Net increase (decrease)
2,461,291
5,756,949
$38,929,555
$87,492,884
Class I
 
 
 
 
Shares sold
13,588,420
21,737,486
$216,790,912
$328,505,575
Reinvestment of distributions
647,193
205,837
10,102,677
2,893,435
Shares redeemed
(5,527,805)
(4,589,758)
(88,048,909)
(69,325,801)
Net increase (decrease)
8,707,808
17,353,565
$138,844,680
$262,073,209
Class Z
 
 
 
 
Shares sold
3,051,186
7,691,312
$48,738,217
$114,184,599
Reinvestment of distributions
169,011
55,484
2,631,506
777,160
Shares redeemed
(1,140,765)
(1,766,483)
(18,231,707)
(26,394,560)
Net increase (decrease)
2,079,432
5,980,313
$33,138,016
$88,567,199
 
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.
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
8.6
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
3.8
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
3.5
 
HDFC Bank Ltd.  (India, Banks)
1.7
 
Alibaba Group Holding Ltd.  (China, Broadline Retail)
1.7
 
PDD Holdings, Inc. ADR  (China, Broadline Retail)
1.5
 
Reliance Industries Ltd.  (India, Oil, Gas & Consumable Fuels)
1.3
 
Meituan Class B (China, Hotels, Restaurants & Leisure)
1.1
 
China Construction Bank Corp. (H Shares)  (China, Banks)
1.1
 
Sea Ltd. ADR  (Singapore, Entertainment)
1.0
 
 
25.3
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
17.0
 
Financials
17.0
 
Consumer Discretionary
12.5
 
Energy
8.8
 
Materials
7.4
 
Communication Services
6.9
 
Industrials
5.1
 
Consumer Staples
4.4
 
Utilities
3.3
 
Health Care
2.2
 
Real Estate
1.0
 
 
Asset Allocation (% of Fund's net assets)
Short-Term Investments and Net Other Assets (Liabilities) - (3.5)%
Futures - 0.4%
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
Common Stocks - 73.3%
 
 
Shares
Value ($)
 
Brazil - 4.5%
 
 
 
Cury Construtora e Incorporado SA
 
16,600
62,658
Cyrela Brazil Realty SA
 
11,300
44,176
Dexco SA
 
212,643
296,077
ENGIE Brasil Energia SA
 
29,500
232,360
Equatorial Energia SA
 
64,315
378,885
Hapvida Participacoes e Investimentos SA (a)(b)
 
161,651
114,874
Hypera SA (a)
 
13,325
75,753
Localiza Rent a Car SA
 
62,734
592,352
LOG Commercial Properties e Participacoes SA
 
18,100
75,745
Lojas Renner SA
 
87,220
257,498
MercadoLibre, Inc. (a)
 
318
463,867
Multiplan Empreendimentos Imobiliarios SA
 
2,700
11,902
PagSeguro Digital Ltd. (a)
 
81,880
1,019,406
PRIO SA
 
39,500
365,135
Raia Drogasil SA
 
152,508
751,291
Rede D'Oregon Sao Luiz SA (b)
 
4,700
23,533
Rumo SA
 
141,000
547,425
StoneCo Ltd. Class A (a)
 
2,851
44,476
Suzano SA
 
40,300
453,711
Transmissora Alianca de Energia Eletrica SA
 
29,000
196,699
Vale SA sponsored ADR
 
79,968
973,211
XP, Inc. Class A
 
54,135
1,108,143
YDUQS Participacoes SA
 
55,268
155,290
TOTAL BRAZIL
 
 
8,244,467
Canada - 0.5%
 
 
 
Barrick Gold Corp.
 
56,700
943,488
Chile - 1.0%
 
 
 
Antofagasta PLC
 
35,958
992,982
Banco de Chile
 
6,678,000
740,802
TOTAL CHILE
 
 
1,733,784
China - 19.7%
 
 
 
Airtac International Group
 
13,000
459,458
Akeso, Inc. (a)(b)
 
17,675
108,155
Alibaba Group Holding Ltd.
 
328,232
3,073,257
Angelalign Technology, Inc. (b)(c)
 
4,168
41,754
Anta Sports Products Ltd.
 
46,927
531,260
Baidu, Inc. Class A (a)
 
8,203
106,275
BeiGene Ltd. ADR (a)
 
441
67,888
Beijing Enlight Media Co. Ltd. (A Shares)
 
61,200
78,875
Bilibili, Inc. ADR (a)
 
10,736
135,703
BYD Co. Ltd. (H Shares)
 
25,842
708,396
C&S Paper Co. Ltd. (A Shares)
 
154,300
189,087
China Communications Services Corp. Ltd. (H Shares)
 
480,000
229,463
China Construction Bank Corp. (H Shares)
 
3,042,000
1,968,147
China Gas Holdings Ltd.
 
219,544
205,566
China Jushi Co. Ltd. (A Shares)
 
334,100
549,177
China Life Insurance Co. Ltd. (H Shares)
 
572,000
753,280
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares)
 
27,100
31,573
China Overseas Land and Investment Ltd.
 
55,540
102,131
China Petroleum & Chemical Corp. (H Shares)
 
994,000
593,321
China Resources Beer Holdings Co. Ltd.
 
85,666
390,471
China Resources Land Ltd.
 
90,510
325,459
China Tower Corp. Ltd. (H Shares) (b)
 
488,502
57,184
ENN Energy Holdings Ltd.
 
45,900
391,086
ESR Group Ltd. (b)
 
41,600
45,588
Foxconn Industrial Internet Co. Ltd. (A Shares)
 
15,615
51,595
Fuyao Glass Industries Group Co. Ltd. (A Shares)
 
59,700
410,485
Glodon Co. Ltd. (A Shares)
 
21,000
32,661
Guangdong Investment Ltd.
 
280,000
146,262
Haier Smart Home Co. Ltd.
 
218,800
810,441
Haier Smart Home Co. Ltd. (A Shares)
 
105,948
440,778
Haitian International Holdings Ltd.
 
108,000
351,740
Hansoh Pharmaceutical Group Co. Ltd. (b)
 
92,715
204,872
Hygeia Healthcare Holdings Co. (b)(c)
 
9,198
37,964
Innovent Biologics, Inc. (a)(b)
 
49,563
239,933
JD.com, Inc.:
 
 
 
 Class A
 
45,380
653,852
 sponsored ADR
 
3,500
101,115
Kanzhun Ltd. ADR
 
5,170
102,314
KE Holdings, Inc. ADR
 
15,267
230,837
Kuaishou Technology Class B (a)(b)
 
36,004
252,414
Kunlun Energy Co. Ltd.
 
342,040
331,566
Kweichow Moutai Co. Ltd. (A Shares)
 
3,200
750,292
Lenovo Group Ltd.
 
22,225
24,998
Li Auto, Inc.:
 
 
 
 ADR (a)
 
10,030
263,588
 Class A (a)
 
1,456
19,076
Li Ning Co. Ltd.
 
200,600
525,145
Medlive Technology Co. Ltd. (b)
 
66,407
69,762
Meituan Class B (a)(b)
 
150,356
2,053,041
Midea Group Co. Ltd. (A Shares)
 
30,000
288,533
NetEase, Inc. ADR
 
3,081
287,981
New Oriental Education & Technology Group, Inc. (a)
 
4,971
39,499
New Oriental Education & Technology Group, Inc. sponsored ADR (a)
 
6,586
507,781
PDD Holdings, Inc. ADR (a)
 
21,353
2,672,969
Ping An Insurance Group Co. of China Ltd. (H Shares)
 
323,500
1,466,129
Proya Cosmetics Co. Ltd. (A Shares)
 
38,356
578,703
Shangri-La Asia Ltd.
 
46,000
32,085
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
76,800
629,834
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
5,587
234,597
Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd. (H Shares) (c)
 
2,101
44,688
Sinopec Engineering Group Co. Ltd. (H Shares)
 
299,000
192,587
Sinopharm Group Co. Ltd. (H Shares)
 
59,964
151,431
Sinotruk Hong Kong Ltd.
 
104,500
260,070
TAL Education Group ADR (a)
 
14,260
171,690
Tencent Holdings Ltd.
 
143,509
6,297,634
Tongdao Liepin Group (a)
 
28,670
10,964
TravelSky Technology Ltd. (H Shares)
 
145,000
188,360
Trip.com Group Ltd. ADR (a)
 
18,193
877,994
Tsingtao Brewery Co. Ltd. (H Shares)
 
62,000
446,797
Uni-President China Holdings Ltd.
 
232,600
178,378
Vipshop Holdings Ltd. ADR
 
15,982
240,369
Xiaomi Corp. Class B (a)(b)
 
21,289
46,408
Xinyi Solar Holdings Ltd.
 
41,710
28,699
Yifeng Pharmacy Chain Co. Ltd.
 
11,662
70,542
ZTO Express, Inc. sponsored ADR
 
34,495
724,050
TOTAL CHINA
 
 
35,916,057
Greece - 0.8%
 
 
 
Alpha Bank SA (a)
 
494,600
840,581
Piraeus Financial Holdings SA (a)
 
161,200
645,759
TOTAL GREECE
 
 
1,486,340
Hong Kong - 0.5%
 
 
 
ASMPT Ltd.
 
4,862
60,423
Huanxi Media Group Ltd. (a)
 
761,081
55,096
Kerry Properties Ltd.
 
38,000
73,667
Prudential PLC
 
80,056
696,275
TOTAL HONG KONG
 
 
885,461
Hungary - 0.2%
 
 
 
Richter Gedeon PLC
 
10,288
261,984
India - 12.7%
 
 
 
Apollo Hospitals Enterprise Ltd.
 
3,160
224,691
Bajaj Auto Ltd.
 
4,156
443,559
Bajaj Finance Ltd.
 
14,364
1,191,187
Bharat Electronics Ltd.
 
305,800
854,888
Bharti Airtel Ltd.
 
64,832
1,025,914
Coal India Ltd.
 
113,900
619,092
Divi's Laboratories Ltd.
 
3,771
180,513
Embassy Office Parks (REIT)
 
13,200
56,432
HDFC Bank Ltd.
 
173,396
3,148,078
HDFC Standard Life Insurance Co. Ltd. (b)
 
123,100
859,000
Hero Motocorp Ltd.
 
7,582
411,374
Hindustan Aeronautics Ltd.
 
17,700
835,054
ICICI Bank Ltd.
 
80,700
1,111,645
Indraprastha Gas Ltd.
 
49,093
275,352
Infosys Ltd. sponsored ADR
 
2,607
43,563
ITC Ltd.
 
149,113
777,289
JK Cement Ltd.
 
16,174
773,477
Larsen & Toubro Ltd.
 
25,558
1,098,322
Mahanagar Gas Ltd.
 
19,625
339,110
Mahindra & Mahindra Ltd.
 
5,900
152,141
MakeMyTrip Ltd. (a)
 
6,020
398,584
Mankind Pharma Ltd.
 
5,482
154,931
Max Healthcare Institute Ltd.
 
9,875
99,205
NTPC Ltd.
 
161,238
700,531
Petronet LNG Ltd.
 
54,706
203,000
Power Grid Corp. of India Ltd.
 
195,716
705,703
Reliance Industries Ltd.
 
67,413
2,365,811
Shree Cement Ltd.
 
1,251
366,150
Sona Blw Precision Forgings Ltd. (b)
 
29,667
221,695
Star Health & Allied Insurance Co. Ltd. (a)
 
87,500
599,011
Sun Pharmaceutical Industries Ltd.
 
21,486
385,890
Tata Motors Ltd.
 
17,660
212,902
Tata Steel Ltd.
 
414,000
815,838
Torrent Pharmaceuticals Ltd.
 
6,062
191,440
Zomato Ltd. (a)
 
566,079
1,306,098
TOTAL INDIA
 
 
23,147,470
Indonesia - 1.8%
 
 
 
First Resources Ltd.
 
325,500
335,335
PT Bank Central Asia Tbk
 
2,155,800
1,296,249
PT Bank Rakyat Indonesia (Persero) Tbk
 
3,858,679
1,168,036
PT Sumber Alfaria Trijaya Tbk
 
2,394,900
430,720
PT Telkom Indonesia Persero Tbk
 
426,100
82,603
TOTAL INDONESIA
 
 
3,312,943
Kazakhstan - 0.1%
 
 
 
Kaspi.KZ JSC ADR
 
1,800
211,968
Korea (South) - 7.0%
 
 
 
AMOREPACIFIC Corp.
 
6,690
813,130
Celltrion, Inc.
 
1,818
246,165
Coway Co. Ltd.
 
6,830
272,888
Delivery Hero AG (a)(b)
 
3,272
91,543
HPSP Co. Ltd.
 
400
11,168
Hyundai Motor Co. Ltd.
 
1,502
269,417
Kakao Corp.
 
4,718
163,392
Kakao Pay Corp. (a)
 
1,872
47,045
Kia Corp.
 
8,740
738,403
LG Corp.
 
6,550
372,683
LS Electric Co. Ltd.
 
2,450
308,324
NAVER Corp.
 
3,955
520,202
Samsung Biologics Co. Ltd. (a)(b)
 
616
345,258
Samsung Electronics Co. Ltd.
 
126,761
7,026,492
Samsung SDI Co. Ltd.
 
35
10,801
SK Hynix, Inc.
 
13,110
1,613,319
TOTAL KOREA (SOUTH)
 
 
12,850,230
Mauritius - 0.0%
 
 
 
Jumo World Holding Ltd. (d)(e)
 
30,055
48,689
Jumo World Ltd. (a)(e)
 
30
0
TOTAL MAURITIUS
 
 
48,689
Mexico - 1.7%
 
 
 
CEMEX S.A.B. de CV sponsored ADR (a)
 
66,500
526,015
Corporacion Inmobiliaria Vesta S.A.B. de CV
 
20,155
71,310
Fibra Uno Administracion SA de CV
 
76,300
109,523
Gruma S.A.B. de CV Series B
 
2,500
49,102
Grupo Financiero Banorte S.A.B. de CV Series O
 
162,521
1,608,536
Wal-Mart de Mexico SA de CV Series V
 
175,200
653,724
TOTAL MEXICO
 
 
3,018,210
Netherlands - 0.1%
 
 
 
CTP BV (b)
 
5,352
91,158
CTP BV rights (a)(f)
 
5,352
1,571
TOTAL NETHERLANDS
 
 
92,729
Panama - 0.2%
 
 
 
Copa Holdings SA Class A
 
4,486
428,413
Peru - 0.4%
 
 
 
Credicorp Ltd. (United States)
 
4,579
758,328
Philippines - 0.3%
 
 
 
Ayala Land, Inc.
 
322,400
159,955
SM Investments Corp.
 
15,000
246,485
SM Prime Holdings, Inc.
 
205,900
99,576
TOTAL PHILIPPINES
 
 
506,016
Poland - 0.2%
 
 
 
CD Projekt SA
 
4,705
137,448
Dino Polska SA (a)(b)
 
2,900
278,747
TOTAL POLAND
 
 
416,195
Puerto Rico - 0.0%
 
 
 
Liberty Latin America Ltd. Class C (a)
 
7,700
58,058
Romania - 0.1%
 
 
 
Societatea de Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA
 
2,900
83,769
Russia - 0.5%
 
 
 
Gazprom OAO sponsored ADR (Reg. S) (a)(e)
 
155,600
77,178
LSR Group OJSC (a)(e)
 
755
756
LUKOIL PJSC sponsored ADR (a)(e)
 
35,200
443,520
Novatek PJSC GDR (Reg. S) (a)(e)
 
9,100
444,080
Sberbank of Russia (a)(e)
 
30
0
Sberbank of Russia sponsored ADR (a)(e)
 
324,104
5,769
Severstal PAO GDR (Reg. S) (a)(e)
 
83,700
1,976
TOTAL RUSSIA
 
 
973,279
Saudi Arabia - 2.7%
 
 
 
Al Rajhi Bank
 
53,814
1,146,414
Alinma Bank
 
107,100
952,324
Bupa Arabia for Cooperative Insurance Co.
 
13,175
847,280
Dr Sulaiman Al Habib Medical Services Group Co.
 
1,939
160,575
Sabic Agriculture-Nutrients Co.
 
6,800
209,950
Saudi Arabian Oil Co. (b)
 
25,100
201,437
The Saudi National Bank
 
137,867
1,382,125
TOTAL SAUDI ARABIA
 
 
4,900,105
Singapore - 1.0%
 
 
 
Sea Ltd. ADR (a)
 
27,353
1,728,436
South Africa - 2.6%
 
 
 
Capitec Bank Holdings Ltd.
 
10,650
1,318,075
Discovery Ltd.
 
103,100
656,816
Gold Fields Ltd.
 
29,500
477,241
Impala Platinum Holdings Ltd.
 
106,200
472,755
Naspers Ltd. Class N
 
5,453
1,043,582
Pick 'n Pay Stores Ltd.
 
141,000
150,123
Shoprite Holdings Ltd.
 
47,400
632,426
TOTAL SOUTH AFRICA
 
 
4,751,018
Taiwan - 13.1%
 
 
 
Alchip Technologies Ltd.
 
10,062
947,311
ASE Technology Holding Co. Ltd.
 
85,471
383,816
Asia Vital Components Co. Ltd.
 
9,474
186,549
AURAS Technology Co. Ltd.
 
13,304
321,063
BizLink Holding, Inc.
 
31,027
218,193
Chailease Holding Co. Ltd.
 
188,626
993,094
Chroma ATE, Inc.
 
1,768
14,334
Delta Electronics, Inc.
 
60,000
586,553
eMemory Technology, Inc.
 
5,946
398,935
Formosa Plastics Corp.
 
149,000
312,483
Gigabyte Technology Co. Ltd.
 
15,374
138,402
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
131,000
622,497
King Yuan Electronics Co. Ltd.
 
16,013
46,512
M31 Technology Corp.
 
1,689
61,364
MediaTek, Inc.
 
1,349
40,602
Quanta Computer, Inc.
 
139,000
1,088,966
Taiwan Semiconductor Manufacturing Co. Ltd.
 
653,161
15,611,298
Uni-President Enterprises Corp.
 
229,000
536,189
Unimicron Technology Corp.
 
58,787
324,516
Wistron Corp.
 
95,000
324,707
Wiwynn Corp.
 
11,043
784,192
TOTAL TAIWAN
 
 
23,941,576
Tanzania - 0.0%
 
 
 
Helios Towers PLC (a)
 
54,000
66,666
Thailand - 0.3%
 
 
 
PTT Global Chemical PCL (For. Reg.)
 
426,900
419,928
Supalai PCL (For. Reg.)
 
101,400
53,891
TOTAL THAILAND
 
 
473,819
United Arab Emirates - 0.1%
 
 
 
Emaar Properties PJSC
 
99,400
222,188
United States of America - 1.2%
 
 
 
FirstCash Holdings, Inc.
 
7,701
870,059
Legend Biotech Corp. ADR (a)
 
6,624
289,734
Tenaris SA sponsored ADR
 
8,700
287,013
Titan Cement International Trading SA
 
25,900
818,158
TOTAL UNITED STATES OF AMERICA
 
 
2,264,964
 
TOTAL COMMON STOCKS
 (Cost $105,697,301)
 
 
 
133,726,650
 
 
 
 
Preferred Stocks - 1.8%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.2%
 
 
 
China - 0.0%
 
 
 
dMed Biopharmaceutical Co. Ltd. Series C (a)(d)(e)
 
11,962
58,973
India - 0.2%
 
 
 
Meesho Series F (a)(d)(e)
 
7,108
404,943
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
463,916
Nonconvertible Preferred Stocks - 1.6%
 
 
 
Brazil - 1.2%
 
 
 
Companhia de Transmissao de Energia Eletrica Paulista (PN)
 
38,500
185,138
Metalurgica Gerdau SA (PN)
 
271,170
552,513
Petroleo Brasileiro SA - Petrobras:
 
 
 
 (PN) sponsored ADR (non-vtg.)
 
48,806
786,753
 sponsored ADR
 
40,900
694,073
 
 
 
2,218,477
Korea (South) - 0.3%
 
 
 
Hyundai Motor Co. Ltd. Series 2
 
4,341
494,648
Samsung Electronics Co. Ltd.
 
769
35,805
 
 
 
530,453
United States of America - 0.1%
 
 
 
Gupshup, Inc. (a)(d)(e)
 
8,409
88,547
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 
 
2,837,477
 
TOTAL PREFERRED STOCKS
 (Cost $2,166,702)
 
 
 
3,301,393
 
 
 
 
Corporate Bonds - 10.1%
 
 
Principal
Amount (g)
 
Value ($)
 
Convertible Bonds - 0.2%
 
 
 
Brazil - 0.2%
 
 
 
Creditas Financial Solutions Ltd. 5% 7/28/27 (d)(e)
 
506,964
482,376
Nonconvertible Bonds - 9.9%
 
 
 
Azerbaijan - 0.2%
 
 
 
Southern Gas Corridor CJSC 6.875% 3/24/26 (b)
 
395,000
396,778
Brazil - 0.6%
 
 
 
Braskem Netherlands BV 7.25% 2/13/33 (b)
 
170,000
161,160
Embraer Netherlands Finance BV:
 
 
 
 5.4% 2/1/27
 
55,000
54,158
 7% 7/28/30 (b)
 
240,000
245,850
MARB BondCo PLC 3.95% 1/29/31 (b)
 
145,000
116,181
MC Brazil Downstream Trading SARL 7.25% 6/30/31 (b)
 
366,039
316,166
Samarco Mineracao SA 9% 6/30/31 pay-in-kind (b)(h)
 
164,786
150,285
 
 
 
1,043,800
Burkina Faso - 0.2%
 
 
 
Endeavour Mining PLC 5% 10/14/26 (b)
 
285,000
267,544
Chile - 0.6%
 
 
 
Antofagasta PLC 2.375% 10/14/30 (b)
 
250,000
199,963
Corporacion Nacional del Cobre de Chile (Codelco):
 
 
 
 4.5% 8/1/47 (b)
 
250,000
188,750
 5.95% 1/8/34 (b)
 
200,000
194,063
 6.3% 9/8/53 (b)
 
200,000
189,313
Sable International Finance Ltd. 5.75% 9/7/27 (b)
 
200,000
190,073
VTR Comunicaciones SpA 5.125% 1/15/28 (b)
 
200,000
158,750
 
 
 
1,120,912
China - 0.4%
 
 
 
Ant International Co. Ltd. 3.55% 8/14/24 (d)(e)
 
585,256
586,017
Prosus NV 3.832% 2/8/51 (b)
 
225,000
138,094
 
 
 
724,111
Colombia - 0.4%
 
 
 
Aris Mining Corp. 6.875% 8/9/26 (b)
 
200,000
185,000
EnfraGen Energia Sur SA 5.375% 12/30/30 (b)
 
200,000
163,063
GeoPark Ltd. 5.5% 1/17/27 (b)
 
200,000
179,813
Termocandelaria Power Ltd. 7.875% 1/30/29 (b)
 
234,500
232,800
 
 
 
760,676
Ghana - 0.4%
 
 
 
Kosmos Energy Ltd. 7.125% 4/4/26 (b)
 
320,000
310,900
Tullow Oil PLC:
 
 
 
 7% 3/1/25 (b)
 
200,000
193,375
 10.25% 5/15/26 (b)
 
261,000
251,783
 
 
 
756,058
Guatemala - 0.3%
 
 
 
CT Trust 5.125% 2/3/32 (b)
 
240,000
208,164
Investment Energy Resources Ltd. 6.25% 4/26/29 (b)
 
260,000
247,894
 
 
 
456,058
Hungary - 0.1%
 
 
 
Magyar Export-Import Bank 6.125% 12/4/27 (b)
 
200,000
200,000
India - 0.1%
 
 
 
CA Magnum Holdings 5.375% 10/31/26 (b)
 
200,000
189,200
Indonesia - 0.7%
 
 
 
Medco Bell Pte Ltd. 6.375% 1/30/27 (b)
 
335,000
325,473
PT Freeport Indonesia 6.2% 4/14/52 (b)
 
200,000
187,260
PT Indonesia Asahan Aluminium 5.45% 5/15/30 (b)
 
415,000
401,799
PT Pertamina Persero 4.175% 1/21/50 (b)
 
450,000
332,156
 
 
 
1,246,688
Israel - 0.2%
 
 
 
Energean Israel Finance Ltd. 8.5% 9/30/33 (Reg. S) (b)
 
250,000
240,120
Energean PLC 6.5% 4/30/27 (b)
 
160,000
148,800
 
 
 
388,920
Kazakhstan - 0.2%
 
 
 
KazMunaiGaz National Co. 3.5% 4/14/33 (b)
 
200,000
159,938
Tengizchevroil Finance Co. International Ltd. 3.25% 8/15/30 (b)
 
350,000
279,344
 
 
 
439,282
Malaysia - 0.4%
 
 
 
Petronas Capital Ltd.:
 
 
 
 3.404% 4/28/61 (b)
 
500,000
319,245
 3.5% 4/21/30 (b)
 
450,000
404,123
 
 
 
723,368
Mexico - 1.2%
 
 
 
Bimbo Bakeries U.S.A., Inc. 6.4% 1/15/34 (b)
 
200,000
206,748
Braskem Idesa SAPI:
 
 
 
 6.99% 2/20/32 (b)
 
160,000
120,000
 7.45% 11/15/29 (b)
 
135,000
106,610
Petroleos Mexicanos:
 
 
 
 6.5% 6/2/41
 
170,000
112,583
 6.625% 6/15/35
 
85,000
62,782
 6.7% 2/16/32
 
415,000
339,927
 6.75% 9/21/47
 
960,000
612,048
 6.84% 1/23/30
 
80,000
69,192
 6.95% 1/28/60
 
225,000
143,190
 7.69% 1/23/50
 
589,000
411,063
 
 
 
2,184,143
Morocco - 0.1%
 
 
 
OCP SA:
 
 
 
 5.125% 6/23/51 (b)
 
200,000
144,750
 6.875% 4/25/44 (b)
 
85,000
78,067
 
 
 
222,817
Nigeria - 0.2%
 
 
 
IHS Netherlands Holdco BV 8% 9/18/27 (b)
 
315,000
296,100
Panama - 0.2%
 
 
 
Aeropuerto Internacional de Tocumen SA 5.125% 8/11/61 (b)
 
200,000
141,125
Telecomunicaciones Digitales SA 4.5% 1/30/30 (b)
 
330,000
290,730
 
 
 
431,855
Paraguay - 0.1%
 
 
 
Telefonica Celular del Paraguay SA 5.875% 4/15/27 (b)
 
250,000
244,673
Peru - 0.2%
 
 
 
Camposol SA 6% 2/3/27 (b)
 
300,000
233,063
Compania de Minas Buenaventura SAA 5.5% 7/23/26 (b)
 
165,000
157,936
 
 
 
390,999
Qatar - 0.5%
 
 
 
QatarEnergy:
 
 
 
 2.25% 7/12/31 (b)
 
305,000
248,194
 3.125% 7/12/41 (b)
 
650,000
466,375
 3.3% 7/12/51 (b)
 
230,000
153,525
 
 
 
868,094
Saudi Arabia - 0.9%
 
 
 
EIG Pearl Holdings SARL 3.545% 8/31/36 (b)
 
420,000
348,994
Greensaif Pipelines Bidco SARL 6.129% 2/23/38 (b)
 
200,000
196,750
Saudi Arabian Oil Co.:
 
 
 
 3.25% 11/24/50 (b)
 
260,000
167,515
 4.25% 4/16/39 (b)
 
1,080,000
911,588
 
 
 
1,624,847
South Africa - 0.5%
 
 
 
Eskom Holdings SOC Ltd.:
 
 
 
 7.125% 2/11/25 (b)
 
410,000
407,438
 8.45% 8/10/28 (b)
 
235,000
231,181
Liquid Telecommunications Financing PLC 5.5% 9/4/26 (b)
 
270,000
159,131
Stillwater Mining Co. 4% 11/16/26 (b)
 
165,000
147,520
 
 
 
945,270
Ukraine - 0.1%
 
 
 
NAK Naftogaz Ukraine 7.65% (Reg. S) (i)
 
190,000
162,450
United Arab Emirates - 0.7%
 
 
 
Abu Dhabi National Energy Co. PJSC:
 
 
 
 4% 10/3/49 (b)
 
115,000
89,377
 4.696% 4/24/33 (b)
 
165,000
156,595
 4.875% 4/23/30 (b)
 
50,000
48,953
Galaxy Pipeline Assets BidCo Ltd.:
 
 
 
 2.16% 3/31/34 (b)
 
364,680
305,237
 2.625% 3/31/36 (b)
 
220,000
173,360
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC 7.125% 7/31/26 (b)
 
250,000
248,516
MDGH GMTN RSC Ltd. 5.5% 4/28/33 (b)
 
200,000
200,688
 
 
 
1,222,726
Venezuela - 0.4%
 
 
 
Petroleos de Venezuela SA:
 
 
 
 6% (b)(i)
 
3,325,000
399,000
 6% (Reg. S) (i)
 
2,775,000
337,163
 
 
 
736,163
TOTAL NONCONVERTIBLE BONDS
 
 
18,043,532
 
TOTAL CORPORATE BONDS
 (Cost $20,870,722)
 
 
 
18,525,908
 
 
 
 
Government Obligations - 17.9%
 
 
Principal
Amount (g)
 
Value ($)
 
Angola - 0.5%
 
 
 
Angola Republic:
 
 
 
 8% 11/26/29 (b)
 
50,000
45,625
 8.25% 5/9/28 (b)
 
150,000
141,422
 8.75% 4/14/32 (b)
 
200,000
180,938
 9.125% 11/26/49 (b)
 
225,000
188,016
 9.375% 5/8/48 (b)
 
120,000
102,000
 9.5% 11/12/25 (b)
 
265,000
270,168
TOTAL ANGOLA
 
 
928,169
Argentina - 0.7%
 
 
 
Argentine Republic:
 
 
 
 0.75% 7/9/30 (j)
 
410,365
236,781
 1% 7/9/29
 
188,666
111,254
 3.625% 7/9/35 (j)
 
1,607,734
734,734
 4.25% 1/9/38 (j)
 
331,834
168,240
TOTAL ARGENTINA
 
 
1,251,009
Bahrain - 0.1%
 
 
 
Bahrain Kingdom 7.5% 2/12/36 (b)
 
200,000
198,700
Benin - 0.2%
 
 
 
Republic of Benin:
 
 
 
 4.875% 1/19/32 (b)
EUR
140,000
126,437
 7.96% 2/13/38 (b)
 
200,000
188,938
TOTAL BENIN
 
 
315,375
Brazil - 0.4%
 
 
 
Brazilian Federative Republic:
 
 
 
 3.875% 6/12/30
 
375,000
329,063
 4.75% 1/14/50
 
230,000
161,805
 6% 10/20/33
 
295,000
281,578
TOTAL BRAZIL
 
 
772,446
Chile - 0.4%
 
 
 
Chilean Republic:
 
 
 
 3.5% 1/31/34
 
280,000
236,513
 4% 1/31/52
 
200,000
148,250
 4.34% 3/7/42
 
200,000
166,125
 5.33% 1/5/54
 
230,000
208,653
TOTAL CHILE
 
 
759,541
Colombia - 0.9%
 
 
 
Colombian Republic:
 
 
 
 3% 1/30/30
 
215,000
172,000
 3.125% 4/15/31
 
548,000
422,234
 5% 6/15/45
 
165,000
113,025
 5.2% 5/15/49
 
185,000
127,095
 6.125% 1/18/41
 
200,000
163,600
 7.375% 9/18/37
 
125,000
118,688
 7.5% 2/2/34
 
200,000
195,900
 8% 4/20/33
 
160,000
162,480
Ecopetrol SA 8.375% 1/19/36
 
75,000
72,794
TOTAL COLOMBIA
 
 
1,547,816
Costa Rica - 0.3%
 
 
 
Costa Rican Republic:
 
 
 
 6.55% 4/3/34 (b)
 
285,000
287,708
 7% 4/4/44 (b)
 
105,000
106,477
 7.3% 11/13/54 (b)
 
200,000
208,000
TOTAL COSTA RICA
 
 
602,185
Dominican Republic - 1.0%
 
 
 
Dominican Republic:
 
 
 
 4.5% 1/30/30 (b)
 
265,000
236,248
 4.875% 9/23/32 (b)
 
445,000
389,653
 5.3% 1/21/41 (b)
 
200,000
164,188
 5.875% 1/30/60 (b)
 
450,000
367,172
 6% 2/22/33 (b)
 
225,000
212,400
 6.5% 2/15/48 (b)
 
200,000
182,625
 6.85% 1/27/45 (b)
 
175,000
166,523
 7.05% 2/3/31 (b)
 
150,000
151,547
TOTAL DOMINICAN REPUBLIC
 
 
1,870,356
Ecuador - 0.4%
 
 
 
Ecuador Republic:
 
 
 
 2.5% 7/31/40 (b)(j)
 
250,000
124,125
 3.5% 7/31/35 (b)(j)
 
705,256
384,365
 6% 7/31/30 (b)(j)
 
390,630
273,246
TOTAL ECUADOR
 
 
781,736
Egypt - 0.8%
 
 
 
Arab Republic of Egypt:
 
 
 
 yield at date of purchase 29.1003% to 31.6253% 12/10/24 to 3/18/25
EGP
6,375,000
111,272
 7.5% 1/31/27 (b)
 
200,000
189,250
 7.903% 2/21/48 (b)
 
865,000
629,017
 8.5% 1/31/47 (b)
 
710,000
541,943
TOTAL EGYPT
 
 
1,471,482
El Salvador - 0.2%
 
 
 
El Salvador Republic:
 
 
 
 7.1246% 1/20/50 (b)
 
335,000
214,400
 7.65% 6/15/35 (b)
 
170,000
122,506
TOTAL EL SALVADOR
 
 
336,906
Gabon - 0.2%
 
 
 
Gabonese Republic:
 
 
 
 6.625% 2/6/31 (b)
 
70,000
54,950
 7% 11/24/31 (b)
 
390,000
307,125
TOTAL GABON
 
 
362,075
Ghana - 0.3%
 
 
 
Ghana Republic:
 
 
 
 8.125% (b)(i)
 
200,000
99,438
 8.627% (b)(i)
 
215,000
102,039
 10.75% 10/14/30 (b)
 
475,000
308,750
TOTAL GHANA
 
 
510,227
Guatemala - 0.2%
 
 
 
Guatemalan Republic 6.125% 6/1/50 (b)
 
350,000
306,250
Hungary - 0.4%
 
 
 
Hungarian Republic:
 
 
 
 2.125% 9/22/31 (b)
 
300,000
231,180
 5.5% 6/16/34 (b)
 
95,000
90,495
 6.75% 9/25/52 (b)
 
200,000
205,750
 7.625% 3/29/41
 
125,000
138,809
TOTAL HUNGARY
 
 
666,234
Indonesia - 0.5%
 
 
 
Indonesian Republic:
 
 
 
 3.35% 3/12/71
 
220,000
135,369
 3.5% 2/14/50
 
380,000
264,100
 4.2% 10/15/50
 
300,000
237,281
 8.5% 10/12/35 (b)
 
150,000
186,047
TOTAL INDONESIA
 
 
822,797
Ivory Coast - 0.3%
 
 
 
Ivory Coast:
 
 
 
 5.875% 10/17/31 (b)
EUR
255,000
245,453
 6.375% 3/3/28 (b)
 
260,000
252,337
TOTAL IVORY COAST
 
 
497,790
Jordan - 0.1%
 
 
 
Jordanian Kingdom 7.375% 10/10/47 (b)
 
280,000
238,700
Kenya - 0.2%
 
 
 
Republic of Kenya:
 
 
 
 6.3% 1/23/34 (b)
 
280,000
221,725
 9.75% 2/16/31 (b)
 
200,000
200,563
TOTAL KENYA
 
 
422,288
Lebanon - 0.1%
 
 
 
Lebanese Republic 6.375% (i)
 
2,090,000
130,625
Mexico - 0.5%
 
 
 
United Mexican States:
 
 
 
 4.35% 1/15/47
 
255,000
187,808
 4.75% 3/8/44
 
150,000
118,575
 6% 5/7/36
 
250,000
240,500
 6.338% 5/4/53
 
200,000
186,500
 6.35% 2/9/35
 
220,000
219,038
TOTAL MEXICO
 
 
952,421
Mongolia - 0.1%
 
 
 
Mongolia Government 7.875% 6/5/29 (b)
 
200,000
202,272
Montenegro - 0.1%
 
 
 
Republic of Montenegro 7.25% 3/12/31 (b)
 
200,000
200,313
Nigeria - 0.7%
 
 
 
Republic of Nigeria:
 
 
 
 yield at date of purchase 26.7874% 3/6/25
NGN
158,590,000
96,614
 6.125% 9/28/28 (b)
 
325,000
286,796
 6.5% 11/28/27 (b)
 
230,000
212,267
 7.143% 2/23/30 (b)
 
275,000
241,570
 7.875% 2/16/32 (b)
 
40,000
35,000
 8.25% 9/28/51 (b)
 
200,000
156,813
 8.375% 3/24/29 (b)
 
190,000
180,073
TOTAL NIGERIA
 
 
1,209,133
Oman - 0.7%
 
 
 
Sultanate of Oman:
 
 
 
 6% 8/1/29 (b)
 
285,000
285,267
 6.25% 1/25/31 (b)
 
300,000
303,281
 6.5% 3/8/47 (b)
 
650,000
630,370
 7% 1/25/51 (b)
 
115,000
117,480
TOTAL OMAN
 
 
1,336,398
Pakistan - 0.4%
 
 
 
Islamic Republic of Pakistan:
 
 
 
 6% 4/8/26 (b)
 
245,000
220,653
 6.875% 12/5/27 (b)
 
560,000
478,862
TOTAL PAKISTAN
 
 
699,515
Panama - 0.7%
 
 
 
Panamanian Republic:
 
 
 
 2.252% 9/29/32
 
485,000
334,893
 3.298% 1/19/33
 
190,000
141,847
 4.5% 5/15/47
 
205,000
135,172
 6.4% 2/14/35
 
250,000
229,000
 6.853% 3/28/54
 
200,000
174,313
 7.875% 3/1/57
 
200,000
196,250
TOTAL PANAMA
 
 
1,211,475
Paraguay - 0.3%
 
 
 
Republic of Paraguay:
 
 
 
 2.739% 1/29/33 (b)
 
215,000
168,977
 5.4% 3/30/50 (b)
 
215,000
179,055
 5.6% 3/13/48 (b)
 
65,000
55,981
 6% 2/9/36 (b)
 
200,000
194,875
TOTAL PARAGUAY
 
 
598,888
Peru - 0.2%
 
 
 
Peruvian Republic:
 
 
 
 2.783% 1/23/31
 
210,000
174,825
 3.3% 3/11/41
 
310,000
219,906
TOTAL PERU
 
 
394,731
Philippines - 0.3%
 
 
 
Philippine Republic:
 
 
 
 2.65% 12/10/45
 
230,000
141,738
 2.95% 5/5/45
 
320,000
210,800
 5.95% 10/13/47
 
225,000
228,400
TOTAL PHILIPPINES
 
 
580,938
Poland - 0.2%
 
 
 
Bank Gospodarstwa Krajowego 6.25% 10/31/28 (b)
 
200,000
205,500
Polish Government:
 
 
 
 5.5% 4/4/53
 
170,000
160,839
 5.5% 3/18/54
 
75,000
70,609
TOTAL POLAND
 
 
436,948
Qatar - 0.7%
 
 
 
State of Qatar:
 
 
 
 4.4% 4/16/50 (b)
 
425,000
352,750
 4.625% 6/2/46 (b)
 
225,000
196,242
 4.817% 3/14/49 (b)
 
855,000
755,051
TOTAL QATAR
 
 
1,304,043
Romania - 0.4%
 
 
 
Romanian Republic:
 
 
 
 2% 4/14/33 (Reg. S)
EUR
60,000
47,944
 3.375% 1/28/50 (Reg. S)
EUR
100,000
72,025
 3.625% 3/27/32 (b)
 
84,000
69,668
 6.125% 1/22/44 (b)
 
400,000
374,875
 7.125% 1/17/33 (b)
 
35,000
36,094
 8% 4/29/30
RON
295,000
67,013
TOTAL ROMANIA
 
 
667,619
Rwanda - 0.1%
 
 
 
Rwanda Republic 5.5% 8/9/31 (b)
 
200,000
161,500
Saudi Arabia - 0.2%
 
 
 
Kingdom of Saudi Arabia:
 
 
 
 2.25% 2/2/33 (b)
 
245,000
190,488
 3.45% 2/2/61 (b)
 
370,000
228,013
TOTAL SAUDI ARABIA
 
 
418,501
Senegal - 0.1%
 
 
 
Republic of Senegal 6.75% 3/13/48 (b)
 
200,000
147,375
Serbia - 0.2%
 
 
 
Republic of Serbia:
 
 
 
 2.125% 12/1/30 (b)
 
295,000
229,547
 6.25% 5/26/28 (b)
 
105,000
105,066
 6.5% 9/26/33 (b)
 
55,000
54,863
TOTAL SERBIA
 
 
389,476
South Africa - 0.3%
 
 
 
South African Republic:
 
 
 
 5% 10/12/46
 
155,000
100,944
 5.65% 9/27/47
 
325,000
229,531
 5.75% 9/30/49
 
295,000
209,450
TOTAL SOUTH AFRICA
 
 
539,925
Sri Lanka - 0.3%
 
 
 
Democratic Socialist Republic of Sri Lanka:
 
 
 
 6.2% (b)(i)
 
360,000
203,440
 6.85% (b)(i)
 
345,000
198,413
 7.55% (b)(i)
 
150,000
84,422
 7.85% (b)(i)
 
210,000
118,411
TOTAL SRI LANKA
 
 
604,686
TAJIKISTAN - 0.1%
 
 
 
Tajikistan Republic 7.125% 9/14/27 (b)
 
260,000
237,088
Turkey - 1.2%
 
 
 
Export Credit Bank of Turkey 9% 1/28/27 (b)
 
200,000
208,125
Turkish Republic:
 
 
 
 4.875% 10/9/26
 
520,000
503,913
 4.875% 4/16/43
 
455,000
311,106
 5.75% 5/11/47
 
405,000
300,397
 6.625% 2/17/45
 
15,000
12,553
 7.625% 5/15/34
 
200,000
197,813
 9.375% 3/14/29
 
495,000
536,456
 26.2% 10/5/33
TRY
3,765,000
114,858
TOTAL TURKEY
 
 
2,185,221
Ukraine - 0.4%
 
 
 
Ukraine Government:
 
 
 
 6.876% 5/21/31 (b)
 
200,000
49,840
 7.253% 3/15/35 (b)
 
380,000
93,252
 7.75% 9/1/25 (b)
 
280,000
87,500
 7.75% 9/1/26 (b)
 
380,000
109,060
 7.75% 9/1/27 (b)
 
120,000
33,840
 7.75% 9/1/28 (b)
 
560,000
157,052
 7.75% 9/1/29 (b)
 
125,000
34,875
 7.75% 8/1/41 (b)(h)
 
250,000
130,625
TOTAL UKRAINE
 
 
696,044
United Arab Emirates - 0.3%
 
 
 
Emirate of Abu Dhabi 3.125% 9/30/49 (b)
 
210,000
137,813
Emirate of Dubai:
 
 
 
 3.9% 9/9/50 (Reg. S)
 
225,000
157,922
 5.25% 1/30/43 (Reg. S)
 
295,000
270,847
TOTAL UNITED ARAB EMIRATES
 
 
566,582
United States of America - 0.4%
 
 
 
U.S. Treasury Bills, yield at date of purchase 5.31% 7/18/24
 
180,000
177,953
U.S. Treasury Bonds:
 
 
 
 2.875% 5/15/52
 
333,000
234,336
 3.625% 2/15/53
 
399,000
325,995
TOTAL UNITED STATES OF AMERICA
 
 
738,284
Uruguay - 0.2%
 
 
 
Uruguay Republic 5.1% 6/18/50
 
430,000
391,085
Uzbekistan - 0.1%
 
 
 
Republic of Uzbekistan 3.9% 10/19/31 (b)
 
240,000
191,400
Venezuela - 0.4%
 
 
 
Venezuelan Republic 9.25% (i)
 
3,625,000
760,525
Zambia - 0.1%
 
 
 
Republic of Zambia:
 
 
 
 8.5% (b)(i)
 
50,000
36,758
 8.97% (b)(i)
 
145,000
105,125
TOTAL ZAMBIA
 
 
141,883
 
TOTAL GOVERNMENT OBLIGATIONS
 (Cost $36,760,496)
 
 
 
32,756,976
 
 
 
 
Preferred Securities - 0.4%
 
 
Principal
Amount (g)
 
Value ($)
 
Mexico - 0.2%
 
 
 
Banco Mercantil del Norte SA 7.625% (b)(h)(k)
 
125,000
122,438
CEMEX S.A.B. de CV 5.125% (b)(h)(k)
 
200,000
193,414
TOTAL MEXICO
 
 
315,852
United Arab Emirates - 0.2%
 
 
 
DP World Salaam 6% (Reg. S) (h)(k)
 
350,000
353,773
 
TOTAL PREFERRED SECURITIES
 (Cost $720,935)
 
 
 
669,625
 
 
 
 
Money Market Funds - 1.7%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (l)
 
3,034,266
3,034,873
Fidelity Securities Lending Cash Central Fund 5.39% (l)(m)
 
79,210
79,218
 
TOTAL MONEY MARKET FUNDS
 (Cost $3,113,794)
 
 
3,114,091
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 105.2%
 (Cost $169,329,950)
 
 
 
192,094,643
NET OTHER ASSETS (LIABILITIES) - (5.2)%  
(9,553,418)
NET ASSETS - 100.0%
182,541,225
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Treasury Contracts
 
 
 
 
 
CBOT 10-Year U.S. Treasury Note Contracts (United States)
7
Jun 2024
752,063
(18,221)
(18,221)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.4%
 
 
Currency Abbreviations
         EGP
-
Egyptian pound
         EUR
-
European Monetary Unit
         NGN
-
Nigerian naira
         RON
-
Romanian leu
         TRY
-
Turkish Lira
 
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 $39,771,546 or 21.8% 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 $1,669,545 or 0.9% 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)
Amount is stated in United States dollars unless otherwise noted.
 
(h)
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
 
(i)
Non-income producing - Security is in default.
 
(j)
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.
 
(k)
Security is perpetual in nature with no stated maturity date.
 
(l)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(m)
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 5.39%
2,632,253
86,702,021
86,298,920
120,154
(481)
-
3,034,873
0.0%
Fidelity Securities Lending Cash Central Fund 5.39%
255,433
1,974,351
2,150,566
806
-
-
79,218
0.0%
Total
2,887,686
88,676,372
88,449,486
120,960
(481)
-
3,114,091
 
 
 
 
 
 
 
 
 
 
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 April 30, 2024, 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
11,167,159
2,516,606
8,650,553
-
Consumer Discretionary
22,054,980
6,217,579
15,432,458
404,943
Consumer Staples
8,012,346
1,732,864
6,279,482
-
Energy
7,080,413
2,334,411
3,781,224
964,778
Financials
29,502,726
11,530,442
17,917,826
54,458
Health Care
4,014,563
994,341
2,961,249
58,973
Industrials
8,349,341
2,292,240
6,057,101
-
Information Technology
30,956,096
43,563
30,823,986
88,547
Materials
9,955,130
5,766,105
4,187,049
1,976
Real Estate
1,763,262
814,234
948,272
756
Utilities
4,172,027
1,076,851
3,095,176
-
 Corporate Bonds
18,525,908
-
17,457,515
1,068,393
 Government Obligations
32,756,976
-
32,756,976
-
 Preferred Securities
669,625
-
669,625
-
  Money Market Funds
3,114,091
3,114,091
-
-
 Total Investments in Securities:
192,094,643
38,433,327
151,018,492
2,642,824
 Derivative Instruments:
 Liabilities
 
 
 
 
Futures Contracts
(18,221)
(18,221)
-
-
  Total Liabilities
(18,221)
(18,221)
-
-
 Total Derivative Instruments:
(18,221)
(18,221)
-
-
 
The following is a reconciliation of  Investments in Securities for which Level 3 inputs were used in determining value:
 
 
Investments in Securities:
 
  Beginning Balance
$
4,920,412
 
  Net Realized Gain (Loss) on Investment Securities
 
(4,460,295)
 
  Net Unrealized Gain (Loss) on Investment Securities
 
6,171,110
 
  Cost of Purchases
 
-
 
  Proceeds of Sales
 
(3,788,383)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
-
 
  Transfers out of Level 3
 
(200,020)
 
  Ending Balance
$
2,642,824
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2024
$
344,592
 
 
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 April 30, 2024. 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 ($)
Liability ($)
Interest Rate Risk
 
 
Futures Contracts (a) 
0
(18,221)
Total Interest Rate Risk
0
(18,221)
Total Value of Derivatives
0
(18,221)
 
(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
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $75,170) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $166,216,156)
$
188,980,552
 
 
Fidelity Central Funds (cost $3,113,794)
3,114,091
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $169,329,950)
 
 
$
192,094,643
Segregated cash with brokers for derivative instruments
 
 
22,172
Foreign currency held at value (cost $127,982)
 
 
127,951
Receivable for investments sold
 
 
1,262,164
Dividends receivable
 
 
167,350
Interest receivable
 
 
1,169,709
Distributions receivable from Fidelity Central Funds
 
 
15,285
Prepaid expenses
 
 
81
Other receivables
 
 
174,805
  Total assets
 
 
195,034,160
Liabilities
 
 
 
 
Payable to custodian bank
$
4,169,595
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
147,357
 
 
Delayed delivery
1,571
 
 
Payable for fund shares redeemed
178,801
 
 
Accrued management fee
159,546
 
 
Distribution and service plan fees payable
17,828
 
 
Notes payable to affiliates
6,914,000
 
 
Payable for daily variation margin on futures contracts
3,609
 
 
Deferred taxes
724,745
 
 
Other payables and accrued expenses
96,665
 
 
Collateral on securities loaned
79,218
 
 
  Total liabilities
 
 
 
12,492,935
Net Assets  
 
 
$
182,541,225
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
212,202,932
Total accumulated earnings (loss)
 
 
 
(29,661,707)
Net Assets
 
 
$
182,541,225
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($30,606,411 ÷ 2,475,080 shares)(a)
 
 
$
12.37
Maximum offering price per share (100/94.25 of $12.37)
 
 
$
13.12
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($6,187,034 ÷ 500,496 shares)(a)
 
 
$
12.36
Maximum offering price per share (100/96.50 of $12.36)
 
 
$
12.81
Class C :
 
 
 
 
Net Asset Value and offering price per share ($9,927,171 ÷ 804,399 shares)(a)
 
 
$
12.34
Total Emerging Markets :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($79,289,446 ÷ 6,396,728 shares)
 
 
$
12.40
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($48,292,660 ÷ 3,902,090 shares)
 
 
$
12.38
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($8,238,503 ÷ 667,931 shares)
 
 
$
12.33
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
1,379,847
Interest  
 
 
2,206,879
Income from Fidelity Central Funds (including $806 from security lending)
 
 
120,960
 Income before foreign taxes withheld
 
 
$
3,707,686
Less foreign taxes withheld
 
 
(167,984)
 Total income
 
 
 
3,539,702
Expenses
 
 
 
 
Management fee
$
884,756
 
 
Transfer agent fees
131,422
 
 
Distribution and service plan fees
113,087
 
 
Accounting fees
33,950
 
 
Custodian fees and expenses
72,431
 
 
Independent trustees' fees and expenses
552
 
 
Registration fees
31,347
 
 
Audit
72,923
 
 
Legal
2,088
 
 
Interest
8,414
 
 
Miscellaneous
442
 
 
 Total expenses before reductions
 
1,351,412
 
 
 Expense reductions
 
(9,744)
 
 
 Total expenses after reductions
 
 
 
1,341,668
Net Investment income (loss)
 
 
 
2,198,034
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $314,481)
 
(15,927,939)
 
 
   Fidelity Central Funds
 
(481)
 
 
 Foreign currency transactions
 
(24,931)
 
 
 Futures contracts
 
(1,059,603)
 
 
Total net realized gain (loss)
 
 
 
(17,012,954)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of increase in deferred foreign taxes of $359,296)  
 
45,370,063
 
 
 Assets and liabilities in foreign currencies
 
(3,492)
 
 
 Futures contracts
 
(19,374)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
45,347,197
Net gain (loss)
 
 
 
28,334,243
Net increase (decrease) in net assets resulting from operations
 
 
$
30,532,277
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
2,198,034
$
8,046,071
Net realized gain (loss)
 
(17,012,954)
 
 
(2,785,672)
 
Change in net unrealized appreciation (depreciation)
 
45,347,197
 
27,137,426
 
Net increase (decrease) in net assets resulting from operations
 
30,532,277
 
 
32,397,825
 
Distributions to shareholders
 
(6,596,866)
 
 
(7,044,986)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
(48,640,330)
 
 
(70,365,479)
 
Total increase (decrease) in net assets
 
(24,704,919)
 
 
(45,012,640)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
207,246,144
 
252,258,784
 
End of period
$
182,541,225
$
207,246,144
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® Total Emerging Markets Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.07
$
10.09
$
15.26
$
13.55
$
12.80
$
11.53
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.11
 
.36
 
.28
 
.20
 
.19
 
.37 C
     Net realized and unrealized gain (loss)
 
1.54
 
.91
 
(5.19)
 
1.67
 
.89
 
1.14
  Total from investment operations
 
1.65  
 
1.27  
 
(4.91)  
 
1.87  
 
1.08
 
1.51
  Distributions from net investment income
 
(.35)
 
(.29)
 
(.26)
 
(.16)
 
(.33)
 
(.24)
     Total distributions
 
(.35)
 
(.29)
 
(.26)
 
(.16)
 
(.33)
 
(.24)
  Net asset value, end of period
$
12.37
$
11.07
$
10.09
$
15.26
$
13.55
$
12.80
 Total Return D,E,F
 
15.10
%
 
 
12.57%
 
(32.69)%
 
13.78%
 
8.54%
 
13.38%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.44% I
 
1.45%
 
1.39%
 
1.36%
 
1.40%
 
1.39%
    Expenses net of fee waivers, if any
 
1.43
% I
 
 
1.44%
 
1.39%
 
1.36%
 
1.39%
 
1.39%
    Expenses net of all reductions
 
1.43% I
 
1.44%
 
1.39%
 
1.36%
 
1.37%
 
1.39%
    Net investment income (loss)
 
1.88% I
 
3.16%
 
2.21%
 
1.26%
 
1.49%
 
3.02% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
30,606
$
29,938
$
28,302
$
46,981
$
37,022
$
39,958
    Portfolio turnover rate J
 
61
% I
 
 
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 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.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor® Total Emerging Markets Fund Class M
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.05
$
10.07
$
15.23
$
13.52
$
12.78
$
11.51
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.10
 
.33
 
.24
 
.15
 
.15
 
.33 C
     Net realized and unrealized gain (loss)
 
1.52
 
.91
 
(5.19)
 
1.67
 
.88
 
1.15
  Total from investment operations
 
1.62  
 
1.24  
 
(4.95)  
 
1.82  
 
1.03
 
1.48
  Distributions from net investment income
 
(.31)
 
(.26)
 
(.21)
 
(.11)
 
(.29)
 
(.21)
     Total distributions
 
(.31)
 
(.26)
 
(.21)
 
(.11)
 
(.29)
 
(.21)
  Net asset value, end of period
$
12.36
$
11.05
$
10.07
$
15.23
$
13.52
$
12.78
 Total Return D,E,F
 
14.88
%
 
 
12.26%
 
(32.92)%
 
13.47%
 
8.16%
 
13.05%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.69% I
 
1.74%
 
1.69%
 
1.66%
 
1.71%
 
1.72%
    Expenses net of fee waivers, if any
 
1.68
% I
 
 
1.74%
 
1.69%
 
1.66%
 
1.71%
 
1.71%
    Expenses net of all reductions
 
1.68% I
 
1.73%
 
1.69%
 
1.66%
 
1.69%
 
1.71%
    Net investment income (loss)
 
1.63% I
 
2.87%
 
1.90%
 
.96%
 
1.17%
 
2.69% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
6,187
$
6,477
$
6,237
$
9,530
$
7,885
$
8,841
    Portfolio turnover rate J
 
61
% I
 
 
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 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.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor® Total Emerging Markets Fund Class C
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.99
$
10.00
$
15.09
$
13.41
$
12.66
$
11.40
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.07
 
.27
 
.18
 
.08
 
.09
 
.28 C
     Net realized and unrealized gain (loss)
 
1.52
 
.90
 
(5.15)
 
1.65
 
.89
 
1.13
  Total from investment operations
 
1.59  
 
1.17  
 
(4.97)  
 
1.73  
 
.98
 
1.41
  Distributions from net investment income
 
(.24)
 
(.18)
 
(.12)
 
(.05)
 
(.23)
 
(.15)
     Total distributions
 
(.24)
 
(.18)
 
(.12)
 
(.05)
 
(.23)
 
(.15)
  Net asset value, end of period
$
12.34
$
10.99
$
10.00
$
15.09
$
13.41
$
12.66
 Total Return D,E,F
 
14.60
%
 
 
11.68%
 
(33.17)%
 
12.89%
 
7.83%
 
12.54%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.17% I
 
2.19%
 
2.14%
 
2.11%
 
2.14%
 
2.14%
    Expenses net of fee waivers, if any
 
2.16
% I
 
 
2.19%
 
2.13%
 
2.11%
 
2.14%
 
2.14%
    Expenses net of all reductions
 
2.16% I
 
2.19%
 
2.13%
 
2.11%
 
2.12%
 
2.13%
    Net investment income (loss)
 
1.14% I
 
2.41%
 
1.46%
 
.51%
 
.74%
 
2.27% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
9,927
$
11,349
$
13,469
$
27,673
$
28,884
$
35,545
    Portfolio turnover rate J
 
61
% I
 
 
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 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.
 
IAnnualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity® Total Emerging Markets Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.11
$
10.12
$
15.31
$
13.59
$
12.84
$
11.56
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.13
 
.39
 
.32
 
.24
 
.22
 
.40 C
     Net realized and unrealized gain (loss)
 
1.53
 
.91
 
(5.21)
 
1.67
 
.90
 
1.16
  Total from investment operations
 
1.66  
 
1.30  
 
(4.89)  
 
1.91  
 
1.12
 
1.56
  Distributions from net investment income
 
(.37)
 
(.31)
 
(.30)
 
(.19)
 
(.37)
 
(.28)
     Total distributions
 
(.37)
 
(.31)
 
(.30)
 
(.19)
 
(.37)
 
(.28)
  Net asset value, end of period
$
12.40
$
11.11
$
10.12
$
15.31
$
13.59
$
12.84
 Total Return D,E
 
15.22
%
 
 
12.86%
 
(32.52)%
 
14.06%
 
8.79%
 
13.80%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.18% H
 
1.20%
 
1.12%
 
1.11%
 
1.16%
 
1.14%
    Expenses net of fee waivers, if any
 
1.17
% H
 
 
1.19%
 
1.11%
 
1.11%
 
1.15%
 
1.14%
    Expenses net of all reductions
 
1.17% H
 
1.19%
 
1.11%
 
1.11%
 
1.14%
 
1.14%
    Net investment income (loss)
 
2.14% H
 
3.41%
 
2.48%
 
1.51%
 
1.73%
 
3.27% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
79,289
$
79,640
$
91,615
$
259,331
$
205,009
$
199,708
    Portfolio turnover rate I
 
61
% 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 2.62%.
 
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).
 
 
Fidelity Advisor® Total Emerging Markets Fund Class I
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.10
$
10.11
$
15.29
$
13.57
$
12.82
$
11.55
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.13
 
.39
 
.32
 
.24
 
.22
 
.41 C
     Net realized and unrealized gain (loss)
 
1.53
 
.92
 
(5.20)
 
1.67
 
.90
 
1.14
  Total from investment operations
 
1.66  
 
1.31  
 
(4.88)  
 
1.91  
 
1.12
 
1.55
  Distributions from net investment income
 
(.38)
 
(.32)
 
(.30)
 
(.19)
 
(.37)
 
(.28)
     Total distributions
 
(.38)
 
(.32)
 
(.30)
 
(.19)
 
(.37)
 
(.28)
  Net asset value, end of period
$
12.38
$
11.10
$
10.11
$
15.29
$
13.57
$
12.82
 Total Return D,E
 
15.18
%
 
 
12.96%
 
(32.50)%
 
14.10%
 
8.85%
 
13.77%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.14% H
 
1.16%
 
1.10%
 
1.09%
 
1.11%
 
1.11%
    Expenses net of fee waivers, if any
 
1.13
% H
 
 
1.15%
 
1.10%
 
1.08%
 
1.10%
 
1.10%
    Expenses net of all reductions
 
1.13% H
 
1.15%
 
1.10%
 
1.08%
 
1.09%
 
1.10%
    Net investment income (loss)
 
2.18% H
 
3.45%
 
2.49%
 
1.54%
 
1.78%
 
3.30% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
48,293
$
68,874
$
98,727
$
209,635
$
232,450
$
372,286
    Portfolio turnover rate I
 
61
% 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 2.65%.
 
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).
 
 
Fidelity Advisor® Total Emerging Markets Fund Class Z
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.07
$
10.09
$
15.26
$
13.55
$
12.80
$
11.55
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.14
 
.41
 
.34
 
.26
 
.24
 
.43 C
     Net realized and unrealized gain (loss)
 
1.52
 
.91
 
(5.19)
 
1.66
 
.90
 
1.13
  Total from investment operations
 
1.66  
 
1.32  
 
(4.85)  
 
1.92  
 
1.14
 
1.56
  Distributions from net investment income
 
(.40)
 
(.34)
 
(.32)
 
(.21)
 
(.39)
 
(.31)
     Total distributions
 
(.40)
 
(.34)
 
(.32)
 
(.21)
 
(.39)
 
(.31)
  Net asset value, end of period
$
12.33
$
11.07
$
10.09
$
15.26
$
13.55
$
12.80
 Total Return D,E
 
15.21
%
 
 
13.04%
 
(32.40)%
 
14.21%
 
9.03%
 
13.85%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.02% H
 
1.03%
 
.97%
 
.96%
 
.98%
 
.98%
    Expenses net of fee waivers, if any
 
1.01
% H
 
 
1.02%
 
.97%
 
.96%
 
.98%
 
.97%
    Expenses net of all reductions
 
1.01% H
 
1.02%
 
.97%
 
.96%
 
.96%
 
.97%
    Net investment income (loss)
 
2.30% H
 
3.58%
 
2.62%
 
1.66%
 
1.91%
 
3.43% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
8,239
$
10,969
$
13,909
$
68,119
$
56,395
$
61,175
    Portfolio turnover rate I
 
61
% 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 2.79%.
 
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).
 
 
For the period ended April 30, 2024
 
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. Effective April 5, 2024 the Fund was closed to new accounts.
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.
 
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
$1,574,431
Market comparable
Enterprise value/Revenue multiple (EV/R)
1.6 - 2.6 / 2.4
Increase
 
 
Market approach
Discount rate
20.0% - 50.0% / 20.3%
Decrease
 
 
Recovery value
Recovery value
$0.00
Increase
 
 
Black scholes
Discount rate
4.8%
Increase
 
 
 
Term
3.0
Increase
 
 
 
Volatility
60.0%
Increase
Corporate Bonds
$1,068,393
Market comparable
Enterprise value/Revenue multiple (EV/R)
8.8
Increase
 
 
 
Discount rate
23.2%
Decrease
 
 
 
Probability rate
33.3%
Increase
 
 
Discounted cash flow
Discount rate
3.3%
Decrease
 
 
Black scholes
Discount rate
4.8% - 5.0% / 4.9%
Increase
 
 
 
Term
1.7 - 2.8 / 2.2
Increase
 
 
 
Volatility
65.0%
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 April 30, 2024, 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. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. 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. 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.
 
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
$45,389,056
Gross unrealized depreciation
(23,877,928)
Net unrealized appreciation (depreciation)
$21,511,128
Tax cost
$170,565,294
 
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 prior fiscal period end and is subject to adjustment.
 
 Short-term
$(32,318,283)
 Long-term
(957,668)
Total capital loss carryforward
$(33,275,951)
 
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. 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.
 
Interest Rate Risk
Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.
 
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.
 
Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives. The table below, which reflects the impacts of derivatives on the financial performance, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.
 
Primary Risk Exposure / Derivative Type
Net Realized Gain (Loss)($)
Change in Net Unrealized Appreciation (Depreciation)($)
Fidelity Total Emerging Markets Fund
 
 
Equity Risk
 
 
Futures Contracts
 (1,062,282)
                (1,153)
Total Equity Risk
       (1,062,282)
                (1,153)
Interest Rate Risk
 
 
Futures Contracts
                  2,679
             (18,221)
Total Interest Rate Risk
                  2,679
             (18,221)
Totals
       (1,059,603)
             (19,374)
 
If there are any open positions at period end, a summary of the value of derivatives by primary risk exposure is included at the end of the Schedule of Investments.
 
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, bond market and fluctuations in interest rates.
 
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
63,044,610
106,474,738
 
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.
 
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
0.98
Class M
0.98
Class C
0.98
Total Emerging Markets
0.98
Class I
0.95
Class Z
0.82
 
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.97
Class M
.97
Class C
.97
Total Emerging Markets
.93
Class I
.95
Class Z
.82
 
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was 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 was 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 decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .77%.
 
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
 
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.50% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA (UK).
 
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%
40,393
1,088
Class M
 .25%
 .25%
 17,234
 148
Class C
 .75%
 .25%
                55,460
                  3,901
 
 
 
113,087
5,137
 
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
 2,812
Class M
 243
Class CA
                        29
 
                  3,084
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. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
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
.2000
Class M
.2000
Class C
.2000
Total Emerging Markets
.2000
Class I
.1693
 
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
Amount ($)
% of Class-Level Average Net AssetsA
Class A
 21,805
.20
Class M
 4,877
.21
Class C
 7,589
.20
Total Emerging Markets
 56,447
.20
Class I
 39,110
.17
Class Z
                  1,594
.04
 
                      131,422
 
A Annualized
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
 
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
.0471
 
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Fidelity Total Emerging Markets Fund
.05
 
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
 356
 
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. Any open loans, including accrued interest, at period end are presented as Notes payable to affiliates in the Statement of Assets and Liabilities. 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 Total Emerging Markets Fund 
 Borrower
 4,463,000
5.57%
 8,286
 
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 Emerging Markets Fund
 1,322,823
 947,469
 (31,468)
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
199
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
80
 -
-
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 Total Emerging Markets Fund
788,000
5.83%
 128
 
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
 15
 
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 $9,729.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2024
Year ended
October 31, 2023
Fidelity Total Emerging Markets Fund
 
 
Distributions to shareholders
 
 
Class A
$934,878
 $794,178
Class M
 182,001
 155,913
Class C
 232,022
 234,768
Total Emerging Markets
 2,618,719
 2,687,846
Class I
 2,243,723
 2,776,747
Class Z
             385,523
             395,534
Total  
$6,596,866
$7,044,986
 
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
 
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Fidelity Total Emerging Markets Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
181,618
451,041
$2,171,680
$5,132,208
Reinvestment of distributions
80,798
71,386
931,603
792,381
Shares redeemed
(491,106)
(623,211)
(5,981,368)
(7,049,102)
Net increase (decrease)
(228,690)
(100,784)
$(2,878,085)
$(1,124,513)
Class M
 
 
 
 
Shares sold
16,028
28,227
$189,513
$321,892
Reinvestment of distributions
15,771
14,022
182,001
155,787
Shares redeemed
(117,436)
(75,454)
(1,436,784)
(856,020)
Net increase (decrease)
(85,637)
(33,205)
$(1,065,270)
$(378,341)
Class C
 
 
 
 
Shares sold
28,096
104,348
$336,738
$1,182,359
Reinvestment of distributions
20,106
21,155
232,022
234,608
Shares redeemed
(276,440)
(440,401)
(3,316,539)
(4,961,807)
Net increase (decrease)
(228,238)
(314,898)
$(2,747,779)
$(3,544,840)
Total Emerging Markets
 
 
 
 
Shares sold
1,155,750
563,824
$14,126,802
$6,430,664
Reinvestment of distributions
193,395
206,717
2,231,775
2,296,623
Shares redeemed
(2,121,756)
(2,655,457)
(25,977,283)
(30,066,472)
Net increase (decrease)
(772,611)
(1,884,916)
$(9,618,706)
$(21,339,185)
Class I
 
 
 
 
Shares sold
349,443
918,341
$4,166,692
$10,406,208
Reinvestment of distributions
191,996
246,056
2,213,715
2,728,758
Shares redeemed
(2,846,902)
(4,721,988)
(34,745,386)
(53,094,986)
Net increase (decrease)
(2,305,463)
(3,557,591)
$(28,364,979)
$(39,960,020)
Class Z
 
 
 
 
Shares sold
52,295
923,752
$622,544
$10,820,507
Reinvestment of distributions
24,261
25,674
278,517
283,693
Shares redeemed
(399,385)
(1,337,270)
(4,866,572)
(15,122,780)
Net increase (decrease)
(322,829)
(387,844)
$(3,965,511)
$(4,018,580)
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.
 
In March 2024, the Board of Trustees approved a Plan of Liquidation and Dissolution. The Fund will distribute all of its net assets to its shareholders on or about July 19, 2024.
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.
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 (November 1, 2023 to April 30, 2024).
 
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 November 1, 2023
 
Ending Account Value April 30, 2024
 
Expenses Paid During Period- C November 1, 2023 to April 30, 2024
Fidelity® Emerging Markets Discovery Fund
 
 
 
 
 
 
 
 
 
 
Class A **
 
 
 
1.32%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,131.20
 
$ 6.99
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,018.30
 
$ 6.62
 
Class M
 
 
 
1.54%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,129.70
 
$ 8.15
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,017.21
 
$ 7.72
 
Class C
 
 
 
2.05%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,126.60
 
$ 10.84
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,014.67
 
$ 10.27
 
Fidelity® Emerging Markets Discovery Fund **
 
 
 
1.05%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,132.10
 
$ 5.57
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.64
 
$ 5.27
 
Class I **
 
 
 
1.06%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,132.40
 
$ 5.62
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.59
 
$ 5.32
 
Class Z **
 
 
 
.93%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,133.00
 
$ 4.93
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.24
 
$ 4.67
 
Fidelity® Total Emerging Markets Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.43%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,151.00
 
$ 7.65
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,017.75
 
$ 7.17
 
Class M
 
 
 
1.68%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,148.80
 
$ 8.98
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,016.51
 
$ 8.42
 
Class C
 
 
 
2.16%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,146.00
 
$ 11.53
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,014.12
 
$ 10.82
 
Fidelity® Total Emerging Markets Fund **
 
 
 
1.17%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,152.20
 
$ 6.26
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.05
 
$ 5.87
 
Class I
 
 
 
1.13%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,151.80
 
$ 6.05
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.24
 
$ 5.67
 
Class Z
 
 
 
1.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,152.10
 
$ 5.40
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.84
 
$ 5.07
 
 
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 182/ 366 (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 March 1, 2024, had been in effect during the entire 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® Emerging Markets Discovery Fund
 
 
 
 
 
 
Class A
 
 
 
1.25%
 
 
Actual
 
 
 
 
 
$ 6.62
Hypothetical- B
 
 
 
 
 
 
$ 6.27
Fidelity® Emerging Markets Discovery Fund
 
 
 
.96%
 
 
Actual
 
 
 
 
 
$ 5.09
Hypothetical- B
 
 
 
 
 
 
$ 4.82
Class I
 
 
 
1.00%
 
 
Actual
 
 
 
 
 
$ 5.30
Hypothetical- B
 
 
 
 
 
 
$ 5.02
Class Z
 
 
 
.87%
 
 
Actual
 
 
 
 
 
$ 4.61
Hypothetical- B
 
 
 
 
 
 
$ 4.37
Fidelity® Total Emerging Markets Fund
 
 
 
 
 
 
Fidelity® Total Emerging Markets Fund
 
 
 
1.09%
 
 
Actual
 
 
 
 
 
$ 5.83
Hypothetical- B
 
 
 
 
 
 
$ 5.47
 
 
 
 
 
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
 
 
 
 
 
B   5% return per year before expenses
 
 
 
 
 
 
 
 
 
Board Approval of Investment Advisory Contracts
Fidelity Emerging Markest Discovery Fund
Fidelity Total Emerging Markets Fund
 
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for each fund, including each fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), Fidelity Management & Research (Japan) Limited (FMR Japan), and FIL Investment Advisors (FIL). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of each fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of each fund and each class of each fund into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, each fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of each fund would be no higher than the sum of (i) the lowest contractual management fee rate under each fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to each fund for the same services. The Board noted that certain expenses such as third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of each fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of a fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including each fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board further noted that the funds' agreements with FIL were amended to provide that FMR will compensate FIL at a flat fee rate of 0.50% of the net assets sub-advised by it. The Board considered that, under the Sub-Advisory Contracts, FMR, and not each fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of each fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of each fund's assets or the day-to-day management of each fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of each fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to each fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of each fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for each fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing each fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the funds) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that each fund's management fee structure is fair and reasonable, and that the funds' Advisory Contracts should be approved.
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Funds have adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage each Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. Each Fund's Board of Trustees (the Board) has designated each Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factor specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable. 
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.931240.112
EMD-TEK-SANN-0624
Fidelity® Series Sustainable Emerging Markets Fund
Fidelity® Series Sustainable Non-U.S. Developed Markets Fund
 
 
Semi-Annual Report
April 30, 2024

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

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

Liquidity Risk Management Program

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. © 2024 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.  (Taiwan, Semiconductors & Semiconductor Equipment)
10.9
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
4.8
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
4.5
 
ICICI Bank Ltd. sponsored ADR  (India, Banks)
3.4
 
Reliance Industries Ltd. GDR  (India, Oil, Gas & Consumable Fuels)
2.8
 
Alibaba Group Holding Ltd.  (China, Broadline Retail)
2.5
 
Axis Bank Ltd. sponsored GDR (Reg. S)  (India, Banks)
2.4
 
HDFC Bank Ltd. sponsored ADR  (India, Banks)
2.0
 
China Construction Bank Corp. (H Shares)  (China, Banks)
1.8
 
Infosys Ltd. sponsored ADR  (India, IT Services)
1.6
 
 
36.7
 
 
Market Sectors (% of Fund's net assets)
 
Financials
25.8
 
Information Technology
24.4
 
Consumer Discretionary
14.4
 
Communication Services
7.8
 
Industrials
5.5
 
Consumer Staples
4.3
 
Energy
4.3
 
Materials
4.2
 
Health Care
3.3
 
Real Estate
1.9
 
Utilities
1.8
 
 
Asset Allocation (% of Fund's net assets)
Futures - 0.8%
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
Common Stocks - 95.6%
 
 
Shares
Value ($)
 
Brazil - 6.0%
 
 
 
Banco do Brasil SA
 
1,092
5,766
Cury Construtora e Incorporado SA
 
1,385
5,228
Cyrela Brazil Realty SA
 
500
1,955
ENGIE Brasil Energia SA
 
4,275
33,672
Hapvida Participacoes e Investimentos SA (a)(b)
 
26,901
19,117
Localiza Rent a Car SA
 
3,860
36,447
LOG Commercial Properties e Participacoes SA
 
1,243
5,202
Lojas Renner SA
 
13,994
41,314
MercadoLibre, Inc. (a)
 
29
42,302
Nu Holdings Ltd. (a)
 
2,310
25,087
PRIO SA
 
1,500
13,866
Raia Drogasil SA
 
9,173
45,188
Rede D'Oregon Sao Luiz SA (b)
 
2,300
11,516
StoneCo Ltd. Class A (a)
 
1,368
21,341
Suzano SA
 
2,556
28,776
Transmissora Alianca de Energia Eletrica SA
 
2,672
18,123
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA
 
6,200
8,489
XP, Inc. Class A
 
2,601
53,242
TOTAL BRAZIL
 
 
416,631
Chile - 0.9%
 
 
 
Antofagasta PLC
 
1,722
47,553
Banco de Chile
 
154,024
17,086
TOTAL CHILE
 
 
64,639
China - 26.8%
 
 
 
Airtac International Group
 
1,000
35,343
Alibaba Group Holding Ltd.
 
17,323
162,196
Alibaba Group Holding Ltd. sponsored ADR
 
185
13,847
Anta Sports Products Ltd.
 
2,200
24,906
BeiGene Ltd. ADR (a)
 
68
10,468
BYD Co. Ltd. (H Shares)
 
1,710
46,876
China Communications Services Corp. Ltd. (H Shares)
 
32,735
15,649
China Construction Bank Corp. (H Shares)
 
188,178
121,749
China Gas Holdings Ltd.
 
13,715
12,842
China Jushi Co. Ltd. (A Shares)
 
15,400
25,314
China Life Insurance Co. Ltd. (H Shares)
 
17,358
22,859
China Merchants Bank Co. Ltd. (H Shares)
 
500
2,165
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares)
 
8,200
9,553
China Resources Beer Holdings Co. Ltd.
 
1,753
7,990
ENN Energy Holdings Ltd.
 
3,187
27,154
Flat Glass Group Co. Ltd.
 
3,000
7,226
Foxconn Industrial Internet Co. Ltd. (A Shares)
 
2,600
8,591
Fuyao Glass Industries Group Co. Ltd. (A Shares)
 
1,800
12,376
Guangdong Investment Ltd.
 
9,959
5,202
Haier Smart Home Co. Ltd.
 
12,371
45,822
Haier Smart Home Co. Ltd. (A Shares)
 
7,600
31,618
Haitian International Holdings Ltd.
 
5,755
18,743
Hansoh Pharmaceutical Group Co. Ltd. (b)
 
10,000
22,097
Industrial & Commercial Bank of China Ltd. (H Shares)
 
49,036
26,295
Innovent Biologics, Inc. (a)(b)
 
6,762
32,735
JD.com, Inc.:
 
 
 
 Class A
 
2,808
40,459
 sponsored ADR
 
707
20,425
Kanzhun Ltd. ADR
 
369
7,303
KE Holdings, Inc. ADR
 
326
4,929
Kuaishou Technology Class B (a)(b)
 
900
6,310
Kunlun Energy Co. Ltd.
 
9,844
9,543
Kweichow Moutai Co. Ltd. (A Shares)
 
100
23,447
Lenovo Group Ltd.
 
35,229
39,624
Li Auto, Inc.:
 
 
 
 ADR (a)
 
967
25,413
 Class A (a)
 
2,088
27,357
Li Ning Co. Ltd.
 
5,000
13,089
Medlive Technology Co. Ltd. (b)
 
6,000
6,303
Meituan Class B (a)(b)
 
7,650
104,457
NetEase, Inc. ADR
 
380
35,519
New Oriental Education & Technology Group, Inc. (a)
 
600
4,768
New Oriental Education & Technology Group, Inc. sponsored ADR (a)
 
636
49,036
Ping An Insurance Group Co. of China Ltd. (H Shares)
 
13,506
61,210
Proya Cosmetics Co. Ltd. (A Shares)
 
700
10,561
Shangri-La Asia Ltd.
 
6,000
4,185
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
3,700
30,344
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
1,100
46,189
Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd. (H Shares)
 
400
8,508
Sinopharm Group Co. Ltd. (H Shares)
 
5,919
14,948
Sinotruk Hong Kong Ltd.
 
12,782
31,811
TAL Education Group ADR (a)
 
183
2,203
Tencent Holdings Ltd.
 
7,070
310,254
Tongdao Liepin Group (a)
 
1,001
383
TravelSky Technology Ltd. (H Shares)
 
8,198
10,649
Trip.com Group Ltd. ADR (a)
 
1,400
67,564
Tsingtao Brewery Co. Ltd. (H Shares)
 
2,320
16,719
Vipshop Holdings Ltd. ADR
 
2,072
31,163
Xinyi Solar Holdings Ltd.
 
4,000
2,752
Zai Lab Ltd. (a)
 
2,045
3,287
Zhongji Innolight Co. Ltd. (A Shares)
 
500
12,604
ZTO Express, Inc. sponsored ADR
 
925
19,416
TOTAL CHINA
 
 
1,852,348
Greece - 1.1%
 
 
 
Alpha Bank SA (a)
 
29,521
50,171
OPAP SA
 
1,297
21,607
Piraeus Financial Holdings SA (a)
 
1,478
5,921
TOTAL GREECE
 
 
77,699
Hong Kong - 1.2%
 
 
 
ASMPT Ltd.
 
1,666
20,705
Huanxi Media Group Ltd. (a)
 
61,876
4,479
Kerry Properties Ltd.
 
11,552
22,395
Prudential PLC
 
4,004
34,824
TOTAL HONG KONG
 
 
82,403
Hungary - 0.5%
 
 
 
OTP Bank PLC
 
632
31,361
India - 13.8%
 
 
 
Axis Bank Ltd. sponsored GDR (Reg. S)
 
2,351
164,570
HDFC Bank Ltd. sponsored ADR
 
2,446
140,890
ICICI Bank Ltd. sponsored ADR
 
8,532
234,886
Infosys Ltd. sponsored ADR
 
6,555
109,534
Larsen & Toubro Ltd. GDR
 
2,406
104,180
Mahindra & Mahindra Ltd. sponsored GDR
 
272
7,099
Reliance Industries Ltd. GDR (b)
 
2,748
194,284
TOTAL INDIA
 
 
955,443
Indonesia - 3.0%
 
 
 
PT Bank Central Asia Tbk
 
126,030
75,780
PT Bank Mandiri (Persero) Tbk
 
27,100
11,455
PT Bank Negara Indonesia (Persero) Tbk
 
64,500
20,752
PT Bank Rakyat Indonesia (Persero) Tbk
 
227,566
68,885
PT Sumber Alfaria Trijaya Tbk
 
33,528
6,030
PT Telkom Indonesia Persero Tbk
 
133,303
25,842
TOTAL INDONESIA
 
 
208,744
Korea (South) - 11.1%
 
 
 
AMOREPACIFIC Corp.
 
272
33,060
Coway Co. Ltd.
 
425
16,981
Delivery Hero AG (a)(b)
 
650
18,185
Hana Financial Group, Inc.
 
485
20,398
Hyundai Motor Co. Ltd.
 
66
11,839
JYP Entertainment Corp.
 
54
2,576
Kakao Corp.
 
774
26,805
Kakao Pay Corp. (a)
 
101
2,538
KB Financial Group, Inc.
 
706
38,184
Kia Corp.
 
268
22,642
LG Corp.
 
146
8,307
LS Electric Co. Ltd.
 
104
13,088
NAVER Corp.
 
571
75,104
Samsung Biologics Co. Ltd. (a)(b)
 
43
24,101
Samsung Electronics Co. Ltd.
 
6,002
332,697
Samsung Fire & Marine Insurance Co. Ltd.
 
47
10,490
SK Hynix, Inc.
 
852
104,847
SK Square Co. Ltd. (a)
 
129
7,068
TOTAL KOREA (SOUTH)
 
 
768,910
Mexico - 2.4%
 
 
 
Corporacion Inmobiliaria Vesta S.A.B. de CV
 
3,091
10,936
Corporacion Inmobiliaria Vesta S.A.B. de CV ADR
 
410
14,559
Fibra Uno Administracion SA de CV
 
3,108
4,461
Gruma S.A.B. de CV Series B
 
399
7,837
Grupo Financiero Banorte S.A.B. de CV Series O
 
6,591
65,234
Grupo Mexico SA de CV Series B
 
1,900
11,740
Wal-Mart de Mexico SA de CV Series V
 
13,223
49,339
TOTAL MEXICO
 
 
164,106
Netherlands - 0.5%
 
 
 
CTP BV (b)
 
2,092
35,632
CTP BV rights (a)(c)
 
2,092
614
TOTAL NETHERLANDS
 
 
36,246
Panama - 0.4%
 
 
 
Copa Holdings SA Class A
 
277
26,454
Philippines - 0.1%
 
 
 
SM Investments Corp.
 
533
8,758
Poland - 0.6%
 
 
 
CD Projekt SA
 
413
12,065
Dino Polska SA (a)(b)
 
85
8,170
Powszechna Kasa Oszczednosci Bank SA
 
1,451
21,713
TOTAL POLAND
 
 
41,948
Saudi Arabia - 3.5%
 
 
 
Al Rajhi Bank
 
3,073
65,465
Alinma Bank
 
7,038
62,581
Bupa Arabia for Cooperative Insurance Co.
 
321
20,643
Dr Sulaiman Al Habib Medical Services Group Co.
 
403
33,374
Sabic Agriculture-Nutrients Co.
 
385
11,887
The Saudi National Bank
 
4,331
43,419
TOTAL SAUDI ARABIA
 
 
237,369
South Africa - 4.1%
 
 
 
Absa Group Ltd.
 
341
2,629
Bid Corp. Ltd.
 
306
6,975
Capitec Bank Holdings Ltd.
 
513
63,490
Discovery Ltd.
 
4,708
29,993
FirstRand Ltd.
 
8,145
28,118
Gold Fields Ltd.
 
2,402
38,859
Gold Fields Ltd. sponsored ADR
 
401
6,484
Impala Platinum Holdings Ltd.
 
4,430
19,720
Northam Platinum Holdings Ltd.
 
419
2,776
Pepkor Holdings Ltd. (b)
 
35,635
33,616
Pick 'n Pay Stores Ltd.
 
5,772
6,145
Shoprite Holdings Ltd.
 
2,448
32,662
Standard Bank Group Ltd.
 
834
7,832
TOTAL SOUTH AFRICA
 
 
279,299
Taiwan - 17.3%
 
 
 
Accton Technology Corp.
 
73
1,021
Alchip Technologies Ltd.
 
1,000
94,147
ASE Technology Holding Co. Ltd.
 
3,242
14,559
Asia Vital Components Co. Ltd.
 
1,073
21,128
BizLink Holding, Inc.
 
2,225
15,647
Chailease Holding Co. Ltd.
 
12,208
64,274
Delta Electronics, Inc.
 
4,000
39,104
Gigabyte Technology Co. Ltd.
 
1,000
9,002
HIWIN Technologies Corp.
 
1,302
9,191
International Games Systems Co. Ltd.
 
150
4,579
King Yuan Electronics Co. Ltd.
 
4,755
13,812
MediaTek, Inc.
 
1,000
30,098
Quanta Computer, Inc.
 
5,073
39,743
Taiwan Semiconductor Manufacturing Co. Ltd.
 
31,437
751,382
Uni-President Enterprises Corp.
 
23,473
54,961
Unimicron Technology Corp.
 
2,000
11,040
Wistron Corp.
 
6,219
21,256
Yageo Corp.
 
73
1,390
TOTAL TAIWAN
 
 
1,196,334
Tanzania - 0.3%
 
 
 
Helios Towers PLC (a)
 
17,218
21,257
United Arab Emirates - 0.3%
 
 
 
Emaar Properties PJSC
 
9,389
20,987
United Kingdom - 0.3%
 
 
 
AngloGold Ashanti PLC
 
797
18,323
United States of America - 1.4%
 
 
 
FirstCash Holdings, Inc.
 
409
46,209
Tenaris SA sponsored ADR
 
192
6,334
Titan Cement International Trading SA
 
1,262
39,865
TOTAL UNITED STATES OF AMERICA
 
 
92,408
 
TOTAL COMMON STOCKS
 (Cost $6,254,773)
 
 
 
6,601,667
 
 
 
 
Nonconvertible Preferred Stocks - 2.1%
 
 
Shares
Value ($)
 
Brazil - 1.8%
 
 
 
Companhia de Transmissao de Energia Eletrica Paulista (PN)
 
3,714
17,860
Metalurgica Gerdau SA (PN)
 
11,364
23,154
Petroleo Brasileiro SA - Petrobras:
 
 
 
 (PN) sponsored ADR (non-vtg.)
 
2,393
38,575
 sponsored ADR
 
2,628
44,597
TOTAL BRAZIL
 
 
124,186
Korea (South) - 0.3%
 
 
 
Hyundai Motor Co. Ltd. Series 2
 
217
24,727
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 (Cost $120,001)
 
 
 
148,913
 
 
 
 
Money Market Funds - 1.9%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (d)
 
 (Cost $129,292)
 
 
129,266
129,292
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.6%
 (Cost $6,504,066)
 
 
 
6,879,872
NET OTHER ASSETS (LIABILITIES) - 0.4%  
25,107
NET ASSETS - 100.0%
6,904,979
 
 
 
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
Jun 2024
52,100
1,491
1,491
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.8%
 
 
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 $516,523 or 7.5% 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 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 5.39%
118,523
1,987,101
1,976,332
5,794
-
-
129,292
0.0%
Total
118,523
1,987,101
1,976,332
5,794
-
-
129,292
 
 
 
 
 
 
 
 
 
 
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 April 30, 2024, 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
532,476
76,144
456,332
-
Consumer Discretionary
985,904
329,156
656,748
-
Consumer Staples
309,084
110,534
198,550
-
Energy
297,656
297,656
-
-
Financials
1,789,505
1,069,664
719,841
-
Health Care
232,643
74,475
158,168
-
Industrials
388,935
194,986
193,949
-
Information Technology
1,686,262
109,534
1,576,728
-
Materials
274,451
187,782
86,669
-
Real Estate
129,268
97,320
31,948
-
Utilities
124,396
69,655
54,741
-
  Money Market Funds
129,292
129,292
-
-
 Total Investments in Securities:
6,879,872
2,746,198
4,133,674
-
 Derivative Instruments:
 Assets
 
 
 
 
Futures Contracts
1,491
1,491
-
-
  Total Assets
1,491
1,491
-
-
 Total Derivative Instruments:
1,491
1,491
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2024. 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) 
1,491
0
Total Equity Risk
1,491
0
Total Value of Derivatives
1,491
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® Series Sustainable Emerging Markets Fund
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $6,374,774)
$
6,750,580
 
 
Fidelity Central Funds (cost $129,292)
129,292
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $6,504,066)
 
 
$
6,879,872
Segregated cash with brokers for derivative instruments
 
 
14,573
Cash
 
 
26,932
Foreign currency held at value (cost $16)
 
 
16
Receivable for fund shares sold
 
 
768
Dividends receivable
 
 
7,632
Distributions receivable from Fidelity Central Funds
 
 
1,392
  Total assets
 
 
6,931,185
Liabilities
 
 
 
 
Payable for investments purchased on a delayed delivery basis
$
614
 
 
Payable for fund shares redeemed
13,281
 
 
Payable for daily variation margin on futures contracts
1,462
 
 
Custody fee payable
10,849
 
 
  Total liabilities
 
 
 
26,206
Net Assets  
 
 
$
6,904,979
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
6,599,972
Total accumulated earnings (loss)
 
 
 
305,007
Net Assets
 
 
$
6,904,979
Net Asset Value, offering price and redemption price per share ($6,904,979 ÷ 648,073 shares)
 
 
$
10.65
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
52,319
Interest  
 
 
197
Income from Fidelity Central Funds  
 
 
5,794
 Income before foreign taxes withheld
 
 
$
58,310
Less foreign taxes withheld
 
 
(6,358)
 Total income
 
 
 
51,952
Expenses
 
 
 
 
Custodian fees and expenses
$
14,932
 
 
Independent trustees' fees and expenses
12
 
 
 Total expenses before reductions
 
14,944
 
 
 Expense reductions
 
(14,572)
 
 
 Total expenses after reductions
 
 
 
372
Net Investment income (loss)
 
 
 
51,580
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(48,745)
 
 
 Foreign currency transactions
 
(2,826)
 
 
 Futures contracts
 
(6,109)
 
 
Total net realized gain (loss)
 
 
 
(57,680)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
598,496
 
 
 Assets and liabilities in foreign currencies
 
(125)
 
 
 Futures contracts
 
4,450
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
602,821
Net gain (loss)
 
 
 
545,141
Net increase (decrease) in net assets resulting from operations
 
 
$
596,721
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
For the period May 11, 2023 (commencement of operations) through October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
51,580
$
69,905
Net realized gain (loss)
 
(57,680)
 
 
(38,471)
 
Change in net unrealized appreciation (depreciation)
 
602,821
 
(225,646)
 
Net increase (decrease) in net assets resulting from operations
 
596,721
 
 
(194,212)
 
Distributions to shareholders
 
(97,501)
 
 
-
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
2,078,322
 
4,692,849
  Reinvestment of distributions
 
97,501
 
 
-
 
Cost of shares redeemed
 
(111,235)
 
(157,466)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
2,064,588
 
 
4,535,383
 
Total increase (decrease) in net assets
 
2,563,808
 
 
4,341,171
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
4,341,171
 
-
 
End of period
$
6,904,979
$
4,341,171
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
198,042
 
466,593
  Issued in reinvestment of distributions
 
9,663
 
 
-
 
Redeemed
 
(10,790)
 
(15,435)
Net increase (decrease)
 
196,915
 
451,158
 
 
 
 
 
 
Financial Highlights
 
Fidelity® Series Sustainable Emerging Markets Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
9.62
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.10
 
.16
     Net realized and unrealized gain (loss)
 
1.15
 
(.54)
  Total from investment operations
 
1.25  
 
(.38)  
  Distributions from net investment income
 
(.22)
 
-
     Total distributions
 
(.22)
 
-
  Net asset value, end of period
$
10.65
$
9.62
 Total Return D,E
 
13.07
%
 
 
(3.80)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
    Expenses before reductions
 
.54% H
 
.31% H
    Expenses net of fee waivers, if any
 
.01
% H
 
 
.01% H
    Expenses net of all reductions
 
.01% H
 
.01% H
    Net investment income (loss)
 
1.86% H
 
3.40% H
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
6,905
$
4,341
    Portfolio turnover rate I
 
47
% H
 
 
36% 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.
 
 
Top Holdings (% of Fund's net assets)
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
3.0
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
2.6
 
SAP SE  (Germany, Software)
1.9
 
BAE Systems PLC  (United Kingdom, Aerospace & Defense)
1.6
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
1.6
 
Linde PLC  (United States of America, Chemicals)
1.6
 
TotalEnergies SE  (France, Oil, Gas & Consumable Fuels)
1.5
 
Shell PLC ADR  (United States of America, Oil, Gas & Consumable Fuels)
1.2
 
Atlas Copco AB (A Shares)  (Sweden, Machinery)
1.1
 
Hoya Corp.  (Japan, Health Care Equipment & Supplies)
1.0
 
 
17.1
 
 
Market Sectors (% of Fund's net assets)
 
Financials
20.7
 
Industrials
20.2
 
Information Technology
14.4
 
Consumer Discretionary
9.2
 
Materials
8.2
 
Health Care
7.7
 
Energy
5.4
 
Consumer Staples
3.7
 
Communication Services
1.8
 
Real Estate
1.0
 
Utilities
0.3
 
 
Asset Allocation (% of Fund's net assets)
Futures - 6.1%
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.
 
 
Fidelity® Series Sustainable Non-U.S. Developed Markets Fund
Common Stocks - 92.6%
 
 
Shares
Value ($)
 
Australia - 1.9%
 
 
 
APA Group unit
 
443
2,364
ASX Ltd.
 
75
3,064
BlueScope Steel Ltd.
 
278
4,058
Brambles Ltd.
 
1,811
17,037
Cochlear Ltd.
 
65
13,560
Commonwealth Bank of Australia
 
60
4,396
Computershare Ltd.
 
292
5,130
EBOS Group Ltd.
 
430
8,861
Fortescue Ltd.
 
284
4,707
Imdex Ltd.
 
1,927
2,584
Macquarie Group Ltd.
 
297
35,562
Mineral Resources Ltd.
 
183
8,301
Pilbara Minerals Ltd.
 
2,606
6,635
QBE Insurance Group Ltd.
 
1,017
11,633
REA Group Ltd.
 
45
5,158
Transurban Group unit
 
3,743
30,051
Woodside Energy Group Ltd.
 
2,544
45,581
TOTAL AUSTRALIA
 
 
208,682
Austria - 0.2%
 
 
 
Mondi PLC
 
381
7,232
OMV AG
 
206
9,823
Verbund AG
 
62
4,738
TOTAL AUSTRIA
 
 
21,793
Belgium - 1.0%
 
 
 
Azelis Group NV
 
816
19,716
Fagron NV
 
143
2,784
KBC Ancora
 
250
12,099
KBC Group NV
 
967
72,136
TOTAL BELGIUM
 
 
106,735
Brazil - 0.3%
 
 
 
Wheaton Precious Metals Corp.
 
740
38,552
Canada - 10.2%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
1,554
86,130
Andlauer Healthcare Group, Inc.
 
387
11,725
Aritzia, Inc. (a)
 
141
3,650
Bank of Montreal
 
701
62,617
Brookfield Asset Management Ltd. Class A
 
131
5,004
Brookfield Corp. (Canada) Class A
 
976
39,149
CAE, Inc. (a)
 
2,291
44,201
Cameco Corp.
 
562
25,641
Cameco Corp.
 
127
5,795
Canadian National Railway Co.
 
432
52,434
Canadian Natural Resources Ltd.
 
253
19,172
Canadian Pacific Kansas City Ltd.
 
1,224
96,024
CCL Industries, Inc. Class B
 
48
2,451
Computer Modelling Group Ltd.
 
781
6,229
Constellation Software, Inc.
 
24
61,790
Definity Financial Corp.
 
509
16,967
Dollarama, Inc.
 
201
16,767
Enbridge, Inc.
 
888
31,575
Franco-Nevada Corp.
 
269
32,382
Gildan Activewear, Inc.
 
87
3,016
Intact Financial Corp.
 
176
28,928
Jamieson Wellness, Inc. (b)
 
25
475
Metro, Inc.
 
243
12,430
North West Co., Inc.
 
224
6,349
Nutrien Ltd.
 
603
31,796
Parkland Corp.
 
429
13,216
Pason Systems, Inc.
 
1,146
13,028
PrairieSky Royalty Ltd.
 
1,766
33,648
Real Matters, Inc. (a)
 
413
1,542
Restaurant Brands International, Inc.
 
169
12,821
Richelieu Hardware Ltd.
 
419
11,824
Royal Bank of Canada
 
894
86,494
Shopify, Inc. Class A (a)
 
628
44,090
Stella-Jones, Inc.
 
136
7,901
Sun Life Financial, Inc.
 
1,228
62,700
The Toronto-Dominion Bank
 
1,800
106,785
Thomson Reuters Corp.
 
110
16,614
TMX Group Ltd.
 
708
18,746
Triple Flag Precious Metals Corp.
 
116
1,871
TOTAL CANADA
 
 
1,133,977
China - 0.0%
 
 
 
BOC Hong Kong (Holdings) Ltd.
 
1,500
4,598
Denmark - 3.2%
 
 
 
A.P. Moller - Maersk A/S Series A
 
2
2,850
Carlsberg A/S Series B
 
97
13,048
DSV A/S
 
193
27,554
Genmab A/S (a)
 
6
1,666
Novo Nordisk A/S Series B
 
2,264
290,341
Novonesis (NOVOZYMES) B Series B
 
27
1,501
ORSTED A/S (a)(b)
 
111
6,126
Pandora A/S
 
65
9,947
Svitzer A/S
 
4
134
Vestas Wind Systems A/S (a)
 
311
8,384
TOTAL DENMARK
 
 
361,551
Finland - 1.0%
 
 
 
Elisa Corp. (A Shares)
 
192
8,671
Kesko Oyj
 
262
4,482
Metso Corp.
 
768
8,749
Neste OYJ
 
277
6,308
Nokia Corp.
 
2,645
9,616
Nordea Bank Abp
 
2,044
23,852
Sampo Oyj (A Shares)
 
589
23,836
Stora Enso Oyj (R Shares)
 
571
7,648
UPM-Kymmene Corp.
 
294
10,329
Wartsila Corp.
 
608
11,264
TOTAL FINLAND
 
 
114,755
France - 9.4%
 
 
 
Accor SA
 
425
18,737
Air Liquide SA
 
259
50,655
Airbus Group NV
 
424
69,772
ALTEN
 
254
30,007
ARGAN SA
 
33
2,599
AXA SA
 
2,133
73,844
BNP Paribas SA
 
665
47,855
Capgemini SA
 
286
60,112
Compagnie Generale des Etablissements Michelin SCA Series B
 
1,186
45,565
Covivio
 
452
22,604
Covivio rights (a)(c)
 
452
1,592
Danone SA
 
321
20,091
Dassault Systemes SA
 
401
15,740
Edenred SA
 
638
30,272
Elis SA
 
181
4,080
EssilorLuxottica SA
 
188
40,287
Eurazeo SA
 
141
12,760
Exclusive Networks SA (a)
 
246
5,251
Gecina SA
 
63
6,454
Hermes International SCA
 
1
2,402
Kering SA
 
14
4,930
L'Oreal SA
 
92
43,166
Lectra
 
478
16,324
Legrand SA
 
206
21,170
LVMH Moet Hennessy Louis Vuitton SE
 
221
181,537
Publicis Groupe SA
 
35
3,862
Rexel SA
 
753
19,632
Societe Generale Series A
 
339
9,134
Stef SA
 
39
5,294
Thales SA
 
86
14,497
Thermador Groupe SA
 
56
4,781
TotalEnergies SE
 
2,324
168,719
TOTAL FRANCE
 
 
1,053,725
Germany - 6.6%
 
 
 
adidas AG
 
15
3,624
Allianz SE
 
141
40,014
Deutsche Borse AG
 
385
74,225
GEA Group AG
 
255
10,314
Hannover Reuck SE
 
229
56,796
Henkel AG & Co. KGaA
 
302
21,716
Infineon Technologies AG
 
1,275
44,246
Instone Real Estate Group BV (b)
 
222
2,054
LEG Immobilien AG
 
85
7,250
Merck KGaA
 
276
43,873
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
129
56,747
Puma AG
 
149
6,879
Rheinmetall AG
 
122
67,339
SAP SE
 
1,165
210,361
Siemens AG
 
398
74,559
Siemens Healthineers AG (b)
 
225
12,478
Stabilus Se
 
66
4,099
TOTAL GERMANY
 
 
736,574
Hong Kong - 0.3%
 
 
 
AIA Group Ltd.
 
1,194
8,745
Hang Lung Properties Ltd.
 
2,000
2,207
Hong Kong Exchanges and Clearing Ltd.
 
3
95
MTR Corp. Ltd.
 
3,297
10,835
Prudential PLC
 
1,436
12,489
Sino Land Ltd.
 
4,000
4,277
TOTAL HONG KONG
 
 
38,648
India - 0.3%
 
 
 
HDFC Bank Ltd. sponsored ADR
 
51
2,938
Reliance Industries Ltd. GDR (b)
 
381
26,937
TOTAL INDIA
 
 
29,875
Indonesia - 0.2%
 
 
 
PT Bank Central Asia Tbk
 
21,589
12,981
PT Bank Rakyat Indonesia (Persero) Tbk
 
13,700
4,147
TOTAL INDONESIA
 
 
17,128
Ireland - 0.8%
 
 
 
AerCap Holdings NV (a)
 
124
10,477
Bank of Ireland Group PLC
 
1,378
14,772
Cairn Homes PLC
 
3,126
5,297
Cairn Homes PLC
 
1,983
3,348
Kerry Group PLC Class A
 
215
18,539
Kingspan Group PLC (Ireland)
 
380
34,004
TOTAL IRELAND
 
 
86,437
Israel - 0.3%
 
 
 
Elbit Systems Ltd. (Israel)
 
14
2,859
Ituran Location & Control Ltd.
 
143
3,672
NICE Ltd. (a)
 
11
2,462
NICE Ltd. sponsored ADR (a)
 
93
20,786
Wix.com Ltd. (a)
 
68
8,083
TOTAL ISRAEL
 
 
37,862
Italy - 2.3%
 
 
 
Assicurazioni Generali SpA
 
2,134
52,153
Banca Generali SpA
 
66
2,593
Enel SpA
 
368
2,419
Eni SpA
 
1,612
25,891
Industrie de Nora SpA
 
119
1,605
Intesa Sanpaolo SpA
 
7,644
28,612
Moncler SpA
 
196
13,412
Prada SpA
 
2,571
20,967
Prysmian SpA
 
124
6,773
Recordati SpA
 
269
14,368
UniCredit SpA
 
2,300
84,420
TOTAL ITALY
 
 
253,213
Japan - 15.8%
 
 
 
Advantest Corp.
 
200
6,260
Ajinomoto Co., Inc.
 
461
17,141
As One Corp.
 
200
3,295
Asahi Kasei Corp.
 
3,378
23,552
Astellas Pharma, Inc.
 
96
921
Azbil Corp.
 
2,000
55,860
BayCurrent Consulting, Inc.
 
196
4,172
Bridgestone Corp.
 
1,362
60,101
Capcom Co. Ltd.
 
396
6,519
Chugai Pharmaceutical Co. Ltd.
 
200
6,361
CTS Co. Ltd.
 
600
2,811
Curves Holdings Co. Ltd.
 
1,618
7,599
Daiichi Sankyo Kabushiki Kaisha
 
306
10,299
Daiwa Securities Group, Inc.
 
4,597
33,784
DENSO Corp.
 
1,600
27,269
Eisai Co. Ltd.
 
201
8,255
Elan Corp.
 
507
2,910
ENEOS Holdings, Inc.
 
699
3,230
FANUC Corp.
 
632
18,719
Fast Retailing Co. Ltd.
 
92
24,055
FUJIFILM Holdings Corp.
 
2,592
55,138
Fujitsu Ltd.
 
2,890
44,645
Hankyu Hanshin Holdings, Inc.
 
747
19,585
Hitachi Ltd.
 
1,050
96,874
Hoya Corp.
 
963
111,650
Ibiden Co. Ltd.
 
557
21,174
Itochu Corp.
 
1,881
84,861
JFE Holdings, Inc.
 
378
5,642
KDDI Corp.
 
946
26,250
Koshidaka Holdings Co. Ltd.
 
592
3,239
Kubota Corp.
 
494
7,924
LY Corp.
 
1,100
2,643
Marubeni Corp.
 
1,039
18,511
MatsukiyoCocokara & Co.
 
200
2,836
Minebea Mitsumi, Inc.
 
298
5,582
Mitsubishi Chemical Holdings Corp.
 
400
2,334
Mitsubishi Electric Corp.
 
300
5,229
Mitsubishi Heavy Industries Ltd.
 
7,640
68,310
Mitsui Chemicals, Inc.
 
200
5,693
Mizuho Financial Group, Inc.
 
700
13,530
NEC Corp.
 
97
7,023
Nippon Yusen KK
 
100
2,839
Nitto Kohki Co. Ltd.
 
200
3,091
Nomura Holdings, Inc.
 
1,897
10,794
Nomura Research Institute Ltd.
 
439
10,623
OMRON Corp.
 
362
12,425
Oriental Land Co. Ltd.
 
278
7,671
ORIX Corp.
 
1,292
26,441
Pan Pacific International Holdings Ltd.
 
200
4,697
Persol Holdings Co. Ltd.
 
7,100
9,822
ProNexus, Inc.
 
700
5,094
Recruit Holdings Co. Ltd.
 
1,306
56,246
Renesas Electronics Corp.
 
3,335
54,146
San-Ai Obbli Co. Ltd.
 
200
2,624
Seiko Epson Corp.
 
400
6,580
Sekisui House Ltd.
 
700
16,086
SG Holdings Co. Ltd.
 
791
9,259
Shimadzu Corp.
 
300
8,150
Shin-Etsu Chemical Co. Ltd.
 
2,123
82,179
Shiseido Co. Ltd.
 
100
2,677
SoftBank Corp.
 
2,174
26,222
SoftBank Group Corp.
 
299
14,705
Softcreate Co. Ltd.
 
200
2,347
Software Service, Inc.
 
100
8,560
Sompo Holdings, Inc.
 
795
15,733
Sony Group Corp.
 
941
77,775
Sumitomo Metal Mining Co. Ltd.
 
399
13,330
SWCC Showa Holdings Co. Ltd.
 
100
2,637
Sysmex Corp.
 
603
9,642
TDK Corp.
 
99
4,416
TIS, Inc.
 
621
13,262
Tokio Marine Holdings, Inc.
 
2,913
92,069
Tokyo Electron Ltd.
 
188
41,237
Tokyo Gas Co. Ltd.
 
97
2,175
Toray Industries, Inc.
 
4,969
22,712
Toyota Motor Corp.
 
3,024
68,973
USS Co. Ltd.
 
928
7,089
YAKUODO Holdings Co. Ltd.
 
200
3,633
Yamaha Corp.
 
461
9,715
Yamaha Motor Co. Ltd.
 
2,724
25,407
Yaskawa Electric Corp.
 
452
18,624
Yokogawa Electric Corp.
 
776
17,146
TOTAL JAPAN
 
 
1,760,639
Korea (South) - 0.1%
 
 
 
Samsung Electronics Co. Ltd.
 
207
11,474
Netherlands - 5.0%
 
 
 
Akzo Nobel NV
 
284
18,834
ASM International NV (Netherlands)
 
57
36,206
ASML Holding NV (Netherlands)
 
377
335,025
BE Semiconductor Industries NV
 
110
14,733
IMCD NV
 
335
50,856
Koninklijke Ahold Delhaize NV
 
179
5,433
Koninklijke KPN NV
 
5,237
19,032
TKH Group NV (bearer) (depositary receipt)
 
70
3,030
Topicus.Com, Inc.
 
20
1,630
Universal Music Group NV
 
343
10,140
Wolters Kluwer NV
 
417
62,637
TOTAL NETHERLANDS
 
 
557,556
New Zealand - 0.1%
 
 
 
Meridian Energy Ltd.
 
696
2,455
Xero Ltd. (a)
 
53
4,115
TOTAL NEW ZEALAND
 
 
6,570
Norway - 0.8%
 
 
 
DNB Bank ASA
 
615
10,746
Equinor ASA
 
865
23,016
Gjensidige Forsikring ASA
 
478
7,689
Kongsberg Gruppen ASA
 
449
31,770
Norsk Hydro ASA
 
1,391
8,548
Orkla ASA
 
939
6,407
TOTAL NORWAY
 
 
88,176
Portugal - 0.3%
 
 
 
Galp Energia SGPS SA Class B
 
1,641
35,376
Singapore - 0.7%
 
 
 
CapitaLand Investment Ltd.
 
3,533
6,832
City Developments Ltd.
 
3,928
17,605
Keppel Ltd.
 
3,396
16,987
STMicroelectronics NV (France)
 
430
17,022
United Overseas Bank Ltd.
 
827
18,352
TOTAL SINGAPORE
 
 
76,798
South Africa - 0.2%
 
 
 
Anglo American PLC (United Kingdom)
 
629
20,554
Spain - 1.6%
 
 
 
Amadeus IT Holding SA Class A
 
894
56,746
Banco Bilbao Vizcaya Argentaria SA
 
733
7,927
Banco Santander SA (Spain)
 
15,560
75,938
CaixaBank SA
 
2,374
12,519
Cellnex Telecom SA (b)
 
325
10,743
Fluidra SA
 
124
2,633
Iberdrola SA
 
244
2,992
Industria de Diseno Textil SA
 
8
366
Redeia Corp. SA
 
665
11,107
TOTAL SPAIN
 
 
180,971
Sweden - 3.5%
 
 
 
Addlife AB
 
216
2,011
AddTech AB (B Shares)
 
1,359
28,708
Alfa Laval AB
 
57
2,450
ASSA ABLOY AB (B Shares)
 
858
22,670
Atlas Copco AB (A Shares)
 
7,250
126,992
Autoliv, Inc.
 
205
24,557
Bergman & Beving AB (B Shares)
 
290
5,881
Boliden AB
 
731
24,417
Dometic Group AB (b)
 
239
1,724
Epiroc AB (A Shares)
 
1,787
33,037
EQT AB
 
298
8,174
Essity AB (B Shares)
 
138
3,439
Evolution AB (b)
 
49
5,478
Hemnet Group AB
 
266
6,976
Indutrade AB
 
902
21,133
Investor AB (B Shares)
 
672
16,607
INVISIO AB
 
471
10,407
John Mattson Fastighetsforetagen AB (a)
 
377
1,902
Lagercrantz Group AB (B Shares)
 
501
7,451
Svenska Cellulosa AB SCA (B Shares)
 
835
12,278
Svenska Handelsbanken AB (A Shares)
 
972
8,335
Swedbank AB (A Shares)
 
155
2,987
Tele2 AB (B Shares)
 
848
7,933
Telia Co. AB
 
2,656
6,088
Volvo AB (A Shares)
 
142
3,773
TOTAL SWEDEN
 
 
395,408
Switzerland - 3.4%
 
 
 
ABB Ltd. (Reg.)
 
1,507
73,223
Alcon, Inc. (Switzerland)
 
609
47,104
Banque Cantonale Vaudoise
 
12
1,256
Clariant AG (Reg.)
 
201
3,013
Compagnie Financiere Richemont SA Series A
 
264
36,492
DSM-Firmenich AG
 
94
10,603
Givaudan SA
 
5
21,463
Kuehne & Nagel International AG
 
84
22,269
Logitech International SA (Reg.)
 
165
12,934
Novartis AG
 
76
7,376
Partners Group Holding AG
 
15
19,410
SGS SA (Reg.)
 
114
10,053
Sig Group AG
 
929
18,595
Swiss Life Holding AG
 
15
10,133
Tecan Group AG
 
35
12,450
VAT Group AG (b)
 
20
10,067
Zurich Insurance Group Ltd.
 
130
62,819
TOTAL SWITZERLAND
 
 
379,260
Taiwan - 0.8%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
3,823
91,374
United Kingdom - 10.9%
 
 
 
3i Group PLC
 
1,799
64,274
AstraZeneca PLC (United Kingdom)
 
712
107,689
Aviva PLC
 
2,703
15,729
B&M European Value Retail SA
 
837
5,428
BAE Systems PLC
 
10,962
182,322
Barratt Developments PLC
 
4,484
25,477
Beazley PLC
 
1,610
13,338
Berkeley Group Holdings PLC
 
143
8,423
Bunzl PLC
 
70
2,689
Burberry Group PLC
 
382
5,466
Clarkson PLC
 
47
2,282
Coca-Cola European Partners PLC
 
77
5,546
Compass Group PLC
 
3,272
91,007
Croda International PLC
 
154
8,871
DCC PLC (United Kingdom)
 
243
16,655
Diageo PLC
 
1,755
60,652
Diploma PLC
 
302
13,691
Flutter Entertainment PLC (a)
 
122
22,752
Halma PLC
 
449
12,382
Hill & Smith Holdings PLC
 
165
3,897
Howden Joinery Group PLC
 
793
8,680
HSBC Holdings PLC (United Kingdom)
 
1,880
16,296
Informa PLC
 
1,601
15,920
InterContinental Hotel Group PLC
 
97
9,461
InterContinental Hotel Group PLC ADR
 
595
58,518
Intertek Group PLC
 
140
8,649
J Sainsbury PLC
 
3,974
13,080
JD Sports Fashion PLC
 
2,909
4,202
Kingfisher PLC
 
4,354
13,412
Legal & General Group PLC
 
613
1,808
Lloyds Banking Group PLC
 
23,589
15,224
London Stock Exchange Group PLC
 
700
77,168
Mears Group PLC
 
749
3,388
Melrose Industries PLC
 
360
2,842
National Grid PLC
 
155
2,033
NatWest Group PLC
 
1,966
7,420
On The Beach Group PLC (a)(b)
 
1,107
1,997
Pearson PLC
 
539
6,540
RELX PLC (London Stock Exchange)
 
2,246
92,281
Rentokil Initial PLC
 
859
4,336
Rightmove PLC
 
1,890
12,162
Sabre Insurance Group PLC (b)
 
986
1,981
Sage Group PLC
 
4,871
70,969
Schroders PLC
 
245
1,080
Segro PLC
 
991
10,501
Spectris PLC
 
903
37,574
SSE PLC
 
426
8,855
St. James's Place PLC
 
1,035
5,634
Standard Chartered PLC (United Kingdom)
 
3,628
31,170
Synthomer PLC (a)
 
22
71
Unilever PLC
 
64
3,311
TOTAL UNITED KINGDOM
 
 
1,215,133
United States of America - 11.3%
 
 
 
CBRE Group, Inc. (a)
 
266
23,113
CDW Corp.
 
79
19,107
CRH PLC
 
1,140
88,831
CRH PLC
 
888
68,749
CSL Ltd.
 
17
3,021
CyberArk Software Ltd. (a)
 
22
5,264
Experian PLC
 
1,397
56,347
Ferguson PLC
 
236
50,014
GSK PLC
 
1,673
34,710
ICON PLC (a)
 
64
19,064
James Hardie Industries PLC CDI (a)
 
16
550
Linde PLC
 
400
176,384
Marsh & McLennan Companies, Inc.
 
433
86,353
MasterCard, Inc. Class A
 
91
41,059
Microsoft Corp.
 
44
17,131
Moody's Corp.
 
112
41,477
Morningstar, Inc.
 
41
11,589
MSCI, Inc.
 
50
23,290
Nestle SA (Reg. S)
 
629
63,152
PriceSmart, Inc.
 
42
3,385
ResMed, Inc.
 
30
6,420
S&P Global, Inc.
 
182
75,681
Schneider Electric SA
 
429
97,818
Shell PLC:
 
 
 
 ADR
 
1,658
118,812
 (London)
 
425
15,108
Sherwin-Williams Co.
 
130
38,949
Swiss Re Ltd.
 
251
27,256
Thermo Fisher Scientific, Inc.
 
17
9,668
Visa, Inc. Class A
 
143
38,411
TOTAL UNITED STATES OF AMERICA
 
 
1,260,713
Zambia - 0.1%
 
 
 
First Quantum Minerals Ltd.
 
1,146
14,551
 
TOTAL COMMON STOCKS
 (Cost $9,598,318)
 
 
 
10,338,658
 
 
 
 
Nonconvertible Preferred Stocks - 0.0%
 
 
Shares
Value ($)
 
Germany - 0.0%
 
 
 
Sartorius AG (non-vtg.)
  (Cost $7,511)
 
22
6,628
 
 
 
 
Money Market Funds - 7.0%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (d)
 
 (Cost $779,462)
 
 
779,301
779,457
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.6%
 (Cost $10,385,291)
 
 
 
11,124,743
NET OTHER ASSETS (LIABILITIES) - 0.4%  
41,554
NET ASSETS - 100.0%
11,166,297
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE E-mini MSCI EAFE Index Contracts (United States)
6
Jun 2024
680,250
(11,548)
(11,548)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 6.1%
 
 
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 $80,060 or 0.7% 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 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 5.39%
246,454
3,554,807
3,021,799
10,676
-
(5)
779,457
0.0%
Total
246,454
3,554,807
3,021,799
10,676
-
(5)
779,457
 
 
 
 
 
 
 
 
 
 
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 April 30, 2024, 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
183,024
67,890
115,134
-
Consumer Discretionary
1,070,621
256,873
813,748
-
Consumer Staples
417,118
203,428
213,690
-
Energy
623,500
339,331
284,169
-
Financials
2,295,639
1,462,633
833,006
-
Health Care
857,977
216,382
641,595
-
Industrials
2,234,816
860,059
1,374,757
-
Information Technology
1,593,592
769,100
824,492
-
Materials
913,203
651,169
262,034
-
Real Estate
110,532
79,611
30,921
-
Utilities
45,264
21,971
23,293
-
  Money Market Funds
779,457
779,457
-
-
 Total Investments in Securities:
11,124,743
5,707,904
5,416,839
-
 Derivative Instruments:
 Liabilities
 
 
 
 
Futures Contracts
(11,548)
(11,548)
-
-
  Total Liabilities
(11,548)
(11,548)
-
-
 Total Derivative Instruments:
(11,548)
(11,548)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2024. 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
(11,548)
Total Equity Risk
0
(11,548)
Total Value of Derivatives
0
(11,548)
 
(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
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $9,605,829)
$
10,345,286
 
 
Fidelity Central Funds (cost $779,462)
779,457
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $10,385,291)
 
 
$
11,124,743
Segregated cash with brokers for derivative instruments
 
 
21,849
Foreign currency held at value (cost $4,555)
 
 
4,552
Receivable for fund shares sold
 
 
4,706
Dividends receivable
 
 
41,750
Distributions receivable from Fidelity Central Funds
 
 
2,303
  Total assets
 
 
11,199,903
Liabilities
 
 
 
 
Payable for investments purchased on a delayed delivery basis
$
1,592
 
 
Payable for fund shares redeemed
16,441
 
 
Payable for daily variation margin on futures contracts
9,360
 
 
Custody fee payable
6,213
 
 
  Total liabilities
 
 
 
33,606
Net Assets  
 
 
$
11,166,297
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
10,411,434
Total accumulated earnings (loss)
 
 
 
754,863
Net Assets
 
 
$
11,166,297
Net Asset Value, offering price and redemption price per share ($11,166,297 ÷ 1,011,155 shares)
 
 
$
11.04
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
116,470
Interest  
 
 
234
Income from Fidelity Central Funds  
 
 
10,676
 Income before foreign taxes withheld
 
 
$
127,380
Less foreign taxes withheld
 
 
(12,967)
 Total income
 
 
 
114,413
Expenses
 
 
 
 
Custodian fees and expenses
$
10,832
 
 
Independent trustees' fees and expenses
20
 
 
 Total expenses before reductions
 
10,852
 
 
 Expense reductions
 
(10,627)
 
 
 Total expenses after reductions
 
 
 
225
Net Investment income (loss)
 
 
 
114,188
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(64,854)
 
 
 Foreign currency transactions
 
3,663
 
 
 Futures contracts
 
39,265
 
 
Total net realized gain (loss)
 
 
 
(21,926)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
1,266,379
 
 
   Fidelity Central Funds
 
(5)
 
 
 Assets and liabilities in foreign currencies
 
(467)
 
 
 Futures contracts
 
(11,213)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
1,254,694
Net gain (loss)
 
 
 
1,232,768
Net increase (decrease) in net assets resulting from operations
 
 
$
1,346,956
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
For the period May 11, 2023 (commencement of operations) through October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
114,188
$
73,251
Net realized gain (loss)
 
(21,926)
 
 
(43,017)
 
Change in net unrealized appreciation (depreciation)
 
1,254,694
 
(527,429)
 
Net increase (decrease) in net assets resulting from operations
 
1,346,956
 
 
(497,195)
 
Distributions to shareholders
 
(94,899)
 
 
-
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
3,552,106
 
7,829,024
  Reinvestment of distributions
 
94,899
 
 
-
 
Cost of shares redeemed
 
(577,167)
 
(487,427)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
3,069,838
 
 
7,341,597
 
Total increase (decrease) in net assets
 
4,321,895
 
 
6,844,402
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
6,844,402
 
-
 
End of period
$
11,166,297
$
6,844,402
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
322,377
 
782,048
  Issued in reinvestment of distributions
 
9,304
 
 
-
 
Redeemed
 
(53,419)
 
(49,155)
Net increase (decrease)
 
278,262
 
732,893
 
 
 
 
 
 
Financial Highlights
 
Fidelity® Series Sustainable Non-U.S. Developed Markets Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
9.34
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.14
 
.11
     Net realized and unrealized gain (loss)
 
1.69
 
(.77)
  Total from investment operations
 
1.83  
 
(.66)  
  Distributions from net investment income
 
(.13)
 
-
     Total distributions
 
(.13)
 
-
  Net asset value, end of period
$
11.04
$
9.34
 Total Return D,E
 
19.66
%
 
 
(6.60)%
 Ratios to Average Net Assets C,F,G
 
 
 
 
    Expenses before reductions
 
.24% H
 
.29% H
    Expenses net of fee waivers, if any
 
.01
% H
 
 
.01% H
    Expenses net of all reductions
 
.01% H
 
.01% H
    Net investment income (loss)
 
2.54% H
 
2.35% H
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
11,166
$
6,844
    Portfolio turnover rate I
 
37
% H
 
 
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 April 30, 2024
 
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, 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.
 
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 April 30, 2024 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. 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.
 
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. 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 
6,514,846
683,537
 (317,020)
366,517
Fidelity Series Sustainable Non-U.S. Developed Markets Fund 
10,390,708
1,152,695
(430,208)
722,487
 
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 prior 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)
 
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 and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Series Sustainable Emerging Markets Fund
3,283,319
1,238,313
Fidelity Series Sustainable Non-U.S. Developed Markets Fund
4,165,642
1,582,631
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
$13
Fidelity Series Sustainable Non-U.S. Developed Markets 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 Series Sustainable Emerging Markets Fund
 4,195
 22,898
  (3,516)
Fidelity Series Sustainable Non-U.S. Developed Markets Fund
 66,523
 35,464
  (3,242)
 
Sub-Advisory Arrangements. Effective March 1, 2024, each Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
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.
8. 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%
 14,572
Fidelity Series Sustainable Non-U.S. Developed Markets Fund
.013%
 10,250
 
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 Non-U.S. Developed Markets Fund 
 377
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, 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.
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.
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 (November 1, 2023 to April 30, 2024).
 
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 November 1, 2023
 
Ending Account Value April 30, 2024
 
Expenses Paid During Period- C November 1, 2023 to April 30, 2024
 
 
 
 
 
 
 
 
 
 
Fidelity® Series Sustainable Emerging Markets Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,130.70
 
$ .05
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,024.81
 
$ .05
 
 
 
 
 
 
 
 
 
 
Fidelity® Series Sustainable Non-U.S. Developed Markets Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,196.60
 
$ .05
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,024.81
 
$ .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 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
Board Approval of Investment Advisory Contracts
Fidelity Series Sustainable Emerging Markets Fund
Fidelity Series Sustainable Non-U.S. Developed Markets Fund
 
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved amended and restated sub-advisory agreements (the Sub-Advisory Contracts) for each fund, including each fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Sub-Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of each fund's Sub-Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
The Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not each fund, will continue to pay the sub-advisory fees to each applicable sub-adviser, and that the management fee paid by the funds under the management contracts with FMR will remain unchanged.
The Board further considered that the approval of each fund's Sub-Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of each fund's assets or the day-to-day management of each fund or the persons primarily responsible for such management. Further, the Board considered that the Sub-Advisory Contracts would not change the obligations and services of FMR and its affiliates on behalf of each fund, and, in particular, there would be no change in the nature and level of services provided to each fund by FMR and its affiliates.
In connection with its consideration of future renewals of each fund's advisory contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for each fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing each fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the funds) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that each fund's management fee structure is fair and reasonable, and that the funds' Sub-Advisory Contracts should be approved. 
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Funds have adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage each Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. Each Fund's Board of Trustees (the Board) has designated each Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factor specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable. 
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9908949.100
SMKC-SANN-0624
Fidelity® International Growth Fund
 
 
Semi-Annual Report
April 30, 2024
Includes Fidelity and Fidelity Advisor share classes

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

Liquidity Risk Management Program

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. © 2024 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.
 
Top Holdings (% of Fund's net assets)
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
6.9
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
6.1
 
Linde PLC  (United States of America, Chemicals)
4.1
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
3.9
 
Safran SA  (France, Aerospace & Defense)
3.9
 
SAP SE  (Germany, Software)
3.9
 
Atlas Copco AB (A Shares)  (Sweden, Machinery)
3.6
 
CRH PLC  (United States of America, Construction Materials)
3.2
 
Keyence Corp.  (Japan, Electronic Equipment, Instruments & Components)
3.0
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
2.7
 
 
41.3
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
26.9
 
Information Technology
22.9
 
Financials
15.5
 
Consumer Discretionary
10.4
 
Materials
9.8
 
Health Care
7.2
 
Consumer Staples
2.6
 
Energy
0.7
 
Communication Services
0.7
 
 
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.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 96.4%
 
 
Shares
Value ($)
 
Belgium - 0.4%
 
 
 
Azelis Group NV
 
886,605
21,421,625
Canada - 3.2%
 
 
 
CAE, Inc. (a)
 
1,458,511
28,139,362
Canadian Pacific Kansas City Ltd.
 
1,350,300
105,932,808
Franco-Nevada Corp.
 
280,680
33,788,029
TOTAL CANADA
 
 
167,860,199
Denmark - 6.1%
 
 
 
Novo Nordisk A/S Series B
 
2,498,600
320,426,237
Finland - 0.5%
 
 
 
Kone OYJ (B Shares)
 
565,900
27,659,925
France - 13.1%
 
 
 
Airbus Group NV
 
795,500
130,905,701
Edenred SA
 
1,325,422
62,888,242
Lectra
 
336,961
11,507,353
Legrand SA
 
726,900
74,701,034
LVMH Moet Hennessy Louis Vuitton SE
 
253,845
208,517,507
Safran SA
 
950,100
206,012,102
TOTAL FRANCE
 
 
694,531,939
Germany - 5.0%
 
 
 
Deutsche Borse AG
 
301,000
58,030,389
SAP SE
 
1,132,300
204,456,070
TOTAL GERMANY
 
 
262,486,459
Hong Kong - 0.7%
 
 
 
AIA Group Ltd.
 
5,019,200
36,762,418
India - 1.6%
 
 
 
HDFC Bank Ltd.
 
1,301,691
23,632,754
Jio Financial Services Ltd.
 
697,900
3,141,854
Kotak Mahindra Bank Ltd.
 
1,011,800
19,659,138
Reliance Industries Ltd.
 
675,000
23,688,638
Reliance Industries Ltd. GDR (b)
 
198,000
13,998,600
TOTAL INDIA
 
 
84,120,984
Israel - 0.7%
 
 
 
NICE Ltd. sponsored ADR (a)(c)
 
168,950
37,762,015
Italy - 1.4%
 
 
 
Interpump Group SpA
 
625,126
27,405,884
Prada SpA
 
5,780,500
47,141,798
TOTAL ITALY
 
 
74,547,682
Japan - 9.7%
 
 
 
Azbil Corp.
 
1,538,503
42,970,390
Hoya Corp.
 
497,000
57,622,093
Keyence Corp.
 
354,748
156,007,478
Lasertec Corp.
 
358,000
77,222,546
Misumi Group, Inc.
 
1,462,385
23,775,251
OSG Corp. (c)
 
681,200
8,784,961
Recruit Holdings Co. Ltd.
 
2,351,600
101,277,203
SHO-BOND Holdings Co. Ltd.
 
695,400
26,854,190
USS Co. Ltd.
 
2,048,800
15,651,387
TOTAL JAPAN
 
 
510,165,499
Netherlands - 8.4%
 
 
 
Aalberts Industries NV
 
226,400
10,853,305
ASML Holding NV (Netherlands)
 
412,200
366,304,594
BE Semiconductor Industries NV
 
197,566
26,460,726
IMCD NV
 
257,300
39,060,507
TOTAL NETHERLANDS
 
 
442,679,132
Spain - 0.7%
 
 
 
Amadeus IT Holding SA Class A
 
595,600
37,805,085
Sweden - 7.1%
 
 
 
ASSA ABLOY AB (B Shares) (c)
 
2,551,210
67,406,584
Atlas Copco AB (A Shares) (c)
 
10,845,100
189,963,726
Autoliv, Inc.
 
348,669
41,767,060
Epiroc AB (A Shares)
 
3,466,017
64,077,568
Lagercrantz Group AB (B Shares)
 
688,100
10,233,711
TOTAL SWEDEN
 
 
373,448,649
Switzerland - 1.7%
 
 
 
Schindler Holding AG:
 
 
 
 (participation certificate)
 
113,078
28,292,565
 (Reg.)
 
18,350
4,481,452
UBS Group AG
 
2,194,392
57,936,246
TOTAL SWITZERLAND
 
 
90,710,263
Taiwan - 2.7%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
6,081,000
145,343,171
United Kingdom - 8.7%
 
 
 
BAE Systems PLC
 
5,761,700
95,829,841
Compass Group PLC
 
4,061,400
112,962,672
InterContinental Hotel Group PLC ADR
 
898,870
88,403,865
London Stock Exchange Group PLC
 
596,600
65,769,249
Rightmove PLC
 
2,957,994
19,035,231
Sage Group PLC
 
2,306,000
33,597,851
Spectris PLC
 
1,094,157
45,527,889
TOTAL UNITED KINGDOM
 
 
461,126,598
United States of America - 24.7%
 
 
 
CRH PLC
 
2,181,866
168,920,066
Experian PLC
 
2,585,900
104,299,549
Linde PLC
 
484,979
213,856,340
Marsh & McLennan Companies, Inc.
 
564,451
112,568,463
MasterCard, Inc. Class A
 
227,700
102,738,240
Microsoft Corp.
 
138,200
53,805,406
Moody's Corp.
 
241,100
89,286,563
Nestle SA (Reg. S)
 
1,262,559
126,761,174
Otis Worldwide Corp.
 
384,900
35,102,880
PriceSmart, Inc.
 
144,798
11,669,271
S&P Global, Inc.
 
207,500
86,284,725
Sherwin-Williams Co.
 
317,700
95,186,097
Visa, Inc. Class A
 
381,060
102,356,527
TOTAL UNITED STATES OF AMERICA
 
 
1,302,835,301
 
TOTAL COMMON STOCKS
 (Cost $3,303,216,400)
 
 
 
5,091,693,181
 
 
 
 
Convertible Preferred Stocks - 0.3%
 
 
Shares
Value ($)
 
China - 0.3%
 
 
 
ByteDance Ltd. Series E1 (a)(d)(e)
  (Cost $6,992,915)
 
63,819
14,708,365
 
 
 
 
Money Market Funds - 6.7%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (f)
 
135,926,214
135,953,399
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g)
 
219,295,145
219,317,075
 
TOTAL MONEY MARKET FUNDS
 (Cost $355,270,474)
 
 
355,270,474
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 103.4%
 (Cost $3,665,479,789)
 
 
 
5,461,672,020
NET OTHER ASSETS (LIABILITIES) - (3.4)%  
(180,195,477)
NET ASSETS - 100.0%
5,281,476,543
 
 
 
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 $13,998,600 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 $14,708,365 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 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 5.39%
71,840,035
821,502,635
757,391,206
2,258,594
1,935
-
135,953,399
0.3%
Fidelity Securities Lending Cash Central Fund 5.39%
12,775,303
426,567,629
220,025,857
155,960
-
-
219,317,075
0.8%
Total
84,615,338
1,248,070,264
977,417,063
2,414,554
1,935
-
355,270,474
 
 
 
 
 
 
 
 
 
 
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 April 30, 2024, 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
33,743,596
19,035,231
-
14,708,365
Consumer Discretionary
552,249,374
130,170,925
422,078,449
-
Consumer Staples
138,430,445
11,669,271
126,761,174
-
Energy
37,687,238
13,998,600
23,688,638
-
Financials
821,054,808
614,059,006
206,995,802
-
Health Care
378,048,330
-
378,048,330
-
Industrials
1,422,238,023
328,350,313
1,093,887,710
-
Information Technology
1,211,199,200
585,199,545
625,999,655
-
Materials
511,750,532
511,750,532
-
-
  Money Market Funds
355,270,474
355,270,474
-
-
 Total Investments in Securities:
5,461,672,020
2,569,503,897
2,877,459,758
14,708,365
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $206,964,966) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $3,310,209,315)
$
5,106,401,546
 
 
Fidelity Central Funds (cost $355,270,474)
355,270,474
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $3,665,479,789)
 
 
$
5,461,672,020
Foreign currency held at value (cost $7,196,540)
 
 
7,196,548
Receivable for investments sold
 
 
22,167,684
Receivable for fund shares sold
 
 
8,060,962
Dividends receivable
 
 
9,866,750
Reclaims receivable
 
 
10,782,525
Distributions receivable from Fidelity Central Funds
 
 
558,943
Prepaid expenses
 
 
1,636
Other receivables
 
 
10,424
  Total assets
 
 
5,520,317,492
Liabilities
 
 
 
 
Payable for investments purchased
$
11,243,461
 
 
Payable for fund shares redeemed
4,025,565
 
 
Accrued management fee
3,854,908
 
 
Distribution and service plan fees payable
80,094
 
 
Other payables and accrued expenses
320,550
 
 
Collateral on securities loaned
219,316,371
 
 
  Total liabilities
 
 
 
238,840,949
Net Assets  
 
 
$
5,281,476,543
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
3,464,233,132
Total accumulated earnings (loss)
 
 
 
1,817,243,411
Net Assets
 
 
$
5,281,476,543
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($201,719,654 ÷ 10,390,626 shares)(a)
 
 
$
19.41
Maximum offering price per share (100/94.25 of $19.41)
 
 
$
20.59
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($30,969,083 ÷ 1,609,483 shares)(a)
 
 
$
19.24
Maximum offering price per share (100/96.50 of $19.24)
 
 
$
19.94
Class C :
 
 
 
 
Net Asset Value and offering price per share ($27,400,694 ÷ 1,480,703 shares)(a)
 
 
$
18.51
International Growth :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,534,181,214 ÷ 78,238,493 shares)
 
 
$
19.61
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,707,285,110 ÷ 87,299,308 shares)
 
 
$
19.56
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,779,920,788 ÷ 90,848,211 shares)
 
 
$
19.59
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
40,091,292
Foreign Tax Reclaims
 
 
3,527,163
Income from Fidelity Central Funds (including $155,960 from security lending)
 
 
2,414,554
 Income before foreign taxes withheld
 
 
$
46,033,009
Less foreign taxes withheld
 
 
(4,896,837)
 Total income
 
 
 
41,136,172
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
17,570,088
 
 
 Performance adjustment
2,988,285
 
 
Transfer agent fees
2,139,569
 
 
Distribution and service plan fees
476,378
 
 
Accounting fees
490,504
 
 
Custodian fees and expenses
145,001
 
 
Independent trustees' fees and expenses
12,100
 
 
Registration fees
90,849
 
 
Audit
43,252
 
 
Legal
3,651
 
 
Interest
18,414
 
 
Miscellaneous
9,393
 
 
 Total expenses before reductions
 
23,987,484
 
 
 Expense reductions
 
(218,232)
 
 
 Total expenses after reductions
 
 
 
23,769,252
Net Investment income (loss)
 
 
 
17,366,920
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $291,052)
 
101,727,802
 
 
   Fidelity Central Funds
 
1,935
 
 
 Foreign currency transactions
 
(290,159)
 
 
Total net realized gain (loss)
 
 
 
101,439,578
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of increase in deferred foreign taxes of $19,626)  
 
720,059,582
 
 
 Assets and liabilities in foreign currencies
 
(42,547)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
720,017,035
Net gain (loss)
 
 
 
821,456,613
Net increase (decrease) in net assets resulting from operations
 
 
$
838,823,533
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
17,366,920
$
23,770,653
Net realized gain (loss)
 
101,439,578
 
 
(81,088,074)
 
Change in net unrealized appreciation (depreciation)
 
720,017,035
 
420,336,910
 
Net increase (decrease) in net assets resulting from operations
 
838,823,533
 
 
363,019,489
 
Distributions to shareholders
 
(24,060,079)
 
 
(63,050,595)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
126,475,737
 
 
265,402,755
 
Total increase (decrease) in net assets
 
941,239,191
 
 
565,371,649
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
4,340,237,352
 
3,774,865,703
 
End of period
$
5,281,476,543
$
4,340,237,352
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® International Growth Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.19
$
14.89
$
21.04
$
16.06
$
15.03
$
12.47
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.04
 
.04
 
- C
 
(.04)
 
(.01)
 
.15 D
     Net realized and unrealized gain (loss)
 
3.22
 
1.49
 
(5.80)
 
5.02
 
1.16
 
2.48
  Total from investment operations
 
3.26  
 
1.53  
 
(5.80)  
 
4.98  
 
1.15
 
2.63
  Distributions from net investment income
 
(.04)
 
-
 
(.03)
 
-
 
(.12)
 
(.07)
  Distributions from net realized gain
 
-
 
(.23)
 
(.32)
 
-
 
-
 
-
     Total distributions
 
(.04)
 
(.23)
 
(.35)
 
-
 
(.12)
 
(.07)
  Net asset value, end of period
$
19.41
$
16.19
$
14.89
$
21.04
$
16.06
$
15.03
 Total Return E,F,G
 
20.13
%
 
 
10.26%
 
(28.00)%
 
31.01%
 
7.66%
 
21.25%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.25% J
 
1.21%
 
1.30%
 
1.28%
 
1.30%
 
1.28%
    Expenses net of fee waivers, if any
 
1.24
% J
 
 
1.21%
 
1.30%
 
1.28%
 
1.30%
 
1.28%
    Expenses net of all reductions
 
1.24% J
 
1.21%
 
1.30%
 
1.28%
 
1.29%
 
1.27%
    Net investment income (loss)
 
.41% J
 
.23%
 
.02%
 
(.20)%
 
(.08)%
 
1.14% D
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
201,720
$
171,656
$
157,490
$
232,527
$
174,561
$
164,247
    Portfolio turnover rate K
 
35
% J
 
 
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 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.
 
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.
 
JAnnualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor® International Growth Fund Class M
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.04
$
14.79
$
20.92
$
16.01
$
14.99
$
12.43
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.02
 
(.01)
 
(.04)
 
(.09)
 
(.06)
 
.11 C
     Net realized and unrealized gain (loss)
 
3.18
 
1.49
 
(5.77)
 
5.00
 
1.15
 
2.48
  Total from investment operations
 
3.20  
 
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
$
19.24
$
16.04
$
14.79
$
20.92
$
16.01
$
14.99
 Total Return D,E,F
 
19.95
%
 
 
9.99%
 
(28.18)%
 
30.67%
 
7.27%
 
20.92%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.50% I
 
1.48%
 
1.57%
 
1.55%
 
1.59%
 
1.58%
    Expenses net of fee waivers, if any
 
1.49
% I
 
 
1.48%
 
1.57%
 
1.55%
 
1.59%
 
1.58%
    Expenses net of all reductions
 
1.49% I
 
1.47%
 
1.57%
 
1.55%
 
1.58%
 
1.58%
    Net investment income (loss)
 
.16% I
 
(.03)%
 
(.25)%
 
(.48)%
 
(.37)%
 
.83% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
30,969
$
27,016
$
26,250
$
38,761
$
30,353
$
28,534
    Portfolio turnover rate J
 
35
% 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.
 
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 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.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor® International Growth Fund Class C
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
15.46
$
14.33
$
20.39
$
15.68
$
14.68
$
12.20
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.03)
 
(.09)
 
(.13)
 
(.18)
 
(.13)
 
.05 C
     Net realized and unrealized gain (loss)
 
3.08
 
1.45
 
(5.61)
 
4.89
 
1.13
 
2.43
  Total from investment operations
 
3.05  
 
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
$
18.51
$
15.46
$
14.33
$
20.39
$
15.68
$
14.68
 Total Return D,E,F
 
19.73
%
 
 
9.47%
 
(28.58)%
 
30.04%
 
6.81%
 
20.33%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.99% I
 
1.98%
 
2.07%
 
2.05%
 
2.07%
 
2.04%
    Expenses net of fee waivers, if any
 
1.98
% I
 
 
1.97%
 
2.06%
 
2.05%
 
2.07%
 
2.04%
    Expenses net of all reductions
 
1.98% I
 
1.97%
 
2.06%
 
2.05%
 
2.06%
 
2.03%
    Net investment income (loss)
 
(.33)% I
 
(.53)%
 
(.74)%
 
(.97)%
 
(.85)%
 
.38% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
27,401
$
27,270
$
33,575
$
58,867
$
55,013
$
57,291
    Portfolio turnover rate J
 
35
% 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.
 
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 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.
 
IAnnualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity® International Growth Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.38
$
15.05
$
21.26
$
16.20
$
15.16
$
12.57
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.07
 
.09
 
.05
 
.02
 
.03
 
.19 C
     Net realized and unrealized gain (loss)
 
3.25
 
1.51
 
(5.85)
 
5.06
 
1.17
 
2.51
  Total from investment operations
 
3.32  
 
1.60  
 
(5.80)  
 
5.08  
 
1.20
 
2.70
  Distributions from net investment income
 
(.09)
 
(.04)
 
(.09)
 
(.02)
 
(.16)
 
(.11)
  Distributions from net realized gain
 
-
 
(.23)
 
(.32)
 
-
 
-
 
-
     Total distributions
 
(.09)
 
(.27)
 
(.41)
 
(.02)
 
(.16)
 
(.11)
  Net asset value, end of period
$
19.61
$
16.38
$
15.05
$
21.26
$
16.20
$
15.16
 Total Return D,E
 
20.32
%
 
 
10.59%
 
(27.79)%
 
31.38%
 
7.93%
 
21.66%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.96% H
 
.93%
 
1.01%
 
.99%
 
1.01%
 
.99%
    Expenses net of fee waivers, if any
 
.95
% H
 
 
.92%
 
1.01%
 
.99%
 
1.01%
 
.99%
    Expenses net of all reductions
 
.95% H
 
.92%
 
1.01%
 
.99%
 
1.00%
 
.99%
    Net investment income (loss)
 
.70% H
 
.52%
 
.31%
 
.09%
 
.21%
 
1.42% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,534,181
$
1,277,884
$
1,194,442
$
1,773,433
$
1,292,392
$
1,040,532
    Portfolio turnover rate I
 
35
% 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 .93%.
 
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).
 
 
Fidelity Advisor® International Growth Fund Class I
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.34
$
15.01
$
21.20
$
16.16
$
15.13
$
12.55
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.06
 
.09
 
.05
 
.01
 
.03
 
.20 C
     Net realized and unrealized gain (loss)
 
3.25
 
1.50
 
(5.83)
 
5.05
 
1.16
 
2.49
  Total from investment operations
 
3.31  
 
1.59  
 
(5.78)  
 
5.06  
 
1.19
 
2.69
  Distributions from net investment income
 
(.09)
 
(.03)
 
(.09)
 
(.02)
 
(.16)
 
(.11)
  Distributions from net realized gain
 
-
 
(.23)
 
(.32)
 
-
 
-
 
-
     Total distributions
 
(.09)
 
(.26)
 
(.41)
 
(.02)
 
(.16)
 
(.11)
  Net asset value, end of period
$
19.56
$
16.34
$
15.01
$
21.20
$
16.16
$
15.13
 Total Return D,E
 
20.30
%
 
 
10.59%
 
(27.78)%
 
31.36%
 
7.90%
 
21.64%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.98% H
 
.94%
 
1.02%
 
1.00%
 
1.01%
 
.97%
    Expenses net of fee waivers, if any
 
.97
% H
 
 
.93%
 
1.02%
 
1.00%
 
1.01%
 
.97%
    Expenses net of all reductions
 
.97% H
 
.93%
 
1.02%
 
1.00%
 
1.00%
 
.97%
    Net investment income (loss)
 
.68% H
 
.51%
 
.30%
 
.07%
 
.21%
 
1.44% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,707,285
$
1,441,605
$
1,373,850
$
2,035,690
$
1,382,837
$
953,360
    Portfolio turnover rate I
 
35
% 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 .96%.
 
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).
 
 
Fidelity Advisor® International Growth Fund Class Z
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.38
$
15.05
$
21.25
$
16.19
$
15.16
$
12.57
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.08
 
.11
 
.08
 
.04
 
.05
 
.22 C
     Net realized and unrealized gain (loss)
 
3.25
 
1.51
 
(5.85)
 
5.06
 
1.16
 
2.50
  Total from investment operations
 
3.33  
 
1.62  
 
(5.77)  
 
5.10  
 
1.21
 
2.72
  Distributions from net investment income
 
(.12)
 
(.06)
 
(.11)
 
(.04)
 
(.18)
 
(.13)
  Distributions from net realized gain
 
-
 
(.23)
 
(.32)
 
-
 
-
 
-
     Total distributions
 
(.12)
 
(.29)
 
(.43)
 
(.04)
 
(.18)
 
(.13)
  Net asset value, end of period
$
19.59
$
16.38
$
15.05
$
21.25
$
16.19
$
15.16
 Total Return D,E
 
20.36
%
 
 
10.74%
 
(27.68)%
 
31.55%
 
8.01%
 
21.85%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.87% H
 
.80%
 
.89%
 
.87%
 
.88%
 
.84%
    Expenses net of fee waivers, if any
 
.86
% H
 
 
.79%
 
.89%
 
.87%
 
.88%
 
.84%
    Expenses net of all reductions
 
.86% H
 
.79%
 
.89%
 
.87%
 
.87%
 
.84%
    Net investment income (loss)
 
.79% H
 
.65%
 
.43%
 
.20%
 
.34%
 
1.57% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,779,921
$
1,394,806
$
989,259
$
1,277,877
$
1,350,267
$
1,082,899
    Portfolio turnover rate I
 
35
% 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 1.08%.
 
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).
 
For the period ended April 30, 2024
 
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, 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 April 30, 2024 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. 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.
 
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. 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 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
$1,884,249,483
Gross unrealized depreciation
(93,059,885)
Net unrealized appreciation (depreciation)
$1,791,189,598
Tax cost
$3,670,482,422
 
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 prior 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)
 
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
884,728,163
854,883,188
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.
 
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
.87
Class M
.87
Class C
.87
International Growth
.84
Class I
.85
Class Z
.71
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.81
Class M
.81
Class C
.81
International Growth
.78
Class I
.81
Class Z
.69
 
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was 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 decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
 
 
Performance Adjustment Index
Fidelity International Growth Fund
MSCI EAFE Growth Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of International Growth. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was .12%.
 
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
 
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.44% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
 
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%
251,815
3,856
Class M
 .25%
 .25%
 77,796
 572
Class C
 .75%
 .25%
             146,767
 11,722
 
 
 
476,378
16,150
 
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
 23,973
Class M
 1,294
Class CA
 201
 
                25,468
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. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
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
.2000
Class M
.2000
Class C
.2000
International Growth
.1672
Class I
.1771
 
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
Amount ($)
% of Class-Level Average Net AssetsA
Class A
 130,920
.20
Class M
 20,774
.20
Class C
 19,864
.20
International Growth
 806,056
.17
Class I
 962,437
.18
Class Z
             199,518
.04
 
                   2,139,569
 
A Annualized
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
 
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
.0302
 
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Fidelity International Growth Fund
.03
 
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
 1,044
 
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
 19,849,000
5.57%
 18,414
 
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
 47,153,146
 24,931,317
 5,069,008
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
4,477
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
17,121
 -
-
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 $116. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction ($)
 
 
Class M
 72
 
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 $218,044.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2024
Year ended
October 31, 2023
Fidelity International Growth Fund
 
 
Distributions to shareholders
 
 
Class A
$381,200
 $2,422,202
Class M
 -
 405,995
Class C
 -
 523,121
International Growth
 7,052,424
 20,712,364
Class I
 7,886,338
 22,283,776
Class Z
          8,740,117
       16,703,137
Total  
$24,060,079
$63,050,595
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
 
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Fidelity International Growth Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
783,361
1,715,103
$14,844,494
$29,331,847
Reinvestment of distributions
21,028
147,890
380,608
2,418,006
Shares redeemed
(1,015,601)
(1,838,431)
(19,358,896)
(31,184,405)
Net increase (decrease)
(211,212)
24,562
$(4,133,794)
$565,448
Class M
 
 
 
 
Shares sold
66,187
132,875
$1,269,544
$2,258,104
Reinvestment of distributions
-
25,006
-
405,854
Shares redeemed
(141,407)
(248,334)
(2,679,591)
(4,205,991)
Net increase (decrease)
(75,220)
(90,453)
$(1,410,047)
$(1,542,033)
Class C
 
 
 
 
Shares sold
69,479
198,976
$1,271,287
$3,272,412
Reinvestment of distributions
-
33,238
-
522,168
Shares redeemed
(352,580)
(810,575)
(6,409,154)
(13,278,845)
Net increase (decrease)
(283,101)
(578,361)
$(5,137,867)
$(9,484,265)
International Growth
 
 
 
 
Shares sold
6,920,643
14,951,508
$134,774,744
$259,687,765
Reinvestment of distributions
347,988
1,147,426
6,354,264
18,921,062
Shares redeemed
(7,046,764)
(17,451,945)
(135,489,993)
(300,038,938)
Net increase (decrease)
221,867
(1,353,011)
$5,639,015
$(21,430,111)
Class I
 
 
 
 
Shares sold
11,346,163
26,254,085
$219,645,367
$452,275,393
Reinvestment of distributions
424,789
1,326,495
7,735,409
21,820,838
Shares redeemed
(12,714,795)
(30,872,229)
(245,815,777)
(525,218,348)
Net increase (decrease)
(943,843)
(3,291,649)
$(18,435,001)
$(51,122,117)
Class Z
 
 
 
 
Shares sold
25,490,620
46,420,503
$513,364,245
$799,082,627
Reinvestment of distributions
267,865
410,878
4,883,179
6,767,160
Shares redeemed
(20,064,440)
(27,405,076)
(368,293,993)
(457,433,954)
Net increase (decrease)
5,694,045
19,426,305
$149,953,431
$348,415,833
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.
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 (November 1, 2023 to April 30, 2024).
 
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 November 1, 2023
 
Ending Account Value April 30, 2024
 
Expenses Paid During Period- C November 1, 2023 to April 30, 2024
Fidelity® International Growth Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.24%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,201.30
 
$ 6.79
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,018.70
 
$ 6.22
 
Class M
 
 
 
1.49%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,199.50
 
$ 8.15
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,017.45
 
$ 7.47
 
Class C
 
 
 
1.98%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,197.30
 
$ 10.82
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,015.02
 
$ 9.92
 
Fidelity® International Growth Fund **
 
 
 
.95%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,203.20
 
$ 5.20
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.14
 
$ 4.77
 
Class I
 
 
 
.97%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,203.00
 
$ 5.31
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.04
 
$ 4.87
 
Class Z
 
 
 
.86%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,203.60
 
$ 4.71
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.59
 
$ 4.32
 
 
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 182/ 366 (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 March 1, 2024, had been in effect during the entire 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® International Growth Fund
 
 
 
 
 
 
Fidelity® International Growth Fund
 
 
 
.90%
 
 
Actual
 
 
 
 
 
$ 4.93
Hypothetical- B
 
 
 
 
 
 
$ 4.52
 
 
 
 
 
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
 
 
 
 
 
B   5% return per year before expenses
 
 
 
 
 
 
 
 
 
Board Approval of Investment Advisory Contracts
Fidelity International Growth Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), Fidelity Management & Research (Japan) Limited (FMR Japan), and FIL Investment Advisors (FIL). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board further noted that the agreement with FIL was amended to provide that FMR will compensate FIL at a flat fee rate of 0.44% of the net assets sub-advised by it. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
 
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.912353.114
IGF-SANN-0624
Fidelity® International Discovery Fund
 
 
Semi-Annual Report
April 30, 2024
Includes Fidelity and Fidelity Advisor share classes

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

Liquidity Risk Management Program

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. © 2024 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.
 
Top Holdings (% of Fund's net assets)
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
3.6
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
3.4
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
2.5
 
UniCredit SpA  (Italy, Banks)
2.4
 
Hitachi Ltd.  (Japan, Industrial Conglomerates)
2.3
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
2.1
 
L'Oreal SA  (France, Personal Care Products)
1.9
 
Constellation Software, Inc.  (Canada, Software)
1.8
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
1.7
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
1.7
 
 
23.4
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
19.0
 
Financials
19.4
 
Industrials
18.3
 
Consumer Discretionary
12.9
 
Health Care
11.1
 
Materials
5.2
 
Consumer Staples
4.0
 
Energy
3.5
 
Communication Services
2.2
 
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 - 95.8%
 
 
Shares
Value ($)
(000s)
 
Australia - 2.0%
 
 
 
Aristocrat Leisure Ltd.
 
1,038,597
26,505
CAR Group Ltd.
 
2,199,799
47,699
IperionX Ltd. (a)(b)
 
18,273,999
24,717
National Storage REIT unit
 
36,790,981
50,732
Steadfast Group Ltd.
 
6,712,311
24,429
TOTAL AUSTRALIA
 
 
174,082
Bailiwick of Jersey - 0.4%
 
 
 
JTC PLC (c)
 
3,584,663
38,297
Belgium - 1.2%
 
 
 
UCB SA
 
829,720
110,286
Brazil - 1.3%
 
 
 
MercadoLibre, Inc. (a)
 
51,523
75,157
Nu Holdings Ltd. (a)
 
3,709,128
40,281
TOTAL BRAZIL
 
 
115,438
Canada - 4.8%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
1,149,500
63,710
Cameco Corp.
 
995,500
45,420
Canadian Natural Resources Ltd.
 
1,742,939
132,077
Constellation Software, Inc.
 
63,091
162,432
Constellation Software, Inc. warrants 3/31/40 (a)(d)
 
50,942
0
Definity Financial Corp.
 
504,012
16,801
Lumine Group, Inc. (a)
 
158,038
4,329
TOTAL CANADA
 
 
424,769
China - 0.1%
 
 
 
Chervon Holdings Ltd.
 
4,724,529
11,474
Denmark - 3.6%
 
 
 
Novo Nordisk A/S Series B
 
2,504,919
321,235
France - 11.7%
 
 
 
Air Liquide SA
 
700,823
137,066
Airbus Group NV
 
553,538
91,089
AXA SA
 
4,000,431
138,495
BNP Paribas SA
 
1,019,433
73,360
EssilorLuxottica SA
 
410,239
87,912
Hermes International SCA
 
37,081
89,078
L'Oreal SA
 
351,503
164,923
LVMH Moet Hennessy Louis Vuitton SE
 
228,948
188,066
Safran SA
 
321,800
69,777
TOTAL FRANCE
 
 
1,039,766
Germany - 6.4%
 
 
 
adidas AG
 
201,700
48,734
Merck KGaA
 
366,514
58,261
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
176,486
77,636
Nexus AG
 
562,762
31,050
Rheinmetall AG
 
260,442
143,752
SAP SE
 
595,100
107,455
Siemens AG
 
475,952
89,162
Siemens Healthineers AG (c)
 
333,238
18,481
TOTAL GERMANY
 
 
574,531
Hong Kong - 0.3%
 
 
 
AIA Group Ltd.
 
3,524,126
25,812
Hungary - 0.2%
 
 
 
Richter Gedeon PLC
 
845,978
21,543
India - 3.1%
 
 
 
Avenue Supermarts Ltd. (a)(c)
 
505,358
27,878
Computer Age Management Services Private Ltd.
 
717,700
27,500
Delhivery Private Ltd. (a)
 
2,843,400
15,282
HDFC Bank Ltd.
 
7,036,719
127,755
HDFC Bank Ltd. sponsored ADR
 
32,600
1,878
Larsen & Toubro Ltd.
 
807,273
34,692
Lenskart Solutions Pvt Ltd. (d)(e)
 
327,400
9,023
Pine Labs Private Ltd. (a)(d)(e)
 
8,672
2,836
Sona Blw Precision Forgings Ltd. (c)
 
2,874,000
21,477
Star Health & Allied Insurance Co. Ltd. (a)
 
853,800
5,845
TOTAL INDIA
 
 
274,166
Ireland - 1.9%
 
 
 
Cairn Homes PLC
 
25,817,293
43,745
Dalata Hotel Group PLC
 
11,086,402
49,929
Kingspan Group PLC (Ireland)
 
809,970
72,480
TOTAL IRELAND
 
 
166,154
Israel - 0.3%
 
 
 
NICE Ltd. sponsored ADR (a)
 
138,600
30,978
Italy - 4.9%
 
 
 
BFF Bank SpA (c)
 
3,138,320
40,358
Davide Campari Milano NV (f)
 
3,205,337
32,223
Ferrari NV (f)
 
142,328
59,166
FinecoBank SpA
 
1,616,874
24,917
Prysmian SpA
 
1,010,786
55,208
Recordati SpA
 
195,159
10,424
UniCredit SpA
 
5,906,834
216,807
TOTAL ITALY
 
 
439,103
Japan - 17.3%
 
 
 
Capcom Co. Ltd.
 
2,442,502
40,210
Daiichi Sankyo Kabushiki Kaisha
 
1,761,149
59,276
Disco Corp.
 
112,200
31,960
Fast Retailing Co. Ltd.
 
292,980
76,605
Fuji Electric Co. Ltd.
 
1,100,900
68,480
Hitachi Ltd.
 
2,274,792
209,874
Hoya Corp.
 
1,024,243
118,751
Itochu Corp.
 
2,622,771
118,326
JTOWER, Inc. (a)(f)
 
550,353
11,241
Keyence Corp.
 
124,562
54,779
Mitsubishi Heavy Industries Ltd.
 
5,650,000
50,517
Mitsubishi UFJ Financial Group, Inc.
 
8,091,699
80,604
ORIX Corp.
 
4,209,538
86,150
Pan Pacific International Holdings Ltd.
 
1,963,033
46,104
Renesas Electronics Corp.
 
7,016,459
113,917
Shin-Etsu Chemical Co. Ltd.
 
3,260,278
126,202
Sony Group Corp.
 
1,199,050
99,103
Sumitomo Mitsui Financial Group, Inc.
 
1,057,613
60,076
TIS, Inc.
 
940,404
20,084
Tokio Marine Holdings, Inc.
 
1,712,126
54,114
Visional, Inc. (a)
 
360,400
16,444
TOTAL JAPAN
 
 
1,542,817
Kazakhstan - 0.2%
 
 
 
Kaspi.KZ JSC ADR
 
131,337
15,466
Korea (South) - 2.2%
 
 
 
HD Hyundai Marine Solution Co. Ltd. (g)
 
22,500
1,354
Samsung Electronics Co. Ltd.
 
2,819,550
156,291
SK Hynix, Inc.
 
339,330
41,758
TOTAL KOREA (SOUTH)
 
 
199,403
Luxembourg - 0.1%
 
 
 
CVC Capital Partners PLC
 
287,000
5,207
Netherlands - 7.0%
 
 
 
ASML Holding NV (Netherlands)
 
345,394
306,937
BE Semiconductor Industries NV
 
723,294
96,873
IMCD NV
 
224,001
34,005
ING Groep NV (Certificaten Van Aandelen)
 
3,178,787
50,257
Topicus.Com, Inc.
 
101,012
8,232
Universal Music Group NV
 
965,422
28,539
Wolters Kluwer NV
 
670,117
100,657
TOTAL NETHERLANDS
 
 
625,500
Spain - 1.1%
 
 
 
CaixaBank SA
 
15,919,377
83,952
Cie Automotive SA
 
55,844
1,484
Puig Group SL Class B
 
336,200
8,790
TOTAL SPAIN
 
 
94,226
Sweden - 2.6%
 
 
 
ASSA ABLOY AB (B Shares) (f)
 
1,375,155
36,334
Indutrade AB
 
2,758,346
64,626
Investor AB (B Shares)
 
3,467,400
85,691
Kry International AB (a)(d)(e)
 
4,183
127
Lagercrantz Group AB (B Shares)
 
2,923,515
43,480
TOTAL SWEDEN
 
 
230,258
Switzerland - 0.8%
 
 
 
Partners Group Holding AG
 
55,482
71,793
Taiwan - 2.5%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
9,193,000
219,724
United Kingdom - 11.8%
 
 
 
3i Group PLC
 
3,278,815
117,144
AstraZeneca PLC (United Kingdom)
 
996,640
150,741
BAE Systems PLC
 
8,633,334
143,591
Big Yellow Group PLC
 
1,838,537
24,811
Cab Payments Holdings Ltd. (f)
 
3,835,950
6,375
Compass Group PLC
 
4,958,904
137,926
Diageo PLC
 
664,480
22,964
Flutter Entertainment PLC (a)
 
303,195
56,544
Games Workshop Group PLC
 
401,752
49,749
JD Sports Fashion PLC
 
11,510,700
16,627
London Stock Exchange Group PLC
 
942,321
103,882
RELX PLC (London Stock Exchange)
 
2,197,707
90,297
Sage Group PLC
 
3,579,473
52,152
Starling Bank Ltd. Series D (a)(d)(e)
 
6,223,100
23,406
Zegona Communications PLC (a)
 
20,350,692
58,487
TOTAL UNITED KINGDOM
 
 
1,054,696
United States of America - 8.0%
 
 
 
Canva, Inc. Class A (d)(e)
 
5,900
6,293
CRH PLC
 
1,132,926
88,280
Globant SA (a)
 
132,796
23,716
Linde PLC
 
201,223
88,731
Microsoft Corp.
 
201,140
78,310
Nestle SA (Reg. S)
 
353,523
35,494
NVIDIA Corp.
 
135,751
117,292
Samsonite International SA (c)
 
9,300,083
32,696
Schneider Electric SA
 
489,800
111,681
Shell PLC (London)
 
3,760,399
133,677
TOTAL UNITED STATES OF AMERICA
 
 
716,170
 
TOTAL COMMON STOCKS
 (Cost $6,060,412)
 
 
 
8,542,894
 
 
 
 
Preferred Stocks - 0.7%
 
 
Shares
Value ($)
(000s)
 
Convertible Preferred Stocks - 0.5%
 
 
 
China - 0.4%
 
 
 
ByteDance Ltd. Series E1 (a)(d)(e)
 
131,235
30,246
dMed Biopharmaceutical Co. Ltd. Series C (a)(d)(e)
 
727,754
3,588
 
 
 
33,834
Estonia - 0.1%
 
 
 
Bolt Technology OU Series E (a)(d)(e)
 
87,239
10,713
United States of America - 0.0%
 
 
 
Canva, Inc.:
 
 
 
 Series A (d)(e)
 
931
993
 Series A2 (d)(e)
 
169
180
 
 
 
1,173
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
45,720
Nonconvertible Preferred Stocks - 0.2%
 
 
 
India - 0.2%
 
 
 
Pine Labs Private Ltd.:
 
 
 
 Series 1 (a)(d)(e)
 
20,726
6,777
 Series A (a)(d)(e)
 
5,179
1,693
 Series B (a)(d)(e)
 
5,635
1,843
 Series B2 (a)(d)(e)
 
4,558
1,490
 Series C (a)(d)(e)
 
8,478
2,772
 Series C1 (a)(d)(e)
 
1,786
584
 Series D (a)(d)(e)
 
1,910
625
 
 
 
15,784
Sweden - 0.0%
 
 
 
Kry International AB Series E (a)(d)(e)
 
24,162
1,001
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 
 
16,785
 
TOTAL PREFERRED STOCKS
 (Cost $77,597)
 
 
 
62,505
 
 
 
 
Money Market Funds - 3.6%
 
 
Shares
Value ($)
(000s)
 
Fidelity Cash Central Fund 5.39% (h)
 
278,064,388
278,120
Fidelity Securities Lending Cash Central Fund 5.39% (h)(i)
 
44,727,264
44,732
 
TOTAL MONEY MARKET FUNDS
 (Cost $322,852)
 
 
322,852
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.1%
 (Cost $6,460,861)
 
 
 
8,928,251
NET OTHER ASSETS (LIABILITIES) - (0.1)%  
(6,166)
NET ASSETS - 100.0%
8,922,085
 
 
 
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
 
Legend
 
(a)
Non-income producing
 
(b)
Affiliated company
 
(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 $179,187,000 or 2.0% 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 $104,190,000 or 1.2% of net assets.
 
(f)
Security or a portion of the security is on loan at period end.
 
(g)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(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 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 ($)
(000s)
Bolt Technology OU Series E
1/03/22
22,664
 
 
 
ByteDance Ltd. Series E1
11/18/20
14,380
 
 
 
Canva, Inc. Class A
3/18/24
6,293
 
 
 
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
 
 
 
Lenskart Solutions Pvt Ltd.
4/30/24
9,023
 
 
 
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 5.39%
264,603
1,289,599
1,276,082
4,860
-
-
278,120
0.6%
Fidelity Securities Lending Cash Central Fund 5.39%
31,747
416,913
403,928
313
-
-
44,732
0.2%
Total
296,350
1,706,512
1,680,010
5,173
-
-
322,852
 
 
 
 
 
 
 
 
 
 
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) ($)
Value,
end
of period ($)
IperionX Ltd.
13,105
1,429
41
-
19
10,205
24,717
Zegona Communications PLC
122
36,973
87
-
29
21,450
-
Total
13,227
38,402
128
-
48
31,655
24,717
 
 
 
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 April 30, 2024, 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
216,422
87,026
99,150
30,246
Consumer Discretionary
1,146,658
490,213
639,956
16,489
Consumer Staples
355,982
260,856
95,126
-
Energy
311,174
177,497
133,677
-
Financials
1,696,788
563,195
1,110,187
23,406
Health Care
991,548
319,476
668,484
3,588
Industrials
1,645,128
470,728
1,174,400
-
Information Technology
1,701,160
924,731
745,968
30,461
Materials
464,996
177,011
287,985
-
Real Estate
75,543
24,811
50,732
-
  Money Market Funds
322,852
322,852
-
-
 Total Investments in Securities:
8,928,251
3,818,396
5,005,665
104,190
 
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
$
101,024
 
  Net Realized Gain (Loss) on Investment Securities
 
(5,048)
 
  Net Unrealized Gain (Loss) on Investment Securities
 
7,116
 
  Cost of Purchases
 
15,316
 
  Proceeds of Sales
 
(991)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
-
 
  Transfers out of Level 3
 
(13,227)
 
  Ending Balance
$
104,190
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2024
$
1,306
 
 
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)
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $42,241) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $6,123,420)
$
8,580,682
 
 
Fidelity Central Funds (cost $322,852)
322,852
 
 
Other affiliated issuers (cost $14,589)
24,717
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $6,460,861)
 
 
$
8,928,251
Foreign currency held at value (cost $7,317)
 
 
7,306
Receivable for investments sold
 
 
601
Receivable for fund shares sold
 
 
3,386
Dividends receivable
 
 
30,022
Reclaims receivable
 
 
26,844
Distributions receivable from Fidelity Central Funds
 
 
1,362
Prepaid expenses
 
 
3
Other receivables
 
 
3,436
  Total assets
 
 
9,001,211
Liabilities
 
 
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
$
17,824
 
 
Delayed delivery
1,367
 
 
Payable for fund shares redeemed
2,847
 
 
Accrued management fee
3,999
 
 
Distribution and service plan fees payable
41
 
 
Deferred taxes
7,622
 
 
Other payables and accrued expenses
694
 
 
Collateral on securities loaned
44,732
 
 
  Total liabilities
 
 
 
79,126
Net Assets  
 
 
$
8,922,085
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
6,957,989
Total accumulated earnings (loss)
 
 
 
1,964,096
Net Assets
 
 
$
8,922,085
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($141,249 ÷ 3,002 shares)(a)
 
 
$
47.05
Maximum offering price per share (100/94.25 of $47.05)
 
 
$
49.92
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($17,569 ÷ 377 shares)(a)
 
 
$
46.60
Maximum offering price per share (100/96.50 of $46.60)
 
 
$
48.29
Class C :
 
 
 
 
Net Asset Value and offering price per share ($4,638 ÷ 101 shares)(a)(b)
 
 
$
46.00
International Discovery :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($3,857,459 ÷ 81,339 shares)
 
 
$
47.42
Class K :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($550,014 ÷ 11,640 shares)
 
 
$
47.25
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($603,538 ÷ 12,776 shares)
 
 
$
47.24
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($3,747,618 ÷ 79,428 shares)
 
 
$
47.18
(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
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
98,353
Income from Fidelity Central Funds (including $313 from security lending)
 
 
5,173
 Income before foreign taxes withheld
 
 
$
103,526
Less foreign taxes withheld
 
 
(8,683)
 Total income
 
 
 
94,843
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
28,437
 
 
 Performance adjustment
(9,052)
 
 
Transfer agent fees
2,692
 
 
Distribution and service plan fees
239
 
 
Accounting fees
547
 
 
Custodian fees and expenses
325
 
 
Independent trustees' fees and expenses
20
 
 
Registration fees
104
 
 
Audit
97
 
 
Legal
6
 
 
Interest
1
 
 
Miscellaneous
16
 
 
 Total expenses before reductions
 
23,432
 
 
 Expense reductions
 
(371)
 
 
 Total expenses after reductions
 
 
 
23,061
Net Investment income (loss)
 
 
 
71,782
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
57,991
 
 
   Redemptions in-kind
 
9,303
 
 
   Affiliated issuers
 
48
 
 
 Foreign currency transactions
 
342
 
 
Total net realized gain (loss)
 
 
 
67,684
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of increase in deferred foreign taxes of $476)  
 
1,441,265
 
 
   Affiliated issuers
 
31,655
 
 
 Assets and liabilities in foreign currencies
 
(220)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
1,472,700
Net gain (loss)
 
 
 
1,540,384
Net increase (decrease) in net assets resulting from operations
 
 
$
1,612,166
Statement of Changes in Net Assets
 
Amount in thousands
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
71,782
$
121,221
Net realized gain (loss)
 
67,684
 
 
(92,662)
 
Change in net unrealized appreciation (depreciation)
 
1,472,700
 
524,383
 
Net increase (decrease) in net assets resulting from operations
 
1,612,166
 
 
552,942
 
Distributions to shareholders
 
(157,784)
 
 
(30,708)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
332,033
 
 
(756,854)
 
Total increase (decrease) in net assets
 
1,786,415
 
 
(234,620)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
7,135,670
 
7,370,290
 
End of period
$
8,922,085
$
7,135,670
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® International Discovery Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
39.12
$
36.68
$
58.79
$
45.84
$
43.31
$
39.99
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.31
 
.49
 
.56 C
 
.18
 
.16
 
.63 D
     Net realized and unrealized gain (loss)
 
8.32
 
1.95
 
(16.91)
 
14.60
 
3.27
 
3.93
  Total from investment operations
 
8.63  
 
2.44  
 
(16.35)  
 
14.78  
 
3.43
 
4.56
  Distributions from net investment income
 
(.70)
 
-
 
(1.38)
 
(.12)
 
(.62)
 
(.33)
  Distributions from net realized gain
 
-
 
-
 
(4.38)
 
(1.71)
 
(.28)
 
(.91)
     Total distributions
 
(.70)
 
-
 
(5.76)
 
(1.83)
 
(.90)
 
(1.24)
  Net asset value, end of period
$
47.05
$
39.12
$
36.68
$
58.79
$
45.84
$
43.31
 Total Return E,F,G
 
22.26
%
 
 
6.65%
 
(30.57)%
 
32.86%
 
8.02%
 
11.90%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.89% J
 
1.00%
 
1.31%
 
1.32%
 
1.36%
 
1.12%
    Expenses net of fee waivers, if any
 
.88
% J
 
 
.99%
 
1.30%
 
1.32%
 
1.36%
 
1.12%
    Expenses net of all reductions
 
.88% J
 
.99%
 
1.30%
 
1.32%
 
1.36%
 
1.11%
    Net investment income (loss)
 
1.37% J
 
1.17%
 
1.27% C
 
.32%
 
.38%
 
1.57% D
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
141  
$
122
$
131
$
206
$
173
$
185
    Portfolio turnover rate K
 
44
% J,L
 
 
49% L
 
43% L
 
41% L
 
34% L
 
70% L
 
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 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.
 
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.
 
JAnnualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
LPortfolio turnover rate excludes securities received or delivered in-kind.
 
 
Fidelity Advisor® International Discovery Fund Class M
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
38.71
$
36.38
$
58.35
$
45.53
$
43.01
$
39.71
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.25
 
.38
 
.45 C
 
.04
 
.06
 
.53 D
     Net realized and unrealized gain (loss)
 
8.24
 
1.95
 
(16.81)
 
14.51
 
3.24
 
3.91
  Total from investment operations
 
8.49  
 
2.33  
 
(16.36)  
 
14.55  
 
3.30
 
4.44
  Distributions from net investment income
 
(.60)
 
-
 
(1.23)
 
(.02)
 
(.51)
 
(.22)
  Distributions from net realized gain
 
-
 
-
 
(4.38)
 
(1.71)
 
(.28)
 
(.91)
     Total distributions
 
(.60)
 
-
 
(5.61)
 
(1.73)
 
(.78) E
 
(1.14) E
  Net asset value, end of period
$
46.60
$
38.71
$
36.38
$
58.35
$
45.53
$
43.01
 Total Return F,G,H
 
22.10
%
 
 
6.40%
 
(30.76)%
 
32.53%
 
7.77%
 
11.62%
 Ratios to Average Net Assets A,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.14% K
 
1.24%
 
1.55%
 
1.57%
 
1.61%
 
1.37%
    Expenses net of fee waivers, if any
 
1.13
% K
 
 
1.24%
 
1.55%
 
1.57%
 
1.61%
 
1.37%
    Expenses net of all reductions
 
1.13% K
 
1.23%
 
1.55%
 
1.57%
 
1.60%
 
1.35%
    Net investment income (loss)
 
1.12% K
 
.93%
 
1.02% C
 
.07%
 
.13%
 
1.32% D
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
18  
$
15
$
16
$
25
$
21
$
24
    Portfolio turnover rate L
 
44
% K,M
 
 
49% M
 
43% M
 
41% M
 
34% M
 
70% M
 
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 $.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 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.
 
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.
 
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.
 
KAnnualized.
 
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
MPortfolio turnover rate excludes securities received or delivered in-kind.
 
 
Fidelity Advisor® International Discovery Fund Class C
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
38.06
$
35.96
$
57.59
$
45.18
$
42.60
$
39.32
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.14
 
.16
 
.21 C
 
(.27)
 
(.18)
 
.31 D
     Net realized and unrealized gain (loss)
 
8.13
 
1.94
 
(16.66)
 
14.38
 
3.22
 
3.88
  Total from investment operations
 
8.27  
 
2.10  
 
(16.45)  
 
14.11  
 
3.04
 
4.19
  Distributions from net investment income
 
(.33)
 
-
 
(.80)
 
-
 
(.19)
 
-
  Distributions from net realized gain
 
-
 
-
 
(4.38)
 
(1.70)
 
(.28)
 
(.91)
     Total distributions
 
(.33)
 
-
 
(5.18)
 
(1.70)
 
(.46) E
 
(.91)
  Net asset value, end of period
$
46.00
$
38.06
$
35.96
$
57.59
$
45.18
$
42.60
 Total Return F,G,H
 
21.82
%
 
 
5.84%
 
(31.14)%
 
31.79%
 
7.19%
 
11.02%
 Ratios to Average Net Assets B,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.64% K
 
1.77%
 
2.10%
 
2.14%
 
2.16%
 
1.91%
    Expenses net of fee waivers, if any
 
1.63
% K
 
 
1.76%
 
2.10%
 
2.13%
 
2.15%
 
1.91%
    Expenses net of all reductions
 
1.63% K
 
1.76%
 
2.10%
 
2.13%
 
2.15%
 
1.90%
    Net investment income (loss)
 
.63% K
 
.40%
 
.48% C
 
(.50)%
 
(.41)%
 
.78% D
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
5  
$
4
$
5
$
10
$
11
$
12
    Portfolio turnover rate L
 
44
% K,M
 
 
49% M
 
43% M
 
41% M
 
34% M
 
70% 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 $.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 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 contingent deferred sales charge.
 
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).
 
MPortfolio turnover rate excludes securities received or delivered in-kind.
 
 
Fidelity® International Discovery Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
39.51
$
37.04
$
59.31
$
46.20
$
43.65
$
40.32
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.38
 
.63
 
.72 C
 
.36
 
.32
 
.78 D
     Net realized and unrealized gain (loss)
 
8.38
 
1.98
 
(17.07)
 
14.71
 
3.29
 
3.95
  Total from investment operations
 
8.76  
 
2.61  
 
(16.35)  
 
15.07  
 
3.61
 
4.73
  Distributions from net investment income
 
(.85)
 
(.14)
 
(1.54)
 
(.25)
 
(.78)
 
(.49)
  Distributions from net realized gain
 
-
 
-
 
(4.38)
 
(1.71)
 
(.28)
 
(.91)
     Total distributions
 
(.85)
 
(.14)
 
(5.92)
 
(1.96)
 
(1.06)
 
(1.40)
  Net asset value, end of period
$
47.42
$
39.51
$
37.04
$
59.31
$
46.20
$
43.65
 Total Return E,F
 
22.42
%
 
 
7.04%
 
(30.36)%
 
33.29%
 
8.39%
 
12.31%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.59% I
 
.66%
 
.98%
 
.99%
 
1.02%
 
.78%
    Expenses net of fee waivers, if any
 
.58
% I
 
 
.65%
 
.97%
 
.99%
 
1.02%
 
.78%
    Expenses net of all reductions
 
.58% I
 
.65%
 
.97%
 
.99%
 
1.01%
 
.76%
    Net investment income (loss)
 
1.67% I
 
1.51%
 
1.60% C
 
.65%
 
.72%
 
1.92% D
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
3,857  
$
3,353
$
3,386
$
5,117
$
6,784
$
6,726
    Portfolio turnover rate J
 
44
% I,K
 
 
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 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 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.
 
 
Fidelity® International Discovery Fund Class K
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
39.39
$
36.93
$
59.18
$
46.10
$
43.55
$
40.25
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.40
 
.68
 
.78 C
 
.41
 
.36
 
.82 D
     Net realized and unrealized gain (loss)
 
8.35
 
1.96
 
(17.02)
 
14.67
 
3.29
 
3.93
  Total from investment operations
 
8.75  
 
2.64  
 
(16.24)  
 
15.08  
 
3.65
 
4.75
  Distributions from net investment income
 
(.89)
 
(.18)
 
(1.62)
 
(.29)
 
(.82)
 
(.54)
  Distributions from net realized gain
 
-
 
-
 
(4.38)
 
(1.71)
 
(.28)
 
(.91)
     Total distributions
 
(.89)
 
(.18)
 
(6.01) E
 
(2.00)
 
(1.10)
 
(1.45)
  Net asset value, end of period
$
47.25
$
39.39
$
36.93
$
59.18
$
46.10
$
43.55
 Total Return F,G
 
22.49
%
 
 
7.15%
 
(30.28)%
 
33.40%
 
8.52%
 
12.41%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.50% J
 
.55%
 
.87%
 
.90%
 
.91%
 
.66%
    Expenses net of fee waivers, if any
 
.49
% J
 
 
.54%
 
.87%
 
.90%
 
.91%
 
.66%
    Expenses net of all reductions
 
.49% J
 
.54%
 
.87%
 
.90%
 
.91%
 
.65%
    Net investment income (loss)
 
1.76% J
 
1.62%
 
1.71% C
 
.74%
 
.83%
 
2.03% D
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
550  
$
476
$
603
$
1,371
$
1,401
$
1,566
    Portfolio turnover rate K
 
44
% J,L
 
 
49% L
 
43% L
 
41% L
 
34% L
 
70% L
 
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 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).
 
LPortfolio turnover rate excludes securities received or delivered in-kind.
 
 
Fidelity Advisor® International Discovery Fund Class I
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
39.35
$
36.90
$
59.15
$
46.08
$
43.53
$
40.22
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.37
 
.63
 
.69 C
 
.35
 
.31
 
.77 D
     Net realized and unrealized gain (loss)
 
8.36
 
1.96
 
(16.99)
 
14.67
 
3.28
 
3.93
  Total from investment operations
 
8.73  
 
2.59  
 
(16.30)  
 
15.02  
 
3.59
 
4.70
  Distributions from net investment income
 
(.84)
 
(.14)
 
(1.57)
 
(.24)
 
(.76)
 
(.48)
  Distributions from net realized gain
 
-
 
-
 
(4.38)
 
(1.71)
 
(.28)
 
(.91)
     Total distributions
 
(.84)
 
(.14)
 
(5.95)
 
(1.95)
 
(1.04)
 
(1.39)
  Net asset value, end of period
$
47.24
$
39.35
$
36.90
$
59.15
$
46.08
$
43.53
 Total Return E,F
 
22.44
%
 
 
7.01%
 
(30.37)%
 
33.26%
 
8.37%
 
12.26%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.61% I
 
.67%
 
.99%
 
1.02%
 
1.04%
 
.80%
    Expenses net of fee waivers, if any
 
.60
% I
 
 
.66%
 
.99%
 
1.02%
 
1.04%
 
.80%
    Expenses net of all reductions
 
.60% I
 
.66%
 
.99%
 
1.02%
 
1.03%
 
.79%
    Net investment income (loss)
 
1.65% I
 
1.50%
 
1.59% C
 
.62%
 
.70%
 
1.89% D
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
604  
$
497
$
509
$
566
$
388
$
463
    Portfolio turnover rate J
 
44
% I,K
 
 
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 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 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.
 
 
Fidelity Advisor® International Discovery Fund Class Z
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
39.33
$
36.88
$
59.14
$
46.07
$
43.52
$
40.22
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.40
 
.67
 
.76 C
 
.43
 
.36
 
.82 D
     Net realized and unrealized gain (loss)
 
8.35
 
1.97
 
(16.99)
 
14.64
 
3.29
 
3.94
  Total from investment operations
 
8.75  
 
2.64  
 
(16.23)  
 
15.07  
 
3.65
 
4.76
  Distributions from net investment income
 
(.90)
 
(.19)
 
(1.65)
 
(.29)
 
(.82)
 
(.54)
  Distributions from net realized gain
 
-
 
-
 
(4.38)
 
(1.71)
 
(.28)
 
(.91)
     Total distributions
 
(.90)
 
(.19)
 
(6.03)
 
(2.00)
 
(1.10)
 
(1.46) E
  Net asset value, end of period
$
47.18
$
39.33
$
36.88
$
59.14
$
46.07
$
43.52
 Total Return F,G
 
22.51
%
 
 
7.14%
 
(30.29)%
 
33.40%
 
8.53%
 
12.42%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.50% J
 
.55%
 
.87%
 
.90%
 
.91%
 
.66%
    Expenses net of fee waivers, if any
 
.50
% J
 
 
.54%
 
.87%
 
.90%
 
.91%
 
.66%
    Expenses net of all reductions
 
.50% J
 
.54%
 
.87%
 
.90%
 
.91%
 
.65%
    Net investment income (loss)
 
1.76% J
 
1.62%
 
1.71% C
 
.74%
 
.83%
 
2.03% D
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
3,748  
$
2,668
$
2,720
$
3,972
$
54
$
82
    Portfolio turnover rate K
 
44
% J,L
 
 
49% L
 
43% L
 
41% L
 
34% L
 
70% L
 
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 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).
 
LPortfolio turnover rate excludes securities received or delivered in-kind.
 
For the period ended April 30, 2024
(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 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
$   104,190
Market comparable
Enterprise value/Revenue multiple (EV/R)
1.9 - 12.5 / 5.6
Increase
 
 
 
Enterprise value/Net income multiple (EV/NI)
16.0
Increase
 
 
Market approach
Transaction price
$27.56
Increase
 
 
Recovery value
Recovery value
$0.00
Increase
 
 
Black scholes
Discount rate
3.1% - 4.8% / 4.4%
Increase
 
 
 
Term
2.0 - 3.0 / 2.8
Increase
 
 
 
Volatility
60.0% - 75.0% / 63.6%
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 April 30, 2024, 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 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.
 
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
$422
 
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. 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.
 
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
$2,598,202
Gross unrealized depreciation
(161,708)
Net unrealized appreciation (depreciation)
$2,436,494
Tax cost
$6,491,757
 
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 prior fiscal period end and is subject to adjustment.
 
 Short-term
$(533,865)
Total capital loss carryforward
$(533,865)
 
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 International Discovery Fund
2,027,369
1,772,200
 
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 International Discovery Fund
873
9,303
36,397
 
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 Discovery Fund
2,746
29,458
115,652
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.
 
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
.84
Class M
.84
Class C
.84
International Discovery
.78
Class K
.68
Class I
.80
Class Z
.68
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.81
Class M
.81
Class C
.81
International Discovery
.77
Class K
.68
Class I
.80
Class Z
.68
 
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .42% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was 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 decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .65%.
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
 
 
Performance Adjustment Index
Fidelity International Discovery Fund
MSCI EAFE Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of International Discovery. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was (.22)%.
 
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
 
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.44% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
 
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%
172
1
Class M
 .25%
 .25%
 43
 -A
Class C
 .75%
 .25%
                        24
                           2
 
 
 
239
3
A  In the amount of 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
 4
Class M
-B
Class CA
-B
 
                           4
 
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 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. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
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
.2000
Class M
.2000
Class C
.2000
International Discovery
.1447
Class I
.1603
 
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied 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 received an asset-based fee of Class K's and Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
Amount ($)
% of Class-Level Average Net AssetsA
Class A
 93
.21
Class M
 12
.21
Class C
 3
.21
International Discovery
 1,775
.14
Class K
 69
.04
Class I
 292
.16
Class Z
                      448
.04
 
                           2,692
 
A Annualized
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
 
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
.0200
 
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Fidelity International Discovery Fund
.02
 
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
 1
 
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 Discovery Fund
 Borrower
 4,624
5.57%
 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 International Discovery Fund
 46,758
 75,681
 (11,604)
 
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
8
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
34
 -
-
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.
 
 
Expense reduction
Class M
-A
A In the amount of 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 $370.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2024
Year ended
October 31, 2023
Fidelity International Discovery Fund
 
 
Distributions to shareholders
 
 
Class A
$2,140
 $ -
Class M
 233
 -
Class C
 37
 -
International Discovery
 70,858
 12,630
Class K
 9,876
 2,923
Class I
 10,534
 1,852
Class Z
                64,106
                13,303
Total  
$157,784
$30,708
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
 
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Fidelity International Discovery Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
67
180
$3,077
$7,469
Reinvestment of distributions
50
-
2,114
-
Shares redeemed
(242)
(617)
(10,877)
(25,738)
Net increase (decrease)
(125)
(437)
$(5,686)
$(18,269)
Class M
 
 
 
 
Shares sold
5
16
$270
$693
Reinvestment of distributions
6
-
231
-
Shares redeemed
(29)
(64)
(1,282)
(2,637)
Net increase (decrease)
(18)
(48)
$(781)
$(1,944)
Class C
 
 
 
 
Shares sold
7
14
$291
$581
Reinvestment of distributions
1
-
37
-
Shares redeemed
(22)
(50)
(966)
(2,029)
Net increase (decrease)
(14)
(36)
$(638)
$(1,448)
International Discovery
 
 
 
 
Shares sold
2,399
4,512
$110,953
$188,209
Reinvestment of distributions
1,539
286
65,254
11,602
Shares redeemed
(7,469)
(11,328)
(339,451)
(472,160)
Net increase (decrease)
(3,531)
(6,530)
$(163,244)
$(272,349)
Class K
 
 
 
 
Shares sold
1,418
1,401
$65,375
$58,356
Reinvestment of distributions
234
72
9,876
2,923
Shares redeemed
(2,100)
(5,700)
(91,815)
(236,604)
Net increase (decrease)
(448)
(4,227)
$(16,564)
$(175,325)
Class I
 
 
 
 
Shares sold
1,678
2,991
$75,348
$122,437
Reinvestment of distributions
48
9
2,029
373
Shares redeemed
(1,576)
(4,177)
(70,697)
(170,989)
Net increase (decrease)
150
(1,177)
$6,680
$(48,179)
Class Z
 
 
 
 
Shares sold
10,302
576
$458,206
$24,069
Reinvestment of distributions
1,513
329
63,826
13,272
Shares redeemed
(215)
(6,831)
(9,766)
(276,681)
Net increase (decrease)
11,600
(5,926)
$512,266
$(239,340)
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 International Discovery Fund
31%
 
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
44%
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.
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 (November 1, 2023 to April 30, 2024).
 
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 November 1, 2023
 
Ending Account Value April 30, 2024
 
Expenses Paid During Period- C November 1, 2023 to April 30, 2024
Fidelity® International Discovery Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
.88%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,222.60
 
$ 4.86
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.49
 
$ 4.42
 
Class M
 
 
 
1.13%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,221.00
 
$ 6.24
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.24
 
$ 5.67
 
Class C
 
 
 
1.63%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,218.20
 
$ 8.99
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,016.76
 
$ 8.17
 
Fidelity® International Discovery Fund
 
 
 
.58%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,224.20
 
$ 3.21
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.98
 
$ 2.92
 
Class K
 
 
 
.49%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,224.90
 
$ 2.71
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.43
 
$ 2.46
 
Class I
 
 
 
.60%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,224.40
 
$ 3.32
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.88
 
$ 3.02
 
Class Z
 
 
 
.50%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,225.10
 
$ 2.77
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.38
 
$ 2.51
 
 
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 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
Board Approval of Investment Advisory Contracts
Fidelity International Discovery Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), Fidelity Management & Research (Japan) Limited (FMR Japan), and FIL Investment Advisors (FIL). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board further noted that the agreement with FIL was amended to provide that FMR will compensate FIL at a flat fee rate of 0.44% of the net assets sub-advised by it. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.807261.119
IGI-SANN-0624
Fidelity® International Value Fund
 
 
Semi-Annual Report
April 30, 2024
Includes Fidelity and Fidelity Advisor share classes

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

Liquidity Risk Management Program

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. © 2024 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.
 
Top Holdings (% of Fund's net assets)
 
Shell PLC ADR  (United States of America, Oil, Gas & Consumable Fuels)
4.7
 
TotalEnergies SE  (France, Oil, Gas & Consumable Fuels)
3.3
 
Hitachi Ltd.  (Japan, Industrial Conglomerates)
2.8
 
BHP Group Ltd.  (Australia, Metals & Mining)
2.5
 
Toyota Motor Corp.  (Japan, Automobiles)
2.4
 
Banco Santander SA (Spain)  (Spain, Banks)
2.4
 
BAE Systems PLC  (United Kingdom, Aerospace & Defense)
2.3
 
Siemens AG  (Germany, Industrial Conglomerates)
2.3
 
AXA SA  (France, Insurance)
2.3
 
Mitsubishi UFJ Financial Group, Inc.  (Japan, Banks)
2.1
 
 
27.1
 
 
Market Sectors (% of Fund's net assets)
 
Financials
31.8
 
Industrials
17.9
 
Materials
12.2
 
Energy
11.6
 
Consumer Discretionary
8.4
 
Information Technology
5.8
 
Health Care
5.0
 
Communication Services
2.4
 
Utilities
0.9
 
Real Estate
0.6
 
Consumer Staples
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 - 96.5%
 
 
Shares
Value ($)
 
Australia - 6.7%
 
 
 
BHP Group Ltd.
 
974,666
26,731,303
Commonwealth Bank of Australia
 
67,505
4,946,060
Glencore PLC
 
3,765,000
21,906,895
Macquarie Group Ltd.
 
100,807
12,070,481
Woodside Energy Group Ltd.
 
393,062
7,042,495
TOTAL AUSTRALIA
 
 
72,697,234
Belgium - 1.6%
 
 
 
KBC Group NV
 
130,716
9,751,058
UCB SA
 
56,900
7,563,134
TOTAL BELGIUM
 
 
17,314,192
Finland - 0.8%
 
 
 
Mandatum Holding OY
 
195,434
907,684
Sampo Oyj (A Shares)
 
208,834
8,451,141
TOTAL FINLAND
 
 
9,358,825
France - 12.0%
 
 
 
Air Liquide SA
 
65,570
12,824,090
Airbus Group NV
 
36,600
6,022,814
ALTEN
 
36,400
4,300,261
AXA SA
 
708,405
24,524,959
BNP Paribas SA
 
246,300
17,724,205
Capgemini SA
 
44,393
9,330,568
TotalEnergies SE
 
494,105
35,871,391
VINCI SA
 
94,700
11,096,573
Vivendi SA
 
820,892
8,380,351
TOTAL FRANCE
 
 
130,075,212
Germany - 11.0%
 
 
 
Bayer AG
 
79,300
2,314,602
Bayerische Motoren Werke AG (BMW)
 
81,000
8,856,106
Covestro AG (a)(b)
 
53,400
2,677,319
DHL Group
 
224,300
9,391,426
Fresenius SE & Co. KGaA
 
189,300
5,650,526
Hannover Reuck SE
 
47,100
11,681,614
Infineon Technologies AG
 
109,600
3,803,451
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
27,700
12,185,226
Rheinmetall AG
 
40,050
22,105,831
RWE AG
 
265,200
9,238,380
Siemens AG
 
133,639
25,035,071
Vonovia SE
 
235,229
6,797,183
TOTAL GERMANY
 
 
119,736,735
Hong Kong - 0.7%
 
 
 
Prudential PLC
 
947,266
8,238,704
India - 0.8%
 
 
 
Reliance Industries Ltd. GDR (b)
 
118,300
8,363,810
Indonesia - 0.4%
 
 
 
PT Bank Rakyat Indonesia (Persero) Tbk
 
15,789,994
4,779,688
Ireland - 0.7%
 
 
 
Bank of Ireland Group PLC
 
682,500
7,316,416
Italy - 5.1%
 
 
 
Eni SpA
 
1,035,400
16,630,275
Mediobanca SpA
 
825,325
11,758,504
Prysmian SpA
 
125,200
6,838,336
Ryanair Holdings PLC sponsored ADR
 
73,000
9,942,600
UniCredit SpA
 
272,000
9,983,587
TOTAL ITALY
 
 
55,153,302
Japan - 24.5%
 
 
 
Daiichi Sankyo Kabushiki Kaisha
 
54,400
1,830,980
DENSO Corp.
 
768,600
13,099,344
Eisai Co. Ltd.
 
72,500
2,977,507
Fast Retailing Co. Ltd.
 
11,600
3,033,041
FUJIFILM Holdings Corp.
 
457,900
9,740,672
Fujitsu Ltd.
 
568,900
8,788,454
Hitachi Ltd.
 
329,400
30,390,673
Hoya Corp.
 
26,500
3,072,405
Ibiden Co. Ltd.
 
94,700
3,599,880
INPEX Corp.
 
421,300
6,310,991
Itochu Corp.
 
456,200
20,581,359
LY Corp.
 
816,100
1,960,790
Minebea Mitsumi, Inc.
 
199,270
3,732,398
Mitsubishi Heavy Industries Ltd.
 
1,295,600
11,584,111
Mitsubishi UFJ Financial Group, Inc.
 
2,275,961
22,671,659
NOF Corp.
 
217,300
2,915,282
ORIX Corp.
 
578,700
11,843,336
Renesas Electronics Corp.
 
645,888
10,486,477
Shin-Etsu Chemical Co. Ltd.
 
429,300
16,617,748
SoftBank Group Corp.
 
127,600
6,275,444
Sony Group Corp.
 
45,800
3,785,433
Sumitomo Mitsui Financial Group, Inc.
 
329,300
18,705,496
Suzuki Motor Corp.
 
696,220
8,108,029
TIS, Inc.
 
136,801
2,921,601
Tokio Marine Holdings, Inc.
 
465,744
14,720,489
Toyota Motor Corp.
 
1,144,925
26,114,131
TOTAL JAPAN
 
 
265,867,730
Korea (South) - 0.8%
 
 
 
Samsung Electronics Co. Ltd.
 
165,800
9,190,464
Luxembourg - 0.4%
 
 
 
ArcelorMittal SA (Netherlands)
 
186,032
4,683,402
Netherlands - 0.4%
 
 
 
Universal Music Group NV
 
134,638
3,980,093
Singapore - 1.0%
 
 
 
United Overseas Bank Ltd.
 
503,005
11,162,085
South Africa - 1.1%
 
 
 
Anglo American PLC (United Kingdom)
 
354,840
11,595,277
Thungela Resources Ltd.
 
43,581
300,056
TOTAL SOUTH AFRICA
 
 
11,895,333
Spain - 3.0%
 
 
 
Banco Santander SA (Spain)
 
5,283,482
25,785,007
Cellnex Telecom SA (b)
 
123,100
4,069,033
Unicaja Banco SA (b)
 
1,861,200
2,437,157
TOTAL SPAIN
 
 
32,291,197
Sweden - 1.6%
 
 
 
Investor AB (B Shares)
 
699,840
17,295,327
Switzerland - 3.4%
 
 
 
Swiss Life Holding AG
 
11,673
7,885,704
UBS Group AG
 
536,458
14,403,897
Zurich Insurance Group Ltd.
 
30,081
14,535,741
TOTAL SWITZERLAND
 
 
36,825,342
United Kingdom - 10.5%
 
 
 
AstraZeneca PLC (United Kingdom)
 
86,812
13,130,224
B&M European Value Retail SA
 
493,500
3,200,429
BAE Systems PLC
 
1,517,874
25,245,609
Barratt Developments PLC
 
1,844,732
10,481,221
Beazley PLC
 
643,600
5,331,915
Flutter Entertainment PLC (a)
 
23,300
4,345,341
HSBC Holdings PLC (United Kingdom)
 
894,800
7,756,085
Imperial Brands PLC
 
285,239
6,517,756
JD Sports Fashion PLC
 
2,192,400
3,166,878
Lloyds Banking Group PLC
 
17,825,354
11,504,189
London Stock Exchange Group PLC
 
51,300
5,655,318
Rolls-Royce Holdings PLC (a)
 
1,230,400
6,309,523
Standard Chartered PLC (United Kingdom)
 
1,308,849
11,245,029
TOTAL UNITED KINGDOM
 
 
113,889,517
United States of America - 10.0%
 
 
 
CRH PLC
 
243,402
18,966,356
Ferguson PLC
 
37,916
8,035,298
GSK PLC
 
857,511
17,790,712
Linde PLC
 
29,314
12,926,301
Shell PLC ADR
 
705,600
50,563,296
TOTAL UNITED STATES OF AMERICA
 
 
108,281,963
 
TOTAL COMMON STOCKS
 (Cost $858,340,206)
 
 
 
1,048,396,571
 
 
 
 
Nonconvertible Preferred Stocks - 0.7%
 
 
Shares
Value ($)
 
Germany - 0.7%
 
 
 
Porsche Automobil Holding SE (Germany)
  (Cost $9,038,824)
 
139,200
7,092,449
 
 
 
 
Money Market Funds - 2.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (c)
 
 (Cost $26,606,300)
 
 
26,600,980
26,606,300
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.6%
 (Cost $893,985,330)
 
 
 
1,082,095,320
NET OTHER ASSETS (LIABILITIES) - 0.4%  
3,899,733
NET ASSETS - 100.0%
1,085,995,053
 
 
 
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 $17,547,319 or 1.6% of net assets.
 
(c)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
 
 
Affiliated Central Funds
 
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 5.39%
17,765,904
186,779,020
177,938,280
838,007
(344)
-
26,606,300
0.1%
Fidelity Securities Lending Cash Central Fund 5.39%
-
2,951
2,951
-
-
-
-
0.0%
Total
17,765,904
186,781,971
177,941,231
838,007
(344)
-
26,606,300
 
 
 
 
 
 
 
 
 
 
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 April 30, 2024, 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
24,665,711
12,360,444
12,305,267
-
Consumer Discretionary
91,282,402
30,049,975
61,232,427
-
Consumer Staples
6,517,756
-
6,517,756
-
Energy
125,082,314
59,227,162
65,855,152
-
Financials
347,257,761
174,251,350
173,006,411
-
Health Care
54,330,090
15,528,262
38,801,828
-
Industrials
196,311,622
46,922,065
149,389,557
-
Information Technology
62,161,828
4,300,261
57,861,567
-
Materials
131,843,973
39,253,378
92,590,595
-
Real Estate
6,797,183
-
6,797,183
-
Utilities
9,238,380
-
9,238,380
-
  Money Market Funds
26,606,300
26,606,300
-
-
 Total Investments in Securities:
1,082,095,320
408,499,197
673,596,123
-
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $867,379,030)
$
1,055,489,020
 
 
Fidelity Central Funds (cost $26,606,300)
26,606,300
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $893,985,330)
 
 
$
1,082,095,320
Foreign currency held at value (cost $434,757)
 
 
434,757
Receivable for investments sold
 
 
1,524,573
Receivable for fund shares sold
 
 
3,167,905
Dividends receivable
 
 
6,244,913
Reclaims receivable
 
 
2,272,438
Distributions receivable from Fidelity Central Funds
 
 
170,039
Prepaid expenses
 
 
266
  Total assets
 
 
1,095,910,211
Liabilities
 
 
 
 
Payable for investments purchased
$
7,927,248
 
 
Payable for fund shares redeemed
1,166,715
 
 
Accrued management fee
757,183
 
 
Distribution and service plan fees payable
8,320
 
 
Other payables and accrued expenses
55,692
 
 
  Total liabilities
 
 
 
9,915,158
Net Assets  
 
 
$
1,085,995,053
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
989,315,307
Total accumulated earnings (loss)
 
 
 
96,679,746
Net Assets
 
 
$
1,085,995,053
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($20,282,779 ÷ 1,971,357 shares)(a)
 
 
$
10.29
Maximum offering price per share (100/94.25 of $10.29)
 
 
$
10.92
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($4,742,106 ÷ 460,654 shares)(a)
 
 
$
10.29
Maximum offering price per share (100/96.50 of $10.29)
 
 
$
10.66
Class C :
 
 
 
 
Net Asset Value and offering price per share ($2,484,433 ÷ 240,247 shares)(a)
 
 
$
10.34
International Value :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($646,632,797 ÷ 62,816,967 shares)
 
 
$
10.29
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($152,826,891 ÷ 14,825,897 shares)
 
 
$
10.31
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($259,026,047 ÷ 25,135,556 shares)
 
 
$
10.31
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
16,269,633
Income from Fidelity Central Funds  
 
 
838,007
 Income before foreign taxes withheld
 
 
$
17,107,640
Less foreign taxes withheld
 
 
(730,312)
 Total income
 
 
 
16,377,328
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
3,280,482
 
 
 Performance adjustment
182,074
 
 
Transfer agent fees
431,250
 
 
Distribution and service plan fees
48,643
 
 
Accounting fees and expenses
130,449
 
 
Custodian fees and expenses
33,472
 
 
Independent trustees' fees and expenses
2,088
 
 
Registration fees
101,944
 
 
Audit
33,829
 
 
Legal
430
 
 
Miscellaneous
1,595
 
 
 Total expenses before reductions
 
4,246,256
 
 
 Expense reductions
 
(39,026)
 
 
 Total expenses after reductions
 
 
 
4,207,230
Net Investment income (loss)
 
 
 
12,170,098
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(4,949,296)
 
 
   Fidelity Central Funds
 
(344)
 
 
 Foreign currency transactions
 
7,762
 
 
Total net realized gain (loss)
 
 
 
(4,941,878)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
134,467,936
 
 
 Assets and liabilities in foreign currencies
 
(66,276)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
134,401,660
Net gain (loss)
 
 
 
129,459,782
Net increase (decrease) in net assets resulting from operations
 
 
$
141,629,880
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
12,170,098
$
18,147,329
Net realized gain (loss)
 
(4,941,878)
 
 
(17,312,969)
 
Change in net unrealized appreciation (depreciation)
 
134,401,660
 
104,612,501
 
Net increase (decrease) in net assets resulting from operations
 
141,629,880
 
 
105,446,861
 
Distributions to shareholders
 
(16,926,327)
 
 
(11,902,522)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
244,107,754
 
 
45,467,490
 
Total increase (decrease) in net assets
 
368,811,307
 
 
139,011,829
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
717,183,746
 
578,171,917
 
End of period
$
1,085,995,053
$
717,183,746
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® International Value Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
8.85
$
7.64
$
9.65
$
6.87
$
8.25
$
8.13
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.12
 
.20
 
.24
 
.25 C
 
.13
 
.25
     Net realized and unrealized gain (loss)
 
1.50
 
1.15
 
(1.87)
 
2.66
 
(1.24)
 
.08
  Total from investment operations
 
1.62  
 
1.35  
 
(1.63)  
 
2.91  
 
(1.11)
 
.33
  Distributions from net investment income
 
(.18)
 
(.14)
 
(.38)
 
(.13)
 
(.24)
 
(.21)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(.03)
 
-
     Total distributions
 
(.18)
 
(.14)
 
(.38)
 
(.13)
 
(.27)
 
(.21)
  Net asset value, end of period
$
10.29
$
8.85
$
7.64
$
9.65
$
6.87
$
8.25
 Total Return D,E,F
 
18.46
%
 
 
17.72%
 
(17.43)%
 
42.56%
 
(14.01)%
 
4.38%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.21% I
 
1.33%
 
1.46%
 
1.37%
 
1.30%
 
1.14%
    Expenses net of fee waivers, if any
 
1.20
% I
 
 
1.29%
 
1.30%
 
1.33%
 
1.30%
 
1.13%
    Expenses net of all reductions
 
1.20% I
 
1.29%
 
1.30%
 
1.33%
 
1.28%
 
1.12%
    Net investment income (loss)
 
2.40% I
 
2.21%
 
2.85%
 
2.77% C
 
1.71%
 
3.19%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
20,283
$
17,133
$
12,080
$
10,566
$
5,947
$
7,806
    Portfolio turnover rate J
 
18
% I
 
 
29%
 
25%
 
29% K
 
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 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.
 
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 Value Fund Class M
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
8.84
$
7.63
$
9.63
$
6.86
$
8.24
$
8.11
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.11
 
.18
 
.22
 
.23 C
 
.11
 
.23
     Net realized and unrealized gain (loss)
 
1.49
 
1.15
 
(1.87)
 
2.65
 
(1.25)
 
.08
  Total from investment operations
 
1.60  
 
1.33  
 
(1.65)  
 
2.88  
 
(1.14)
 
.31
  Distributions from net investment income
 
(.15)
 
(.12)
 
(.35)
 
(.11)
 
(.21)
 
(.18)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(.03)
 
-
     Total distributions
 
(.15)
 
(.12)
 
(.35)
 
(.11)
 
(.24)
 
(.18)
  Net asset value, end of period
$
10.29
$
8.84
$
7.63
$
9.63
$
6.86
$
8.24
 Total Return D,E,F
 
18.27
%
 
 
17.45%
 
(17.65)%
 
42.20%
 
(14.29)%
 
4.11%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.46% I
 
1.59%
 
1.72%
 
1.62%
 
1.57%
 
1.44%
    Expenses net of fee waivers, if any
 
1.45
% I
 
 
1.54%
 
1.55%
 
1.58%
 
1.57%
 
1.43%
    Expenses net of all reductions
 
1.45% I
 
1.54%
 
1.55%
 
1.58%
 
1.55%
 
1.42%
    Net investment income (loss)
 
2.15% I
 
1.97%
 
2.60%
 
2.51% C
 
1.44%
 
2.89%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,742
$
4,196
$
3,498
$
4,375
$
2,884
$
3,756
    Portfolio turnover rate J
 
18
% I
 
 
29%
 
25%
 
29% K
 
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 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.
 
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 Value Fund Class C
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
8.85
$
7.64
$
9.60
$
6.85
$
8.22
$
8.08
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.08
 
.13
 
.18
 
.18 C
 
.07
 
.19
     Net realized and unrealized gain (loss)
 
1.51
 
1.15
 
(1.87)
 
2.65
 
(1.24)
 
.08
  Total from investment operations
 
1.59  
 
1.28  
 
(1.69)  
 
2.83  
 
(1.17)
 
.27
  Distributions from net investment income
 
(.10)
 
(.07)
 
(.27)
 
(.08)
 
(.17)
 
(.13)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(.03)
 
-
     Total distributions
 
(.10)
 
(.07)
 
(.27)
 
(.08)
 
(.20)
 
(.13)
  Net asset value, end of period
$
10.34
$
8.85
$
7.64
$
9.60
$
6.85
$
8.22
 Total Return D,E,F
 
18.10
%
 
 
16.74%
 
(18.01)%
 
41.45%
 
(14.67)%
 
3.53%
 Ratios to Average Net Assets A,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.95% I
 
2.09%
 
2.23%
 
2.12%
 
2.07%
 
1.93%
    Expenses net of fee waivers, if any
 
1.94
% I
 
 
2.05%
 
2.05%
 
2.09%
 
2.07%
 
1.92%
    Expenses net of all reductions
 
1.94% I
 
2.05%
 
2.05%
 
2.09%
 
2.05%
 
1.91%
    Net investment income (loss)
 
1.66% I
 
1.46%
 
2.09%
 
2.00% C
 
.94%
 
2.40%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,484
$
2,366
$
2,190
$
3,177
$
2,947
$
3,839
    Portfolio turnover rate J
 
18
% I
 
 
29%
 
25%
 
29% K
 
36%
 
47%
 
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 $.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 for periods of less than one year are not annualized.
 
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.
 
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.
 
 
Fidelity® International Value Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
8.86
$
7.65
$
9.66
$
6.87
$
8.25
$
8.14
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.13
 
.22
 
.26
 
.28 C
 
.15
 
.28
     Net realized and unrealized gain (loss)
 
1.50
 
1.15
 
(1.86)
 
2.66
 
(1.23)
 
.07
  Total from investment operations
 
1.63  
 
1.37  
 
(1.60)  
 
2.94  
 
(1.08)
 
.35
  Distributions from net investment income
 
(.20)
 
(.16)
 
(.41)
 
(.15)
 
(.27)
 
(.24)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(.03)
 
-
     Total distributions
 
(.20)
 
(.16)
 
(.41)
 
(.15)
 
(.30)
 
(.24)
  Net asset value, end of period
$
10.29
$
8.86
$
7.65
$
9.66
$
6.87
$
8.25
 Total Return D,E
 
18.62
%
 
 
17.96%
 
(17.20)%
 
43.08%
 
(13.70)%
 
4.65%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.95% H
 
1.01%
 
1.13%
 
1.01%
 
.94%
 
.79%
    Expenses net of fee waivers, if any
 
.94
% H
 
 
1.01%
 
1.05%
 
1.01%
 
.94%
 
.78%
    Expenses net of all reductions
 
.94% H
 
1.01%
 
1.05%
 
1.01%
 
.92%
 
.78%
    Net investment income (loss)
 
2.66% H
 
2.50%
 
3.10%
 
3.09% C
 
2.07%
 
3.54%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
646,633
$
443,836
$
367,478
$
372,441
$
406,661
$
442,816
    Portfolio turnover rate I
 
18
% H
 
 
29%
 
25%
 
29% J
 
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 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).
 
JPortfolio turnover rate excludes securities received or delivered in-kind.
 
 
Fidelity Advisor® International Value Fund Class I
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
8.87
$
7.66
$
9.67
$
6.88
$
8.26
$
8.15
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.13
 
.22
 
.25
 
.28 C
 
.15
 
.27
     Net realized and unrealized gain (loss)
 
1.51
 
1.15
 
(1.86)
 
2.66
 
(1.24)
 
.08
  Total from investment operations
 
1.64  
 
1.37  
 
(1.61)  
 
2.94  
 
(1.09)
 
.35
  Distributions from net investment income
 
(.20)
 
(.16)
 
(.40)
 
(.15)
 
(.26)
 
(.24)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(.03)
 
-
     Total distributions
 
(.20)
 
(.16)
 
(.40)
 
(.15)
 
(.29)
 
(.24)
  Net asset value, end of period
$
10.31
$
8.87
$
7.66
$
9.67
$
6.88
$
8.26
 Total Return D,E
 
18.72
%
 
 
17.97%
 
(17.23)%
 
43.05%
 
(13.75)%
 
4.57%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.97% H
 
1.02%
 
1.09%
 
1.07%
 
.98%
 
.86%
    Expenses net of fee waivers, if any
 
.96
% H
 
 
1.01%
 
1.04%
 
1.05%
 
.98%
 
.85%
    Expenses net of all reductions
 
.96% H
 
1.01%
 
1.04%
 
1.05%
 
.97%
 
.85%
    Net investment income (loss)
 
2.64% H
 
2.50%
 
3.10%
 
3.05% C
 
2.03%
 
3.47%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
152,827
$
91,052
$
74,751
$
6,661
$
10,406
$
8,495
    Portfolio turnover rate I
 
18
% H
 
 
29%
 
25%
 
29% J
 
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 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).
 
JPortfolio turnover rate excludes securities received or delivered in-kind.
 
 
Fidelity Advisor® International Value Fund Class Z
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
8.88
$
7.66
$
9.67
$
6.87
$
8.25
$
8.14
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.14
 
.24
 
.26
 
.30 C
 
.16
 
.29
     Net realized and unrealized gain (loss)
 
1.51
 
1.15
 
(1.86)
 
2.65
 
(1.23)
 
.08
  Total from investment operations
 
1.65  
 
1.39  
 
(1.60)  
 
2.95  
 
(1.07)
 
.37
  Distributions from net investment income
 
(.22)
 
(.17)
 
(.41)
 
(.15)
 
(.28)
 
(.26)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(.03)
 
-
     Total distributions
 
(.22)
 
(.17)
 
(.41)
 
(.15)
 
(.31)
 
(.26)
  Net asset value, end of period
$
10.31
$
8.88
$
7.66
$
9.67
$
6.87
$
8.25
 Total Return D,E
 
18.76
%
 
 
18.20%
 
(17.13)%
 
43.35%
 
(13.58)%
 
4.84%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.83% H
 
.87%
 
.94%
 
.89%
 
.82%
 
.67%
    Expenses net of fee waivers, if any
 
.82
% H
 
 
.86%
 
.89%
 
.89%
 
.82%
 
.67%
    Expenses net of all reductions
 
.82% H
 
.86%
 
.89%
 
.89%
 
.81%
 
.66%
    Net investment income (loss)
 
2.78% H
 
2.65%
 
3.25%
 
3.21% C
 
2.19%
 
3.66%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
259,026
$
158,601
$
118,176
$
11,946
$
2,549
$
2,249
    Portfolio turnover rate I
 
18
% H
 
 
29%
 
25%
 
29% J
 
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 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).
 
JPortfolio turnover rate excludes securities received or delivered in-kind.
 
For the period ended April 30, 2024
 
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 April 30, 2024 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. 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
$214,383,775
Gross unrealized depreciation
(32,361,237)
Net unrealized appreciation (depreciation)
$182,022,538
Tax cost
$900,072,782
 
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 prior 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.
 
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
308,173,609
79,160,767
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.
 
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
.88
Class M
.88
Class C
.88
International Value
.87
Class I
.87
Class Z
.72
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.87
Class M
.87
Class C
.87
International Value
.83
Class I
.86
Class Z
.72
 
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was 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 decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
 
 
Performance Adjustment Index
Fidelity International Value Fund
MSCI EAFE Value Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of International Value. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ± .20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was .04%.
 
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
 
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of .44% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
 
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%
24,280
2,545
Class M
 .25%
 .25%
 11,749
 28
Class C
 .75%
 .25%
12,614
1,657
 
 
 
48,643
4,230
 
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
 3,483
Class M
 237
Class CA
                        81
 
                  3,801
 
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. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
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
.2000
Class M
.2000
Class C
.2000
International Value
.1862
Class I
.1887
 
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
Amount ($)
% of Class-Level Average Net Assets
Class A
 13,318
.21
Class M
 3,233
.21
Class C
 1,788
.21
International Value
 320,255
.19
Class I
 64,834
.19
Class Z
 27,822
.04
 
                      431,250
 
 
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
 
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
.0464
 
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Fidelity International Value Fund
.05
 
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
 73
 
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
 19,013,448
 2,168,375
 44,818
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
794
7. 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 $444. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction ($)
 
 
Class M
 9
 
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 $38,573.
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2024
Year ended
October 31, 2023
Fidelity International Value Fund
 
 
Distributions to shareholders
 
 
Class A
$348,977
 $221,998
Class M
 72,953
 54,560
Class C
 27,673
 19,445
International Value
 10,313,599
 7,434,045
Class I
 2,133,490
 1,572,298
Class Z
          4,029,635
          2,600,176
Total  
$16,926,327
$11,902,522
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
 
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Fidelity International Value Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
236,935
623,112
$2,340,307
$5,518,527
Reinvestment of distributions
36,641
26,113
346,659
219,873
Shares redeemed
(239,121)
(293,310)
(2,366,510)
(2,616,908)
Net increase (decrease)
34,455
355,915
$320,456
$3,121,492
Class M
 
 
 
 
Shares sold
17,949
71,877
$177,124
$625,739
Reinvestment of distributions
7,505
6,304
71,094
53,141
Shares redeemed
(39,620)
(61,576)
(395,105)
(547,185)
Net increase (decrease)
(14,166)
16,605
$(146,887)
$131,695
Class C
 
 
 
 
Shares sold
15,398
71,043
$151,594
$632,329
Reinvestment of distributions
2,901
2,290
27,673
19,445
Shares redeemed
(45,261)
(92,669)
(446,429)
(826,342)
Net increase (decrease)
(26,962)
(19,336)
$(267,162)
$(174,568)
International Value
 
 
 
 
Shares sold
17,284,528
14,718,149
$171,132,642
$131,108,890
Reinvestment of distributions
930,687
764,993
8,794,774
6,441,242
Shares redeemed
(5,492,355)
(13,435,468)
(54,083,721)
(119,112,195)
Net increase (decrease)
12,722,860
2,047,674
$125,843,695
$18,437,937
Class I
 
 
 
 
Shares sold
5,853,386
6,837,587
$59,860,724
$61,109,496
Reinvestment of distributions
221,911
184,152
2,101,443
1,552,405
Shares redeemed
(1,511,653)
(6,517,142)
(14,884,818)
(59,256,457)
Net increase (decrease)
4,563,644
504,597
$47,077,349
$3,405,444
Class Z
 
 
 
 
Shares sold
10,029,672
10,634,134
$99,065,488
$95,268,462
Reinvestment of distributions
352,743
273,689
3,336,691
2,304,458
Shares redeemed
(3,114,119)
(8,469,262)
(31,121,876)
(77,027,430)
Net increase (decrease)
7,268,296
2,438,561
$71,280,303
$20,545,490
 
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.
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.
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 (November 1, 2023 to April 30, 2024).
 
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 November 1, 2023
 
Ending Account Value April 30, 2024
 
Expenses Paid During Period- C November 1, 2023 to April 30, 2024
Fidelity® International Value Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.20%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,184.60
 
$ 6.52
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,018.90
 
$ 6.02
 
Class M
 
 
 
1.45%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,182.70
 
$ 7.87
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,017.65
 
$ 7.27
 
Class C
 
 
 
1.94%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,181.00
 
$ 10.52
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,015.22
 
$ 9.72
 
Fidelity® International Value Fund
 
 
 
.94%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,186.20
 
$ 5.11
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.19
 
$ 4.72
 
Class I
 
 
 
.96%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,187.20
 
$ 5.22
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.09
 
$ 4.82
 
Class Z
 
 
 
.82%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,187.60
 
$ 4.46
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.79
 
$ 4.12
 
 
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 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
Board Approval of Investment Advisory Contracts
Fidelity International Value Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), Fidelity Management & Research (Japan) Limited (FMR Japan), and FIL Investment Advisors (FIL). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board further noted that the agreement with FIL was amended to provide that FMR will compensate FIL at a flat fee rate of 0.44% of the net assets sub-advised by it. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.827485.117
FIV-SANN-0624
Fidelity's Broadly Diversified International Equity Funds
 
Fidelity® Diversified International Fund
Fidelity® International Capital Appreciation Fund
Fidelity® Overseas Fund
Fidelity® Worldwide Fund
 
 
Semi-Annual Report
April 30, 2024
Includes Fidelity and Fidelity Advisor share classes

Contents

Fidelity® Diversified International Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® International Capital Appreciation Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Overseas Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Fidelity® Worldwide Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

Liquidity Risk Management Program

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. © 2024 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)
 
ASML Holding NV (depository receipt)  (Netherlands, Semiconductors & Semiconductor Equipment)
3.6
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
3.3
 
Hitachi Ltd.  (Japan, Industrial Conglomerates)
2.3
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
2.1
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
2.1
 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR  (Taiwan, Semiconductors & Semiconductor Equipment)
1.9
 
SAP SE  (Germany, Software)
1.6
 
RELX PLC (Euronext N.V.)  (United Kingdom, Professional Services)
1.6
 
Shin-Etsu Chemical Co. Ltd.  (Japan, Chemicals)
1.6
 
Wolters Kluwer NV  (Netherlands, Professional Services)
1.5
 
 
21.6
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
21.6
 
Financials
21.2
 
Information Technology
17.1
 
Health Care
10.5
 
Consumer Discretionary
8.6
 
Materials
7.6
 
Energy
5.5
 
Consumer Staples
3.8
 
Communication Services
0.5
 
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® Diversified International Fund
Common Stocks - 96.1%
 
 
Shares
Value ($)
 
Australia - 0.6%
 
 
 
Aristocrat Leisure Ltd.
 
1,485,663
37,914,098
CAR Group Ltd.
 
548,347
11,890,092
Steadfast Group Ltd.
 
3,676,102
13,378,885
TOTAL AUSTRALIA
 
 
63,183,075
Belgium - 0.4%
 
 
 
UCB SA
 
311,900
41,457,673
Canada - 6.9%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
1,882,086
104,313,487
Cameco Corp.
 
1,082,500
49,389,333
Canadian Natural Resources Ltd.
 
1,565,312
118,616,459
Canadian Pacific Kansas City Ltd.
 
585,385
45,911,746
Constellation Software, Inc.
 
39,795
102,454,961
Constellation Software, Inc. warrants 3/31/40 (a)(b)
 
50,399
4
Franco-Nevada Corp.
 
554,595
66,761,692
Imperial Oil Ltd.
 
969,000
66,622,489
Ivanhoe Mines Ltd. (a)(c)
 
5,067,748
68,691,518
Lumine Group, Inc. (a)
 
150,331
4,117,954
MEG Energy Corp. (a)
 
1,419,221
32,278,219
Thomson Reuters Corp.
 
298,065
45,019,907
TOTAL CANADA
 
 
704,177,769
China - 1.0%
 
 
 
Chervon Holdings Ltd.
 
2,961,120
7,191,264
Li Ning Co. Ltd.
 
4,851,948
12,701,764
NXP Semiconductors NV
 
338,265
86,660,110
TOTAL CHINA
 
 
106,553,138
Denmark - 4.2%
 
 
 
Carlsberg A/S Series B
 
332,090
44,670,378
DSV A/S
 
140,422
20,047,943
Novo Nordisk A/S Series B
 
2,587,061
331,770,680
Pandora A/S
 
178,290
27,283,429
TOTAL DENMARK
 
 
423,772,430
France - 10.0%
 
 
 
Air Liquide SA
 
501,754
98,132,354
Airbus Group NV
 
428,913
70,580,964
ALTEN
 
67,000
7,915,316
AXA SA
 
2,250,289
77,904,934
BNP Paribas SA
 
1,003,977
72,248,046
Capgemini SA
 
522,344
109,786,822
EssilorLuxottica SA
 
508,631
108,996,450
Legrand SA
 
457,252
46,990,228
LVMH Moet Hennessy Louis Vuitton SE
 
264,302
217,107,266
Pernod Ricard SA
 
378,896
57,418,809
Safran SA
 
445,547
96,608,856
Sartorius Stedim Biotech
 
104,147
22,562,573
Thales SA
 
176,564
29,762,377
TOTAL FRANCE
 
 
1,016,014,995
Germany - 7.5%
 
 
 
Allianz SE
 
494,663
140,377,883
Deutsche Borse AG
 
296,558
57,174,007
DHL Group
 
1,094,820
45,840,039
Hannover Reuck SE
 
291,194
72,221,144
Infineon Technologies AG
 
1,554,274
53,938,009
Merck KGaA
 
487,305
77,461,730
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
183,707
80,812,680
Rheinmetall AG
 
5,569
3,073,842
SAP SE
 
925,501
167,114,984
Siemens AG
 
169,626
31,776,644
Siemens Healthineers AG (d)
 
543,867
30,161,475
TOTAL GERMANY
 
 
759,952,437
Greece - 0.2%
 
 
 
Piraeus Financial Holdings SA (a)
 
4,050,700
16,226,907
Hong Kong - 0.8%
 
 
 
AIA Group Ltd.
 
11,073,659
81,107,443
India - 2.2%
 
 
 
Axis Bank Ltd.
 
2,727,500
38,059,878
Fairfax India Holdings Corp. (a)(d)
 
1,327,199
19,669,089
HDFC Bank Ltd.
 
5,368,504
97,467,473
Reliance Industries Ltd.
 
1,948,046
68,365,269
TOTAL INDIA
 
 
223,561,709
Indonesia - 1.0%
 
 
 
PT Bank Central Asia Tbk
 
90,992,124
54,712,163
PT Bank Rakyat Indonesia (Persero) Tbk
 
143,542,416
43,450,802
TOTAL INDONESIA
 
 
98,162,965
Ireland - 0.7%
 
 
 
Kingspan Group PLC (Ireland)
 
697,873
62,448,970
Smurfit Kappa Group PLC
 
241,992
10,523,845
TOTAL IRELAND
 
 
72,972,815
Italy - 2.1%
 
 
 
FinecoBank SpA
 
3,437,241
52,969,149
Ryanair Holdings PLC sponsored ADR
 
237,198
32,306,368
UniCredit SpA
 
3,392,837
124,531,921
TOTAL ITALY
 
 
209,807,438
Japan - 17.3%
 
 
 
BayCurrent Consulting, Inc.
 
772,838
16,451,531
Capcom Co. Ltd.
 
1,029,722
16,951,737
Fast Retailing Co. Ltd.
 
212,354
55,524,002
Fuji Electric Co. Ltd.
 
851,600
52,972,870
FUJIFILM Holdings Corp.
 
3,312,096
70,456,522
Fujitsu Ltd.
 
2,299,170
35,517,931
Hitachi Ltd.
 
2,538,709
234,223,059
Hoya Corp.
 
1,101,242
127,677,806
Itochu Corp.
 
2,462,072
111,075,818
Keyence Corp.
 
217,123
95,484,151
Komatsu Ltd.
 
180,000
5,374,107
Marui Group Co. Ltd.
 
838,812
12,811,908
Minebea Mitsumi, Inc.
 
1,601,336
29,993,592
Mitsubishi Electric Corp.
 
3,133,900
54,623,647
Mitsubishi Heavy Industries Ltd.
 
8,001,100
71,538,772
ORIX Corp.
 
3,361,175
68,787,846
Persol Holdings Co. Ltd.
 
8,682,051
12,009,964
Renesas Electronics Corp.
 
3,951,300
64,152,327
Shin-Etsu Chemical Co. Ltd.
 
4,153,381
160,772,975
SMC Corp.
 
92,277
48,479,260
Sony Group Corp.
 
979,124
80,925,940
Sumitomo Mitsui Financial Group, Inc.
 
944,622
53,658,132
Suzuki Motor Corp.
 
3,913,320
45,573,686
Tokio Marine Holdings, Inc.
 
3,716,430
117,462,957
Tokyo Electron Ltd.
 
501,762
110,059,446
TOTAL JAPAN
 
 
1,752,559,986
Korea (South) - 0.6%
 
 
 
Samsung Electronics Co. Ltd.
 
1,110,670
61,565,577
Luxembourg - 0.1%
 
 
 
CVC Capital Partners PLC
 
327,200
5,936,193
Netherlands - 6.1%
 
 
 
ASML Holding NV (depository receipt)
 
424,310
370,197,744
BE Semiconductor Industries NV
 
323,001
43,260,687
IMCD NV
 
395,672
60,066,650
Wolters Kluwer NV
 
986,100
148,120,504
TOTAL NETHERLANDS
 
 
621,645,585
Portugal - 0.2%
 
 
 
Galp Energia SGPS SA Class B
 
1,190,900
25,672,755
Spain - 2.3%
 
 
 
Banco Santander SA (Spain)
 
19,611,430
95,709,772
CaixaBank SA
 
13,634,395
71,901,788
Industria de Diseno Textil SA (c)
 
1,268,902
58,026,280
Puig Group SL Class B
 
382,600
10,003,613
TOTAL SPAIN
 
 
235,641,453
Sweden - 2.9%
 
 
 
Atlas Copco AB (A Shares)
 
3,716,060
65,090,834
Autoliv, Inc.
 
235,787
28,244,925
Indutrade AB
 
4,010,218
93,956,507
Investor AB (B Shares)
 
4,504,030
111,309,260
Kry International AB (a)(b)(e)
 
2,651
80,716
TOTAL SWEDEN
 
 
298,682,242
Switzerland - 2.9%
 
 
 
Alcon, Inc. (Switzerland)
 
447,420
34,605,996
Compagnie Financiere Richemont SA Series A
 
524,016
72,433,175
Galderma Group AG
 
304,400
22,683,057
Partners Group Holding AG
 
26,582
34,396,833
Sika AG
 
261,362
74,861,697
UBS Group AG
 
2,152,678
56,834,914
TOTAL SWITZERLAND
 
 
295,815,672
Taiwan - 2.0%
 
 
 
ECLAT Textile Co. Ltd.
 
654,000
10,271,834
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
1,372,475
188,495,717
TOTAL TAIWAN
 
 
198,767,551
United Kingdom - 12.5%
 
 
 
3i Group PLC
 
1,913,153
68,352,081
Ashtead Group PLC
 
328,500
23,980,077
AstraZeneca PLC (United Kingdom)
 
1,436,365
217,248,702
B&M European Value Retail SA
 
7,665,353
49,711,075
BAE Systems PLC
 
8,434,366
140,282,201
Big Yellow Group PLC
 
1,182,053
15,951,971
Compass Group PLC
 
2,857,833
79,486,988
Diageo PLC
 
2,716,530
93,882,403
Flutter Entertainment PLC (a)
 
206,922
38,589,988
Games Workshop Group PLC
 
166,449
20,611,447
InterContinental Hotel Group PLC
 
322,753
31,479,396
London Stock Exchange Group PLC
 
1,177,435
129,800,562
RELX PLC (Euronext N.V.)
 
3,948,688
163,083,342
Rolls-Royce Holdings PLC (a)
 
7,724,700
39,612,458
RS GROUP PLC
 
4,248,715
39,127,196
Sage Group PLC
 
4,360,281
63,528,217
Starling Bank Ltd. Series D (a)(b)(e)
 
8,636,400
32,482,757
WPP PLC
 
2,530,502
25,363,637
TOTAL UNITED KINGDOM
 
 
1,272,574,498
United States of America - 11.6%
 
 
 
CRH PLC
 
1,236,843
96,377,204
Experian PLC
 
1,131,761
45,648,386
Ferguson PLC
 
598,431
126,821,700
GSK PLC
 
1,426,600
29,597,555
Holcim AG
 
473,900
39,669,116
ICON PLC (a)
 
36,074
10,745,723
Linde PLC
 
312,614
137,850,269
Marsh & McLennan Companies, Inc.
 
479,372
95,601,158
Marvell Technology, Inc.
 
1,095,465
72,202,098
MasterCard, Inc. Class A
 
171,544
77,400,653
Nestle SA (Reg. S)
 
819,182
82,246,035
S&P Global, Inc.
 
147,607
61,379,419
Schlumberger Ltd.
 
1,444,487
68,584,243
Schneider Electric SA
 
464,663
105,949,347
Shell PLC (London)
 
3,461,704
123,058,792
TOTAL UNITED STATES OF AMERICA
 
 
1,173,131,698
 
TOTAL COMMON STOCKS
 (Cost $6,352,257,334)
 
 
 
9,758,944,004
 
 
 
 
Preferred Stocks - 0.5%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.5%
 
 
 
Estonia - 0.1%
 
 
 
Bolt Technology OU Series E (a)(b)(e)
 
79,275
9,735,184
United States of America - 0.4%
 
 
 
Wasabi Holdings, Inc. Series C (a)(b)(e)
 
2,976,172
39,166,424
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
48,901,608
Nonconvertible Preferred Stocks - 0.0%
 
 
 
Sweden - 0.0%
 
 
 
Kry International AB Series E (a)(b)(e)
 
15,316
634,359
 
TOTAL PREFERRED STOCKS
 (Cost $59,932,348)
 
 
 
49,535,967
 
 
 
 
Money Market Funds - 4.0%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (f)
 
316,547,873
316,611,183
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g)
 
85,598,442
85,607,002
 
TOTAL MONEY MARKET FUNDS
 (Cost $402,217,228)
 
 
402,218,185
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.6%
 (Cost $6,814,406,910)
 
 
 
10,210,698,156
NET OTHER ASSETS (LIABILITIES) - (0.6)%  
(58,820,890)
NET ASSETS - 100.0%
10,151,877,266
 
 
 
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 $49,830,564 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 $82,099,440 or 0.8% of net assets.
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
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 5.39%
345,681,349
1,080,566,181
1,109,635,232
9,975,763
(1,115)
-
316,611,183
0.6%
Fidelity Securities Lending Cash Central Fund 5.39%
221,672,979
432,016,269
568,082,246
183,440
-
-
85,607,002
0.3%
Total
567,354,328
1,512,582,450
1,677,717,478
10,159,203
(1,115)
-
402,218,185
 
 
 
 
 
 
 
 
 
 
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 April 30, 2024, 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
54,205,466
-
54,205,466
-
Consumer Discretionary
873,076,557
222,467,144
650,609,413
-
Consumer Staples
392,534,725
161,732,296
230,802,429
-
Energy
552,587,559
361,163,498
191,424,061
-
Financials
2,136,138,637
842,145,198
1,261,510,682
32,482,757
Health Care
1,054,969,420
318,513,202
736,456,218
-
Industrials
2,218,849,706
893,727,129
1,325,122,577
-
Information Technology
1,756,525,260
938,832,804
768,075,769
49,616,687
Materials
753,640,670
455,066,225
298,574,445
-
Real Estate
15,951,971
15,951,971
-
-
  Money Market Funds
402,218,185
402,218,185
-
-
 Total Investments in Securities:
10,210,698,156
4,611,817,652
5,516,781,060
82,099,444
Fidelity® Diversified International Fund
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $76,844,123) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $6,412,189,682)
$
9,808,479,971
 
 
Fidelity Central Funds (cost $402,217,228)
402,218,185
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $6,814,406,910)
 
 
$
10,210,698,156
Foreign currency held at value (cost $15,924,578)
 
 
15,921,779
Receivable for investments sold
 
 
5,651,579
Receivable for fund shares sold
 
 
2,010,594
Dividends receivable
 
 
28,047,677
Reclaims receivable
 
 
33,469,379
Distributions receivable from Fidelity Central Funds
 
 
1,490,119
Prepaid expenses
 
 
3,339
Other receivables
 
 
1,434,141
  Total assets
 
 
10,298,726,763
Liabilities
 
 
 
 
Payable for investments purchased
$
44,239,400
 
 
Payable for fund shares redeemed
2,535,534
 
 
Accrued management fee
5,285,488
 
 
Other payables and accrued expenses
9,182,073
 
 
Collateral on securities loaned
85,607,002
 
 
  Total liabilities
 
 
 
146,849,497
Net Assets  
 
 
$
10,151,877,266
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
6,632,558,445
Total accumulated earnings (loss)
 
 
 
3,519,318,821
Net Assets
 
 
$
10,151,877,266
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Diversified International :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($9,030,414,822 ÷ 211,257,810 shares)
 
 
$
42.75
Class K :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,121,462,444 ÷ 26,291,961 shares)
 
 
$
42.65
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
100,277,918
Income from Fidelity Central Funds (including $183,440 from security lending)
 
 
10,159,203
 Income before foreign taxes withheld
 
 
$
110,437,121
Less foreign taxes withheld
 
 
(9,832,973)
 Total income
 
 
 
100,604,148
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
33,453,443
 
 
 Performance adjustment
(9,554,268)
 
 
Transfer agent fees
4,358,521
 
 
Accounting fees
553,373
 
 
Custodian fees and expenses
356,421
 
 
Independent trustees' fees and expenses
23,840
 
 
Registration fees
53,683
 
 
Audit
45,977
 
 
Legal
6,557
 
 
Miscellaneous
18,860
 
 
 Total expenses before reductions
 
29,316,407
 
 
 Expense reductions
 
(431,052)
 
 
 Total expenses after reductions
 
 
 
28,885,355
Net Investment income (loss)
 
 
 
71,718,793
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $3,532,934)
 
119,087,056
 
 
   Redemptions in-kind
 
36,182,254
 
 
   Fidelity Central Funds
 
(1,115)
 
 
 Foreign currency transactions
 
(411,605)
 
 
Total net realized gain (loss)
 
 
 
154,856,590
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $3,681,623)  
 
1,355,185,908
 
 
 Assets and liabilities in foreign currencies
 
(155,772)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
1,355,030,136
Net gain (loss)
 
 
 
1,509,886,726
Net increase (decrease) in net assets resulting from operations
 
 
$
1,581,605,519
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
71,718,793
$
137,662,353
Net realized gain (loss)
 
154,856,590
 
 
414,150,038
 
Change in net unrealized appreciation (depreciation)
 
1,355,030,136
 
527,960,774
 
Net increase (decrease) in net assets resulting from operations
 
1,581,605,519
 
 
1,079,773,165
 
Distributions to shareholders
 
(399,892,110)
 
 
(123,021,576)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
499,914,546
 
 
(1,113,876,746)
 
 
 
 
 
 
Total increase (decrease) in net assets
 
1,681,627,955
 
 
(157,125,157)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
8,470,249,311
 
8,627,374,468
 
End of period
$
10,151,877,266
$
8,470,249,311
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity® Diversified International Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
37.63
$
33.99
$
53.38
$
41.61
$
38.67
$
35.72
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.30
 
.57
 
.33
 
.16
 
.10
 
.50
     Net realized and unrealized gain (loss)
 
6.58
 
3.56
 
(14.58)
 
12.07
 
3.37
 
4.77
  Total from investment operations
 
6.88  
 
4.13  
 
(14.25)  
 
12.23  
 
3.47
 
5.27
  Distributions from net investment income
 
(.70)
 
(.14)
 
(.57)
 
(.02)
 
(.53)
 
(.43)
  Distributions from net realized gain
 
(1.06)
 
(.35)
 
(4.57)
 
(.45)
 
-
 
(1.89)
     Total distributions
 
(1.76)
 
(.49)
 
(5.14)
 
(.46) C
 
(.53)
 
(2.32)
  Net asset value, end of period
$
42.75
$
37.63
$
33.99
$
53.38
$
41.61
$
38.67
 Total Return D,E
 
18.69
%
 
 
12.15%
 
(29.36)%
 
29.58%
 
9.07%
 
16.02%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.61% H
 
.65%
 
.99%
 
1.01%
 
1.05%
 
.75%
    Expenses net of fee waivers, if any
 
.61
% H
 
 
.65%
 
.99%
 
1.01%
 
1.05%
 
.75%
    Expenses net of all reductions
 
.61% H
 
.65%
 
.99%
 
1.01%
 
1.04%
 
.75%
    Net investment income (loss)
 
1.46% H
 
1.45%
 
.80%
 
.32%
 
.26%
 
1.42%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
9,030,415
$
7,407,098
$
7,230,515
$
11,529,722
$
9,419,192
$
8,734,682
    Portfolio turnover rate I,J
 
41
% 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 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).
 
JPortfolio turnover rate excludes securities received or delivered in-kind.
 
 
Fidelity® Diversified International Fund Class K
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
37.57
$
33.94
$
53.32
$
41.56
$
38.61
$
35.68
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.33
 
.61
 
.38
 
.21
 
.15
 
.55
     Net realized and unrealized gain (loss)
 
6.55
 
3.56
 
(14.58)
 
12.06
 
3.37
 
4.74
  Total from investment operations
 
6.88  
 
4.17  
 
(14.20)  
 
12.27  
 
3.52
 
5.29
  Distributions from net investment income
 
(.75)
 
(.19)
 
(.62)
 
(.06)
 
(.57)
 
(.47)
  Distributions from net realized gain
 
(1.06)
 
(.35)
 
(4.57)
 
(.45)
 
-
 
(1.89)
     Total distributions
 
(1.80) C
 
(.54)
 
(5.18) C
 
(.51)
 
(.57)
 
(2.36)
  Net asset value, end of period
$
42.65
$
37.57
$
33.94
$
53.32
$
41.56
$
38.61
 Total Return D,E
 
18.74
%
 
 
12.29%
 
(29.31)%
 
29.71%
 
9.22%
 
16.14%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.50% H
 
.54%
 
.88%
 
.91%
 
.94%
 
.63%
    Expenses net of fee waivers, if any
 
.49
% H
 
 
.54%
 
.88%
 
.91%
 
.94%
 
.63%
    Expenses net of all reductions
 
.49% H
 
.54%
 
.88%
 
.91%
 
.93%
 
.63%
    Net investment income (loss)
 
1.57% H
 
1.56%
 
.91%
 
.42%
 
.38%
 
1.54%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,121,462
$
1,063,151
$
1,396,859
$
3,306,774
$
3,761,267
$
4,246,651
    Portfolio turnover rate I,J
 
41
% 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 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).
 
JPortfolio turnover rate excludes securities received or delivered in-kind.
 
 
For the period ended April 30, 2024
 
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 April 30, 2024 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
$1,268,566
 
 
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. 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 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
$3,523,269,460
Gross unrealized depreciation
(170,060,606)
Net unrealized appreciation (depreciation)
$3,353,208,854
Tax cost
$6,857,489,302
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
2,166,249,205
1,905,158,313
 
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 Fund
2,269,957
36,182,254
92,279,701
 
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 Fund
9,154,362
127,948,104
353,583,024
 
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.
 
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
Maximum Management Fee Rate %
Diversified International
0.79
Class K
0.68
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
 
 
Diversified International
.77
 
 
Class K
.68
 
 
 
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .42% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was 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 decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .65%.
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
 
 
Performance Adjustment Index
Fidelity Diversified International Fund
MSCI EAFE Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Diversified International. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was (.20)%.
 
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
 
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.44% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA (UK).
 
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. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
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
 
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class K. FIIOC received an asset-based fee of Class K's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
Amount ($)
% of Class-Level Average Net AssetsA
Diversified International
 4,201,848
.15
Class K
             156,673
.04
 
                   4,358,521
 
A Annualized
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
 
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
 
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Fidelity Diversified International Fund
.02
 
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
 1,085
 
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
 25,506,349
 63,885,941
 (3,211,670)
 
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
8,828
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
20,045
 -
-
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 $220.
 
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 $430,832.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2024
Year ended
October 31, 2023
Fidelity Diversified International Fund
 
 
Distributions to shareholders
 
 
Diversified International
$350,399,026
 $101,421,493
Class K
       49,493,084
       21,600,083
Total  
$  399,892,110
$  123,021,576
 
 
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
 
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Fidelity Diversified International Fund
 
 
 
 
Diversified International
 
 
 
 
Shares sold
16,470,490
9,925,175
$686,700,616
$388,397,522
Reinvestment of distributions
7,644,991
2,350,798
300,983,288
87,708,207
Shares redeemed
(9,694,985)
(28,189,272)
(403,389,050)
(1,089,796,435)
Net increase (decrease)
14,420,496
(15,913,299)
$584,294,854
$(613,690,706)
Class K
 
 
 
 
Shares sold
2,488,083
5,103,356
$104,086,616
$201,187,282
Reinvestment of distributions
1,259,505
580,051
49,460,747
21,589,508
Shares redeemed
(5,750,550)
(18,542,037)
(237,927,671)
(722,962,830)
Net increase (decrease)
(2,002,962)
(12,858,630)
$(84,380,308)
$(500,186,040)
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
Fidelity Diversified International Fund
24%
 
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
30%
 
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.
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
3.8
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
3.1
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
3.1
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
2.3
 
Schneider Electric SA  (United States of America, Electrical Equipment)
2.0
 
SAP SE  (Germany, Software)
2.0
 
L'Oreal SA  (France, Personal Care Products)
1.9
 
Tokyo Electron Ltd.  (Japan, Semiconductors & Semiconductor Equipment)
1.8
 
ASM International NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
1.8
 
ICICI Bank Ltd.  (India, Banks)
1.8
 
 
23.6
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
25.7
 
Industrials
24.8
 
Financials
21.8
 
Consumer Discretionary
10.1
 
Health Care
6.2
 
Materials
4.9
 
Consumer Staples
3.4
 
Communication Services
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® International Capital Appreciation Fund
Common Stocks - 98.5%
 
 
Shares
Value ($)
 
Brazil - 1.4%
 
 
 
MercadoLibre, Inc. (a)
 
53,093
77,446,759
Canada - 10.4%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
1,468,323
81,380,921
Brookfield Asset Management Ltd. Class A (b)
 
1,830,160
69,893,810
Canadian National Railway Co.
 
664,304
80,629,467
Canadian Pacific Kansas City Ltd.
 
1,030,055
80,809,167
CGI, Inc. Class A (sub. vtg.) (a)
 
706,110
71,547,077
Constellation Software, Inc.
 
35,868
92,344,630
Constellation Software, Inc. warrants 3/31/40 (a)(c)
 
38,399
3
Thomson Reuters Corp.
 
517,614
78,180,713
TOTAL CANADA
 
 
554,785,788
Denmark - 3.1%
 
 
 
DSV A/S
 
16,986
2,425,078
Novo Nordisk A/S Series B
 
1,277,360
163,811,598
TOTAL DENMARK
 
 
166,236,676
France - 13.7%
 
 
 
Air Liquide SA
 
473,651
92,636,008
Capgemini SA
 
370,028
77,772,881
Dassault Systemes SA
 
1,882,745
73,901,363
EssilorLuxottica SA
 
389,858
83,544,137
Hermes International SCA
 
37,492
90,065,802
L'Oreal SA
 
212,414
99,663,477
LVMH Moet Hennessy Louis Vuitton SE
 
151,723
124,630,785
Safran SA
 
418,098
90,657,034
TOTAL FRANCE
 
 
732,871,487
Germany - 2.0%
 
 
 
SAP SE
 
588,087
106,189,134
India - 9.8%
 
 
 
Axis Bank Ltd.
 
6,500,806
90,713,064
Bharti Airtel Ltd.
 
5,510,721
87,202,672
HCL Technologies Ltd.
 
4,610,867
75,204,861
HDFC Bank Ltd.
 
5,171,864
93,897,390
ICICI Bank Ltd.
 
6,933,303
95,506,454
Larsen & Toubro Ltd.
 
1,900,999
81,692,949
TOTAL INDIA
 
 
524,217,390
Indonesia - 1.4%
 
 
 
PT Bank Central Asia Tbk
 
129,025,015
77,580,755
Ireland - 1.5%
 
 
 
Kingspan Group PLC (Ireland)
 
915,049
81,882,904
Italy - 1.7%
 
 
 
Ferrari NV (Italy)
 
226,955
93,782,309
Japan - 8.1%
 
 
 
Hoya Corp.
 
698,060
80,932,955
Keyence Corp.
 
208,558
91,717,522
OBIC Co. Ltd.
 
562,337
72,241,492
Shin-Etsu Chemical Co. Ltd.
 
2,346,684
90,837,650
Tokyo Electron Ltd.
 
443,578
97,297,023
TOTAL JAPAN
 
 
433,026,642
Netherlands - 6.5%
 
 
 
ASM International NV (Netherlands)
 
152,555
96,902,546
ASML Holding NV (Netherlands)
 
184,358
163,831,109
Wolters Kluwer NV
 
564,240
84,753,588
TOTAL NETHERLANDS
 
 
345,487,243
Sweden - 2.9%
 
 
 
ASSA ABLOY AB (B Shares)
 
2,615,263
69,098,955
Atlas Copco AB (A Shares)
 
5,000,815
87,594,716
TOTAL SWEDEN
 
 
156,693,671
Switzerland - 2.9%
 
 
 
Partners Group Holding AG
 
55,572
71,909,594
UBS Group AG
 
3,183,658
84,054,805
TOTAL SWITZERLAND
 
 
155,964,399
Taiwan - 3.8%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
8,460,615
202,218,817
United Kingdom - 12.3%
 
 
 
3i Group PLC
 
2,249,819
80,380,300
Ashtead Group PLC
 
1,248,223
91,118,670
BAE Systems PLC
 
4,969,799
82,658,772
Compass Group PLC
 
3,016,153
83,890,457
InterContinental Hotel Group PLC
 
766,774
74,786,546
London Stock Exchange Group PLC
 
711,841
78,473,429
RELX PLC (London Stock Exchange)
 
2,242,868
92,152,450
Sage Group PLC
 
4,975,670
72,494,283
TOTAL UNITED KINGDOM
 
 
655,954,907
United States of America - 17.0%
 
 
 
Arthur J. Gallagher & Co.
 
287,631
67,504,119
Experian PLC
 
1,935,507
78,066,633
Linde PLC
 
182,107
80,301,903
Marsh & McLennan Companies, Inc.
 
378,462
75,476,677
MasterCard, Inc. Class A
 
145,840
65,803,008
Moody's Corp.
 
201,430
74,595,572
NVIDIA Corp.
 
85,983
74,291,032
S&P Global, Inc.
 
183,497
76,303,558
Schneider Electric SA
 
471,983
107,618,405
Uber Technologies, Inc. (a)
 
1,033,379
68,482,026
Visa, Inc. Class A
 
246,952
66,333,777
Waste Connections, Inc. (Canada)
 
455,598
73,867,340
TOTAL UNITED STATES OF AMERICA
 
 
908,644,050
 
TOTAL COMMON STOCKS
 (Cost $3,738,802,511)
 
 
 
5,272,982,931
 
 
 
 
Money Market Funds - 2.9%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (d)
 
78,031,100
78,046,706
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e)
 
74,569,118
74,576,575
 
TOTAL MONEY MARKET FUNDS
 (Cost $152,623,281)
 
 
152,623,281
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.4%
 (Cost $3,891,425,792)
 
 
 
5,425,606,212
NET OTHER ASSETS (LIABILITIES) - (1.4)%  
(73,887,306)
NET ASSETS - 100.0%
5,351,718,906
 
 
 
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 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 5.39%
69,951,135
853,610,909
845,515,509
2,249,282
171
-
78,046,706
0.2%
Fidelity Securities Lending Cash Central Fund 5.39%
12,706,225
440,825,062
378,954,712
22,510
-
-
74,576,575
0.3%
Total
82,657,360
1,294,435,971
1,224,470,221
2,271,792
171
-
152,623,281
 
 
 
 
 
 
 
 
 
 
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 April 30, 2024, 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
87,202,672
-
87,202,672
-
Consumer Discretionary
544,602,658
261,294,870
283,307,788
-
Consumer Staples
181,044,398
181,044,398
-
-
Financials
1,168,426,312
651,874,920
516,551,392
-
Health Care
328,288,690
83,544,137
244,744,553
-
Industrials
1,331,688,867
642,148,953
689,539,914
-
Information Technology
1,367,953,773
571,410,677
796,543,093
3
Materials
263,775,561
80,301,903
183,473,658
-
  Money Market Funds
152,623,281
152,623,281
-
-
 Total Investments in Securities:
5,425,606,212
2,624,243,139
2,801,363,070
3
Fidelity® International Capital Appreciation Fund
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $69,891,519) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $3,738,802,511)
$
5,272,982,931
 
 
Fidelity Central Funds (cost $152,623,281)
152,623,281
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $3,891,425,792)
 
 
$
5,425,606,212
Foreign currency held at value (cost $1,511,079)
 
 
1,507,487
Receivable for investments sold
 
 
7,283,593
Receivable for fund shares sold
 
 
2,683,562
Dividends receivable
 
 
9,025,080
Reclaims receivable
 
 
5,945,740
Distributions receivable from Fidelity Central Funds
 
 
463,124
Prepaid expenses
 
 
1,555
Other receivables
 
 
1,865,927
  Total assets
 
 
5,454,382,280
Liabilities
 
 
 
 
Payable for investments purchased
$
7,249,078
 
 
Payable for fund shares redeemed
2,137,593
 
 
Accrued management fee
3,863,658
 
 
Other payables and accrued expenses
14,836,470
 
 
Collateral on securities loaned
74,576,575
 
 
  Total liabilities
 
 
 
102,663,374
Net Assets  
 
 
$
5,351,718,906
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
4,003,006,831
Total accumulated earnings (loss)
 
 
 
1,348,712,075
Net Assets
 
 
$
5,351,718,906
Net Asset Value, offering price and redemption price per share ($5,351,718,906 ÷ 195,383,744 shares)
 
 
$
27.39
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
29,501,752
Income from Fidelity Central Funds (including $22,510 from security lending)
 
 
2,271,792
 Income before foreign taxes withheld
 
 
$
31,773,544
Less foreign taxes withheld
 
 
(2,742,803)
 Total income
 
 
 
29,030,741
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
18,208,680
 
 
 Performance adjustment
1,819,003
 
 
Transfer agent fees
2,566,421
 
 
Accounting fees
533,496
 
 
Custodian fees and expenses
235,277
 
 
Independent trustees' fees and expenses
12,186
 
 
Registration fees
44,060
 
 
Audit
54,483
 
 
Legal
3,117
 
 
Miscellaneous
9,276
 
 
 Total expenses before reductions
 
23,485,999
 
 
 Expense reductions
 
(228,478)
 
 
 Total expenses after reductions
 
 
 
23,257,521
Net Investment income (loss)
 
 
 
5,773,220
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $1,699,958)
 
170,247,991
 
 
   Fidelity Central Funds
 
171
 
 
 Foreign currency transactions
 
256,812
 
 
Total net realized gain (loss)
 
 
 
170,504,974
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of increase in deferred foreign taxes of $7,219,368)  
 
740,901,858
 
 
 Assets and liabilities in foreign currencies
 
(136,593)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
740,765,265
Net gain (loss)
 
 
 
911,270,239
Net increase (decrease) in net assets resulting from operations
 
 
$
917,043,459
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
5,773,220
$
20,593,650
Net realized gain (loss)
 
170,504,974
 
 
80,207,386
 
Change in net unrealized appreciation (depreciation)
 
740,765,265
 
499,536,098
 
Net increase (decrease) in net assets resulting from operations
 
917,043,459
 
 
600,337,134
 
Distributions to shareholders
 
(18,874,608)
 
 
(1,939,358)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
554,669,569
 
435,752,549
  Reinvestment of distributions
 
15,731,033
 
 
1,625,726
 
Cost of shares redeemed
 
(269,166,274)
 
(706,723,757)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
301,234,328
 
 
(269,345,482)
 
Total increase (decrease) in net assets
 
1,199,403,179
 
 
329,052,294
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
4,152,315,727
 
3,823,263,433
 
End of period
$
5,351,718,906
$
4,152,315,727
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
21,089,761
 
18,847,487
  Issued in reinvestment of distributions
 
621,044
 
 
72,968
 
Redeemed
 
(10,042,455)
 
(31,187,640)
Net increase (decrease)
 
11,668,350
 
(12,267,185)
 
 
 
 
 
 
Financial Highlights
 
Fidelity® International Capital Appreciation Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
22.60
$
19.51
$
30.93
$
24.57
$
22.41
$
18.84
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.03
 
.11
 
.02
 
(.02)
 
.06
 
.17 C
     Net realized and unrealized gain (loss)
 
4.86
 
2.99
 
(8.86)
 
6.74
 
2.86
 
3.93
  Total from investment operations
 
4.89  
 
3.10  
 
(8.84)  
 
6.72  
 
2.92
 
4.10
  Distributions from net investment income
 
(.10)
 
(.01)
 
-
 
(.05)
 
(.13)
 
(.08)
  Distributions from net realized gain
 
-
 
-
 
(2.58)
 
(.31)
 
(.62)
 
(.45)
     Total distributions
 
(.10)
 
(.01)
 
(2.58)
 
(.36)
 
(.76) D
 
(.53)
  Net asset value, end of period
$
27.39
$
22.60
$
19.51
$
30.93
$
24.57
$
22.41
 Total Return E,F
 
21.67
%
 
 
15.89%
 
(30.97)%
 
27.56%
 
13.35%
 
22.45%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.91% I
 
.80%
 
.99%
 
1.00%
 
1.03%
 
1.01%
    Expenses net of fee waivers, if any
 
.91
% I
 
 
.79%
 
.98%
 
1.00%
 
1.03%
 
1.01%
    Expenses net of all reductions
 
.91% I
 
.79%
 
.98%
 
1.00%
 
.99%
 
1.00%
    Net investment income (loss)
 
.22% I
 
.48%
 
.10%
 
(.08)%
 
.25%
 
.81% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
5,351,719
$
4,152,316
$
3,823,263
$
5,851,757
$
4,514,343
$
3,480,765
    Portfolio turnover rate J
 
51
% I
 
 
79%
 
112% K
 
141%
 
135%
 
131% 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 $.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 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.
 
 
For the period ended April 30, 2024
 
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 April 30, 2024 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. 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
$1,578,310,194
Gross unrealized depreciation
(51,217,504)
Net unrealized appreciation (depreciation)
$1,527,092,690
Tax cost
$3,898,513,522
 
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 prior fiscal period end and is subject to adjustment.
 
 Short-term
$(333,784,644)
 Long-term
(-)
Total capital loss carryforward
$(333,784,644)
 
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
1,568,798,448
1,282,693,867
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.
 
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Fidelity International Capital Appreciation Fund
0.83
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Fidelity International Capital Appreciation Fund
.86
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged 0.22% during the period. The group fee rate was 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 decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was 0.67%.
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
 
 
Performance Adjustment Index
Fidelity International Capital Appreciation Fund
MSCI All Country World ex USA Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of the Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was .07%.
 
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
 
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.44% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA (UK).
 
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. Effective March 1, 2024, each Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of average net assets of .1559%.
 
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to account size and type of account.
 
For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the annualized rate of .16% of average net assets.
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
 
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 Capital Appreciation Fund
.0322
 
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Fidelity International Capital Appreciation Fund
.03
 
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
 1,431
 
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
 73,817,022
 152,120,627
 16,166,628
 
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
4,603
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
2,455
 -
-
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 $661.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $227,817.
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
38%
 
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
41%
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.
 
Top Holdings (% of Fund's net assets)
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
3.8
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
3.7
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
2.7
 
SAP SE  (Germany, Software)
2.3
 
Tokio Marine Holdings, Inc.  (Japan, Insurance)
2.1
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
2.1
 
Safran SA  (France, Aerospace & Defense)
2.1
 
RELX PLC (London Stock Exchange)  (United Kingdom, Professional Services)
2.0
 
Wolters Kluwer NV  (Netherlands, Professional Services)
1.9
 
Compass Group PLC  (United Kingdom, Hotels, Restaurants & Leisure)
1.8
 
 
24.5
 
 
Market Sectors (% of Fund's net assets)
 
Financials
22.0
 
Industrials
18.7
 
Information Technology
18.7
 
Health Care
15.4
 
Consumer Discretionary
10.0
 
Materials
6.7
 
Consumer Staples
5.1
 
Energy
1.2
 
Communication Services
0.4
 
Real Estate
0.1
 
 
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.
 
 
Fidelity® Overseas Fund
Common Stocks - 98.3%
 
 
Shares
Value ($)
 
Bailiwick of Jersey - 0.3%
 
 
 
JTC PLC (a)
 
3,047,000
32,553,089
Belgium - 0.9%
 
 
 
Azelis Group NV
 
1,072,900
25,922,775
KBC Group NV
 
847,890
63,250,288
TOTAL BELGIUM
 
 
89,173,063
Canada - 2.5%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
1,508,300
83,596,622
Constellation Software, Inc.
 
59,800
153,959,208
Constellation Software, Inc. warrants 3/31/40 (b)(c)
 
62,100
5
Lumine Group, Inc. (b)
 
360,322
9,870,150
TOTAL CANADA
 
 
247,425,985
Denmark - 4.9%
 
 
 
Carlsberg A/S Series B
 
441,700
59,414,333
DSV A/S
 
426,903
60,948,620
Novo Nordisk A/S Series B
 
2,856,400
366,311,336
TOTAL DENMARK
 
 
486,674,289
Finland - 0.9%
 
 
 
Nordea Bank Abp
 
7,631,100
89,049,350
France - 13.7%
 
 
 
Accor SA
 
1,823,000
80,368,837
Air Liquide SA
 
781,129
152,772,130
ALTEN
 
561,556
66,341,687
Antin Infrastructure Partners SA
 
198,900
2,547,193
Capgemini SA
 
749,433
157,516,631
Dassault Systemes SA
 
1,598,700
62,752,051
Edenred SA
 
403,579
19,148,900
EssilorLuxottica SA
 
722,813
154,894,316
L'Oreal SA
 
275,200
129,122,321
LVMH Moet Hennessy Louis Vuitton SE
 
252,942
207,775,750
Safran SA
 
945,000
204,906,259
TotalEnergies SE
 
1,683,144
122,194,103
TOTAL FRANCE
 
 
1,360,340,178
Germany - 8.9%
 
 
 
Allianz SE
 
517,801
146,944,097
Deutsche Borse AG
 
649,391
125,197,383
Hannover Reuck SE
 
582,900
144,569,273
Infineon Technologies AG
 
1,675,559
58,146,965
Merck KGaA
 
530,500
84,327,983
SAP SE
 
1,244,400
224,697,636
Siemens Healthineers AG (a)
 
1,771,000
98,215,139
TOTAL GERMANY
 
 
882,098,476
Hong Kong - 1.0%
 
 
 
AIA Group Ltd.
 
12,961,600
94,935,399
India - 0.4%
 
 
 
HDFC Bank Ltd.
 
2,302,700
41,806,498
Indonesia - 0.8%
 
 
 
PT Bank Central Asia Tbk
 
137,842,200
82,882,393
Ireland - 1.0%
 
 
 
Kingspan Group PLC (Ireland)
 
1,163,900
104,151,266
Italy - 3.3%
 
 
 
FinecoBank SpA
 
4,669,000
71,951,009
GVS SpA (a)(b)
 
528,100
3,088,464
Industrie de Nora SpA
 
363,000
4,896,655
Recordati SpA
 
1,698,130
90,702,829
UniCredit SpA
 
4,311,000
158,232,509
TOTAL ITALY
 
 
328,871,466
Japan - 14.5%
 
 
 
Ajinomoto Co., Inc.
 
1,796,200
66,785,362
BayCurrent Consulting, Inc.
 
674,900
14,366,709
Capcom Co. Ltd.
 
2,681,600
44,145,679
DENSO Corp.
 
3,896,900
66,415,345
FUJIFILM Holdings Corp.
 
5,443,700
115,801,041
Hoya Corp.
 
1,179,800
136,785,806
Mitsubishi Heavy Industries Ltd.
 
12,308,000
110,047,269
NOF Corp.
 
2,824,200
37,889,275
Renesas Electronics Corp.
 
3,431,700
55,716,230
Rohto Pharmaceutical Co. Ltd.
 
1,063,600
20,751,301
Shin-Etsu Chemical Co. Ltd.
 
4,364,700
168,952,910
Sony Group Corp.
 
1,913,300
158,136,865
Suzuki Motor Corp.
 
8,590,700
100,045,450
TIS, Inc.
 
1,427,400
30,484,377
Tokio Marine Holdings, Inc.
 
6,650,500
210,198,334
Tokyo Electron Ltd.
 
505,900
110,967,099
TOTAL JAPAN
 
 
1,447,489,052
Netherlands - 7.8%
 
 
 
ASM International NV (Netherlands)
 
163,802
104,046,612
ASML Holding NV (Netherlands)
 
424,500
377,235,085
IMCD NV
 
622,424
94,489,690
Topicus.Com, Inc.
 
122,288
9,965,852
Wolters Kluwer NV
 
1,251,421
187,973,947
TOTAL NETHERLANDS
 
 
773,711,186
Spain - 0.8%
 
 
 
CaixaBank SA
 
15,424,500
81,342,012
Sweden - 2.9%
 
 
 
Addlife AB
 
2,778,272
25,865,731
AddTech AB (B Shares)
 
2,105,796
44,483,804
Atlas Copco AB (A Shares)
 
6,509,044
114,012,988
Indutrade AB
 
4,606,016
107,915,623
Kry International AB (b)(c)(d)
 
2,787
84,856
TOTAL SWEDEN
 
 
292,363,002
Switzerland - 4.9%
 
 
 
Alcon, Inc. (Switzerland)
 
1,280,970
99,077,473
Compagnie Financiere Richemont SA Series A
 
688,376
95,152,170
Galderma Group AG
 
471,479
35,133,328
Partners Group Holding AG
 
83,670
108,268,115
Sika AG
 
524,682
150,284,221
TOTAL SWITZERLAND
 
 
487,915,307
Taiwan - 0.8%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
3,154,000
75,384,371
United Kingdom - 17.3%
 
 
 
3i Group PLC
 
3,606,300
128,843,909
AstraZeneca PLC (United Kingdom)
 
1,754,000
265,290,663
BAE Systems PLC
 
7,942,700
132,104,705
Beazley PLC
 
2,466,535
20,434,050
Compass Group PLC
 
6,439,898
179,117,567
Diageo PLC
 
4,367,200
150,929,027
Diploma PLC
 
1,567,295
71,051,241
Flutter Entertainment PLC (b)
 
106,174
19,800,956
Halma PLC
 
2,359,100
65,058,242
Hiscox Ltd.
 
2,323,213
35,706,541
InterContinental Hotel Group PLC
 
775,300
75,618,121
Lloyds Banking Group PLC
 
144,221,000
93,077,849
London Stock Exchange Group PLC
 
1,460,300
160,983,631
RELX PLC (London Stock Exchange)
 
4,910,100
201,740,694
Sage Group PLC
 
6,736,400
98,147,685
Volution Group PLC
 
4,245,867
23,105,118
TOTAL UNITED KINGDOM
 
 
1,721,009,999
United States of America - 10.7%
 
 
 
CBRE Group, Inc. (b)
 
54,175
4,707,266
CDW Corp.
 
297,500
71,953,350
Experian PLC
 
2,251,800
90,823,978
Ferguson PLC
 
612,700
129,845,639
ICON PLC (b)
 
294,600
87,755,448
Linde PLC
 
370,200
163,243,392
Marsh & McLennan Companies, Inc.
 
799,700
159,484,171
S&P Global, Inc.
 
320,705
133,358,760
Schneider Electric SA
 
648,200
147,798,226
Thermo Fisher Scientific, Inc.
 
129,700
73,762,984
TOTAL UNITED STATES OF AMERICA
 
 
1,062,733,214
 
TOTAL COMMON STOCKS
 (Cost $6,935,632,777)
 
 
 
9,781,909,595
 
 
 
 
Nonconvertible Preferred Stocks - 0.0%
 
 
Shares
Value ($)
 
Sweden - 0.0%
 
 
 
Kry International AB Series E (b)(c)(d)
  (Cost $7,360,943)
 
16,101
666,872
 
 
 
 
Money Market Funds - 1.1%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (e)
 
 (Cost $103,739,803)
 
 
103,719,060
103,739,803
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.4%
 (Cost $7,046,733,523)
 
 
 
9,886,316,270
NET OTHER ASSETS (LIABILITIES) - 0.6%  
63,167,241
NET ASSETS - 100.0%
9,949,483,511
 
 
 
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 $133,856,692 or 1.3% of net assets.
 
(b)
Non-income producing
 
(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 $751,728 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 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 5.39%
150,881,981
1,302,803,603
1,349,946,097
4,179,881
316
-
103,739,803
0.2%
Fidelity Securities Lending Cash Central Fund 5.39%
-
76,836,109
76,836,109
137,486
-
-
-
0.0%
Total
150,881,981
1,379,639,712
1,426,782,206
4,317,367
316
-
103,739,803
 
 
 
 
 
 
 
 
 
 
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 April 30, 2024, 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
44,145,679
-
44,145,679
-
Consumer Discretionary
982,431,061
100,169,793
882,261,268
-
Consumer Staples
510,598,966
212,718,943
297,880,023
-
Energy
122,194,103
-
122,194,103
-
Financials
2,204,764,753
880,320,739
1,324,444,014
-
Health Care
1,518,123,036
651,520,092
866,602,944
-
Industrials
1,873,673,670
857,872,842
1,015,800,828
-
Information Technology
1,848,796,005
956,577,871
891,466,401
751,733
Materials
673,141,928
313,527,613
359,614,315
-
Real Estate
4,707,266
4,707,266
-
-
  Money Market Funds
103,739,803
103,739,803
-
-
 Total Investments in Securities:
9,886,316,270
4,081,154,962
5,804,409,575
751,733
Fidelity® Overseas Fund
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $6,942,993,720)
$
9,782,576,467
 
 
Fidelity Central Funds (cost $103,739,803)
103,739,803
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $7,046,733,523)
 
 
$
9,886,316,270
Foreign currency held at value (cost $1,938,110)
 
 
1,938,109
Receivable for investments sold
 
 
17,252,571
Receivable for fund shares sold
 
 
4,807,604
Dividends receivable
 
 
21,085,928
Reclaims receivable
 
 
30,109,868
Distributions receivable from Fidelity Central Funds
 
 
562,512
Prepaid expenses
 
 
2,760
Other receivables
 
 
308,288
  Total assets
 
 
9,962,383,910
Liabilities
 
 
 
 
Payable for investments purchased
$
3,059,844
 
 
Payable for fund shares redeemed
3,451,127
 
 
Accrued management fee
5,865,223
 
 
Other payables and accrued expenses
524,205
 
 
  Total liabilities
 
 
 
12,900,399
Net Assets  
 
 
$
9,949,483,511
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
7,108,420,796
Total accumulated earnings (loss)
 
 
 
2,841,062,715
Net Assets
 
 
$
9,949,483,511
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Overseas :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($8,972,493,535 ÷ 143,901,616 shares)
 
 
$
62.35
Class K :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($976,989,976 ÷ 15,703,229 shares)
 
 
$
62.22
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
87,798,684
Income from Fidelity Central Funds (including $137,486 from security lending)
 
 
4,317,367
 Income before foreign taxes withheld
 
 
$
92,116,051
Less foreign taxes withheld
 
 
(7,883,629)
 Total income
 
 
 
84,232,422
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
31,709,230
 
 
 Performance adjustment
(2,618,613)
 
 
Transfer agent fees
3,966,226
 
 
Accounting fees
583,299
 
 
Custodian fees and expenses
167,565
 
 
Independent trustees' fees and expenses
21,678
 
 
Registration fees
59,746
 
 
Audit
50,190
 
 
Legal
4,542
 
 
Miscellaneous
16,515
 
 
 Total expenses before reductions
 
33,960,378
 
 
 Expense reductions
 
(405,855)
 
 
 Total expenses after reductions
 
 
 
33,554,523
Net Investment income (loss)
 
 
 
50,677,899
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $2,775,983)
 
50,986,141
 
 
   Fidelity Central Funds
 
316
 
 
 Foreign currency transactions
 
(41,259)
 
 
Total net realized gain (loss)
 
 
 
50,945,198
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $2,079,694)  
 
1,470,186,860
 
 
 Assets and liabilities in foreign currencies
 
(287,878)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
1,469,898,982
Net gain (loss)
 
 
 
1,520,844,180
Net increase (decrease) in net assets resulting from operations
 
 
$
1,571,522,079
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
50,677,899
$
95,895,080
Net realized gain (loss)
 
50,945,198
 
 
178,850,522
 
Change in net unrealized appreciation (depreciation)
 
1,469,898,982
 
588,410,844
 
Net increase (decrease) in net assets resulting from operations
 
1,571,522,079
 
 
863,156,446
 
Distributions to shareholders
 
(91,103,428)
 
 
(57,098,273)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
1,091,918,127
 
 
(224,690,399)
 
 
 
 
 
 
Total increase (decrease) in net assets
 
2,572,336,778
 
 
581,367,774
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
7,377,146,733
 
6,795,778,959
 
End of period
$
9,949,483,511
$
7,377,146,733
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity® Overseas Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
52.19
$
46.55
$
69.79
$
50.91
$
49.51
$
46.04
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.33
 
.67
 
.47
 
.21
 
.13
 
.77
     Net realized and unrealized gain (loss)
 
10.45
 
5.36
 
(20.64)
 
18.98
 
1.97
 
5.12
  Total from investment operations
 
10.78  
 
6.03  
 
(20.17)  
 
19.19  
 
2.10
 
5.89
  Distributions from net investment income
 
(.62)
 
(.39)
 
(.20)
 
(.11)
 
(.70)
 
(.68)
  Distributions from net realized gain
 
-
 
-
 
(2.87)
 
(.21)
 
-
 
(1.74)
     Total distributions
 
(.62)
 
(.39)
 
(3.07)
 
(.31) C
 
(.70)
 
(2.42)
  Net asset value, end of period
$
62.35
$
52.19
$
46.55
$
69.79
$
50.91
$
49.51
 Total Return D,E
 
20.75
%
 
 
12.95%
 
(30.12)%
 
37.83%
 
4.25%
 
13.78%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.75% H
 
.73%
 
.95%
 
.99%
 
1.04%
 
.90%
    Expenses net of fee waivers, if any
 
.74
% H
 
 
.72%
 
.95%
 
.98%
 
1.04%
 
.90%
    Expenses net of all reductions
 
.74% H
 
.72%
 
.94%
 
.98%
 
1.03%
 
.89%
    Net investment income (loss)
 
1.09% H
 
1.23%
 
.84%
 
.33%
 
.27%
 
1.68%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
8,972,494
$
6,684,862
$
6,175,776
$
8,981,609
$
6,160,617
$
6,182,831
    Portfolio turnover rate I
 
29
% H
 
 
34%
 
25%
 
30% J
 
41%
 
46% 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.
 
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.
 
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.
 
 
Fidelity® Overseas Fund Class K
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
52.11
$
46.48
$
69.68
$
50.83
$
49.43
$
45.98
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.36
 
.73
 
.54
 
.27
 
.19
 
.82
     Net realized and unrealized gain (loss)
 
10.43
 
5.34
 
(20.60)
 
18.95
 
1.96
 
5.11
  Total from investment operations
 
10.79  
 
6.07  
 
(20.06)  
 
19.22  
 
2.15
 
5.93
  Distributions from net investment income
 
(.68)
 
(.44)
 
(.26)
 
(.16)
 
(.75)
 
(.73)
  Distributions from net realized gain
 
-
 
-
 
(2.87)
 
(.21)
 
-
 
(1.74)
     Total distributions
 
(.68)
 
(.44)
 
(3.14) C
 
(.37)
 
(.75)
 
(2.48) C
  Net asset value, end of period
$
62.22
$
52.11
$
46.48
$
69.68
$
50.83
$
49.43
 Total Return D,E
 
20.82
%
 
 
13.06%
 
(30.04)%
 
37.97%
 
4.36%
 
13.90%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.64% H
 
.62%
 
.84%
 
.89%
 
.94%
 
.78%
    Expenses net of fee waivers, if any
 
.64
% H
 
 
.61%
 
.84%
 
.88%
 
.93%
 
.78%
    Expenses net of all reductions
 
.64% H
 
.61%
 
.84%
 
.88%
 
.93%
 
.77%
    Net investment income (loss)
 
1.19% H
 
1.34%
 
.94%
 
.43%
 
.38%
 
1.79%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
976,990
$
692,284
$
620,003
$
1,591,397
$
1,022,402
$
1,040,002
    Portfolio turnover rate I
 
29
% H
 
 
34%
 
25%
 
30% J
 
41%
 
46% 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.
 
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.
 
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.
 
 
For the period ended April 30, 2024
 
 
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 April 30, 2024 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.
 
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
$280,205
 
 
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. 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.
 
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 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
$2,937,375,195
 
Gross unrealized depreciation
(110,097,007)
 
Net unrealized appreciation (depreciation)
$2,827,278,188
 
Tax cost
$7,059,038,082
 
 
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 prior fiscal period end and is subject to adjustment.
 
 Short-term
$(84,908,134)
 Long-term
(-)
Total capital loss carryforward
$(84,908,134)
 
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
2,406,482,948
1,313,933,516
 
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.
 
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Overseas
0.78
Class K
0.68
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows: 
 
Total Management Fee Rate %
Overseas
.77
Class K
.68
 
 
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .42% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was 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 decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .65%.
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
 
 
Performance Adjustment Index
Fidelity Overseas Fund
MSCI EAFE Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Overseas. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was (.06)%.
 
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
 
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.44% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA (UK).
 
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. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
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
 
 
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class K. FIIOC received an asset-based fee of Class K's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
Amount ($)
% of Class-Level Average Net AssetsA
Overseas
 3,839,729
.15
Class K
             126,497
.04
 
                   3,966,226
 
 
 
 
A Annualized
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
 
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
.0199
 
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Fidelity Overseas Fund
.02
 
 
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
 1,085
 
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
 83,804,853
 10,633,309
 (38,878)
 
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
8,220
 
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
14,599
 -
-
 
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 $2,075.
 
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 $403,780.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2024
Year ended
October 31, 2023
Fidelity Overseas Fund
 
 
Distributions to shareholders
 
 
Overseas
$80,812,559
 $51,233,808
Class K
       10,290,869
          5,864,465
Total  
$     91,103,428
$     57,098,273
 
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
 
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Fidelity Overseas Fund
 
 
 
 
Overseas
 
 
 
 
Shares sold
19,741,573
10,936,067
$1,200,059,506
$596,408,589
Reinvestment of distributions
1,223,215
849,241
70,139,126
44,738,039
Shares redeemed
(5,147,638)
(16,363,021)
(311,257,169)
(880,663,957)
Net increase (decrease)
15,817,150
(4,577,713)
$958,941,463
$(239,517,329)
Class K
 
 
 
 
Shares sold
4,060,667
5,973,191
$234,374,221
$340,532,508
Reinvestment of distributions
179,942
111,598
10,290,869
5,864,465
Shares redeemed
(1,822,201)
(6,139,595)
(111,688,426)
(331,570,043)
Net increase (decrease)
2,418,408
(54,806)
$132,976,664
$14,826,930
 
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
Fidelity Overseas Fund
34%
 
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
51%
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.
 
Top Holdings (% of Fund's net assets)
 
NVIDIA Corp.  (United States of America, Semiconductors & Semiconductor Equipment)
6.6
 
Microsoft Corp.  (United States of America, Software)
5.4
 
Meta Platforms, Inc. Class A (United States of America, Interactive Media & Services)
4.4
 
Amazon.com, Inc.  (United States of America, Broadline Retail)
4.3
 
Eaton Corp. PLC  (United States of America, Electrical Equipment)
3.9
 
Eli Lilly & Co.  (United States of America, Pharmaceuticals)
3.8
 
Fiserv, Inc.  (United States of America, Financial Services)
3.6
 
Alphabet, Inc. Class A (United States of America, Interactive Media & Services)
2.9
 
Vertiv Holdings Co. (United States of America, Electrical Equipment)
2.3
 
Constellation Energy Corp.  (United States of America, Electric Utilities)
2.2
 
 
39.4
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
24.2
 
Industrials
18.5
 
Consumer Discretionary
14.2
 
Financials
11.8
 
Communication Services
9.9
 
Health Care
9.5
 
Energy
4.1
 
Utilities
2.9
 
Materials
1.6
 
Consumer Staples
1.4
 
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.
 
 
Fidelity® Worldwide Fund
Common Stocks - 98.8%
 
 
Shares
Value ($)
 
Australia - 1.8%
 
 
 
Aristocrat Leisure Ltd.
 
268,972
6,864,162
CAR Group Ltd.
 
709,556
15,385,670
Deterra Royalties Ltd.
 
1,375,923
4,355,346
Johns Lyng Group Ltd.
 
721,288
2,586,559
Lovisa Holdings Ltd.
 
439,390
8,855,493
National Storage REIT unit
 
4,853,097
6,692,067
Suncorp Group Ltd.
 
1,163,294
12,424,464
TOTAL AUSTRALIA
 
 
57,163,761
Austria - 0.2%
 
 
 
Wienerberger AG
 
178,700
6,400,182
Belgium - 0.9%
 
 
 
Azelis Group NV
 
232,768
5,624,003
D'ieteren Group
 
17,000
3,686,536
UCB SA
 
135,600
18,023,920
TOTAL BELGIUM
 
 
27,334,459
Canada - 2.7%
 
 
 
ARC Resources Ltd.
 
558,000
10,104,921
Constellation Software, Inc.
 
3,700
9,525,904
Constellation Software, Inc. warrants 3/31/40 (a)(b)
 
3,700
0
Franco-Nevada Corp.
 
55,500
6,681,045
PrairieSky Royalty Ltd.
 
2,744,700
52,296,140
Quebecor, Inc. Class B (sub. vtg.)
 
230,500
4,770,236
TOTAL CANADA
 
 
83,378,246
China - 0.9%
 
 
 
BYD Co. Ltd. (H Shares)
 
168,500
4,619,020
Centre Testing International Group Co. Ltd. (A Shares)
 
2,106,400
3,644,185
Kweichow Moutai Co. Ltd. (A Shares)
 
18,100
4,243,838
Tencent Holdings Ltd.
 
182,800
8,021,849
ZTO Express, Inc. sponsored ADR
 
306,000
6,422,940
TOTAL CHINA
 
 
26,951,832
Denmark - 2.4%
 
 
 
Carlsberg A/S Series B
 
50,300
6,765,997
GN Store Nord A/S (a)
 
447,475
12,203,456
Novo Nordisk A/S:
 
 
 
 Series B
 
225,300
28,892,993
 Series B sponsored ADR
 
218,000
27,971,580
TOTAL DENMARK
 
 
75,834,026
Finland - 0.1%
 
 
 
Nanoform Finland PLC (a)(c)
 
675,916
1,550,876
Olvi Oyj (A Shares)
 
86,661
2,769,914
TOTAL FINLAND
 
 
4,320,790
France - 1.6%
 
 
 
Capgemini SA
 
39,700
8,344,189
Dassault Aviation SA
 
15,500
3,328,170
L'Oreal SA
 
34,400
16,140,290
LVMH Moet Hennessy Louis Vuitton SE
 
20,927
17,190,198
Thales SA
 
32,700
5,512,051
TOTAL FRANCE
 
 
50,514,898
Germany - 1.6%
 
 
 
DHL Group
 
238,911
10,003,187
Infineon Technologies AG
 
242,700
8,422,424
Instone Real Estate Group BV (d)
 
332,488
3,076,386
Nexus AG
 
46,000
2,538,015
SAP SE
 
100,200
18,092,818
Stabilus Se
 
144,286
8,961,754
TOTAL GERMANY
 
 
51,094,584
Greece - 0.1%
 
 
 
Athens International Airport SA
 
301,400
2,672,945
Hong Kong - 0.7%
 
 
 
AIA Group Ltd.
 
761,327
5,576,232
Hong Kong Exchanges and Clearing Ltd.
 
170,174
5,407,181
Prudential PLC
 
1,366,086
11,881,329
TOTAL HONG KONG
 
 
22,864,742
Hungary - 0.1%
 
 
 
Richter Gedeon PLC
 
114,700
2,920,839
India - 0.0%
 
 
 
Pine Labs Private Ltd. (a)(b)(e)
 
792
258,968
Indonesia - 0.8%
 
 
 
PT Bank Central Asia Tbk
 
28,467,200
17,116,889
PT Bank Rakyat Indonesia (Persero) Tbk
 
21,144,000
6,400,364
TOTAL INDONESIA
 
 
23,517,253
Ireland - 0.6%
 
 
 
AIB Group PLC
 
1,280,000
6,647,034
Cairn Homes PLC
 
3,188,000
5,401,715
Irish Residential Properties REIT PLC
 
5,266,267
5,569,579
TOTAL IRELAND
 
 
17,618,328
Israel - 0.3%
 
 
 
NICE Ltd. (a)
 
40,100
8,974,581
Italy - 1.2%
 
 
 
BFF Bank SpA (d)
 
1,389,790
17,872,366
Prysmian SpA
 
249,500
13,627,514
Recordati SpA
 
129,400
6,911,689
TOTAL ITALY
 
 
38,411,569
Japan - 4.4%
 
 
 
Capcom Co. Ltd.
 
499,900
8,229,574
DENSO Corp.
 
50,000
852,156
Fuji Electric Co. Ltd.
 
94,100
5,853,390
FUJIFILM Holdings Corp.
 
529,476
11,263,272
Hitachi Ltd.
 
192,100
17,723,280
Hoya Corp.
 
63,443
7,355,570
Katitas Co. Ltd.
 
387,300
4,666,138
Keyence Corp.
 
27,940
12,287,170
Mitsubishi Electric Corp.
 
199,700
3,480,756
NOF Corp.
 
802,485
10,766,084
NSD Co. Ltd.
 
178,800
3,494,821
Osaka Soda Co. Ltd.
 
75,700
4,439,691
PALTAC Corp.
 
188,891
5,717,155
Pan Pacific International Holdings Ltd.
 
403,700
9,481,310
Renesas Electronics Corp.
 
962,931
15,633,909
Shin-Etsu Chemical Co. Ltd.
 
262,015
10,142,323
USS Co. Ltd.
 
649,200
4,959,430
TOTAL JAPAN
 
 
136,346,029
Kenya - 0.0%
 
 
 
Safaricom Ltd.
 
5,920,700
699,520
Korea (South) - 0.2%
 
 
 
HD Hyundai Marine Solution Co. Ltd. (f)
 
7,800
469,357
Samsung Electronics Co. Ltd.
 
105,060
5,823,584
TOTAL KOREA (SOUTH)
 
 
6,292,941
Luxembourg - 0.1%
 
 
 
Novem Group SA
 
292,876
1,819,083
Netherlands - 1.5%
 
 
 
ASML Holding NV (Netherlands)
 
27,800
24,704,677
BE Semiconductor Industries NV
 
39,800
5,330,557
IMCD NV
 
37,651
5,715,768
Wolters Kluwer NV
 
67,500
10,139,067
TOTAL NETHERLANDS
 
 
45,890,069
Norway - 0.4%
 
 
 
TGS ASA
 
1,137,149
13,021,142
Spain - 0.3%
 
 
 
CaixaBank SA
 
1,697,900
8,953,976
Puig Group SL Class B
 
64,100
1,675,984
TOTAL SPAIN
 
 
10,629,960
Sweden - 4.0%
 
 
 
Addlife AB
 
1,031,824
9,606,289
Autoliv, Inc. (depository receipt)
 
109,277
12,934,278
Dustin Group AB (a)(d)
 
9,643,452
11,025,688
Evolution AB (d)
 
124,700
13,940,547
Haypp Group (a)
 
607,852
4,754,532
Hemnet Group AB
 
723,030
18,960,806
HEXPOL AB (B Shares)
 
850,359
9,722,445
INVISIO AB
 
283,212
6,257,679
JM AB (B Shares) (c)
 
240,500
4,133,307
Kry International AB (a)(b)(e)
 
489
14,889
Munters Group AB (d)
 
481,000
9,733,131
Swedbank AB (A Shares) (c)
 
727,850
14,028,106
Swedish Logistic Property AB (a)
 
2,542,254
7,681,850
TOTAL SWEDEN
 
 
122,793,547
Switzerland - 0.2%
 
 
 
Galderma Group AG
 
94,000
7,004,623
Taiwan - 0.4%
 
 
 
E Ink Holdings, Inc.
 
1,806,000
11,525,631
United Kingdom - 4.4%
 
 
 
Baltic Classifieds Group PLC
 
2,732,400
7,938,179
Beazley PLC
 
824,700
6,832,241
Berkeley Group Holdings PLC
 
133,700
7,875,436
Diageo PLC
 
334,973
11,576,559
Flutter Entertainment PLC (a)
 
91,700
17,101,623
Games Workshop Group PLC
 
74,800
9,262,514
Harbour Energy PLC
 
1,922,571
6,940,385
Hiscox Ltd.
 
1,199,747
18,439,470
Lancashire Holdings Ltd.
 
1,178,720
8,984,504
London Stock Exchange Group PLC
 
97,800
10,781,483
RS GROUP PLC
 
624,895
5,754,773
Sabre Insurance Group PLC (d)
 
6,755,301
13,573,267
Softcat PLC
 
324,200
6,356,084
WH Smith PLC
 
329,610
4,518,150
TOTAL UNITED KINGDOM
 
 
135,934,668
United States of America - 66.9%
 
 
 
Alphabet, Inc. Class A
 
555,000
90,342,900
Amazon.com, Inc. (a)
 
757,000
132,475,000
Antero Resources Corp. (a)
 
1,004,000
34,146,040
Apple, Inc.
 
41,000
6,983,530
Arista Networks, Inc. (a)
 
66,000
16,932,960
Astera Labs, Inc.
 
141,800
12,018,968
Badger Meter, Inc.
 
9,000
1,646,280
Block, Inc. Class A (a)
 
129,000
9,417,000
Boston Scientific Corp. (a)
 
381,000
27,382,470
Boundless Bio, Inc.
 
15,700
155,430
Broadcom, Inc.
 
47,000
61,112,690
Builders FirstSource, Inc. (a)
 
47,000
8,592,540
Centuri Holdings, Inc.
 
196,828
4,871,493
CME Group, Inc.
 
17,000
3,563,880
Coinbase Global, Inc. (a)
 
69,000
14,071,170
Constellation Energy Corp.
 
368,000
68,425,920
Costco Wholesale Corp.
 
5,000
3,614,500
CSX Corp.
 
873,000
29,001,060
Deckers Outdoor Corp. (a)
 
77,155
63,149,053
Eaton Corp. PLC
 
377,000
119,984,020
Eli Lilly & Co.
 
152,000
118,727,200
Emerson Electric Co.
 
31,000
3,341,180
Fair Isaac Corp. (a)
 
2,000
2,266,660
Fiserv, Inc. (a)
 
731,201
111,632,457
Garmin Ltd.
 
50,000
7,223,500
Hubbell, Inc. Class B
 
18,000
6,669,360
Ingersoll Rand, Inc.
 
246,000
22,956,720
Jabil, Inc.
 
160,220
18,803,419
KBR, Inc.
 
437,000
28,378,780
KeyCorp
 
2,864,000
41,499,360
Leidos Holdings, Inc.
 
63,000
8,833,860
Marvell Technology, Inc.
 
117,776
7,762,616
Merck & Co., Inc.
 
128,000
16,540,160
Meta Platforms, Inc. Class A
 
321,000
138,084,570
Micron Technology, Inc.
 
353,000
39,874,880
Microsoft Corp.
 
430,000
167,411,900
Moderna, Inc. (a)
 
68,000
7,501,080
Modine Manufacturing Co. (a)
 
682,000
63,173,660
NRG Energy, Inc.
 
59,000
4,287,530
nVent Electric PLC
 
127,000
9,152,890
NVIDIA Corp.
 
236,000
203,908,715
Palantir Technologies, Inc. (a)
 
122,000
2,680,340
Parker Hannifin Corp.
 
93,000
50,676,630
Patrick Industries, Inc.
 
45,000
4,702,050
Pure Storage, Inc. Class A (a)
 
253,200
12,761,280
Range Resources Corp.
 
352,000
12,640,320
Regeneron Pharmaceuticals, Inc. (a)
 
19,000
16,922,540
RHI Magnesita NV
 
83,122
3,759,916
Rivian Automotive, Inc. (a)
 
100
890
S&P Global, Inc.
 
52,628
21,884,301
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)
 
10,900
719,945
Southwest Gas Holdings, Inc.
 
163,000
12,163,060
Stripe, Inc. Class B (a)(b)(e)
 
10,000
260,000
Super Micro Computer, Inc. (a)
 
3,000
2,576,400
Tesla, Inc. (a)
 
100
18,328
The Walt Disney Co.
 
94,000
10,443,400
TopBuild Corp. (a)
 
23,747
9,609,698
Trane Technologies PLC
 
47,000
14,914,980
TransDigm Group, Inc.
 
18,000
22,464,540
Uber Technologies, Inc. (a)
 
120,000
7,952,400
United Rentals, Inc.
 
50,000
33,399,500
Vertiv Holdings Co.
 
773,000
71,889,000
Vistra Corp.
 
99,000
7,508,160
Watsco, Inc.
 
7,000
3,134,040
Western Digital Corp. (a)
 
310,000
21,957,300
TOTAL UNITED STATES OF AMERICA
 
 
2,080,956,419
 
TOTAL COMMON STOCKS
 (Cost $2,151,142,170)
 
 
 
3,073,145,635
 
 
 
 
Preferred Stocks - 0.2%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.2%
 
 
 
China - 0.2%
 
 
 
ByteDance Ltd. Series E1 (a)(b)(e)
 
14,425
3,324,530
dMed Biopharmaceutical Co. Ltd. Series C (a)(b)(e)
 
138,905
684,802
 
 
 
4,009,332
Ireland - 0.0%
 
 
 
Circle Internet Financial Ltd. Series F (a)(b)(e)
 
23,730
709,764
United States of America - 0.0%
 
 
 
Stripe, Inc. Series H (a)(b)(e)
 
29,122
757,172
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
5,476,268
Nonconvertible Preferred Stocks - 0.0%
 
 
 
India - 0.0%
 
 
 
Pine Labs Private Ltd.:
 
 
 
 Series 1 (a)(b)(e)
 
1,892
618,646
 Series A (a)(b)(e)
 
473
154,662
 Series B (a)(b)(e)
 
514
168,068
 Series B2 (a)(b)(e)
 
416
136,024
 Series C (a)(b)(e)
 
774
253,083
 Series C1 (a)(b)(e)
 
163
53,298
 Series D (a)(b)(e)
 
174
56,895
 
 
 
1,440,676
Sweden - 0.0%
 
 
 
Kry International AB Series E (a)(b)(e)
 
2,824
116,965
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 
 
1,557,641
 
TOTAL PREFERRED STOCKS
 (Cost $8,655,877)
 
 
 
7,033,909
 
 
 
 
Money Market Funds - 0.9%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (g)
 
23,704,416
23,709,157
Fidelity Securities Lending Cash Central Fund 5.39% (g)(h)
 
3,928,071
3,928,464
 
TOTAL MONEY MARKET FUNDS
 (Cost $27,637,103)
 
 
27,637,621
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.9%
 (Cost $2,187,435,150)
 
 
 
3,107,817,165
NET OTHER ASSETS (LIABILITIES) - 0.1%  
2,080,318
NET ASSETS - 100.0%
3,109,897,483
 
 
 
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 $69,221,385 or 2.2% 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 $7,567,766 or 0.2% of net assets.
 
(f)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
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 5.39%
19,652,388
635,908,487
631,851,529
862,306
2,757
(2,946)
23,709,157
0.0%
Fidelity Securities Lending Cash Central Fund 5.39%
3,365,800
91,261,738
90,699,074
148,852
-
-
3,928,464
0.0%
Total
23,018,188
727,170,225
722,550,603
1,011,158
2,757
(2,946)
27,637,621
 
 
 
 
 
 
 
 
 
 
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 April 30, 2024, 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
306,201,234
271,239,611
31,637,093
3,324,530
Consumer Discretionary
437,242,225
378,703,301
58,538,924
-
Consumer Staples
46,787,082
22,524,704
24,262,378
-
Energy
129,148,948
129,148,948
-
-
Financials
367,696,838
288,445,156
78,541,918
709,764
Health Care
300,690,076
263,756,711
36,248,563
684,802
Industrials
573,723,502
529,962,788
43,760,714
-
Information Technology
742,351,917
644,615,429
94,887,818
2,848,670
Materials
56,267,032
26,563,588
29,703,444
-
Real Estate
27,686,020
16,327,815
11,358,205
-
Utilities
92,384,670
92,384,670
-
-
  Money Market Funds
27,637,621
27,637,621
-
-
 Total Investments in Securities:
3,107,817,165
2,691,310,342
408,939,057
7,567,766
Fidelity® Worldwide Fund
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $3,724,764) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $2,159,798,047)
$
3,080,179,544
 
 
Fidelity Central Funds (cost $27,637,103)
27,637,621
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $2,187,435,150)
 
 
$
3,107,817,165
Foreign currency held at value (cost $438,090)
 
 
438,618
Receivable for investments sold
 
 
20,034,076
Receivable for fund shares sold
 
 
1,749,848
Dividends receivable
 
 
3,487,124
Reclaims receivable
 
 
2,758,774
Distributions receivable from Fidelity Central Funds
 
 
137,199
Prepaid expenses
 
 
808
Other receivables
 
 
77,347
  Total assets
 
 
3,136,500,959
Liabilities
 
 
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
$
17,820,092
 
 
Delayed delivery
474,051
 
 
Payable for fund shares redeemed
2,377,726
 
 
Accrued management fee
1,907,437
 
 
Distribution and service plan fees payable
36,744
 
 
Other payables and accrued expenses
58,962
 
 
Collateral on securities loaned
3,928,464
 
 
  Total liabilities
 
 
 
26,603,476
Net Assets  
 
 
$
3,109,897,483
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
2,095,112,145
Total accumulated earnings (loss)
 
 
 
1,014,785,338
Net Assets
 
 
$
3,109,897,483
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($96,237,375 ÷ 2,797,375 shares)(a)
 
 
$
34.40
Maximum offering price per share (100/94.25 of $34.40)
 
 
$
36.50
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($19,478,650 ÷ 572,001 shares)(a)
 
 
$
34.05
Maximum offering price per share (100/96.50 of $34.05)
 
 
$
35.28
Class C :
 
 
 
 
Net Asset Value and offering price per share ($9,502,141 ÷ 293,424 shares)(a)
 
 
$
32.38
Worldwide :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($2,545,539,558 ÷ 72,639,398 shares)
 
 
$
35.04
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($52,132,427 ÷ 1,499,248 shares)
 
 
$
34.77
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($387,007,332 ÷ 11,152,883 shares)
 
 
$
34.70
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
21,402,053
Income from Fidelity Central Funds (including $148,852 from security lending)
 
 
1,011,158
 Income before foreign taxes withheld
 
 
$
22,413,211
Less foreign taxes withheld
 
 
(1,317,256)
 Total income
 
 
 
21,095,955
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
9,865,343
 
 
 Performance adjustment
(1,939,066)
 
 
Transfer agent fees
1,293,423
 
 
Distribution and service plan fees
201,830
 
 
Accounting fees
234,448
 
 
Custodian fees and expenses
28,600
 
 
Independent trustees' fees and expenses
6,620
 
 
Registration fees
101,921
 
 
Audit
44,593
 
 
Legal
9,462
 
 
Miscellaneous
4,931
 
 
 Total expenses before reductions
 
9,852,105
 
 
 Expense reductions
 
(123,371)
 
 
 Total expenses after reductions
 
 
 
9,728,734
Net Investment income (loss)
 
 
 
11,367,221
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
100,478,373
 
 
   Fidelity Central Funds
 
2,757
 
 
 Foreign currency transactions
 
(183,851)
 
 
Total net realized gain (loss)
 
 
 
100,297,279
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
556,129,527
 
 
   Fidelity Central Funds
 
(2,946)
 
 
 Assets and liabilities in foreign currencies
 
(43,266)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
556,083,315
Net gain (loss)
 
 
 
656,380,594
Net increase (decrease) in net assets resulting from operations
 
 
$
667,747,815
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
11,367,221
$
15,465,709
Net realized gain (loss)
 
100,297,279
 
 
2,655,472
 
Change in net unrealized appreciation (depreciation)
 
556,083,315
 
205,529,918
 
Net increase (decrease) in net assets resulting from operations
 
667,747,815
 
 
223,651,099
 
Distributions to shareholders
 
(24,710,932)
 
 
(124,836,814)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
228,117,375
 
 
37,686,493
 
 
 
 
 
 
Total increase (decrease) in net assets
 
871,154,258
 
 
136,500,778
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
2,238,743,225
 
2,102,242,447
 
End of period
$
3,109,897,483
$
2,238,743,225
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® Worldwide Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
26.90
$
25.75
$
40.06
$
31.49
$
27.36
$
26.57
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.08
 
.11
 
.09
 
(.13)
 
(.05)
 
.11
     Net realized and unrealized gain (loss)
 
7.62
 
2.52
 
(9.90)
 
11.40
 
5.50
 
2.84
  Total from investment operations
 
7.70  
 
2.63  
 
(9.81)  
 
11.27  
 
5.45
 
2.95
  Distributions from net investment income
 
(.20)
 
(.11)
 
(.07)
 
-
 
(.12)
 
(.02)
  Distributions from net realized gain
 
-
 
(1.37)
 
(4.43)
 
(2.70)
 
(1.20)
 
(2.14)
     Total distributions
 
(.20)
 
(1.48)
 
(4.50)
 
(2.70)
 
(1.32)
 
(2.16)
  Net asset value, end of period
$
34.40
$
26.90
$
25.75
$
40.06
$
31.49
$
27.36
 Total Return C,D,E
 
28.75
%
 
 
10.62%
 
(27.31)%
 
37.72%
 
20.72%
 
12.35%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.97% H
 
.96%
 
1.21%
 
1.29%
 
1.34%
 
1.26%
    Expenses net of fee waivers, if any
 
.96
% H
 
 
.95%
 
1.21%
 
1.28%
 
1.34%
 
1.26%
    Expenses net of all reductions
 
.96% H
 
.95%
 
1.21%
 
1.28%
 
1.33%
 
1.25%
    Net investment income (loss)
 
.52% H
 
.41%
 
.28%
 
(.34)%
 
(.18)%
 
.41%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
96,237
$
73,935
$
68,608
$
99,731
$
63,690
$
52,516
    Portfolio turnover rate I
 
86
% H
 
 
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 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.
 
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.
 
HAnnualized.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor® Worldwide Fund Class M
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
26.60
$
25.44
$
39.62
$
31.19
$
27.10
$
26.39
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.04
 
.04
 
.01
 
(.22)
 
(.13)
 
.03
     Net realized and unrealized gain (loss)
 
7.54
 
2.51
 
(9.81)
 
11.29
 
5.46
 
2.82
  Total from investment operations
 
7.58  
 
2.55  
 
(9.80)  
 
11.07  
 
5.33
 
2.85
  Distributions from net investment income
 
(.13)
 
(.02)
 
-
 
-
 
(.04)
 
-
  Distributions from net realized gain
 
-
 
(1.37)
 
(4.38)
 
(2.64)
 
(1.20)
 
(2.14)
     Total distributions
 
(.13)
 
(1.39)
 
(4.38)
 
(2.64)
 
(1.24)
 
(2.14)
  Net asset value, end of period
$
34.05
$
26.60
$
25.44
$
39.62
$
31.19
$
27.10
 Total Return C,D,E
 
28.57
%
 
 
10.39%
 
(27.53)%
 
37.37%
 
20.40%
 
12.05%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.22% H
 
1.21%
 
1.47%
 
1.55%
 
1.61%
 
1.55%
    Expenses net of fee waivers, if any
 
1.21
% H
 
 
1.21%
 
1.47%
 
1.55%
 
1.61%
 
1.54%
    Expenses net of all reductions
 
1.21% H
 
1.20%
 
1.47%
 
1.55%
 
1.61%
 
1.54%
    Net investment income (loss)
 
.27% H
 
.15%
 
.02%
 
(.61)%
 
(.45)%
 
.13%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
19,479
$
16,051
$
15,275
$
22,771
$
17,387
$
13,066
    Portfolio turnover rate I
 
86
% H
 
 
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 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.
 
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.
 
HAnnualized.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor® Worldwide Fund Class C
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
25.25
$
24.33
$
38.05
$
30.14
$
26.33
$
25.82
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.04)
 
(.10)
 
(.15)
 
(.39)
 
(.27)
 
(.10)
     Net realized and unrealized gain (loss)
 
7.17
 
2.39
 
(9.39)
 
10.88
 
5.28
 
2.75
  Total from investment operations
 
7.13  
 
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
$
32.38
$
25.25
$
24.33
$
38.05
$
30.14
$
26.33
 Total Return C,D,E
 
28.24
%
 
 
9.76%
 
(27.89)%
 
36.63%
 
19.76%
 
11.49%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.73% H
 
1.76%
 
2.00%
 
2.08%
 
2.14%
 
2.06%
    Expenses net of fee waivers, if any
 
1.72
% H
 
 
1.75%
 
2.00%
 
2.08%
 
2.14%
 
2.06%
    Expenses net of all reductions
 
1.72% H
 
1.75%
 
2.00%
 
2.08%
 
2.13%
 
2.06%
    Net investment income (loss)
 
(.24)% H
 
(.39)%
 
(.51)%
 
(1.14)%
 
(.98)%
 
(.39)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
9,502
$
7,292
$
8,517
$
13,602
$
11,677
$
10,618
    Portfolio turnover rate I
 
86
% H
 
 
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 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.
 
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.
 
HAnnualized.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity® Worldwide Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.44
$
26.26
$
40.76
$
31.97
$
27.74
$
26.90
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.13
 
.19
 
.18
 
(.02)
 
.03
 
.18
     Net realized and unrealized gain (loss)
 
7.76
 
2.57
 
(10.09)
 
11.58
 
5.58
 
2.89
  Total from investment operations
 
7.89  
 
2.76  
 
(9.91)  
 
11.56  
 
5.61
 
3.07
  Distributions from net investment income
 
(.29)
 
(.21)
 
(.16)
 
(.02)
 
(.18)
 
(.09)
  Distributions from net realized gain
 
-
 
(1.37)
 
(4.43)
 
(2.75)
 
(1.20)
 
(2.14)
     Total distributions
 
(.29)
 
(1.58)
 
(4.59)
 
(2.77)
 
(1.38)
 
(2.23)
  Net asset value, end of period
$
35.04
$
27.44
$
26.26
$
40.76
$
31.97
$
27.74
 Total Return C,D
 
28.94
%
 
 
10.95%
 
(27.12)%
 
38.11%
 
21.07%
 
12.71%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.68% G
 
.67%
 
.92%
 
1.00%
 
1.05%
 
.99%
    Expenses net of fee waivers, if any
 
.67
% G
 
 
.66%
 
.92%
 
1.00%
 
1.05%
 
.99%
    Expenses net of all reductions
 
.67% G
 
.66%
 
.92%
 
1.00%
 
1.05%
 
.98%
    Net investment income (loss)
 
.81% G
 
.70%
 
.57%
 
(.06)%
 
.11%
 
.69%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,545,540
$
1,982,943
$
1,899,788
$
2,896,684
$
2,217,129
$
2,020,487
    Portfolio turnover rate H
 
86
% 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 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.
 
GAnnualized.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor® Worldwide Fund Class I
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.23
$
26.04
$
40.46
$
31.77
$
27.58
$
26.77
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.13
 
.19
 
.17
 
(.03)
 
.03
 
.18
     Net realized and unrealized gain (loss)
 
7.70
 
2.56
 
(10.01)
 
11.49
 
5.55
 
2.86
  Total from investment operations
 
7.83  
 
2.75  
 
(9.84)  
 
11.46  
 
5.58
 
3.04
  Distributions from net investment income
 
(.29)
 
(.19)
 
(.16)
 
(.02)
 
(.19)
 
(.09)
  Distributions from net realized gain
 
-
 
(1.37)
 
(4.43)
 
(2.75)
 
(1.20)
 
(2.14)
     Total distributions
 
(.29)
 
(1.56)
 
(4.58) C
 
(2.77)
 
(1.39)
 
(2.23)
  Net asset value, end of period
$
34.77
$
27.23
$
26.04
$
40.46
$
31.77
$
27.58
 Total Return D,E
 
28.92
%
 
 
10.97%
 
(27.13)%
 
38.06%
 
21.08%
 
12.70%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.70% H
 
.67%
 
.94%
 
1.02%
 
1.06%
 
.99%
    Expenses net of fee waivers, if any
 
.69
% H
 
 
.67%
 
.93%
 
1.02%
 
1.06%
 
.99%
    Expenses net of all reductions
 
.69% H
 
.67%
 
.93%
 
1.02%
 
1.05%
 
.98%
    Net investment income (loss)
 
.79% H
 
.69%
 
.56%
 
(.08)%
 
.10%
 
.69%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
52,132
$
41,289
$
33,226
$
86,852
$
64,615
$
44,754
    Portfolio turnover rate I
 
86
% H
 
 
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 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).
 
 
Fidelity Advisor® Worldwide Fund Class Z
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
27.20
$
26.05
$
40.48
$
31.76
$
27.59
$
26.78
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.14
 
.22
 
.21
 
.02
 
.07
 
.22
     Net realized and unrealized gain (loss)
 
7.70
 
2.55
 
(10.01)
 
11.50
 
5.53
 
2.86
  Total from investment operations
 
7.84  
 
2.77  
 
(9.80)  
 
11.52  
 
5.60
 
3.08
  Distributions from net investment income
 
(.34)
 
(.25)
 
(.20)
 
(.05)
 
(.23)
 
(.13)
  Distributions from net realized gain
 
-
 
(1.37)
 
(4.43)
 
(2.75)
 
(1.20)
 
(2.14)
     Total distributions
 
(.34)
 
(1.62)
 
(4.63)
 
(2.80)
 
(1.43)
 
(2.27)
  Net asset value, end of period
$
34.70
$
27.20
$
26.05
$
40.48
$
31.76
$
27.59
 Total Return C,D
 
29.02
%
 
 
11.10%
 
(27.05)%
 
38.27%
 
21.19%
 
12.85%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.63% G
 
.55%
 
.81%
 
.90%
 
.93%
 
.85%
    Expenses net of fee waivers, if any
 
.62
% G
 
 
.55%
 
.81%
 
.90%
 
.93%
 
.84%
    Expenses net of all reductions
 
.62% G
 
.55%
 
.81%
 
.90%
 
.93%
 
.84%
    Net investment income (loss)
 
.86% G
 
.81%
 
.68%
 
.04%
 
.23%
 
.83%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
387,007
$
117,232
$
76,829
$
115,963
$
71,278
$
205,197
    Portfolio turnover rate H
 
86
% 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 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.
 
GAnnualized.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
For the period ended April 30, 2024
 
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 April 30, 2024 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. 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, 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
$1,000,487,721
Gross unrealized depreciation
(90,461,746)
Net unrealized appreciation (depreciation)
$910,025,975
Tax cost
$2,197,791,190
 
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 Worldwide Fund
1,403,926,522
1,188,808,289
 
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.
 
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
.83
Class M
.84
Class C
.84
Worldwide
.79
Class I
.81
Class Z
.69
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.82
Class M
.82
Class C
.82
Worldwide
.78
Class I
.81
Class Z
.69
 
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .42% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was 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 decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .65%.
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
 
 
Performance Adjustment Index
Fidelity Worldwide Fund
MSCI World Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Worldwide. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was (.14)%.
 
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
 
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.38% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA (UK).
 
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%
111,729
1,859
Class M
 .25%
 .25%
 46,472
 234
Class C
 .75%
 .25%
                43,629
                  5,888
 
 
 
201,830
7,981
 
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
 25,295
Class M
 869
Class CA
                        58
 
                26,222
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. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
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
Worldwide
0.1475
Class I
0.1651
 
 
 
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
Amount ($)
% of Class-Level Average Net AssetsA
Class A
 53,765
.19
Class M
 11,658
.20
Class C
 5,732
.21
Worldwide
 1,163,784
.15
Class I
 26,422
.17
Class Z
                32,062
.04
 
                   1,293,423
 
 
 
 
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
 
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
.0263
 
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Fidelity Worldwide Fund
.03
 
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
 15,320
 
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
 67,920,045
 97,219,467
 6,709,239
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
2,504
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
15,758
 -
-
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 $534. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction ($)
 
 
Class M
                        40
 
                        40
 
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 $122,797.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2024
Year ended
October 31, 2023
Fidelity Worldwide Fund
 
 
Distributions to shareholders
 
 
Class A
$552,792
 $3,905,043
Class M
 75,550
 825,955
Class C
 -
 473,638
Worldwide
 21,114,973
 112,981,740
Class I
 439,298
 1,950,914
Class Z
          2,528,319
          4,699,524
Total  
$     24,710,932
$  124,836,814
 
 
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
 
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Fidelity Worldwide Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
247,110
398,646
$8,062,366
$10,809,786
Reinvestment of distributions
18,512
153,659
547,574
3,866,062
Shares redeemed
(216,417)
(469,022)
(6,968,598)
(12,647,071)
Net increase (decrease)
49,205
83,283
$1,641,342
$2,028,777
Class M
 
 
 
 
Shares sold
23,688
50,411
$776,138
$1,331,408
Reinvestment of distributions
2,570
32,920
75,321
820,689
Shares redeemed
(57,699)
(80,267)
(1,817,392)
(2,112,561)
Net increase (decrease)
(31,441)
3,064
$(965,933)
$39,536
Class C
 
 
 
 
Shares sold
43,497
30,402
$1,330,799
$765,161
Reinvestment of distributions
-
19,902
-
473,280
Shares redeemed
(38,894)
(111,594)
(1,167,774)
(2,847,983)
Net increase (decrease)
4,603
(61,290)
$163,025
$(1,609,542)
Worldwide
 
 
 
 
Shares sold
7,280,675
6,385,600
$239,646,154
$176,715,594
Reinvestment of distributions
660,086
4,190,088
19,906,749
107,266,234
Shares redeemed
(7,556,869)
(10,673,714)
(252,056,521)
(292,505,585)
Net increase (decrease)
383,892
(98,026)
$7,496,382
$(8,523,757)
Class I
 
 
 
 
Shares sold
228,986
817,991
$7,649,651
$22,120,908
Reinvestment of distributions
14,127
75,801
422,756
1,925,343
Shares redeemed
(260,198)
(653,340)
(8,906,972)
(17,772,257)
Net increase (decrease)
(17,085)
240,452
$(834,565)
$6,273,994
Class Z
 
 
 
 
Shares sold
7,292,074
1,882,153
$235,526,790
$54,181,206
Reinvestment of distributions
83,334
176,768
2,489,237
4,481,057
Shares redeemed
(531,789)
(699,310)
(17,398,903)
(19,184,778)
Net increase (decrease)
6,843,619
1,359,611
$220,617,124
$39,477,485
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.
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 (November 1, 2023 to April 30, 2024).
 
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 November 1, 2023
 
Ending Account Value April 30, 2024
 
Expenses Paid During Period- C November 1, 2023 to April 30, 2024
Fidelity® Diversified International Fund
 
 
 
 
 
 
 
 
 
 
Fidelity® Diversified International Fund
 
 
 
.61%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,186.90
 
$ 3.32
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.83
 
$ 3.07
 
Class K
 
 
 
.49%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,187.40
 
$ 2.66
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.43
 
$ 2.46
 
 
 
 
 
 
 
 
 
 
 
Fidelity® International Capital Appreciation Fund **
 
 
 
.91%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,216.70
 
$ 5.02  
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.34
 
$ 4.57  
Fidelity® Overseas Fund
 
 
 
 
 
 
 
 
 
 
Fidelity® Overseas Fund
 
 
 
.74%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,207.50
 
$ 4.06
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.18
 
$ 3.72
 
Class K
 
 
 
.64%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,208.20
 
$ 3.51
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.68
 
$ 3.22
 
Fidelity® Worldwide Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
.96%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,287.50
 
$ 5.46
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.09
 
$ 4.82
 
Class M
 
 
 
1.21%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,285.70
 
$ 6.88
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,018.85
 
$ 6.07
 
Class C
 
 
 
1.72%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,282.40
 
$ 9.76
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,016.31
 
$ 8.62
 
Fidelity® Worldwide Fund
 
 
 
.67%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,289.40
 
$ 3.81
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.53
 
$ 3.37
 
Class I
 
 
 
.69%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,289.20
 
$ 3.93
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.43
 
$ 3.47
 
Class Z **
 
 
 
.62%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,290.20
 
$ 3.53
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.78
 
$ 3.12
 
 
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 182/ 366 (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 March 1, 2024, had been in effect during the entire 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® International Capital Appreciation Fund
 
 
 
.85%
 
 
Actual
 
 
 
 
 
$ 4.69
Hypothetical- B
 
 
 
 
 
$ 4.27
 
 
 
 
 
 
Fidelity® Worldwide Fund
 
 
 
 
 
 
Class Z
 
 
 
.56%
 
 
Actual
 
 
 
 
 
$ 3.19
Hypothetical- B
 
 
 
 
 
 
$ 2.82
 
 
 
 
 
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
 
 
 
 
 
B   5% return per year before expenses
 
 
 
 
 
 
 
 
 
Board Approval of Investment Advisory Contracts
Fidelity Diversified International Fund
Fidelity International Capital Appreciation Fund
Fidelity Overseas Fund
Fidelity Worldwide Fund
 
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for each fund, including each fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), Fidelity Management & Research (Japan) Limited (FMR Japan), and FIL Investment Advisors (FIL). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of each fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of each fund and each class of each fund into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, each fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of each fund would be no higher than the sum of (i) the lowest contractual management fee rate under each fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to each fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, Rule 12b-1 fees (for Fidelity Worldwide Fund), and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of each fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of a fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including each fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board further noted that the funds' agreements with FIL were amended to provide that FMR will compensate FIL at a flat fee rate of the net assets sub-advised by it. For Fidelity Diversified International Fund, Fidelity International Capital Appreciation Fund, and Fidelity Overseas Fund, the flat rate is 0.44% and for Fidelity Worldwide Fund, the flat rate is 0.38%. The Board considered that, under the Sub-Advisory Contracts, FMR, and not each fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of each fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of each fund's assets or the day-to-day management of each fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of each fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to each fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of each fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for each fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing each fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the funds) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that each fund's management fee structure is fair and reasonable, and that the funds' Advisory Contracts should be approved.
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Funds have adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage each Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. Each Fund's Board of Trustees (the Board) has designated each Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factor specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable. 
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.703569.126
IBD-SANN-0624
Fidelity® Total International Equity Fund
 
 
Semi-Annual Report
April 30, 2024
Includes Fidelity and Fidelity Advisor share classes

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

Liquidity Risk Management Program

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. © 2024 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.
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
3.6
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
2.7
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
2.3
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
2.1
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
1.8
 
Linde PLC  (United States of America, Chemicals)
1.6
 
Canadian Pacific Kansas City Ltd.  (Canada, Ground Transportation)
1.5
 
Shell PLC ADR  (United States of America, Oil, Gas & Consumable Fuels)
1.5
 
BAE Systems PLC  (United Kingdom, Aerospace & Defense)
1.3
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
1.2
 
 
19.6
 
 
Market Sectors (% of Fund's net assets)
 
Financials
21.6
 
Industrials
19.4
 
Information Technology
16.3
 
Consumer Discretionary
10.7
 
Materials
10.6
 
Energy
6.4
 
Health Care
5.3
 
Communication Services
4.4
 
Consumer Staples
2.2
 
Real Estate
0.3
 
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.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 95.8%
 
 
Shares
Value ($)
 
Australia - 2.5%
 
 
 
BHP Group Ltd.
 
76,303
2,092,695
Commonwealth Bank of Australia
 
5,371
393,531
Glencore PLC
 
300,352
1,747,617
Imdex Ltd.
 
54,721
73,385
Macquarie Group Ltd.
 
7,987
956,352
Paladin Energy Ltd. (Australia) (a)
 
93,875
833,117
Steadfast Group Ltd.
 
26,314
95,768
Woodside Energy Group Ltd.
 
31,644
566,966
TOTAL AUSTRALIA
 
 
6,759,431
Belgium - 0.7%
 
 
 
Azelis Group NV
 
18,963
458,173
KBC Ancora
 
3,021
146,209
KBC Group NV
 
10,268
765,965
UCB SA
 
4,522
601,063
TOTAL BELGIUM
 
 
1,971,410
Brazil - 0.6%
 
 
 
Localiza Rent a Car SA
 
269
2,540
Suzano SA
 
96,710
1,088,793
XP, Inc. Class A
 
28,248
578,237
TOTAL BRAZIL
 
 
1,669,570
Canada - 6.8%
 
 
 
Barrick Gold Corp.
 
112,765
1,876,410
CAE, Inc. (a)
 
61,625
1,188,944
Cameco Corp.
 
23,170
1,057,137
Canadian Natural Resources Ltd.
 
15,965
1,209,798
Canadian Pacific Kansas City Ltd.
 
51,958
4,076,173
Constellation Software, Inc.
 
821
2,113,721
Constellation Software, Inc. warrants 3/31/40 (a)(b)
 
921
0
Franco-Nevada Corp.
 
10,738
1,292,632
McCoy Global, Inc.
 
7,000
9,763
Nutrien Ltd.
 
16,669
878,947
Osisko Gold Royalties Ltd.
 
5,879
90,321
Pason Systems, Inc.
 
8,425
95,777
Richelieu Hardware Ltd.
 
30,530
861,577
Suncor Energy, Inc.
 
41,159
1,570,539
The Toronto-Dominion Bank
 
35,467
2,104,086
TOTAL CANADA
 
 
18,425,825
Chile - 0.6%
 
 
 
Antofagasta PLC
 
60,884
1,681,315
China - 9.5%
 
 
 
Alibaba Group Holding Ltd.
 
208,932
1,956,244
China Life Insurance Co. Ltd. (H Shares)
 
1,690,374
2,226,093
Chlitina Holding Ltd.
 
9,200
52,918
Chlitina Holding Ltd. rights 5/13/24 (a)
 
277
272
Haier Smart Home Co. Ltd. (A Shares)
 
673,400
2,801,559
Hansoh Pharmaceutical Group Co. Ltd. (c)
 
674,778
1,491,054
Industrial & Commercial Bank of China Ltd. (H Shares)
 
2,459,996
1,319,120
Kweichow Moutai Co. Ltd. (A Shares)
 
6,700
1,570,923
Meituan Class B (a)(c)
 
151,696
2,071,338
New Oriental Education & Technology Group, Inc. (a)
 
161,871
1,286,221
PDD Holdings, Inc. ADR (a)
 
8,771
1,097,954
Shangri-La Asia Ltd.
 
887,393
618,949
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
138,200
1,133,373
Tencent Holdings Ltd.
 
167,191
7,336,876
Tsingtao Brewery Co. Ltd. (H Shares)
 
104,841
755,526
TOTAL CHINA
 
 
25,718,420
Denmark - 1.9%
 
 
 
Novo Nordisk A/S Series B
 
38,199
4,898,728
Spar Nord Bank A/S
 
5,121
90,859
TOTAL DENMARK
 
 
4,989,587
Egypt - 0.0%
 
 
 
Integrated Diagnostics Holdings PLC (a)(c)
 
57,949
17,790
Finland - 0.4%
 
 
 
Kone OYJ (B Shares)
 
8,704
425,432
Mandatum Holding OY
 
15,224
70,707
Sampo Oyj (A Shares)
 
15,722
636,241
TOTAL FINLAND
 
 
1,132,380
France - 8.0%
 
 
 
Air Liquide SA
 
5,257
1,028,157
Airbus Group NV
 
15,422
2,537,810
ALTEN
 
2,867
338,705
AXA SA
 
55,327
1,915,419
BNP Paribas SA
 
19,576
1,408,725
Capgemini SA
 
3,484
732,271
Edenred SA
 
20,512
973,247
Laurent-Perrier Group SA
 
343
44,658
Lectra
 
10,752
367,185
Legrand SA
 
11,347
1,166,092
LISI
 
1,912
50,196
LVMH Moet Hennessy Louis Vuitton SE
 
3,995
3,281,638
Safran SA
 
14,877
3,225,810
TotalEnergies SE
 
39,128
2,840,643
Vetoquinol SA
 
1,238
124,589
VINCI SA
 
7,247
849,175
Vivendi SA
 
64,074
654,121
TOTAL FRANCE
 
 
21,538,441
Germany - 5.4%
 
 
 
Bayer AG
 
6,578
191,998
Bayerische Motoren Werke AG (BMW)
 
6,092
666,067
Covestro AG (a)(c)
 
4,122
206,665
CTS Eventim AG
 
4,903
435,342
Deutsche Borse AG
 
4,662
898,796
DHL Group
 
17,037
713,338
Fresenius SE & Co. KGaA
 
15,131
451,654
Hannover Reuck SE
 
3,759
932,297
Infineon Technologies AG
 
8,643
299,938
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
2,202
968,659
Nexus AG
 
1,420
78,347
Rheinmetall AG
 
4,013
2,214,999
RWE AG
 
19,870
692,182
SAP SE
 
17,688
3,193,870
Scout24 AG (c)
 
1,301
95,940
Siemens AG
 
10,426
1,953,140
Stabilus Se
 
867
53,850
Vonovia SE
 
18,812
543,592
TOTAL GERMANY
 
 
14,590,674
Greece - 0.8%
 
 
 
Athens International Airport SA
 
5,000
44,342
National Bank of Greece SA (a)
 
252,340
2,035,887
TOTAL GREECE
 
 
2,080,229
Hong Kong - 0.7%
 
 
 
AIA Group Ltd.
 
79,300
580,822
Pacific Basin Shipping Ltd.
 
2,273,143
787,094
Prudential PLC
 
71,948
625,757
TOTAL HONG KONG
 
 
1,993,673
Hungary - 0.5%
 
 
 
Richter Gedeon PLC
 
49,772
1,267,445
India - 3.5%
 
 
 
Axis Bank Ltd.
 
84,275
1,175,984
Bharat Heavy Electricals Ltd.
 
213,641
718,425
HDFC Bank Ltd.
 
90,769
1,647,950
ICICI Bank Ltd.
 
92,288
1,271,270
Jio Financial Services Ltd.
 
2,800
12,605
JK Cement Ltd.
 
13,714
655,834
Kotak Mahindra Bank Ltd.
 
15,849
307,944
Larsen & Toubro Ltd.
 
24,637
1,058,743
Reliance Industries Ltd.
 
7,800
273,735
Reliance Industries Ltd. GDR (c)
 
13,515
955,511
Shree Cement Ltd.
 
130
38,049
Solar Industries India Ltd.
 
8,878
951,747
Zomato Ltd. (a)
 
110,691
255,394
TOTAL INDIA
 
 
9,323,191
Indonesia - 0.1%
 
 
 
PT Bank Rakyat Indonesia (Persero) Tbk
 
1,256,388
380,313
Ireland - 0.3%
 
 
 
AerCap Holdings NV (a)
 
1,469
124,116
Bank of Ireland Group PLC
 
54,478
584,005
Cairn Homes PLC
 
29,504
49,991
Irish Residential Properties REIT PLC
 
43,251
45,742
TOTAL IRELAND
 
 
803,854
Israel - 0.3%
 
 
 
Ituran Location & Control Ltd.
 
3,644
93,578
NICE Ltd. sponsored ADR (a)
 
3,042
679,917
Tel Aviv Stock Exchange Ltd.
 
7,200
47,703
TOTAL ISRAEL
 
 
821,198
Italy - 2.1%
 
 
 
Eni SpA
 
82,393
1,323,371
Interpump Group SpA
 
14,603
640,204
Mediobanca SpA
 
64,885
924,424
Prada SpA
 
89,500
729,901
Prysmian SpA
 
10,046
548,705
Ryanair Holdings PLC sponsored ADR
 
5,726
779,881
UniCredit SpA
 
21,286
781,289
TOTAL ITALY
 
 
5,727,775
Japan - 11.9%
 
 
 
Ai Holdings Corp.
 
1,750
26,916
Artnature, Inc.
 
5,300
25,502
Aucnet, Inc.
 
3,000
49,374
Azbil Corp.
 
42,839
1,196,493
Broadleaf Co. Ltd.
 
22,600
82,328
Central Automotive Products Ltd.
 
1,600
58,568
Curves Holdings Co. Ltd.
 
23,700
111,311
Daiichi Sankyo Kabushiki Kaisha
 
4,175
140,521
Daiichikosho Co. Ltd.
 
4,000
46,690
Daikokutenbussan Co. Ltd.
 
800
40,904
DENSO Corp.
 
61,004
1,039,699
Digital Hearts Holdings Co. Ltd.
 
7,900
48,103
Eisai Co. Ltd.
 
5,880
241,486
Elan Corp.
 
7,900
45,351
Fast Retailing Co. Ltd.
 
931
243,428
FUJIFILM Holdings Corp.
 
34,600
736,028
Fujitec Co. Ltd.
 
4,000
98,654
Fujitsu Ltd.
 
42,659
659,003
Funai Soken Holdings, Inc.
 
2,650
40,092
Goldcrest Co. Ltd.
 
6,560
105,742
Hitachi Ltd.
 
26,276
2,424,242
Hoya Corp.
 
9,590
1,111,863
Ibiden Co. Ltd.
 
7,552
287,078
INPEX Corp.
 
33,594
503,231
Itochu Corp.
 
36,354
1,640,102
Keyence Corp.
 
5,584
2,455,675
Koshidaka Holdings Co. Ltd.
 
19,200
105,037
Kusuri No Aoki Holdings Co. Ltd.
 
2,900
54,069
Lasertec Corp.
 
6,450
1,391,300
LY Corp.
 
67,344
161,803
Medikit Co. Ltd.
 
2,300
41,117
Minebea Mitsumi, Inc.
 
14,796
277,134
Miroku Jyoho Service Co., Ltd.
 
2,600
27,967
Misumi Group, Inc.
 
24,724
401,959
Mitsubishi Heavy Industries Ltd.
 
100,940
902,516
Mitsubishi UFJ Financial Group, Inc.
 
181,563
1,808,614
Mitsuboshi Belting Ltd.
 
900
27,604
Nagaileben Co. Ltd.
 
6,400
95,473
Nihon Parkerizing Co. Ltd.
 
16,100
123,811
NOF Corp.
 
17,415
233,638
NS Tool Co. Ltd.
 
6,100
35,686
NSD Co. Ltd.
 
5,500
107,503
OBIC Co. Ltd.
 
1,250
160,583
ORIX Corp.
 
45,848
938,298
Paramount Bed Holdings Co. Ltd.
 
2,400
40,892
ProNexus, Inc.
 
4,800
34,933
Recruit Holdings Co. Ltd.
 
36,700
1,580,572
Renesas Electronics Corp.
 
50,972
827,569
San-Ai Obbli Co. Ltd.
 
4,000
52,475
Shin-Etsu Chemical Co. Ltd.
 
34,165
1,322,491
SHO-BOND Holdings Co. Ltd.
 
17,980
694,332
Shoei Co. Ltd.
 
2,000
25,624
SK Kaken Co. Ltd.
 
2,200
110,792
SoftBank Group Corp.
 
10,133
498,347
Software Service, Inc.
 
800
68,478
Sony Group Corp.
 
3,622
299,363
Sumitomo Mitsui Financial Group, Inc.
 
26,218
1,489,282
Suzuki Motor Corp.
 
55,383
644,979
Techno Medica Co. Ltd.
 
500
5,522
The Monogatari Corp.
 
3,160
85,378
TIS, Inc.
 
13,137
280,561
Tocalo Co. Ltd.
 
5,600
64,529
Tokio Marine Holdings, Inc.
 
36,958
1,168,109
Toyota Motor Corp.
 
89,504
2,041,461
USS Co. Ltd.
 
42,200
322,378
YAKUODO Holdings Co. Ltd.
 
4,000
72,666
YONEX Co. Ltd.
 
3,700
29,505
TOTAL JAPAN
 
 
32,112,734
Korea (South) - 3.8%
 
 
 
BGF Retail Co. Ltd.
 
631
59,321
HD Hyundai Marine Solution Co. Ltd. (d)
 
200
12,035
Hd Hyundai Mipo (a)
 
14,756
792,344
Hyundai Motor Co. Ltd.
 
5,136
921,257
Korea Aerospace Industries Ltd.
 
40,244
1,494,293
Samsung Biologics Co. Ltd. (a)(c)
 
1,267
710,133
Samsung Electronics Co. Ltd.
 
114,103
6,324,846
TOTAL KOREA (SOUTH)
 
 
10,314,229
Luxembourg - 0.1%
 
 
 
ArcelorMittal SA (Netherlands)
 
14,716
370,479
Mexico - 0.6%
 
 
 
Grupo Financiero Banorte S.A.B. de CV Series O
 
76,309
755,261
Wal-Mart de Mexico SA de CV Series V
 
212,078
791,327
TOTAL MEXICO
 
 
1,546,588
Netherlands - 3.0%
 
 
 
Aalberts Industries NV
 
13,075
626,798
ASML Holding NV (Netherlands)
 
6,474
5,753,168
BE Semiconductor Industries NV
 
4,653
623,193
IMCD NV
 
5,431
824,476
Universal Music Group NV
 
10,768
318,318
TOTAL NETHERLANDS
 
 
8,145,953
Norway - 0.1%
 
 
 
Kongsberg Gruppen ASA
 
4,065
287,626
Medistim ASA
 
1,929
31,518
TOTAL NORWAY
 
 
319,144
Peru - 0.5%
 
 
 
Credicorp Ltd. (United States)
 
8,831
1,462,502
Poland - 0.4%
 
 
 
Powszechna Kasa Oszczednosci Bank SA
 
79,500
1,189,639
Russia - 0.1%
 
 
 
LUKOIL PJSC sponsored ADR (a)(b)
 
15,040
189,504
Sberbank of Russia sponsored ADR (a)(b)
 
62,556
1,114
Yandex NV Series A (a)(b)
 
15,421
178,884
TOTAL RUSSIA
 
 
369,502
Singapore - 0.3%
 
 
 
United Overseas Bank Ltd.
 
39,748
882,040
South Africa - 1.6%
 
 
 
Anglo American PLC (United Kingdom)
 
26,856
877,586
FirstRand Ltd.
 
348,928
1,204,553
Impala Platinum Holdings Ltd.
 
212,900
947,736
MTN Group Ltd.
 
251,234
1,204,116
Thungela Resources Ltd.
 
4,647
31,995
TOTAL SOUTH AFRICA
 
 
4,265,986
Spain - 1.2%
 
 
 
Amadeus IT Holding SA Class A
 
9,257
587,578
Banco Santander SA (Spain) (e)
 
413,878
2,019,851
Cellnex Telecom SA (c)
 
9,784
323,407
Fluidra SA
 
1,501
31,877
Unicaja Banco SA (c)
 
147,836
193,585
TOTAL SPAIN
 
 
3,156,298
Sweden - 3.3%
 
 
 
Addlife AB
 
4,162
38,748
AddTech AB (B Shares)
 
22,156
468,034
ASSA ABLOY AB (B Shares) (e)
 
39,516
1,044,069
Atlas Copco AB (A Shares)
 
168,615
2,953,475
Autoliv, Inc.
 
6,783
812,536
Bergman & Beving AB (B Shares)
 
5,200
105,459
Epiroc AB (A Shares)
 
53,837
995,305
Hemnet Group AB
 
5,515
144,626
Investor AB (B Shares)
 
56,107
1,386,587
INVISIO AB
 
4,173
92,204
John Mattson Fastighetsforetagen AB (a)
 
10,132
51,118
Lagercrantz Group AB (B Shares)
 
51,594
767,328
TOTAL SWEDEN
 
 
8,859,489
Switzerland - 1.6%
 
 
 
Schindler Holding AG:
 
 
 
 (participation certificate)
 
1,917
479,641
 (Reg.)
 
107
26,132
Swiss Life Holding AG
 
867
585,702
Tecan Group AG
 
294
104,583
UBS Group AG
 
35,290
931,725
UBS Group AG
 
42,597
1,143,729
Zurich Insurance Group Ltd.
 
2,402
1,160,694
TOTAL SWITZERLAND
 
 
4,432,206
Taiwan - 5.2%
 
 
 
Addcn Technology Co. Ltd.
 
12,354
75,950
Asia Vital Components Co. Ltd.
 
40,363
794,774
ECLAT Textile Co. Ltd.
 
74,231
1,165,885
HIWIN Technologies Corp.
 
150,445
1,061,976
Taiwan Semiconductor Manufacturing Co. Ltd.
 
408,852
9,772,052
Yageo Corp.
 
61,403
1,169,149
TOTAL TAIWAN
 
 
14,039,786
United Kingdom - 6.6%
 
 
 
AstraZeneca PLC (United Kingdom)
 
6,864
1,038,173
B&M European Value Retail SA
 
38,769
251,423
BAE Systems PLC
 
208,813
3,473,023
Barratt Developments PLC
 
145,568
827,074
Beazley PLC
 
51,346
425,377
Bodycote PLC
 
22,668
197,141
Clarkson PLC
 
1,639
79,565
Compass Group PLC
 
65,316
1,816,681
DP Poland PLC (a)
 
175,000
24,054
Flutter Entertainment PLC (a)
 
1,867
348,187
Games Workshop Group PLC
 
550
68,107
Howden Joinery Group PLC
 
19,094
209,004
HSBC Holdings PLC (United Kingdom)
 
71,732
621,770
Imperial Brands PLC
 
22,705
518,813
InterContinental Hotel Group PLC ADR
 
15,974
1,571,043
JD Sports Fashion PLC
 
171,714
248,037
Lloyds Banking Group PLC
 
1,406,368
907,647
London Stock Exchange Group PLC
 
13,632
1,502,793
Oxford Instruments PLC
 
2,000
56,480
Rightmove PLC
 
57,260
368,479
Rolls-Royce Holdings PLC (a)
 
97,312
499,018
Sage Group PLC
 
39,703
578,463
Spectris PLC
 
29,093
1,210,560
Spirax-Sarco Engineering PLC
 
450
49,735
Standard Chartered PLC (United Kingdom)
 
102,537
880,951
Unite Group PLC
 
4,500
52,181
TOTAL UNITED KINGDOM
 
 
17,823,779
United States of America - 10.8%
 
 
 
CRH PLC
 
33,636
2,604,099
CRH PLC
 
19,385
1,510,517
Experian PLC
 
39,805
1,605,493
Ferguson PLC
 
2,848
603,559
GSK PLC
 
68,249
1,415,957
Linde PLC
 
9,854
4,345,220
Marsh & McLennan Companies, Inc.
 
8,881
1,771,138
MasterCard, Inc. Class A
 
3,526
1,590,931
Microsoft Corp.
 
2,200
856,526
Moody's Corp.
 
3,732
1,382,072
Morningstar, Inc.
 
984
278,128
Nestle SA (Reg. S)
 
19,628
1,970,655
Otis Worldwide Corp.
 
6,094
555,773
PriceSmart, Inc.
 
3,242
261,273
S&P Global, Inc.
 
3,211
1,335,230
Shell PLC ADR
 
55,600
3,984,296
Sherwin-Williams Co.
 
4,965
1,487,564
Visa, Inc. Class A
 
5,900
1,584,799
TOTAL UNITED STATES OF AMERICA
 
 
29,143,230
 
TOTAL COMMON STOCKS
 (Cost $206,221,740)
 
 
 
259,326,105
 
 
 
 
Preferred Stocks - 1.5%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.1%
 
 
 
China - 0.1%
 
 
 
ByteDance Ltd. Series E1 (a)(b)(f)
 
577
132,981
Nonconvertible Preferred Stocks - 1.4%
 
 
 
Brazil - 1.2%
 
 
 
Gerdau SA sponsored ADR
 
287,899
1,001,889
Itau Unibanco Holding SA
 
167,623
1,012,336
Petroleo Brasileiro SA - Petrobras sponsored ADR
 
76,186
1,292,876
 
 
 
3,307,101
Germany - 0.2%
 
 
 
Porsche Automobil Holding SE (Germany)
 
11,074
564,237
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 
 
3,871,338
 
TOTAL PREFERRED STOCKS
 (Cost $3,517,621)
 
 
 
4,004,319
 
 
 
 
Money Market Funds - 3.2%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (g)
 
5,838,343
5,839,511
Fidelity Securities Lending Cash Central Fund 5.39% (g)(h)
 
2,774,793
2,775,071
 
TOTAL MONEY MARKET FUNDS
 (Cost $8,614,578)
 
 
8,614,582
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.5%
 (Cost $218,353,939)
 
 
 
271,945,006
NET OTHER ASSETS (LIABILITIES) - (0.5)%  
(1,254,309)
NET ASSETS - 100.0%
270,690,697
 
 
 
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 $6,065,423 or 2.2% of net assets.
 
(d)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(e)
Security or a portion of the security is on loan at period end.
 
(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 $132,981 or 0.0% 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 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
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 5.39%
5,162,285
40,815,150
40,137,864
165,141
(61)
1
5,839,511
0.0%
Fidelity Securities Lending Cash Central Fund 5.39%
21,697
10,976,984
8,223,610
1,995
-
-
2,775,071
0.0%
Total
5,183,982
51,792,134
48,361,474
167,136
(61)
1
8,614,582
 
 
 
 
 
 
 
 
 
 
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 April 30, 2024, 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
11,975,880
2,016,826
9,647,189
311,865
Consumer Discretionary
29,077,460
5,964,473
23,112,987
-
Consumer Staples
6,218,827
1,097,258
5,121,569
-
Energy
16,790,734
10,207,692
6,393,538
189,504
Financials
58,470,721
32,983,231
25,486,376
1,114
Health Care
14,252,483
2,907,735
11,344,748
-
Industrials
52,402,542
16,106,156
36,296,386
-
Information Technology
44,012,831
13,438,824
30,574,007
-
Materials
28,638,389
18,434,851
10,203,538
-
Real Estate
798,375
149,041
649,334
-
Utilities
692,182
-
692,182
-
  Money Market Funds
8,614,582
8,614,582
-
-
 Total Investments in Securities:
271,945,006
111,920,669
159,521,854
502,483
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $2,554,943) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $209,739,361)
$
263,330,424
 
 
Fidelity Central Funds (cost $8,614,578)
8,614,582
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $218,353,939)
 
 
$
271,945,006
Cash
 
 
55,557
Foreign currency held at value (cost $315,228)
 
 
315,098
Receivable for investments sold
 
 
735,365
Receivable for fund shares sold
 
 
154,113
Dividends receivable
 
 
854,671
Reclaims receivable
 
 
281,312
Distributions receivable from Fidelity Central Funds
 
 
27,726
Prepaid expenses
 
 
83
Other receivables
 
 
18,541
  Total assets
 
 
274,387,472
Liabilities
 
 
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
$
334,490
 
 
Delayed delivery
12,155
 
 
Payable for fund shares redeemed
37,521
 
 
Accrued management fee
204,937
 
 
Distribution and service plan fees payable
12,338
 
 
Deferred taxes
254,400
 
 
Other payables and accrued expenses
65,863
 
 
Collateral on securities loaned
2,775,071
 
 
  Total liabilities
 
 
 
3,696,775
Net Assets  
 
 
$
270,690,697
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
225,985,784
Total accumulated earnings (loss)
 
 
 
44,704,913
Net Assets
 
 
$
270,690,697
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($21,650,174 ÷ 1,930,829 shares)(a)
 
 
$
11.21
Maximum offering price per share (100/94.25 of $11.21)
 
 
$
11.89
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($12,284,835 ÷ 1,087,706 shares)(a)
 
 
$
11.29
Maximum offering price per share (100/96.50 of $11.29)
 
 
$
11.70
Class C :
 
 
 
 
Net Asset Value and offering price per share ($3,037,887 ÷ 270,935 shares)(a)
 
 
$
11.21
Total International Equity :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($135,580,362 ÷ 12,048,077 shares)
 
 
$
11.25
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($65,890,808 ÷ 5,879,687 shares)
 
 
$
11.21
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($32,246,631 ÷ 2,859,283 shares)
 
 
$
11.28
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
2,944,423
Income from Fidelity Central Funds (including $1,995 from security lending)
 
 
167,136
 Income before foreign taxes withheld
 
 
$
3,111,559
Less foreign taxes withheld
 
 
(257,215)
 Total income
 
 
 
2,854,344
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
944,357
 
 
 Performance adjustment
50,706
 
 
Transfer agent fees
137,711
 
 
Distribution and service plan fees
70,415
 
 
Accounting fees
41,953
 
 
Custodian fees and expenses
45,570
 
 
Independent trustees' fees and expenses
631
 
 
Registration fees
44,409
 
 
Audit
56,616
 
 
Legal
1,264
 
 
Miscellaneous
483
 
 
 Total expenses before reductions
 
1,394,115
 
 
 Expense reductions
 
(34,901)
 
 
 Total expenses after reductions
 
 
 
1,359,214
Net Investment income (loss)
 
 
 
1,495,130
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $196,696)
 
1,577,747
 
 
   Fidelity Central Funds
 
(61)
 
 
 Foreign currency transactions
 
(23,165)
 
 
Total net realized gain (loss)
 
 
 
1,554,521
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of increase in deferred foreign taxes of $91,311)  
 
39,516,862
 
 
   Fidelity Central Funds
 
1
 
 
 Assets and liabilities in foreign currencies
 
(7,865)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
39,508,998
Net gain (loss)
 
 
 
41,063,519
Net increase (decrease) in net assets resulting from operations
 
 
$
42,558,649
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
1,495,130
$
3,409,289
Net realized gain (loss)
 
1,554,521
 
 
(5,236,290)
 
Change in net unrealized appreciation (depreciation)
 
39,508,998
 
20,080,804
 
Net increase (decrease) in net assets resulting from operations
 
42,558,649
 
 
18,253,803
 
Distributions to shareholders
 
(3,300,481)
 
 
(1,806,040)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
8,730,976
 
 
52,136,162
 
Total increase (decrease) in net assets
 
47,989,144
 
 
68,583,925
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
222,701,553
 
154,117,628
 
End of period
$
270,690,697
$
222,701,553
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® Total International Equity Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
9.56
$
8.56
$
12.48
$
9.60
$
9.34
$
8.20
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.05
 
.13
 
.15
 
.11 C
 
.05
 
.14
     Net realized and unrealized gain (loss)
 
1.72
 
.95
 
(3.10)
 
3.03
 
.35
 
1.05
  Total from investment operations
 
1.77  
 
1.08  
 
(2.95)  
 
3.14  
 
.40
 
1.19
  Distributions from net investment income
 
(.12)
 
(.08)
 
(.19)
 
(.06)
 
(.14)
 
(.05)
  Distributions from net realized gain
 
-
 
-
 
(.77)
 
(.20)
 
-
 
-
     Total distributions
 
(.12)
 
(.08)
 
(.97) D
 
(.26)
 
(.14)
 
(.05)
  Net asset value, end of period
$
11.21
$
9.56
$
8.56
$
12.48
$
9.60
$
9.34
 Total Return E,F,G
 
18.59
%
 
 
12.66%
 
(25.44)%
 
33.04%
 
4.31%
 
14.63%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.31% J
 
1.39%
 
1.56%
 
1.60%
 
1.66%
 
1.51%
    Expenses net of fee waivers, if any
 
1.27
% J
 
 
1.29%
 
1.30%
 
1.34%
 
1.39%
 
1.45%
    Expenses net of all reductions
 
1.27% J
 
1.29%
 
1.30%
 
1.34%
 
1.37%
 
1.44%
    Net investment income (loss)
 
.93% J
 
1.33%
 
1.55%
 
.91% C
 
.58%
 
1.55%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
21,650
$
17,343
$
12,786
$
8,642
$
6,091
$
7,249
    Portfolio turnover rate K
 
28
% J
 
 
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 .64%.
 
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.
 
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.
 
JAnnualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor® Total International Equity Fund Class M
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
9.62
$
8.61
$
12.53
$
9.65
$
9.38
$
8.22
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.04
 
.11
 
.13
 
.08 C
 
.03
 
.11
     Net realized and unrealized gain (loss)
 
1.72
 
.95
 
(3.12)
 
3.04
 
.36
 
1.07
  Total from investment operations
 
1.76  
 
1.06  
 
(2.99)  
 
3.12  
 
.39
 
1.18
  Distributions from net investment income
 
(.09)
 
(.05)
 
(.15)
 
(.04)
 
(.12)
 
(.02)
  Distributions from net realized gain
 
-
 
-
 
(.77)
 
(.20)
 
-
 
-
     Total distributions
 
(.09)
 
(.05)
 
(.93) D
 
(.24)
 
(.12)
 
(.02)
  Net asset value, end of period
$
11.29
$
9.62
$
8.61
$
12.53
$
9.65
$
9.38
 Total Return E,F,G
 
18.41
%
 
 
12.34%
 
(25.59)%
 
32.63%
 
4.13%
 
14.38%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.56% J
 
1.66%
 
1.80%
 
1.83%
 
1.90%
 
1.76%
    Expenses net of fee waivers, if any
 
1.51
% J
 
 
1.54%
 
1.55%
 
1.59%
 
1.64%
 
1.70%
    Expenses net of all reductions
 
1.51% J
 
1.54%
 
1.55%
 
1.59%
 
1.62%
 
1.69%
    Net investment income (loss)
 
.68% J
 
1.09%
 
1.29%
 
.65% C
 
.33%
 
1.30%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
12,285
$
10,624
$
9,876
$
12,936
$
10,620
$
11,733
    Portfolio turnover rate K
 
28
% J
 
 
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 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.
 
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.
 
JAnnualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor® Total International Equity Fund Class C
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
9.53
$
8.53
$
12.41
$
9.57
$
9.30
$
8.17
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.01
 
.06
 
.08
 
.02 C
 
(.02)
 
.07
     Net realized and unrealized gain (loss)
 
1.72
 
.95
 
(3.11)
 
3.02
 
.36
 
1.06
  Total from investment operations
 
1.73  
 
1.01  
 
(3.03)  
 
3.04  
 
.34
 
1.13
  Distributions from net investment income
 
(.05)
 
(.01)
 
(.07)
 
-
 
(.07)
 
-
  Distributions from net realized gain
 
-
 
-
 
(.77)
 
(.20)
 
-
 
-
     Total distributions
 
(.05)
 
(.01)
 
(.85) D
 
(.20)
 
(.07)
 
-
  Net asset value, end of period
$
11.21
$
9.53
$
8.53
$
12.41
$
9.57
$
9.30
 Total Return E,F,G
 
18.16
%
 
 
11.82%
 
(26.04)%
 
32.00%
 
3.62%
 
13.83%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.06% J
 
2.18%
 
2.34%
 
2.40%
 
2.46%
 
2.33%
    Expenses net of fee waivers, if any
 
2.02
% J
 
 
2.04%
 
2.05%
 
2.10%
 
2.14%
 
2.20%
    Expenses net of all reductions
 
2.02% J
 
2.04%
 
2.05%
 
2.10%
 
2.12%
 
2.19%
    Net investment income (loss)
 
.18% J
 
.58%
 
.79%
 
.15% C
 
(.17)%
 
.80%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,038
$
2,475
$
1,893
$
1,982
$
1,827
$
2,203
    Portfolio turnover rate K
 
28
% J
 
 
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 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.
 
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.
 
JAnnualized.
 
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity® Total International Equity Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
9.60
$
8.60
$
12.54
$
9.64
$
9.37
$
8.23
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.06
 
.16
 
.18
 
.14 C
 
.08
 
.16
     Net realized and unrealized gain (loss)
 
1.73
 
.94
 
(3.12)
 
3.04
 
.35
 
1.06
  Total from investment operations
 
1.79  
 
1.10  
 
(2.94)  
 
3.18  
 
.43
 
1.22
  Distributions from net investment income
 
(.14)
 
(.10)
 
(.23)
 
(.08)
 
(.16)
 
(.08)
  Distributions from net realized gain
 
-
 
-
 
(.77)
 
(.20)
 
-
 
-
     Total distributions
 
(.14)
 
(.10)
 
(1.00)
 
(.28)
 
(.16)
 
(.08)
  Net asset value, end of period
$
11.25
$
9.60
$
8.60
$
12.54
$
9.64
$
9.37
 Total Return D,E
 
18.82
%
 
 
12.80%
 
(25.25)%
 
33.37%
 
4.65%
 
14.97%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.03% H
 
1.11%
 
1.23%
 
1.27%
 
1.34%
 
1.20%
    Expenses net of fee waivers, if any
 
1.01
% H
 
 
1.04%
 
1.05%
 
1.09%
 
1.14%
 
1.20%
    Expenses net of all reductions
 
1.01% H
 
1.04%
 
1.05%
 
1.09%
 
1.12%
 
1.19%
    Net investment income (loss)
 
1.18% H
 
1.58%
 
1.79%
 
1.16% C
 
.83%
 
1.81%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
135,580
$
108,561
$
86,458
$
82,604
$
61,362
$
70,251
    Portfolio turnover rate I
 
28
% H
 
 
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 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).
 
 
Fidelity Advisor® Total International Equity Fund Class I
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
9.56
$
8.56
$
12.49
$
9.60
$
9.35
$
8.19
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.06
 
.16
 
.17
 
.14 C
 
.08
 
.16
     Net realized and unrealized gain (loss)
 
1.73
 
.94
 
(3.10)
 
3.03
 
.34
 
1.07
  Total from investment operations
 
1.79  
 
1.10  
 
(2.93)  
 
3.17  
 
.42
 
1.23
  Distributions from net investment income
 
(.14)
 
(.10)
 
(.23)
 
(.08)
 
(.17)
 
(.07)
  Distributions from net realized gain
 
-
 
-
 
(.77)
 
(.20)
 
-
 
-
     Total distributions
 
(.14)
 
(.10)
 
(1.00)
 
(.28)
 
(.17)
 
(.07)
  Net asset value, end of period
$
11.21
$
9.56
$
8.56
$
12.49
$
9.60
$
9.35
 Total Return D,E
 
18.90
%
 
 
12.86%
 
(25.28)%
 
33.40%
 
4.50%
 
15.11%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.02% H
 
1.09%
 
1.22%
 
1.26%
 
1.33%
 
1.18%
    Expenses net of fee waivers, if any
 
.99
% H
 
 
1.04%
 
1.04%
 
1.06%
 
1.14%
 
1.18%
    Expenses net of all reductions
 
.99% H
 
1.04%
 
1.04%
 
1.06%
 
1.13%
 
1.17%
    Net investment income (loss)
 
1.20% H
 
1.58%
 
1.80%
 
1.18% C
 
.82%
 
1.82%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
65,891
$
57,299
$
35,423
$
5,714
$
2,073
$
3,086
    Portfolio turnover rate I
 
28
% H
 
 
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 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).
 
 
Fidelity Advisor® Total International Equity Fund Class Z
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
9.63
$
8.61
$
12.53
$
9.62
$
9.36
$
8.22
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.07
 
.17
 
.19
 
.16 C
 
.09
 
.18
     Net realized and unrealized gain (loss)
 
1.73
 
.95
 
(3.11)
 
3.03
 
.35
 
1.05
  Total from investment operations
 
1.80  
 
1.12  
 
(2.92)  
 
3.19  
 
.44
 
1.23
  Distributions from net investment income
 
(.15)
 
(.10)
 
(.23)
 
(.08)
 
(.18)
 
(.09)
  Distributions from net realized gain
 
-
 
-
 
(.77)
 
(.20)
 
-
 
-
     Total distributions
 
(.15)
 
(.10)
 
(1.00)
 
(.28)
 
(.18)
 
(.09)
  Net asset value, end of period
$
11.28
$
9.63
$
8.61
$
12.53
$
9.62
$
9.36
 Total Return D,E
 
18.88
%
 
 
13.04%
 
(25.09)%
 
33.54%
 
4.74%
 
15.13%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.91% H
 
.95%
 
1.10%
 
1.16%
 
1.22%
 
1.09%
    Expenses net of fee waivers, if any
 
.86
% H
 
 
.89%
 
.90%
 
.94%
 
.98%
 
1.04%
    Expenses net of all reductions
 
.86% H
 
.89%
 
.90%
 
.94%
 
.97%
 
1.03%
    Net investment income (loss)
 
1.33% H
 
1.74%
 
1.94%
 
1.31% C
 
.99%
 
1.97%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
32,247
$
26,401
$
7,681
$
5,752
$
3,422
$
3,815
    Portfolio turnover rate I
 
28
% H
 
 
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 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).
 
For the period ended April 30, 2024
 
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 April 30, 2024 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. 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.
 
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
$64,884,284
Gross unrealized depreciation
(12,855,226)
Net unrealized appreciation (depreciation)
$52,029,058
Tax cost
$219,915,948
 
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 prior 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)
 
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 Total International Equity Fund
40,263,157
35,767,343
 
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.
 
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
.88
Class M
.88
Class C
.88
Total International Equity
.87
Class I
.85
Class Z
.72
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.87
Class M
.87
Class C
.87
Total International Equity
.83
Class I
.85
Class Z
.72
 
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was 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 decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
 
 
Performance Adjustment Index
Fidelity Total International Equity Fund
MSCI All Country World ex USA Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Total International Equity. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was .04%.
 
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
 
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.44% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
 
 
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%
25,682
551
Class M
 .25%
 .25%
 29,982
 128
Class C
 .75%
 .25%
                14,751
                  4,432
 
 
 
70,415
5,111
 
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
 3,353
Class M
 284
Class CA
                        27
 
                  3,664
 
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. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
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%
 
 
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
Amount ($)
% of Class-Level Average Net AssetsA
Class A
 13,490
.20
Class M
 8,049
.21
Class C
 2,032
.21
Total International Equity
 74,318
.18
Class I
 35,680
.16
Class Z
 4,142
.04
 
                      137,711
 
 
 
 
A Annualized
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
 
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%
 
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Fidelity Total International Equity Fund
.05
 
 
 
 
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
 154
 
 
 
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
 983,451
 602,835
 81,175
 
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
234
 
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
222
 -
-
 
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
1.20%
 3,963
Class M
1.45%
 2,250
Class C
1.95%
 559
Total International Equity
.95%
 6,252
Class I
.95%
 5,295
Class Z
.80%
                  5,052
 
 
                23,371
 
 
 
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
 19
 
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 $11,511.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2024
Year ended
October 31, 2023
Fidelity Total International Equity Fund
 
 
Distributions to shareholders
 
 
Class A
$214,708
 $136,043
Class M
 103,563
 60,649
Class C
 12,847
 1,760
Total International Equity
 1,657,937
 1,034,854
Class I
 886,527
 451,131
Class Z
             424,899
             121,603
Total  
$3,300,481
$1,806,040
 
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
 
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Fidelity Total International Equity Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
247,667
883,201
$2,664,241
$8,694,442
Reinvestment of distributions
20,725
14,206
213,883
135,808
Shares redeemed
(152,186)
(575,856)
(1,659,761)
(5,858,395)
Net increase (decrease)
116,206
321,551
$1,218,363
$2,971,855
Class M
 
 
 
 
Shares sold
55,306
117,155
$605,704
$1,168,097
Reinvestment of distributions
9,958
6,291
103,562
60,649
Shares redeemed
(82,426)
(165,757)
(897,177)
(1,635,862)
Net increase (decrease)
(17,162)
(42,311)
$(187,911)
$(407,116)
Class C
 
 
 
 
Shares sold
26,478
113,803
$269,196
$1,148,641
Reinvestment of distributions
1,241
183
12,847
1,757
Shares redeemed
(16,504)
(76,111)
(176,797)
(745,659)
Net increase (decrease)
11,215
37,875
$105,246
$404,739
Total International Equity
 
 
 
 
Shares sold
1,834,508
4,599,531
$19,791,706
$45,831,869
Reinvestment of distributions
144,359
97,973
1,492,669
939,562
Shares redeemed
(1,234,387)
(3,448,548)
(13,345,666)
(34,371,636)
Net increase (decrease)
744,480
1,248,956
$7,938,709
$12,399,795
Class I
 
 
 
 
Shares sold
1,214,116
3,922,899
$12,855,245
$39,216,121
Reinvestment of distributions
85,453
46,910
880,163
447,992
Shares redeemed
(1,410,818)
(2,115,326)
(15,301,935)
(21,232,217)
Net increase (decrease)
(111,249)
1,854,483
$(1,566,527)
$18,431,896
Class Z
 
 
 
 
Shares sold
1,033,147
2,772,393
$11,334,260
$27,649,951
Reinvestment of distributions
37,496
10,898
388,454
104,625
Shares redeemed
(953,770)
(933,308)
(10,499,618)
(9,419,583)
Net increase (decrease)
116,873
1,849,983
$1,223,096
$18,334,993
 
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.
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 (November 1, 2023 to April 30, 2024).
 
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 November 1, 2023
 
Ending Account Value April 30, 2024
 
Expenses Paid During Period- C November 1, 2023 to April 30, 2024
Fidelity® Total International Equity Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.27%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,185.90
 
$ 6.90
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,018.55
 
$ 6.37
 
Class M
 
 
 
1.51%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,184.10
 
$ 8.20
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,017.35
 
$ 7.57
 
Class C
 
 
 
2.02%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,181.60
 
$ 10.96
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,014.82
 
$ 10.12
 
Fidelity® Total International Equity Fund **
 
 
 
1.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,188.20
 
$ 5.50
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.84
 
$ 5.07
 
Class I
 
 
 
.99%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,189.00
 
$ 5.39
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.94
 
$ 4.97
 
Class Z
 
 
 
.86%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,188.80
 
$ 4.68
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.59
 
$ 4.32
 
 
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 182/ 366 (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 March 1, 2024, had been in effect during the entire 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® Total International Equity Fund
 
 
 
 
 
 
Fidelity® Total International Equity Fund
 
 
 
.96%
 
 
Actual
 
 
 
 
 
$ 5.22
Hypothetical- B
 
 
 
 
 
 
$ 4.82
 
 
 
 
 
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
 
 
 
 
 
B   5% return per year before expenses
 
 
 
 
 
 
 
 
 
Board Approval of Investment Advisory Contracts
Fidelity Total International Equity Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), Fidelity Management & Research (Japan) Limited (FMR Japan), and FIL Investment Advisors (FIL). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board further noted that the agreement with FIL was amended to provide that FMR will compensate FIL at a flat fee rate of 0.44% of the net assets sub-advised by it. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.912361.114
TIE-SANN-0624
Fidelity® International Discovery K6 Fund
 
 
Semi-Annual Report
April 30, 2024

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

Liquidity Risk Management Program

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. © 2024 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.
 
Top Holdings (% of Fund's net assets)
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
3.6
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
3.5
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
2.5
 
UniCredit SpA  (Italy, Banks)
2.5
 
Hitachi Ltd.  (Japan, Industrial Conglomerates)
2.4
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
2.1
 
L'Oreal SA  (France, Personal Care Products)
1.9
 
Constellation Software, Inc.  (Canada, Software)
1.8
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
1.8
 
Rheinmetall AG  (Germany, Aerospace & Defense)
1.7
 
 
23.8
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
19.4
 
Financials
19.4
 
Industrials
18.5
 
Consumer Discretionary
12.9
 
Health Care
11.0
 
Materials
5.3
 
Consumer Staples
4.1
 
Energy
3.5
 
Communication Services
2.1
 
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 - 97.0%
 
 
Shares
Value ($)
 
Australia - 2.0%
 
 
 
Aristocrat Leisure Ltd.
 
74,241
1,894,629
CAR Group Ltd.
 
160,963
3,490,244
IperionX Ltd. (a)(b)
 
1,372,311
1,856,175
National Storage REIT unit
 
2,634,454
3,632,720
Steadfast Group Ltd.
 
493,532
1,796,171
TOTAL AUSTRALIA
 
 
12,669,939
Bailiwick of Jersey - 0.4%
 
 
 
JTC PLC (c)
 
263,567
2,815,858
Belgium - 1.2%
 
 
 
UCB SA
 
59,714
7,937,171
Brazil - 1.3%
 
 
 
MercadoLibre, Inc. (a)
 
3,695
5,389,897
Nu Holdings Ltd. (a)
 
272,718
2,961,717
TOTAL BRAZIL
 
 
8,351,614
Canada - 4.8%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
85,614
4,745,105
Cameco Corp.
 
71,645
3,268,821
Canadian Natural Resources Ltd.
 
125,438
9,505,460
Constellation Software, Inc.
 
4,541
11,691,116
Constellation Software, Inc. warrants 3/31/40 (a)(d)
 
4,032
0
Definity Financial Corp.
 
37,441
1,248,079
Lumine Group, Inc. (a)
 
11,697
320,411
TOTAL CANADA
 
 
30,778,992
China - 0.1%
 
 
 
Chervon Holdings Ltd.
 
325,605
790,752
Denmark - 3.6%
 
 
 
Novo Nordisk A/S Series B
 
180,276
23,119,004
France - 11.8%
 
 
 
Air Liquide SA
 
50,438
9,864,594
Airbus Group NV
 
39,726
6,537,222
AXA SA
 
287,906
9,967,297
BNP Paribas SA
 
72,860
5,243,141
EssilorLuxottica SA
 
29,373
6,294,451
Hermes International SCA
 
2,666
6,404,444
L'Oreal SA
 
25,298
11,869,682
LVMH Moet Hennessy Louis Vuitton SE
 
16,478
13,535,628
Safran SA
 
23,160
5,021,830
TOTAL FRANCE
 
 
74,738,289
Germany - 6.4%
 
 
 
adidas AG
 
14,408
3,481,176
Merck KGaA
 
26,378
4,193,032
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
12,565
5,527,342
Nexus AG
 
22,732
1,254,221
Rheinmetall AG
 
19,907
10,987,785
SAP SE
 
42,829
7,733,506
Siemens AG
 
34,073
6,383,017
Siemens Healthineers AG (c)
 
23,693
1,313,953
Talanx AG
 
73
5,508
TOTAL GERMANY
 
 
40,879,540
Hong Kong - 0.3%
 
 
 
AIA Group Ltd.
 
245,190
1,795,859
Hungary - 0.3%
 
 
 
Richter Gedeon PLC
 
68,212
1,737,020
India - 3.1%
 
 
 
Avenue Supermarts Ltd. (a)(c)
 
35,781
1,973,834
Computer Age Management Services Private Ltd.
 
55,070
2,110,134
Delhivery Private Ltd. (a)
 
203,400
1,093,181
HDFC Bank Ltd.
 
324,330
5,888,349
HDFC Bank Ltd. sponsored ADR
 
58,285
3,357,216
Larsen & Toubro Ltd.
 
59,355
2,550,704
Lenskart Solutions Pvt Ltd. (d)(e)
 
24,000
661,395
Sona Blw Precision Forgings Ltd. (c)
 
200,172
1,495,844
Star Health & Allied Insurance Co. Ltd. (a)
 
52,750
361,118
TOTAL INDIA
 
 
19,491,775
Ireland - 1.9%
 
 
 
Cairn Homes PLC
 
1,840,643
3,118,767
Dalata Hotel Group PLC
 
787,138
3,544,942
Kingspan Group PLC (Ireland)
 
58,293
5,216,333
TOTAL IRELAND
 
 
11,880,042
Israel - 0.4%
 
 
 
NICE Ltd. sponsored ADR (a)
 
10,190
2,277,567
Italy - 5.1%
 
 
 
BFF Bank SpA (c)
 
251,563
3,235,040
Davide Campari Milano NV
 
233,703
2,349,422
Ferrari NV
 
10,156
4,221,849
FinecoBank SpA
 
126,560
1,950,336
Prysmian SpA
 
73,525
4,015,884
Recordati SpA
 
16,012
855,255
Ryanair Holdings PLC
 
3,200
68,186
UniCredit SpA
 
425,108
15,603,318
TOTAL ITALY
 
 
32,299,290
Japan - 17.5%
 
 
 
Capcom Co. Ltd.
 
179,588
2,956,457
Daiichi Sankyo Kabushiki Kaisha
 
125,292
4,217,042
Disco Corp.
 
8,249
2,349,693
Fast Retailing Co. Ltd.
 
21,071
5,509,415
Fuji Electric Co. Ltd.
 
78,923
4,909,321
Hitachi Ltd.
 
163,714
15,104,368
Hoya Corp.
 
73,714
8,546,388
Itochu Corp.
 
188,758
8,515,774
JTOWER, Inc. (a)
 
39,750
811,871
Keyence Corp.
 
8,858
3,895,481
Mitsubishi Heavy Industries Ltd.
 
401,340
3,588,428
Mitsubishi UFJ Financial Group, Inc.
 
582,350
5,800,996
ORIX Corp.
 
302,956
6,200,121
Pan Pacific International Holdings Ltd.
 
141,277
3,318,036
Renesas Electronics Corp.
 
504,966
8,198,503
Shin-Etsu Chemical Co. Ltd.
 
234,639
9,082,627
Sony Group Corp.
 
86,295
7,132,400
Sumitomo Mitsui Financial Group, Inc.
 
76,792
4,362,078
TIS, Inc.
 
69,144
1,476,679
Tokio Marine Holdings, Inc.
 
123,220
3,894,540
Visional, Inc. (a)
 
26,804
1,223,020
TOTAL JAPAN
 
 
111,093,238
Kazakhstan - 0.2%
 
 
 
Kaspi.KZ JSC ADR
 
9,049
1,065,610
Korea (South) - 2.3%
 
 
 
HD Hyundai Marine Solution Co. Ltd. (f)
 
1,600
96,278
Samsung Electronics Co. Ltd.
 
202,920
11,248,064
SK Hynix, Inc.
 
24,927
3,067,522
TOTAL KOREA (SOUTH)
 
 
14,411,864
Luxembourg - 0.1%
 
 
 
CVC Capital Partners PLC
 
20,500
371,919
Netherlands - 7.2%
 
 
 
ASML Holding NV (Netherlands)
 
24,858
22,090,247
BE Semiconductor Industries NV
 
56,804
7,607,964
IMCD NV
 
17,795
2,701,445
ING Groep NV (Certificaten Van Aandelen)
 
228,774
3,616,979
Topicus.Com, Inc.
 
7,663
624,496
Universal Music Group NV
 
69,178
2,045,001
Wolters Kluwer NV
 
48,213
7,241,998
TOTAL NETHERLANDS
 
 
45,928,130
Spain - 1.1%
 
 
 
CaixaBank SA
 
1,135,827
5,989,851
Cie Automotive SA
 
4,097
108,871
Puig Group SL Class B
 
24,000
627,514
TOTAL SPAIN
 
 
6,726,236
Sweden - 2.7%
 
 
 
ASSA ABLOY AB (B Shares)
 
101,110
2,671,470
Indutrade AB
 
198,515
4,651,063
Investor AB (B Shares)
 
249,545
6,167,070
Kry International AB (a)(d)(e)
 
71
2,162
Lagercrantz Group AB (B Shares)
 
234,564
3,488,534
TOTAL SWEDEN
 
 
16,980,299
Switzerland - 0.8%
 
 
 
Partners Group Holding AG
 
3,967
5,133,257
Taiwan - 2.5%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
661,609
15,813,246
United Kingdom - 11.8%
 
 
 
3i Group PLC
 
235,973
8,430,714
AstraZeneca PLC (United Kingdom)
 
71,727
10,848,634
BAE Systems PLC
 
621,331
10,334,112
Big Yellow Group PLC
 
132,389
1,786,608
Cab Payments Holdings Ltd. (b)
 
300,267
499,014
Compass Group PLC
 
358,526
9,971,944
DCC PLC (United Kingdom)
 
226
15,490
Diageo PLC
 
47,973
1,657,931
Flutter Entertainment PLC (a)
 
21,602
4,028,672
Games Workshop Group PLC
 
28,447
3,522,604
JD Sports Fashion PLC
 
863,012
1,246,603
London Stock Exchange Group PLC
 
67,818
7,476,264
RELX PLC (London Stock Exchange)
 
156,818
6,443,162
Sage Group PLC
 
258,443
3,765,451
Starling Bank Ltd. Series D (a)(d)(e)
 
137,500
517,158
Zegona Communications PLC (a)
 
1,581,560
4,545,348
TOTAL UNITED KINGDOM
 
 
75,089,709
United States of America - 8.1%
 
 
 
Canva, Inc. Class A (d)(e)
 
400
426,664
CRH PLC
 
81,083
6,318,145
Globant SA (a)
 
9,764
1,743,753
Linde PLC
 
14,414
6,355,997
Microsoft Corp.
 
14,349
5,586,496
Nestle SA (Reg. S)
 
25,824
2,592,735
NVIDIA Corp.
 
9,770
8,441,475
Samsonite International SA (c)
 
683,802
2,404,022
Schneider Electric SA
 
35,251
8,037,697
Shell PLC (London)
 
270,632
9,620,594
TOTAL UNITED STATES OF AMERICA
 
 
51,527,578
 
TOTAL COMMON STOCKS
 (Cost $495,306,077)
 
 
 
615,703,798
 
 
 
 
Preferred Stocks - 0.1%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.1%
 
 
 
China - 0.0%
 
 
 
ByteDance Ltd. Series E1 (a)(d)(e)
 
1,533
353,311
dMed Biopharmaceutical Co. Ltd. Series C (a)(d)(e)
 
8,434
41,580
 
 
 
394,891
Estonia - 0.1%
 
 
 
Bolt Technology OU Series E (a)(d)(e)
 
3,347
411,021
United States of America - 0.0%
 
 
 
Canva, Inc.:
 
 
 
 Series A (d)(e)
 
85
90,666
 Series A2 (d)(e)
 
15
16,000
 
 
 
106,666
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
912,578
Nonconvertible Preferred Stocks - 0.0%
 
 
 
Sweden - 0.0%
 
 
 
Kry International AB Series E (a)(d)(e)
 
413
17,106
 
TOTAL PREFERRED STOCKS
 (Cost $1,452,783)
 
 
 
929,684
 
 
 
 
Money Market Funds - 2.9%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (g)
 
17,518,928
17,522,432
Fidelity Securities Lending Cash Central Fund 5.39% (g)(h)
 
721,977
722,049
 
TOTAL MONEY MARKET FUNDS
 (Cost $18,244,481)
 
 
18,244,481
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
 (Cost $515,003,341)
 
 
 
634,877,963
NET OTHER ASSETS (LIABILITIES) - 0.0%  
(160,055)
NET ASSETS - 100.0%
634,717,908
 
 
 
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 $13,238,551 or 2.1% 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 $2,537,063 or 0.4% of net assets.
 
(f)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Bolt Technology OU Series E
1/03/22
869,539
 
 
 
ByteDance Ltd. Series E1
11/18/20
167,977
 
 
 
Canva, Inc. Class A
3/18/24
426,664
 
 
 
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
 
 
 
Lenskart Solutions Pvt Ltd.
4/30/24
661,395
 
 
 
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 5.39%
20,988,977
111,822,952
115,289,506
343,502
9
-
17,522,432
0.0%
Fidelity Securities Lending Cash Central Fund 5.39%
4,348,895
43,060,815
46,687,661
33,947
-
-
722,049
0.0%
Total
25,337,872
154,883,767
161,977,167
377,449
9
-
18,244,481
 
 
 
 
 
 
 
 
 
 
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 April 30, 2024, 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
14,202,232
6,590,349
7,258,572
353,311
Consumer Discretionary
82,315,220
35,067,825
46,052,670
1,194,725
Consumer Staples
25,816,223
18,964,209
6,852,014
-
Energy
22,394,875
12,774,281
9,620,594
-
Financials
121,281,920
44,305,263
76,459,499
517,158
Health Care
70,357,751
22,271,150
48,045,021
41,580
Industrials
119,517,902
34,829,998
84,687,904
-
Information Technology
121,850,493
67,637,510
53,782,694
430,289
Materials
33,477,538
12,674,142
20,803,396
-
Real Estate
5,419,328
1,786,608
3,632,720
-
  Money Market Funds
18,244,481
18,244,481
-
-
 Total Investments in Securities:
634,877,963
275,145,816
357,195,084
2,537,063
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $666,457) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $496,758,860)
$
616,633,482
 
 
Fidelity Central Funds (cost $18,244,481)
18,244,481
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $515,003,341)
 
 
$
634,877,963
Foreign currency held at value (cost $508,228)
 
 
507,442
Receivable for investments sold
 
 
268,329
Receivable for fund shares sold
 
 
271,811
Dividends receivable
 
 
2,231,792
Reclaims receivable
 
 
998,982
Distributions receivable from Fidelity Central Funds
 
 
78,817
Other receivables
 
 
3,690
  Total assets
 
 
639,238,826
Liabilities
 
 
 
 
Payable to custodian bank
$
225,615
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
1,288,909
 
 
Delayed delivery
97,241
 
 
Payable for fund shares redeemed
1,607,457
 
 
Accrued management fee
329,355
 
 
Deferred taxes
250,285
 
 
Other payables and accrued expenses
7
 
 
Collateral on securities loaned
722,049
 
 
  Total liabilities
 
 
 
4,520,918
Net Assets  
 
 
$
634,717,908
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
615,949,527
Total accumulated earnings (loss)
 
 
 
18,768,381
Net Assets
 
 
$
634,717,908
Net Asset Value, offering price and redemption price per share ($634,717,908 ÷ 48,485,486 shares)
 
 
$
13.09
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
7,457,753
Income from Fidelity Central Funds (including $33,947 from security lending)
 
 
377,449
 Income before foreign taxes withheld
 
 
$
7,835,202
Less foreign taxes withheld
 
 
(654,440)
 Total income
 
 
 
7,180,762
Expenses
 
 
 
 
Management fee
$
1,962,357
 
 
Independent trustees' fees and expenses
1,624
 
 
 Total expenses before reductions
 
1,963,981
 
 
 Expense reductions
 
(184)
 
 
 Total expenses after reductions
 
 
 
1,963,797
Net Investment income (loss)
 
 
 
5,216,965
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $54,311)
 
(5,493,420)
 
 
   Redemptions in-kind
 
20,280,317
 
 
   Fidelity Central Funds
 
9
 
 
 Foreign currency transactions
 
63,984
 
 
Total net realized gain (loss)
 
 
 
14,850,890
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $79,035)  
 
111,097,189
 
 
 Assets and liabilities in foreign currencies
 
(21,513)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
111,075,676
Net gain (loss)
 
 
 
125,926,566
Net increase (decrease) in net assets resulting from operations
 
 
$
131,143,531
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
5,216,965
$
9,659,359
Net realized gain (loss)
 
14,850,890
 
 
(54,707,568)
 
Change in net unrealized appreciation (depreciation)
 
111,075,676
 
74,783,062
 
Net increase (decrease) in net assets resulting from operations
 
131,143,531
 
 
29,734,853
 
Distributions to shareholders
 
(11,176,994)
 
 
(4,996,303)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
99,285,667
 
197,751,242
  Reinvestment of distributions
 
11,176,992
 
 
4,996,303
 
Cost of shares redeemed
 
(179,094,672)
 
(112,155,117)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(68,632,013)
 
 
90,592,428
 
Total increase (decrease) in net assets
 
51,334,524
 
 
115,330,978
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
583,383,384
 
468,052,406
 
End of period
$
634,717,908
$
583,383,384
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
8,107,016
 
17,226,620
  Issued in reinvestment of distributions
 
955,298
 
 
448,904
 
Redeemed
 
(14,314,437)
 
(9,674,096)
Net increase (decrease)
 
(5,252,123)
 
8,001,428
 
 
 
 
 
 
Financial Highlights
 
Fidelity® International Discovery K6 Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019 A  
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.86
$
10.23
$
14.97
$
11.29
$
10.49
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.10
 
.19
 
.24
 
.16
 
.12
 
.06 D
     Net realized and unrealized gain (loss)
 
2.33
 
.55
 
(4.70)
 
3.60
 
.77
 
.43
  Total from investment operations
 
2.43  
 
.74  
 
(4.46)  
 
3.76  
 
.89
 
.49
  Distributions from net investment income
 
(.20)
 
(.11)
 
(.28)
 
(.08)
 
(.04)
 
-
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(.05)
 
-
     Total distributions
 
(.20)
 
(.11)
 
(.28)
 
(.08)
 
(.09)
 
-
  Net asset value, end of period
$
13.09
$
10.86
$
10.23
$
14.97
$
11.29
$
10.49
 Total Return E,F
 
22.57
%
 
 
7.19%
 
(30.35)%
 
33.43%
 
8.51%
 
4.90%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.60% I
 
.60%
 
.60%
 
.60%
 
.60%
 
.60% I
    Expenses net of fee waivers, if any
 
.60
% I
 
 
.60%
 
.60%
 
.60%
 
.60%
 
.60% I
    Expenses net of all reductions
 
.60% I
 
.60%
 
.60%
 
.60%
 
.60%
 
.60% I
    Net investment income (loss)
 
1.60% I
 
1.62%
 
1.98%
 
1.11%
 
1.16%
 
1.67% D,I
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
634,718
$
583,383
$
468,052
$
430,892
$
103,173
$
61,421
    Portfolio turnover rate J
 
45
% I,K
 
 
55% K
 
50% K
 
58% K
 
42% K
 
59% I,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 April 30, 2024
 
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 April 30, 2024 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. 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), 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
$131,955,059
Gross unrealized depreciation
(13,744,153)
Net unrealized appreciation (depreciation)
$118,210,906
Tax cost
$516,667,057
 
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 prior 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.
 
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 International Discovery K6 Fund
140,176,153
177,700,870
 
 
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 International Discovery K6 Fund
5,635,980
20,280,317
69,040,756
 
 
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
3,165,883
36,396,996
 
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
8,198,739
94,487,059
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
 175
 
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
 1,235,035
 7,739,185
 (1,509,192)
 
 
Sub-Advisory Arrangements. Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
 
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
3,691
 -
-
 
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 $184.
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.
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 (November 1, 2023 to April 30, 2024).
 
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 November 1, 2023
 
Ending Account Value April 30, 2024
 
Expenses Paid During Period- C November 1, 2023 to April 30, 2024
 
 
 
 
 
 
 
 
 
 
Fidelity® International Discovery K6 Fund
 
 
 
.60%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,225.70
 
$ 3.32
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.88
 
$ 3.02
 
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 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
Board Approval of Investment Advisory Contracts
Fidelity International Discovery K6 Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved amended and restated sub-advisory agreements (the Sub-Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Sub-Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Sub-Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
The Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser, and that the management fee paid by the fund under the management contract with FMR will remain unchanged.
The Board further considered that the approval of the fund's Sub-Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Sub-Advisory Contracts would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by FMR and its affiliates.
In connection with its consideration of future renewals of the fund's advisory contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Sub-Advisory Contracts should be approved.
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9893916.104
IGI-K6-SANN-0624
Fidelity® Global Commodity Stock Fund
 
 
Semi-Annual Report
April 30, 2024
Includes Fidelity and Fidelity Advisor share classes

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

Liquidity Risk Management Program

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. © 2024 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.
 
Top Holdings (% of Fund's net assets)
 
Exxon Mobil Corp.
7.3
 
Shell PLC (London)
6.4
 
Archer Daniels Midland Co.
5.3
 
Cenovus Energy, Inc. (Canada)
5.0
 
Teck Resources Ltd. Class B (sub. vtg.)
5.0
 
Antero Resources Corp.
4.7
 
UPM-Kymmene Corp.
3.9
 
Wheaton Precious Metals Corp.
3.7
 
Canadian Natural Resources Ltd.
3.2
 
Nutrien Ltd.
2.9
 
 
47.4
 
 
Industries (% of Fund's net assets)
 
Oil, Gas & Consumable Fuels
37.6
 
Metals & Mining
29.8
 
Paper & Forest Products
10.1
 
Food Products
8.8
 
Chemicals
7.1
 
Energy Equipment & Services
4.1
 
Containers & Packaging
1.3
 
Construction Materials
0.6
 
Electrical Equipment
0.1
 
 
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 - 99.5%
 
 
Shares
Value ($)
 
Chemicals - 7.1%
 
 
 
Fertilizers & Agricultural Chemicals - 7.1%
 
 
 
CF Industries Holdings, Inc.
 
89,400
7,059,918
Corteva, Inc.
 
469,100
25,392,383
FMC Corp.
 
178,400
10,527,384
Nutrien Ltd.
 
571,783
30,149,804
 
 
 
73,129,489
Construction Materials - 0.6%
 
 
 
Construction Materials - 0.6%
 
 
 
Ultratech Cement Ltd.
 
46,500
5,544,218
Containers & Packaging - 1.3%
 
 
 
Paper & Plastic Packaging Products & Materials - 1.3%
 
 
 
Billerud AB
 
332,200
2,783,807
Smurfit Kappa Group PLC
 
243,700
10,598,123
 
 
 
13,381,930
Electrical Equipment - 0.1%
 
 
 
Electrical Components & Equipment - 0.1%
 
 
 
GrafTech International Ltd.
 
683,684
1,175,936
Energy Equipment & Services - 4.1%
 
 
 
Oil & Gas Equipment & Services - 4.1%
 
 
 
Archrock, Inc.
 
294,893
5,658,997
DOF Group ASA
 
2,673,600
19,759,874
Kodiak Gas Services, Inc.
 
304,600
8,279,028
Tidewater, Inc. (a)
 
58,500
5,373,225
U.S.A. Compression Partners LP
 
113,900
2,759,797
 
 
 
41,830,921
Food Products - 8.8%
 
 
 
Agricultural Products & Services - 5.3%
 
 
 
Archer Daniels Midland Co.
 
918,800
53,896,808
Packaged Foods & Meats - 3.5%
 
 
 
JBS SA
 
4,800,300
21,669,112
Lamb Weston Holdings, Inc.
 
51,100
4,258,674
Tyson Foods, Inc. Class A
 
166,600
10,104,290
 
 
 
36,032,076
TOTAL FOOD PRODUCTS
 
 
89,928,884
Metals & Mining - 29.8%
 
 
 
Aluminum - 0.2%
 
 
 
Alcoa Corp.
 
65,200
2,291,128
Copper - 3.5%
 
 
 
ERO Copper Corp. (a)
 
504,240
10,281,493
First Quantum Minerals Ltd.
 
2,049,471
26,023,138
 
 
 
36,304,631
Diversified Metals & Mining - 10.3%
 
 
 
Anglo American PLC (United Kingdom)
 
561,400
18,345,137
BHP Group Ltd. (London) (b)
 
943,310
26,202,790
Sigma Lithium Corp. (a)(b)
 
418,409
6,012,537
Sumitomo Metal Mining Co. Ltd.
 
106,600
3,561,361
Teck Resources Ltd. Class B (sub. vtg.)
 
1,034,000
50,841,870
 
 
 
104,963,695
Gold - 6.1%
 
 
 
Alamos Gold, Inc.
 
624,300
9,183,217
Franco-Nevada Corp.
 
131,871
15,874,523
Wheaton Precious Metals Corp.
 
718,200
37,416,412
 
 
 
62,474,152
Precious Metals & Minerals - 3.5%
 
 
 
Anglo American Platinum Ltd. (b)
 
112,712
3,926,318
Impala Platinum Holdings Ltd.
 
1,786,000
7,950,476
Northam Platinum Holdings Ltd.
 
3,534,400
23,417,801
 
 
 
35,294,595
Steel - 6.2%
 
 
 
Champion Iron Ltd. (b)
 
5,153,800
23,360,848
Reliance, Inc.
 
98,600
28,073,392
Tata Steel Ltd.
 
6,094,200
12,009,370
 
 
 
63,443,610
TOTAL METALS & MINING
 
 
304,771,811
Oil, Gas & Consumable Fuels - 37.6%
 
 
 
Coal & Consumable Fuels - 0.8%
 
 
 
Alliance Resource Partners LP
 
219,000
4,912,170
Coal India Ltd.
 
611,200
3,322,116
 
 
 
8,234,286
Integrated Oil & Gas - 19.5%
 
 
 
Cenovus Energy, Inc. (Canada)
 
2,476,000
50,863,531
Exxon Mobil Corp.
 
629,600
74,462,795
Petroleo Brasileiro SA - Petrobras (ON)
 
957,800
8,163,970
Shell PLC (London)
 
1,859,079
66,087,689
 
 
 
199,577,985
Oil & Gas Exploration & Production - 11.6%
 
 
 
Antero Resources Corp. (a)
 
1,417,312
48,202,781
Canadian Natural Resources Ltd.
 
438,000
33,190,833
Diamondback Energy, Inc.
 
27,900
5,611,527
Mach Natural Resources LP (b)
 
539,267
11,135,864
MEG Energy Corp. (a)
 
934,400
21,251,635
 
 
 
119,392,640
Oil & Gas Storage & Transportation - 5.7%
 
 
 
Energy Transfer LP
 
1,635,900
25,732,707
Keyera Corp.
 
78,100
2,003,771
Plains GP Holdings LP Class A
 
1,110,700
20,225,847
Targa Resources Corp.
 
89,600
10,219,776
 
 
 
58,182,101
TOTAL OIL, GAS & CONSUMABLE FUELS
 
 
385,387,012
Paper & Forest Products - 10.1%
 
 
 
Forest Products - 3.5%
 
 
 
Interfor Corp. (a)(b)
 
614,300
7,795,606
Svenska Cellulosa AB SCA (B Shares) (b)
 
959,600
14,110,484
West Fraser Timber Co. Ltd.
 
187,900
14,391,585
 
 
 
36,297,675
Paper Products - 6.6%
 
 
 
Mondi PLC
 
196
3,720
Stora Enso Oyj (R Shares)
 
1,186,800
15,895,240
Suzano SA
 
965,900
10,874,420
UPM-Kymmene Corp.
 
1,149,200
40,373,952
 
 
 
67,147,332
TOTAL PAPER & FOREST PRODUCTS
 
 
103,445,007
 
TOTAL COMMON STOCKS
 (Cost $870,436,647)
 
 
 
1,018,595,208
 
 
 
 
Money Market Funds - 3.0%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (c)
 
5,461,640
5,462,732
Fidelity Securities Lending Cash Central Fund 5.39% (c)(d)
 
25,709,853
25,712,424
 
TOTAL MONEY MARKET FUNDS
 (Cost $31,175,156)
 
 
31,175,156
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.5%
 (Cost $901,611,803)
 
 
 
1,049,770,364
NET OTHER ASSETS (LIABILITIES) - (2.5)%  
(25,533,911)
NET ASSETS - 100.0%
1,024,236,453
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(d)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
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 5.39%
9,510,122
195,680,874
199,728,264
145,221
-
-
5,462,732
0.0%
Fidelity Securities Lending Cash Central Fund 5.39%
16,678,557
273,474,012
264,440,145
245,520
-
-
25,712,424
0.1%
Total
26,188,679
469,154,886
464,168,409
390,741
-
-
31,175,156
 
 
 
 
 
 
 
 
 
 
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 April 30, 2024, 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
1,018,595,208
874,430,722
144,164,486
-
  Money Market Funds
31,175,156
31,175,156
-
-
 Total Investments in Securities:
1,049,770,364
905,605,878
144,164,486
-
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $23,900,857) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $870,436,647)
$
1,018,595,208
 
 
Fidelity Central Funds (cost $31,175,156)
31,175,156
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $901,611,803)
 
 
$
1,049,770,364
Foreign currency held at value (cost $6,274)
 
 
6,271
Receivable for investments sold
 
 
508,488
Receivable for fund shares sold
 
 
1,566,801
Dividends receivable
 
 
1,521,180
Distributions receivable from Fidelity Central Funds
 
 
70,860
Prepaid expenses
 
 
476
Other receivables
 
 
3,010
  Total assets
 
 
1,053,447,450
Liabilities
 
 
 
 
Payable for investments purchased
$
939,631
 
 
Payable for fund shares redeemed
1,532,932
 
 
Accrued management fee
703,355
 
 
Distribution and service plan fees payable
43,950
 
 
Other payables and accrued expenses
278,705
 
 
Collateral on securities loaned
25,712,424
 
 
  Total liabilities
 
 
 
29,210,997
Net Assets  
 
 
$
1,024,236,453
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,063,925,091
Total accumulated earnings (loss)
 
 
 
(39,688,638)
Net Assets
 
 
$
1,024,236,453
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($92,888,844 ÷ 4,882,420 shares)(a)
 
 
$
19.03
Maximum offering price per share (100/94.25 of $19.03)
 
 
$
20.19
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($17,938,603 ÷ 943,658 shares)(a)
 
 
$
19.01
Maximum offering price per share (100/96.50 of $19.01)
 
 
$
19.70
Class C :
 
 
 
 
Net Asset Value and offering price per share ($20,177,639 ÷ 1,066,792 shares)(a)
 
 
$
18.91
Global Commodity Stock :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($390,728,993 ÷ 20,498,340 shares)
 
 
$
19.06
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($281,516,833 ÷ 14,785,462 shares)
 
 
$
19.04
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($220,985,541 ÷ 11,622,667 shares)
 
 
$
19.01
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
13,101,228
Income from Fidelity Central Funds (including $245,520 from security lending)
 
 
390,741
 Income before foreign taxes withheld
 
 
$
13,491,969
Less foreign taxes withheld
 
 
(600,373)
 Total income
 
 
 
12,891,596
Expenses
 
 
 
 
Management fee
$
3,652,799
 
 
Transfer agent fees
565,438
 
 
Distribution and service plan fees
263,839
 
 
Accounting fees
148,518
 
 
Custodian fees and expenses
28,765
 
 
Independent trustees' fees and expenses
2,738
 
 
Registration fees
104,636
 
 
Audit
28,036
 
 
Legal
4,294
 
 
Interest
23,181
 
 
Miscellaneous
2,378
 
 
 Total expenses before reductions
 
4,824,622
 
 
 Expense reductions
 
(44,655)
 
 
 Total expenses after reductions
 
 
 
4,779,967
Net Investment income (loss)
 
 
 
8,111,629
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
23,704,603
 
 
 Foreign currency transactions
 
(56,852)
 
 
Total net realized gain (loss)
 
 
 
23,647,751
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of increase in deferred foreign taxes of $237,432)  
 
78,943,917
 
 
 Assets and liabilities in foreign currencies
 
(27,384)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
78,916,533
Net gain (loss)
 
 
 
102,564,284
Net increase (decrease) in net assets resulting from operations
 
 
$
110,675,913
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
8,111,629
$
33,167,763
Net realized gain (loss)
 
23,647,751
 
 
(8,892,001)
 
Change in net unrealized appreciation (depreciation)
 
78,916,533
 
(190,350,465)
 
Net increase (decrease) in net assets resulting from operations
 
110,675,913
 
 
(166,074,703)
 
Distributions to shareholders
 
(21,790,381)
 
 
(34,691,564)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
(169,430,318)
 
 
(509,569,294)
 
Total increase (decrease) in net assets
 
(80,544,786)
 
 
(710,335,561)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,104,781,239
 
1,815,116,800
 
End of period
$
1,024,236,453
$
1,104,781,239
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® Global Commodity Stock Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.33
$
19.50
$
16.35
$
10.80
$
12.14
$
12.42
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.12
 
.35
 
.47
 
.48
 
.28
 
.35
     Net realized and unrealized gain (loss)
 
1.90
 
(2.20)
 
3.19
 
5.24
 
(1.26)
 
(.41)
  Total from investment operations
 
2.02  
 
(1.85)  
 
3.66  
 
5.72  
 
(.98)
 
(.06)
  Distributions from net investment income
 
(.32)
 
(.32)
 
(.51)
 
(.17)
 
(.36)
 
(.20)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
-
 
(.02)
     Total distributions
 
(.32)
 
(.32)
 
(.51)
 
(.17)
 
(.36)
 
(.22)
  Net asset value, end of period
$
19.03
$
17.33
$
19.50
$
16.35
$
10.80
$
12.14
 Total Return C,D,E
 
11.89
%
 
 
(9.64)%
 
23.27%
 
53.37%
 
(8.39)%
 
(.44)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.19% H
 
1.19%
 
1.19%
 
1.23%
 
1.31%
 
1.29%
    Expenses net of fee waivers, if any
 
1.18
% H
 
 
1.18%
 
1.19%
 
1.22%
 
1.31%
 
1.28%
    Expenses net of all reductions
 
1.18% H
 
1.18%
 
1.19%
 
1.22%
 
1.29%
 
1.28%
    Net investment income (loss)
 
1.37% H
 
1.88%
 
2.53%
 
3.18%
 
2.53%
 
2.86%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
92,889
$
95,290
$
128,363
$
45,343
$
20,453
$
25,779
    Portfolio turnover rate I
 
71
% 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 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.
 
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.
 
HAnnualized.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor® Global Commodity Stock Fund Class M
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.28
$
19.46
$
16.32
$
10.78
$
12.12
$
12.39
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.10
 
.30
 
.42
 
.44
 
.25
 
.31
     Net realized and unrealized gain (loss)
 
1.89
 
(2.20)
 
3.19
 
5.24
 
(1.27)
 
(.40)
  Total from investment operations
 
1.99  
 
(1.90)  
 
3.61  
 
5.68  
 
(1.02)
 
(.09)
  Distributions from net investment income
 
(.26)
 
(.28)
 
(.47)
 
(.14)
 
(.32)
 
(.16)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
-
 
(.02)
     Total distributions
 
(.26)
 
(.28)
 
(.47)
 
(.14)
 
(.32)
 
(.18)
  Net asset value, end of period
$
19.01
$
17.28
$
19.46
$
16.32
$
10.78
$
12.12
 Total Return C,D,E
 
11.73
%
 
 
(9.90)%
 
22.93%
 
52.97%
 
(8.72)%
 
(.70)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.45% H
 
1.47%
 
1.46%
 
1.52%
 
1.59%
 
1.59%
    Expenses net of fee waivers, if any
 
1.44
% H
 
 
1.45%
 
1.46%
 
1.52%
 
1.59%
 
1.59%
    Expenses net of all reductions
 
1.44% H
 
1.45%
 
1.46%
 
1.52%
 
1.58%
 
1.59%
    Net investment income (loss)
 
1.10% H
 
1.62%
 
2.26%
 
2.88%
 
2.24%
 
2.55%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
17,939
$
17,928
$
24,513
$
8,888
$
4,378
$
5,416
    Portfolio turnover rate I
 
71
% 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 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.
 
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.
 
HAnnualized.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor® Global Commodity Stock Fund Class C
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.11
$
19.29
$
16.17
$
10.68
$
11.99
$
12.26
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.06
 
.21
 
.33
 
.37
 
.20
 
.26
     Net realized and unrealized gain (loss)
 
1.88
 
(2.18)
 
3.18
 
5.20
 
(1.26)
 
(.41)
  Total from investment operations
 
1.94  
 
(1.97)  
 
3.51  
 
5.57  
 
(1.06)
 
(.15)
  Distributions from net investment income
 
(.14)
 
(.21)
 
(.39)
 
(.08)
 
(.25)
 
(.11)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
-
 
(.02)
     Total distributions
 
(.14)
 
(.21)
 
(.39)
 
(.08)
 
(.25)
 
(.12) C
  Net asset value, end of period
$
18.91
$
17.11
$
19.29
$
16.17
$
10.68
$
11.99
 Total Return D,E,F
 
11.45
%
 
 
(10.34)%
 
22.34%
 
52.30%
 
(9.11)%
 
(1.16)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.92% I
 
1.94%
 
1.94%
 
1.97%
 
2.05%
 
2.02%
    Expenses net of fee waivers, if any
 
1.91
% I
 
 
1.93%
 
1.93%
 
1.96%
 
2.04%
 
2.02%
    Expenses net of all reductions
 
1.91% I
 
1.93%
 
1.93%
 
1.96%
 
2.03%
 
2.01%
    Net investment income (loss)
 
.63% I
 
1.13%
 
1.78%
 
2.44%
 
1.79%
 
2.13%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
20,178
$
23,853
$
34,984
$
11,020
$
7,871
$
11,294
    Portfolio turnover rate J
 
71
% I
 
 
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 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.
 
IAnnualized.
 
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity® Global Commodity Stock Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.38
$
19.55
$
16.39
$
10.82
$
12.15
$
12.44
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.14
 
.40
 
.52
 
.53
 
.31
 
.37
     Net realized and unrealized gain (loss)
 
1.90
 
(2.21)
 
3.19
 
5.26
 
(1.26)
 
(.41)
  Total from investment operations
 
2.04  
 
(1.81)  
 
3.71  
 
5.79  
 
(.95)
 
(.04)
  Distributions from net investment income
 
(.36)
 
(.36)
 
(.55)
 
(.22)
 
(.38)
 
(.23)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
-
 
(.02)
     Total distributions
 
(.36)
 
(.36)
 
(.55)
 
(.22)
 
(.38)
 
(.25)
  Net asset value, end of period
$
19.06
$
17.38
$
19.55
$
16.39
$
10.82
$
12.15
 Total Return C,D
 
12.01
%
 
 
(9.47)%
 
23.57%
 
53.95%
 
(8.16)%
 
(.23)%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.93% G
 
.97%
 
.94%
 
.94%
 
1.02%
 
1.06%
    Expenses net of fee waivers, if any
 
.92
% G
 
 
.95%
 
.94%
 
.94%
 
1.02%
 
1.06%
    Expenses net of all reductions
 
.92% G
 
.95%
 
.94%
 
.94%
 
1.00%
 
1.06%
    Net investment income (loss)
 
1.62% G
 
2.12%
 
2.78%
 
3.46%
 
2.82%
 
3.08%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
390,729
$
428,912
$
893,636
$
546,863
$
176,718
$
257,011
    Portfolio turnover rate H
 
71
% 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.
 
GAnnualized.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor® Global Commodity Stock Fund Class I
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.37
$
19.54
$
16.39
$
10.81
$
12.16
$
12.45
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.15
 
.40
 
.52
 
.53
 
.32
 
.39
     Net realized and unrealized gain (loss)
 
1.89
 
(2.20)
 
3.19
 
5.25
 
(1.26)
 
(.41)
  Total from investment operations
 
2.04  
 
(1.80)  
 
3.71  
 
5.78  
 
(.94)
 
(.02)
  Distributions from net investment income
 
(.37)
 
(.37)
 
(.56)
 
(.20)
 
(.41)
 
(.25)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
-
 
(.02)
     Total distributions
 
(.37)
 
(.37)
 
(.56)
 
(.20)
 
(.41)
 
(.27)
  Net asset value, end of period
$
19.04
$
17.37
$
19.54
$
16.39
$
10.81
$
12.16
 Total Return C,D
 
12.04
%
 
 
(9.42)%
 
23.56%
 
53.97%
 
(8.11)%
 
(.06)%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.90% G
 
.92%
 
.92%
 
.93%
 
.95%
 
.92%
    Expenses net of fee waivers, if any
 
.89
% G
 
 
.91%
 
.92%
 
.93%
 
.95%
 
.92%
    Expenses net of all reductions
 
.89% G
 
.91%
 
.92%
 
.93%
 
.93%
 
.91%
    Net investment income (loss)
 
1.65% G
 
2.15%
 
2.80%
 
3.48%
 
2.88%
 
3.23%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
281,517
$
351,709
$
499,191
$
85,252
$
33,185
$
102,633
    Portfolio turnover rate H
 
71
% 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.
 
GAnnualized.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity Advisor® Global Commodity Stock Fund Class Z
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.37
$
19.53
$
16.38
$
10.81
$
12.16
$
12.46
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.15
 
.43
 
.54
 
.56
 
.34
 
.39
     Net realized and unrealized gain (loss)
 
1.90
 
(2.21)
 
3.19
 
5.23
 
(1.26)
 
(.40)
  Total from investment operations
 
2.05  
 
(1.78)  
 
3.73  
 
5.79  
 
(.92)
 
(.01)
  Distributions from net investment income
 
(.41)
 
(.38)
 
(.58)
 
(.22)
 
(.43)
 
(.27)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
-
 
(.02)
     Total distributions
 
(.41)
 
(.38)
 
(.58)
 
(.22)
 
(.43)
 
(.29)
  Net asset value, end of period
$
19.01
$
17.37
$
19.53
$
16.38
$
10.81
$
12.16
 Total Return C,D
 
12.08
%
 
 
(9.30)%
 
23.72%
 
54.07%
 
(7.99)%
 
.03%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.81% G
 
.79%
 
.79%
 
.80%
 
.85%
 
.83%
    Expenses net of fee waivers, if any
 
.80
% G
 
 
.78%
 
.79%
 
.80%
 
.84%
 
.83%
    Expenses net of all reductions
 
.80% G
 
.78%
 
.79%
 
.80%
 
.83%
 
.82%
    Net investment income (loss)
 
1.74% G
 
2.29%
 
2.93%
 
3.60%
 
2.99%
 
3.32%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
220,986
$
187,090
$
234,430
$
60,837
$
16,505
$
104,489
    Portfolio turnover rate H
 
71
% 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.
 
GAnnualized.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended April 30, 2024
 
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 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 April 30, 2024 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 witheld. 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. 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 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
$172,219,751
Gross unrealized depreciation
(29,560,660)
Net unrealized appreciation (depreciation)
$142,659,091
Tax cost
$907,111,273
 
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 prior fiscal period end and is subject to adjustment.
 
 Short-term
$(206,499,261)
 Long-term
(81,531)
Total capital loss carryforward
$(206,580,792)
 
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
359,560,868
537,061,175
 
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.
 
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
.88%
Class M
.89%
Class C
.88%
Global Commodity Stock
.89%
Class I
.86%
Class Z
.73%
 
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.87
Class M
.87
Class C
.87
Global Commodity Stock
.83
Class I
.86
Class Z
.73
 
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was 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 decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
 
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
 
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.38% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
 
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%
113,691
3,948
Class M
 .25%
 .25%
 43,524
 99
Class C
 .75%
 .25%
             106,624
                  9,704
 
 
 
263,839
13,751
 
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
 10,499
Class M
 377
Class CA
                           9
 
                10,885
 
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. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
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
.1937
Class M
.2000
Class C
.1930
Global Commodity Stock
.2000
Class I
.1745
 
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
Amount ($)
% of Class-Level Average Net AssetsA
Class A
 58,488
.19
Class M
 11,957
.21
Class C
 13,923
.19
Global Commodity Stock
 273,849
.21
Class I
 181,788
.17
Class Z
                25,433
.04
 
                      565,438
 
A Annualized
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
 
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
.0435
 
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Fidelity Global Commodity Stock Fund
.04
 
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
 8,569
 
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
 11,531,769
5.57%
 23,181
 
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
 5,520,502
 17,622,634
 1,129,479
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
947
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
26,967
 1,313
-
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, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction ($)
 
 
Class M
 9
 
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 $44,646.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2024
Year ended
October 31, 2023
Fidelity Global Commodity Stock Fund
 
 
Distributions to shareholders
 
 
Class A
$1,698,169
 $2,247,696
Class M
 265,430
 366,393
Class C
 186,222
 382,649
Global Commodity Stock
 8,378,578
 16,441,380
Class I
 6,995,782
 10,386,346
Class Z
          4,266,200
          4,867,100
Total  
     $21,790,381
$34,691,564
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
 
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Fidelity Global Commodity Stock Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
309,144
1,706,240
$5,533,529
$32,590,913
Reinvestment of distributions
100,271
115,956
1,689,564
2,236,781
Shares redeemed
(1,026,373)
(2,904,311)
(18,019,055)
(53,206,144)
Net increase (decrease)
(616,958)
(1,082,115)
$(10,795,962)
$(18,378,450)
Class M
 
 
 
 
Shares sold
59,876
226,865
$1,047,106
$4,326,151
Reinvestment of distributions
15,582
18,802
262,558
362,695
Shares redeemed
(169,407)
(467,728)
(2,952,059)
(8,507,986)
Net increase (decrease)
(93,949)
(222,061)
$(1,642,395)
$(3,819,140)
Class C
 
 
 
 
Shares sold
33,821
305,614
$598,631
$5,884,407
Reinvestment of distributions
11,025
19,865
185,217
381,017
Shares redeemed
(371,976)
(744,797)
(6,460,431)
(13,548,223)
Net increase (decrease)
(327,130)
(419,318)
$(5,676,583)
$(7,282,799)
Global Commodity Stock
 
 
 
 
Shares sold
1,880,586
13,188,745
$33,564,617
$254,817,434
Reinvestment of distributions
386,388
741,996
6,514,507
14,327,947
Shares redeemed
(6,448,826)
(34,967,438)
(112,875,948)
(645,744,516)
Net increase (decrease)
(4,181,852)
(21,036,697)
$(72,796,824)
$(376,599,135)
Class I
 
 
 
 
Shares sold
3,138,079
16,503,819
$56,057,636
$315,987,478
Reinvestment of distributions
410,245
528,030
6,908,516
10,190,979
Shares redeemed
(9,010,417)
(22,329,926)
(156,672,533)
(410,703,798)
Net increase (decrease)
(5,462,093)
(5,298,077)
$(93,706,381)
$(84,525,341)
Class Z
 
 
 
 
Shares sold
3,586,472
5,798,355
$63,181,664
$110,033,314
Reinvestment of distributions
198,997
213,545
3,345,144
4,115,012
Shares redeemed
(2,933,800)
(7,243,382)
(51,338,981)
(133,112,755)
Net increase (decrease)
851,669
(1,231,482)
$15,187,827
$(18,964,429)
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.
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.
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 (November 1, 2023 to April 30, 2024).
 
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 November 1, 2023
 
Ending Account Value April 30, 2024
 
Expenses Paid During Period- C November 1, 2023 to April 30, 2024
Fidelity® Global Commodity Stock Fund
 
 
 
 
 
 
 
 
 
 
Class A
 
 
 
1.18%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,118.90
 
$ 6.22
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.00
 
$ 5.92
 
Class M
 
 
 
1.44%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,117.30
 
$ 7.58
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,017.70
 
$ 7.22
 
Class C
 
 
 
1.91%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,114.50
 
$ 10.04
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,015.37
 
$ 9.57
 
Fidelity® Global Commodity Stock Fund **
 
 
 
.92%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,120.10
 
$ 4.85
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.29
 
$ 4.62
 
Class I
 
 
 
.89%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,120.40
 
$ 4.69
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.44
 
$ 4.47
 
Class Z
 
 
 
.80%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,120.80
 
$ 4.22
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.89
 
$ 4.02
 
 
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 182/ 366 (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 March 1, 2024, had been in effect during the entire 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® Global Commodity Stock Fund
 
 
 
 
 
 
Fidelity® Global Commodity Stock Fund
 
 
 
.86%
 
 
Actual
 
 
 
 
 
$ 4.53
Hypothetical- B
 
 
 
 
 
 
$ 4.32
 
 
 
 
 
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
 
 
 
 
 
B   5% return per year before expenses
 
 
 
 
 
 
 
 
 
Board Approval of Investment Advisory Contracts
Fidelity Global Commodity Stock Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), Fidelity Management & Research (Japan) Limited (FMR Japan), and FIL Investment Advisors (FIL). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board further noted that the agreement with FIL was amended to provide that FMR will compensate FIL at a flat fee rate of 0.38% of the net assets sub-advised by it. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.879383.115
GCS-SANN-0624
Fidelity® SAI Sustainable Emerging Markets Equity Fund
 
 
Semi-Annual Report
April 30, 2024
 
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

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

Liquidity Risk Management Program

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. © 2024 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.
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR  (Taiwan, Semiconductors & Semiconductor Equipment)
9.2
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
6.3
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
6.0
 
Alibaba Group Holding Ltd.  (China, Broadline Retail)
3.5
 
Reliance Industries Ltd. GDR  (India, Oil, Gas & Consumable Fuels)
2.1
 
Grupo Financiero Banorte S.A.B. de CV Series O  (Mexico, Banks)
1.8
 
SK Hynix, Inc.  (Korea (South), Semiconductors & Semiconductor Equipment)
1.8
 
HDFC Bank Ltd. sponsored ADR (India, Banks)
1.7
 
Bharti Airtel Ltd.  (India, Wireless Telecommunication Services)
1.6
 
Meituan Class B (China, Hotels, Restaurants & Leisure)
1.6
 
 
35.6
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
23.4
 
Financials
22.5
 
Consumer Discretionary
15.9
 
Communication Services
11.3
 
Industrials
5.6
 
Materials
3.8
 
Consumer Staples
3.5
 
Energy
3.3
 
Health Care
3.1
 
Real Estate
1.2
 
Utilities
0.6
 
 
Asset Allocation (% of Fund's net assets)
Futures - 1.5%
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 - 93.3%
 
 
Shares
Value ($)
 
Brazil - 4.7%
 
 
 
Banco BTG Pactual SA unit
 
26,819
172,506
Banco do Brasil SA
 
28,441
150,185
Hapvida Participacoes e Investimentos SA (a)(b)
 
94,885
67,428
Localiza Rent a Car SA
 
8,712
82,261
Lojas Renner SA
 
33,453
98,763
Nu Holdings Ltd. (a)
 
24,445
265,473
Raia Drogasil SA
 
19,955
98,303
Suzano SA
 
3,804
42,827
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA
 
95,043
130,138
TOTAL BRAZIL
 
 
1,107,884
China - 28.0%
 
 
 
Airtac International Group
 
4,365
154,272
Alibaba Group Holding Ltd.
 
88,260
826,384
Anta Sports Products Ltd.
 
21,307
241,216
Baidu, Inc. sponsored ADR (a)
 
586
60,592
BYD Co. Ltd. (H Shares)
 
9,107
249,646
China Construction Bank Corp. (H Shares)
 
474,141
306,765
China Life Insurance Co. Ltd. (H Shares)
 
124,458
163,902
China Merchants Bank Co. Ltd. (H Shares)
 
46,097
199,640
Flat Glass Group Co. Ltd.
 
26,550
63,953
Haier Smart Home Co. Ltd.
 
16,530
61,228
Innovent Biologics, Inc. (a)(b)
 
20,977
101,549
JD.com, Inc. sponsored ADR
 
4,607
133,096
Kuaishou Technology Class B (a)(b)
 
8,232
57,712
Kweichow Moutai Co. Ltd. (A Shares)
 
198
46,424
Lenovo Group Ltd.
 
2,274
2,558
Li Auto, Inc. ADR (a)
 
2,074
54,505
Li Ning Co. Ltd.
 
26,511
69,402
Meituan Class B (a)(b)
 
27,614
377,056
NetEase, Inc. ADR
 
1,593
148,898
New Oriental Education & Technology Group, Inc. sponsored ADR (a)
 
3,814
294,059
PDD Holdings, Inc. ADR (a)
 
2,526
316,205
Ping An Insurance Group Co. of China Ltd. (H Shares)
 
38,141
172,858
Qingdao Port International Co. Ltd. (H Shares) (b)
 
77,818
50,947
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
5,737
240,896
Sinotruk Hong Kong Ltd.
 
113,477
282,411
Tencent Holdings Ltd.
 
32,399
1,421,772
Trip.com Group Ltd. ADR (a)
 
2,429
117,224
Zhongji Innolight Co. Ltd. (A Shares)
 
4,309
108,617
Zijin Mining Group Co. Ltd. (H Shares)
 
142,034
309,843
TOTAL CHINA
 
 
6,633,630
Greece - 0.6%
 
 
 
Athens International Airport SA
 
2,699
23,936
OPAP SA
 
7,127
118,729
TOTAL GREECE
 
 
142,665
Hungary - 1.3%
 
 
 
OTP Bank PLC
 
4,083
202,604
Richter Gedeon PLC
 
4,624
117,750
TOTAL HUNGARY
 
 
320,354
India - 13.1%
 
 
 
Axis Bank Ltd.
 
17,506
244,281
Bharti Airtel Ltd.
 
24,294
384,433
Computer Age Management Services Private Ltd.
 
1,793
68,703
HDFC Bank Ltd.
 
14,717
267,193
HDFC Bank Ltd. sponsored ADR
 
2,311
133,114
HDFC Standard Life Insurance Co. Ltd. (b)
 
17,331
120,937
ICICI Bank Ltd.
 
15,785
217,439
Infosys Ltd. sponsored ADR
 
5,191
86,742
Larsen & Toubro Ltd.
 
5,827
250,408
Mankind Pharma Ltd.
 
3,754
106,095
NTPC Ltd.
 
33,264
144,522
Reliance Industries Ltd.
 
1,781
62,503
Reliance Industries Ltd. GDR (b)
 
6,945
491,012
SRF Ltd.
 
1,807
56,586
Tata Consultancy Services Ltd.
 
1,490
67,984
Tata Steel Ltd.
 
34,246
67,486
Ultratech Cement Ltd.
 
700
83,461
Zomato Ltd. (a)
 
108,317
249,917
TOTAL INDIA
 
 
3,102,816
Indonesia - 2.4%
 
 
 
PT Bank Central Asia Tbk
 
588,264
353,714
PT Bank Mandiri (Persero) Tbk
 
249,094
105,286
PT Bank Rakyat Indonesia (Persero) Tbk
 
110,051
33,313
PT Telkom Indonesia Persero Tbk
 
438,391
84,986
TOTAL INDONESIA
 
 
577,299
Korea (South) - 13.5%
 
 
 
AMOREPACIFIC Corp.
 
1,497
181,952
BGF Retail Co. Ltd.
 
407
38,263
Hana Financial Group, Inc.
 
903
37,979
Hyundai Motor Co. Ltd.
 
1,508
270,494
JYP Entertainment Corp.
 
344
16,407
KB Financial Group, Inc.
 
2,528
136,727
Kia Corp.
 
835
70,545
LG Corp.
 
363
20,654
NAVER Corp.
 
1,407
185,063
Samsung Biologics Co. Ltd. (a)(b)
 
209
117,141
Samsung Electronics Co. Ltd.
 
26,763
1,483,501
Samsung Fire & Marine Insurance Co. Ltd.
 
308
68,745
SK Hynix, Inc.
 
3,451
424,681
SK Square Co. Ltd. (a)
 
2,484
136,095
TOTAL KOREA (SOUTH)
 
 
3,188,247
Mexico - 4.1%
 
 
 
Corporacion Inmobiliaria Vesta S.A.B. de CV ADR
 
4,712
167,323
Fomento Economico Mexicano S.A.B. de CV sponsored ADR
 
498
58,595
Grupo Aeroportuario Norte S.A.B. de CV
 
5,545
61,390
Grupo Financiero Banorte S.A.B. de CV Series O
 
44,123
436,703
Wal-Mart de Mexico SA de CV Series V
 
64,621
241,120
TOTAL MEXICO
 
 
965,131
Peru - 1.0%
 
 
 
Credicorp Ltd. (United States)
 
1,377
228,045
Philippines - 0.5%
 
 
 
Ayala Land, Inc.
 
238,774
118,465
Poland - 0.8%
 
 
 
Powszechna Kasa Oszczednosci Bank SA
 
13,594
203,421
Saudi Arabia - 1.7%
 
 
 
Al Rajhi Bank
 
6,391
136,149
Alinma Bank
 
9,441
83,949
The Saudi National Bank
 
17,589
176,331
TOTAL SAUDI ARABIA
 
 
396,429
Singapore - 0.7%
 
 
 
Sea Ltd. ADR (a)
 
2,791
176,363
South Africa - 4.6%
 
 
 
Absa Group Ltd.
 
3,819
29,449
Bid Corp. Ltd.
 
2,768
63,091
Capitec Bank Holdings Ltd.
 
1,527
188,986
FirstRand Ltd.
 
24,897
85,948
Gold Fields Ltd. sponsored ADR
 
5,442
87,997
Impala Platinum Holdings Ltd.
 
22,713
101,108
MTN Group Ltd.
 
29,128
139,605
Naspers Ltd. Class N
 
807
154,442
Pepkor Holdings Ltd. (b)
 
64,305
60,662
Shoprite Holdings Ltd.
 
6,379
85,111
Standard Bank Group Ltd.
 
8,929
83,850
TOTAL SOUTH AFRICA
 
 
1,080,249
Taiwan - 14.7%
 
 
 
Alchip Technologies Ltd.
 
1,973
185,753
Chailease Holding Co. Ltd.
 
33,214
174,868
E.SUN Financial Holdings Co. Ltd.
 
64,518
54,118
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
41,203
195,792
MediaTek, Inc.
 
9,092
273,647
Quanta Computer, Inc.
 
9,567
74,951
Realtek Semiconductor Corp.
 
2,687
42,312
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
15,861
2,178,346
Unimicron Technology Corp.
 
15,061
83,140
Wiwynn Corp.
 
668
47,436
Yageo Corp.
 
9,181
174,812
TOTAL TAIWAN
 
 
3,485,175
Thailand - 0.9%
 
 
 
PTT Exploration and Production PCL (For. Reg.)
 
48,823
203,691
United Kingdom - 0.7%
 
 
 
AngloGold Ashanti PLC
 
7,340
168,747
 
TOTAL COMMON STOCKS
 (Cost $20,573,683)
 
 
 
22,098,611
 
 
 
 
Nonconvertible Preferred Stocks - 0.9%
 
 
Shares
Value ($)
 
Brazil - 0.9%
 
 
 
Itau Unibanco Holding SA
  (Cost $219,203)
 
35,068
211,788
 
 
 
 
Government Obligations - 0.1%
 
 
Principal
Amount (c)
 
Value ($)
 
United States of America - 0.1%
 
 
 
U.S. Treasury Bills, yield at date of purchase 5.3% 5/30/24 (d)
  (Cost $19,916)
 
20,000
19,915
 
 
 
 
Money Market Funds - 6.2%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (e)
 
 (Cost $1,472,807)
 
 
1,472,512
1,472,807
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.5%
 (Cost $22,285,609)
 
 
 
23,803,121
NET OTHER ASSETS (LIABILITIES) - (0.5)%  
(116,555)
NET ASSETS - 100.0%
23,686,566
 
 
 
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
Jun 2024
364,700
1,279
1,279
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 1.5%
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,444,444 or 6.1% 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 $9,958.
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
 
 
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 5.39%
633,452
11,503,001
10,663,635
35,609
(11)
-
1,472,807
0.0%
Total
633,452
11,503,001
10,663,635
35,609
(11)
-
1,472,807
 
 
 
 
 
 
 
 
 
 
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 April 30, 2024, 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
2,675,831
385,853
2,289,978
-
Consumer Discretionary
3,763,573
1,132,581
2,630,992
-
Consumer Staples
812,859
398,018
414,841
-
Energy
757,206
491,012
266,194
-
Financials
5,446,266
2,400,268
3,045,998
-
Health Care
750,859
185,178
565,681
-
Industrials
1,261,215
297,725
963,490
-
Information Technology
5,494,225
2,265,088
3,229,137
-
Materials
918,055
299,571
618,484
-
Real Estate
285,788
167,323
118,465
-
Utilities
144,522
-
144,522
-
 Government Obligations
19,915
-
19,915
-
  Money Market Funds
1,472,807
1,472,807
-
-
 Total Investments in Securities:
23,803,121
9,495,424
14,307,697
-
 Derivative Instruments:
 Assets
 
 
 
 
Futures Contracts
1,279
1,279
-
-
  Total Assets
1,279
1,279
-
-
 Total Derivative Instruments:
1,279
1,279
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2024. 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) 
1,279
0
Total Equity Risk
1,279
0
Total Value of Derivatives
1,279
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
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $20,812,802)
$
22,330,314
 
 
Fidelity Central Funds (cost $1,472,807)
1,472,807
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $22,285,609)
 
 
$
23,803,121
Cash
 
 
285
Foreign currency held at value (cost $63,961)
 
 
63,954
Receivable for investments sold
 
 
205,029
Receivable for fund shares sold
 
 
134,893
Dividends receivable
 
 
20,279
Distributions receivable from Fidelity Central Funds
 
 
8,886
Prepaid expenses
 
 
1
Receivable from investment adviser for expense reductions
 
 
10,719
Other receivables
 
 
16
  Total assets
 
 
24,247,183
Liabilities
 
 
 
 
Payable for investments purchased
$
376,320
 
 
Payable for fund shares redeemed
67,001
 
 
Accrued management fee
13,958
 
 
Payable for daily variation margin on futures contracts
4,293
 
 
Deferred taxes
39,058
 
 
Custody fee payable
32,482
 
 
Other payables and accrued expenses
27,505
 
 
  Total liabilities
 
 
 
560,617
Net Assets  
 
 
$
23,686,566
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
22,732,635
Total accumulated earnings (loss)
 
 
 
953,931
Net Assets
 
 
$
23,686,566
Net Asset Value, offering price and redemption price per share ($23,686,566 ÷ 2,410,120 shares)
 
 
$
9.83
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
143,788
Interest  
 
 
972
Income from Fidelity Central Funds  
 
 
35,609
 Income before foreign taxes withheld
 
 
$
180,369
Less foreign taxes withheld
 
 
(18,971)
 Total income
 
 
 
161,398
Expenses
 
 
 
 
Management fee
$
56,640
 
 
Custodian fees and expenses
50,783
 
 
Independent trustees' fees and expenses
26
 
 
Registration fees
19,621
 
 
Audit
44,840
 
 
Legal
5
 
 
Miscellaneous
15
 
 
 Total expenses before reductions
 
171,930
 
 
 Expense reductions
 
(101,950)
 
 
 Total expenses after reductions
 
 
 
69,980
Net Investment income (loss)
 
 
 
91,418
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $13,281)
 
(231,926)
 
 
   Fidelity Central Funds
 
(11)
 
 
 Foreign currency transactions
 
(19,750)
 
 
 Futures contracts
 
47,455
 
 
Total net realized gain (loss)
 
 
 
(204,232)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of increase in deferred foreign taxes of $36,374)  
 
1,644,961
 
 
 Assets and liabilities in foreign currencies
 
(630)
 
 
 Futures contracts
 
1,085
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
1,645,416
Net gain (loss)
 
 
 
1,441,184
Net increase (decrease) in net assets resulting from operations
 
 
$
1,532,602
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
91,418
$
54,873
Net realized gain (loss)
 
(204,232)
 
 
(226,900)
 
Change in net unrealized appreciation (depreciation)
 
1,645,416
 
215,084
 
Net increase (decrease) in net assets resulting from operations
 
1,532,602
 
 
43,057
 
Distributions to shareholders
 
(102,380)
 
 
(19,218)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
16,854,414
 
4,888,662
  Reinvestment of distributions
 
89,859
 
 
18,756
 
Cost of shares redeemed
 
(945,273)
 
(446,184)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
15,999,000
 
 
4,461,234
 
Total increase (decrease) in net assets
 
17,429,222
 
 
4,485,073
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
6,257,344
 
1,772,271
 
End of period
$
23,686,566
$
6,257,344
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
1,769,376
 
544,845
  Issued in reinvestment of distributions
 
9,810
 
 
2,130
 
Redeemed
 
(99,594)
 
(49,495)
Net increase (decrease)
 
1,679,592
 
497,480
 
 
 
 
 
 
Financial Highlights
 
Fidelity SAI Sustainable Emerging Markets Equity Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022 A
  Selected Per-Share Data 
 
 
 
 
 
 
  Net asset value, beginning of period
$
8.57
$
7.60
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.06
 
.15
 
.06
     Net realized and unrealized gain (loss)
 
1.30
 
.90 D
 
(2.46)
  Total from investment operations
 
1.36  
 
1.05  
 
(2.40)  
  Distributions from net investment income
 
(.10)
 
(.08)
 
-
     Total distributions
 
(.10)
 
(.08)
 
-
  Net asset value, end of period
$
9.83
$
8.57
$
7.60
 Total Return E,F
 
15.92
%
 
 
13.74%
 
(24.00)%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
    Expenses before reductions
 
2.30% I
 
4.99%
 
6.38% I,J
    Expenses net of fee waivers, if any
 
.94
% I
 
 
.94%
 
.96% I
    Expenses net of all reductions
 
.94% I
 
.93%
 
.96% I
    Net investment income (loss)
 
1.22% I
 
1.65%
 
1.27% I
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
23,687
$
6,257
$
1,772
    Portfolio turnover rate K
 
85
% I
 
 
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 April 30, 2024
 
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 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. 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.
 
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 April 30, 2024 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. 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 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
$2,055,811
Gross unrealized depreciation
(774,203)
Net unrealized appreciation (depreciation)
$1,281,608
Tax cost
$22,522,792
 
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 prior 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 a prior period, $143,423 of capital losses that will be available to offset future capital gains of the Fund will be limited to approximately $97,911 per year.
 
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
20,776,337
5,893,339
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. Effective March 1, 2024, the Fund pays a monthly management fee that is based on an annual rate of .748% of the Fund's average net assets.
 
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .55% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was 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 decreased as assets under management increased and increased as assets under management decreased.
 
For the reporting period, the total annualized management fee rate was .76% 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
 21
 
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
 98,849
 98,929
 3,861
 
Sub-Advisory Arrangements. Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
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
12
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 $98,163.
 
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 $148.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $574.
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.
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 (November 1, 2023 to April 30, 2024).
 
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 November 1, 2023
 
Ending Account Value April 30, 2024
 
Expenses Paid During Period- C November 1, 2023 to April 30, 2024
 
 
 
 
 
 
 
 
 
 
Fidelity® SAI Sustainable Emerging Markets Equity Fund
 
 
 
.94%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,159.20
 
$ 5.05
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.19
 
$ 4.72
 
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 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
Board Approval of Investment Advisory Contracts
Fidelity SAI Sustainable Emerging Markets Equity Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure that eliminates the existing group fee schedule and fixes the management fee rate at the sum of the individual fee rate and the lowest marginal contractual group fee rate under the current management contract. The Board noted that shareholders in the affected funds are not currently impacted by changes in the group fee rates due to other arrangements such as fund expense caps or managed account fee crediting. The Board considered Fidelity's representations that the Management Contract would result in the same or lower fees for the fund.
Sub-Advisory Contracts. In connection with the Management Contract changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9905648.102
ESP-SANN-0624
Fidelity® Series Canada Fund
 
 
Semi-Annual Report
April 30, 2024

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

Liquidity Risk Management Program

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. © 2024 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.
 
Top Holdings (% of Fund's net assets)
 
The Toronto-Dominion Bank  (Banks)
6.7
 
Canadian Natural Resources Ltd.  (Oil, Gas & Consumable Fuels)
6.1
 
Canadian Pacific Kansas City Ltd.  (Ground Transportation)
6.0
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)  (Consumer Staples Distribution & Retail)
4.9
 
Royal Bank of Canada  (Banks)
4.8
 
Bank of Montreal  (Banks)
4.6
 
Constellation Software, Inc.  (Software)
4.4
 
Suncor Energy, Inc.  (Oil, Gas & Consumable Fuels)
3.9
 
PrairieSky Royalty Ltd.  (Oil, Gas & Consumable Fuels)
3.5
 
Shopify, Inc. Class A (IT Services)
3.5
 
 
48.4
 
 
Market Sectors (% of Fund's net assets)
 
Financials
28.2
 
Energy
19.1
 
Industrials
13.4
 
Materials
10.7
 
Information Technology
9.3
 
Consumer Staples
8.2
 
Consumer Discretionary
6.4
 
Communication Services
2.3
 
Health Care
0.8
 
 
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 April 30, 2024, 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 - 98.2%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 2.2%
 
 
 
Diversified Telecommunication Services - 1.2%
 
 
 
Quebecor, Inc.:
 
 
 
 Class A
 
2,015,000
41,129,917
 Class B (sub. vtg.)
 
1,056,900
21,872,721
 
 
 
63,002,638
Wireless Telecommunication Services - 1.0%
 
 
 
Rogers Communications, Inc. Class B (non-vtg.)
 
1,437,500
53,849,472
TOTAL COMMUNICATION SERVICES
 
 
116,852,110
CONSUMER DISCRETIONARY - 6.4%
 
 
 
Broadline Retail - 2.8%
 
 
 
Dollarama, Inc.
 
1,761,200
146,919,121
Hotels, Restaurants & Leisure - 2.3%
 
 
 
Restaurant Brands International, Inc.
 
1,638,800
124,328,095
Specialty Retail - 0.7%
 
 
 
Aritzia, Inc. (a)
 
732,600
18,966,233
Diversified Royalty Corp. (b)
 
10,428,700
21,135,418
 
 
 
40,101,651
Textiles, Apparel & Luxury Goods - 0.6%
 
 
 
Canada Goose Holdings, Inc. (a)(c)
 
562,632
6,351,143
Gildan Activewear, Inc.
 
746,800
25,886,969
 
 
 
32,238,112
TOTAL CONSUMER DISCRETIONARY
 
 
343,586,979
CONSUMER STAPLES - 8.2%
 
 
 
Beverages - 0.0%
 
 
 
GURU Organic Energy Corp. (a)(b)
 
1,592,834
2,938,872
Consumer Staples Distribution & Retail - 7.8%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
4,740,100
262,717,198
Metro, Inc.
 
2,197,300
112,398,842
North West Co., Inc.
 
1,408,700
39,928,431
 
 
 
415,044,471
Personal Care Products - 0.4%
 
 
 
Jamieson Wellness, Inc. (d)
 
1,027,300
19,513,961
TOTAL CONSUMER STAPLES
 
 
437,497,304
ENERGY - 19.1%
 
 
 
Energy Equipment & Services - 0.7%
 
 
 
Pason Systems, Inc.
 
3,480,500
39,566,938
Oil, Gas & Consumable Fuels - 18.4%
 
 
 
Cameco Corp.
 
1,642,400
74,934,910
Canadian Natural Resources Ltd.
 
4,325,300
327,763,263
Enbridge, Inc. (c)
 
3,130,500
111,312,225
MEG Energy Corp. (a)
 
120,300
2,736,057
Parkland Corp.
 
2,260,600
69,641,555
PrairieSky Royalty Ltd. (c)
 
9,814,480
187,000,189
Suncor Energy, Inc.
 
5,406,400
206,296,584
 
 
 
979,684,783
TOTAL ENERGY
 
 
1,019,251,721
FINANCIALS - 28.2%
 
 
 
Banks - 16.1%
 
 
 
Bank of Montreal (c)
 
2,778,500
248,191,004
Royal Bank of Canada (c)
 
2,637,700
255,195,775
The Toronto-Dominion Bank (c)
 
5,988,130
355,246,847
 
 
 
858,633,626
Capital Markets - 5.8%
 
 
 
Brookfield Asset Management Ltd. Class A
 
2,263,572
86,471,690
Brookfield Corp. (Canada) Class A
 
3,376,188
135,425,200
TMX Group Ltd.
 
3,299,600
87,364,559
 
 
 
309,261,449
Insurance - 6.3%
 
 
 
Definity Financial Corp.
 
2,366,624
78,890,332
Intact Financial Corp.
 
678,200
111,470,827
Sun Life Financial, Inc.
 
2,884,300
147,268,694
 
 
 
337,629,853
TOTAL FINANCIALS
 
 
1,505,524,928
HEALTH CARE - 0.8%
 
 
 
Health Care Providers & Services - 0.8%
 
 
 
Andlauer Healthcare Group, Inc.
 
1,334,570
40,435,052
INDUSTRIALS - 13.4%
 
 
 
Commercial Services & Supplies - 2.3%
 
 
 
GFL Environmental, Inc.
 
3,898,114
124,391,928
Ground Transportation - 8.7%
 
 
 
Canadian National Railway Co.
 
1,177,500
142,918,298
Canadian Pacific Kansas City Ltd. (c)
 
4,065,721
318,961,151
 
 
 
461,879,449
Professional Services - 2.4%
 
 
 
Thomson Reuters Corp.
 
838,400
126,632,413
TOTAL INDUSTRIALS
 
 
712,903,790
INFORMATION TECHNOLOGY - 9.2%
 
 
 
IT Services - 3.5%
 
 
 
Shopify, Inc. Class A (a)
 
2,650,200
186,061,693
Software - 5.7%
 
 
 
ApplyBoard, Inc. (a)(e)(f)
 
10,248
601,148
ApplyBoard, Inc. (non-vtg.) (a)(e)(f)
 
2,527
148,234
Computer Modelling Group Ltd.
 
2,269,200
18,098,875
Constellation Software, Inc.
 
91,800
236,345,407
Constellation Software, Inc. warrants 3/31/40 (a)(f)
 
47,800
3
Dye & Durham Ltd. (b)
 
3,717,600
39,642,878
Lumine Group, Inc. (a)
 
429,940
11,777,167
 
 
 
306,613,712
TOTAL INFORMATION TECHNOLOGY
 
 
492,675,405
MATERIALS - 10.7%
 
 
 
Chemicals - 1.9%
 
 
 
Nutrien Ltd.
 
1,892,278
99,778,782
Containers & Packaging - 1.1%
 
 
 
CCL Industries, Inc.:
 
 
 
 Class A
 
152,400
7,914,195
 Class B
 
995,100
50,815,770
 
 
 
58,729,965
Metals & Mining - 7.1%
 
 
 
First Quantum Minerals Ltd.
 
956,500
12,145,149
Franco-Nevada Corp.
 
1,506,519
181,353,524
Lundin Mining Corp.
 
4,137,400
47,245,072
Triple Flag Precious Metals Corp.
 
882,730
14,234,995
Wheaton Precious Metals Corp.
 
2,421,000
126,128,006
 
 
 
381,106,746
Paper & Forest Products - 0.6%
 
 
 
Stella-Jones, Inc.
 
578,800
33,626,865
TOTAL MATERIALS
 
 
573,242,358
 
TOTAL COMMON STOCKS
 (Cost $3,610,806,898)
 
 
 
5,241,969,647
 
 
 
 
Nonconvertible Preferred Stocks - 0.1%
 
 
Shares
Value ($)
 
INFORMATION TECHNOLOGY - 0.1%
 
 
 
Software - 0.1%
 
 
 
ApplyBoard, Inc.:
 
 
 
 Series A1 (a)(e)(f)
 
12,606
739,468
 Series A2 (a)(e)(f)
 
9,868
578,857
 Series A3 (a)(e)(f)
 
563
33,026
 Series D (a)(e)(f)
 
27,521
1,614,382
 Series Seed (a)(e)(f)
 
3,768
221,031
(Cost $4,705,692)
 
 
3,186,764
 
 
 
 
Convertible Bonds - 0.1%
 
 
Principal
Amount (g)
 
Value ($)
 
COMMUNICATION SERVICES - 0.1%
 
 
 
Entertainment - 0.1%
 
 
 
Cineplex, Inc. 7.75% 3/1/30 (d)
 
  (Cost $5,450,602)
 
CAD
8,148,000
6,536,275
 
 
 
 
Money Market Funds - 5.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (h)
 
10,637,577
10,639,704
Fidelity Securities Lending Cash Central Fund 5.39% (h)(i)
 
276,682,028
276,709,696
 
TOTAL MONEY MARKET FUNDS
 (Cost $287,349,400)
 
 
287,349,400
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 103.8%
 (Cost $3,908,312,592)
 
 
 
5,539,042,086
NET OTHER ASSETS (LIABILITIES) - (3.8)%  
(204,044,550)
NET ASSETS - 100.0%
5,334,997,536
 
 
 
Currency Abbreviations
         CAD
-
Canadian dollar
 
Legend
 
(a)
Non-income producing
 
(b)
Affiliated company
 
(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 $26,050,236 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 $3,936,146 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 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 5.39%
11,237,729
140,816,088
141,414,117
229,901
4
-
10,639,704
0.0%
Fidelity Securities Lending Cash Central Fund 5.39%
223,158,876
3,840,233,992
3,786,683,172
1,130,226
-
-
276,709,696
1.0%
Total
234,396,605
3,981,050,080
3,928,097,289
1,360,127
4
-
287,349,400
 
 
 
 
 
 
 
 
 
 
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) ($)
Value,
end
of period ($)
Diversified Royalty Corp.
7,539,965
12,365,144
274,789
491,128
92,015
1,413,083
21,135,418
Dye & Durham Ltd.
21,565,749
1,119,336
803,325
86,347
353,270
17,407,848
39,642,878
GURU Organic Energy Corp.
2,630,712
-
67,481
-
(78,276)
453,917
2,938,872
Total
31,736,426
13,484,480
1,145,595
577,475
367,009
19,274,848
63,717,168
 
 
 
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 April 30, 2024, 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
116,852,110
116,852,110
-
-
Consumer Discretionary
343,586,979
343,586,979
-
-
Consumer Staples
437,497,304
437,497,304
-
-
Energy
1,019,251,721
1,019,251,721
-
-
Financials
1,505,524,928
1,505,524,928
-
-
Health Care
40,435,052
40,435,052
-
-
Industrials
712,903,790
712,903,790
-
-
Information Technology
495,862,169
491,926,020
-
3,936,149
Materials
573,242,358
573,242,358
-
-
 Corporate Bonds
6,536,275
-
6,536,275
-
  Money Market Funds
287,349,400
287,349,400
-
-
 Total Investments in Securities:
5,539,042,086
5,528,569,662
6,536,275
3,936,149
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $260,974,288) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $3,546,769,079)
$
5,187,975,518
 
 
Fidelity Central Funds (cost $287,349,400)
287,349,400
 
 
Other affiliated issuers (cost $74,194,113)
63,717,168
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $3,908,312,592)
 
 
$
5,539,042,086
Cash
 
 
32,978
Foreign currency held at value (cost $53,546,846)
 
 
53,035,344
Receivable for investments sold
 
 
1,408,781
Receivable for fund shares sold
 
 
20,316,148
Dividends receivable
 
 
9,085,149
Interest receivable
 
 
40,215
Distributions receivable from Fidelity Central Funds
 
 
304,296
  Total assets
 
 
5,623,264,997
Liabilities
 
 
 
 
Payable for investments purchased
$
8,158,705
 
 
Payable for fund shares redeemed
3,386,325
 
 
Other payables and accrued expenses
14,507
 
 
Collateral on securities loaned
276,707,924
 
 
  Total liabilities
 
 
 
288,267,461
Net Assets  
 
 
$
5,334,997,536
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
3,668,194,354
Total accumulated earnings (loss)
 
 
 
1,666,803,182
Net Assets
 
 
$
5,334,997,536
Net Asset Value, offering price and redemption price per share ($5,334,997,536 ÷ 358,360,408 shares)
 
 
$
14.89
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends (including $577,475 earned from affiliated issuers)
 
 
$
64,158,591
Interest  
 
 
11,001
Income from Fidelity Central Funds (including $1,130,226 from security lending)
 
 
1,360,127
 Income before foreign taxes withheld
 
 
$
65,529,719
Less foreign taxes withheld
 
 
(9,933,864)
 Total income
 
 
 
55,595,855
Expenses
 
 
 
 
Custodian fees and expenses
$
20,947
 
 
Independent trustees' fees and expenses
12,757
 
 
Interest
5,410
 
 
 Total expenses
 
 
 
39,114
Net Investment income (loss)
 
 
 
55,556,741
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
7,113,569
 
 
   Redemptions in-kind
 
57,156,890
 
 
   Fidelity Central Funds
 
4
 
 
   Other affiliated issuers
 
367,009
 
 
 Foreign currency transactions
 
1,564,002
 
 
Total net realized gain (loss)
 
 
 
66,201,474
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
629,781,771
 
 
   Affiliated issuers
 
19,274,848
 
 
 Assets and liabilities in foreign currencies
 
689,940
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
649,746,559
Net gain (loss)
 
 
 
715,948,033
Net increase (decrease) in net assets resulting from operations
 
 
$
771,504,774
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
55,556,741
$
123,964,624
Net realized gain (loss)
 
66,201,474
 
 
139,602,476
 
Change in net unrealized appreciation (depreciation)
 
649,746,559
 
(116,351,477)
 
Net increase (decrease) in net assets resulting from operations
 
771,504,774
 
 
147,215,623
 
Distributions to shareholders
 
(173,039,225)
 
 
(160,606,918)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
564,172,874
 
675,016,952
  Reinvestment of distributions
 
173,039,225
 
 
160,606,918
 
Cost of shares redeemed
 
(518,239,243)
 
(1,711,870,454)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
218,972,856
 
 
(876,246,584)
 
Total increase (decrease) in net assets
 
817,438,405
 
 
(889,637,879)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
4,517,559,131
 
5,407,197,010
 
End of period
$
5,334,997,536
$
4,517,559,131
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
38,332,607
 
49,168,680
  Issued in reinvestment of distributions
 
12,457,828
 
 
12,084,794
 
Redeemed
 
(35,360,061)
 
(122,728,311)
Net increase (decrease)
 
15,430,374
 
(61,474,837)
 
 
 
 
 
 
Financial Highlights
 
Fidelity® Series Canada Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.17
$
13.37
$
14.77
$
9.77
$
10.89
$
9.99
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.16
 
.33
 
.32
 
.28
 
.27
 
.27
     Net realized and unrealized gain (loss)
 
2.06
 
(.12)
 
(1.40)
 
4.97
 
(1.14)
 
.86
  Total from investment operations
 
2.22  
 
.21  
 
(1.08)  
 
5.25  
 
(.87)
 
1.13
  Distributions from net investment income
 
(.38)
 
(.40)
 
(.32)
 
(.25)
 
(.25)
 
(.23)
  Distributions from net realized gain
 
(.12)
 
(.01)
 
-
 
-
 
-
 
-
     Total distributions
 
(.50)
 
(.41)
 
(.32)
 
(.25)
 
(.25)
 
(.23)
  Net asset value, end of period
$
14.89
$
13.17
$
13.37
$
14.77
$
9.77
$
10.89
 Total Return C,D
 
17.15
%
 
 
1.54%
 
(7.45)%
 
54.40%
 
(8.22)%
 
11.62%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
-% G,H
 
.01%
 
-% G
 
-% G
 
-% G
 
-% G
    Expenses net of fee waivers, if any
 
-
% G,H
 
 
.01%
 
-% G
 
-% G
 
-% G
 
-% G
    Expenses net of all reductions
 
-% G,H
 
.01%
 
-% G
 
-% G
 
-% G
 
-% G
    Net investment income (loss)
 
2.14% H
 
2.41%
 
2.29%
 
2.13%
 
2.70%
 
2.63%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
5,334,998
$
4,517,559
$
5,407,197
$
6,065,145
$
3,914,417
$
1,916,409
    Portfolio turnover rate I
 
6
% H,J
 
 
15% J
 
19% J
 
19%
 
14%
 
12% 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.
 
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 represents less than .005%.
 
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.
 
For the period ended April 30, 2024
 
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, 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.
 
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 April 30, 2024 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. 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), redemptions in-kind 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
$1,669,914,021
Gross unrealized depreciation
(104,392,843)
Net unrealized appreciation (depreciation)
$1,565,521,178
Tax cost
$3,973,520,908
 
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
380,415,856
159,373,155
 
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
7,890,056
57,156,890
115,343,962
 
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 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
34,932,000
5.58%
5,410
 
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
37,089,707
7,532,711
131,941
 
Sub-Advisory Arrangements. Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
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
124,299
-
-
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.
 
 
 
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 (November 1, 2023 to April 30, 2024).
 
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 November 1, 2023
 
Ending Account Value April 30, 2024
 
Expenses Paid During Period- C November 1, 2023 to April 30, 2024
 
 
 
 
 
 
 
 
 
 
Fidelity® Series Canada Fund
 
 
 
-%-D
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,171.50
 
$-E
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,024.86
 
$-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 182/ 366 (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.
 
 
 
 
 
Board Approval of Investment Advisory Contracts
Fidelity Series Canada Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved amended and restated sub-advisory agreements (the Sub-Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Sub-Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Sub-Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
The Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser, and that the management fee paid by the fund under the management contract with FMR will remain unchanged.
The Board further considered that the approval of the fund's Sub-Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Sub-Advisory Contracts would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by FMR and its affiliates.
In connection with its consideration of future renewals of the fund's advisory contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Sub-Advisory Contracts should be approved.
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9883883.106
SAD-SANN-0624
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
 
 
Semi-Annual Report
April 30, 2024

Contents

Fidelity® Series Emerging Markets Fund

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Series Emerging Markets Opportunities Fund

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Series International Growth Fund

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Series International Small Cap Fund

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Series International Value Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

Liquidity Risk Management Program

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. © 2024 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.  (Taiwan, Semiconductors & Semiconductor Equipment)
9.7
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
5.5
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
5.5
 
Alibaba Group Holding Ltd.  (China, Broadline Retail)
2.8
 
Reliance Industries Ltd.  (India, Oil, Gas & Consumable Fuels)
1.9
 
HDFC Bank Ltd.  (India, Banks)
1.8
 
Meituan Class B (China, Hotels, Restaurants & Leisure)
1.6
 
SK Hynix, Inc.  (Korea (South), Semiconductors & Semiconductor Equipment)
1.6
 
Hindustan Aeronautics Ltd.  (India, Aerospace & Defense)
1.6
 
ICICI Bank Ltd.  (India, Banks)
1.6
 
 
33.6
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
23.0
 
Financials
21.4
 
Consumer Discretionary
15.5
 
Communication Services
11.0
 
Industrials
6.6
 
Materials
6.4
 
Energy
4.3
 
Consumer Staples
4.2
 
Health Care
2.9
 
Utilities
1.4
 
Real Estate
1.1
 
 
Asset Allocation (% of Fund's net assets)
Futures - 0.1%
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.
 
 
Fidelity® Series Emerging Markets Fund
Common Stocks - 96.7%
 
 
Shares
Value ($)
 
Brazil - 4.7%
 
 
 
Banco BTG Pactual SA unit
 
7,360,834
47,346,581
Banco do Brasil SA
 
6,327,876
33,414,929
Hapvida Participacoes e Investimentos SA (a)(b)
 
23,232,205
16,509,424
Localiza Rent a Car SA
 
708,945
6,694,060
Lojas Renner SA
 
5,230,200
15,441,006
Nu Holdings Ltd. (a)
 
5,161,510
56,053,999
Raia Drogasil SA
 
3,988,199
19,646,830
Suzano SA
 
906,900
10,210,179
Vale SA
 
967,379
11,790,898
Vale SA sponsored ADR
 
2,743,383
33,386,971
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA
 
11,562,933
15,832,618
TOTAL BRAZIL
 
 
266,327,495
China - 29.4%
 
 
 
Airtac International Group
 
1,207,773
42,686,204
Alibaba Group Holding Ltd.
 
17,043,179
159,576,386
Anta Sports Products Ltd.
 
4,974,282
56,313,810
Baidu, Inc. sponsored ADR (a)
 
119,651
12,371,913
BYD Co. Ltd. (H Shares)
 
1,971,871
54,054,078
China Construction Bank Corp. (H Shares)
 
46,709,778
30,220,809
China Life Insurance Co. Ltd. (H Shares)
 
35,401,697
46,621,318
China Merchants Bank Co. Ltd. (H Shares)
 
8,333,500
36,091,202
Flat Glass Group Co. Ltd. (c)
 
9,666,369
23,284,100
Fuyao Glass Industries Group Co. Ltd. (A Shares)
 
3,246,300
22,320,890
Haier Smart Home Co. Ltd.
 
3,905,000
14,464,217
Industrial & Commercial Bank of China Ltd. (H Shares)
 
43,798,566
23,486,042
Innovent Biologics, Inc. (a)(b)
 
5,559,962
26,915,578
JD.com, Inc. sponsored ADR (c)
 
1,066,780
30,819,274
Kuaishou Technology Class B (a)(b)
 
2,019,500
14,158,128
Kweichow Moutai Co. Ltd. (A Shares)
 
220,125
51,611,870
Lenovo Group Ltd.
 
1,272,036
1,430,735
Li Auto, Inc. ADR (a)
 
527,118
13,852,661
Li Ning Co. Ltd.
 
5,532,093
14,482,294
Meituan Class B (a)(b)
 
6,775,275
92,513,204
NetEase, Inc. ADR
 
450,720
42,128,798
New Oriental Education & Technology Group, Inc. sponsored ADR (a)
 
838,751
64,667,702
PDD Holdings, Inc. ADR (a)
 
627,637
78,567,600
PetroChina Co. Ltd. (H Shares)
 
59,778,039
55,697,682
Ping An Insurance Group Co. of China Ltd. (H Shares)
 
7,172,970
32,508,497
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
1,156,819
48,574,622
Sinotruk Hong Kong Ltd.
 
31,053,260
77,282,575
Tencent Holdings Ltd.
 
7,028,845
308,448,214
Trip.com Group Ltd. ADR (a)
 
1,330,975
64,232,854
Zhongji Innolight Co. Ltd. (A Shares)
 
1,313,500
33,109,484
Zijin Mining Group Co. Ltd. (H Shares)
 
39,248,724
85,619,971
TOTAL CHINA
 
 
1,658,112,712
Greece - 0.5%
 
 
 
Athens International Airport SA
 
585,600
5,193,354
OPAP SA
 
1,346,102
22,424,703
TOTAL GREECE
 
 
27,618,057
Hungary - 1.2%
 
 
 
OTP Bank PLC
 
792,886
39,344,080
Richter Gedeon PLC
 
1,087,333
27,688,964
TOTAL HUNGARY
 
 
67,033,044
India - 15.3%
 
 
 
Axis Bank Ltd.
 
3,249,666
45,346,248
Bharti Airtel Ltd.
 
4,957,490
78,448,242
Computer Age Management Services Private Ltd.
 
451,208
17,289,074
HDFC Bank Ltd.
 
5,635,394
102,312,975
HDFC Standard Life Insurance Co. Ltd. (b)
 
4,201,365
29,317,390
Hindustan Aeronautics Ltd.
 
1,935,672
91,321,485
ICICI Bank Ltd.
 
6,529,151
89,939,249
Infosys Ltd.
 
1,434,020
24,205,854
Larsen & Toubro Ltd.
 
1,358,550
58,381,912
Mankind Pharma Ltd.
 
880,475
24,883,785
NHPC Ltd.
 
18,435,000
21,215,594
NTPC Ltd.
 
12,934,597
56,196,940
Reliance Industries Ltd.
 
2,966,124
104,093,982
SRF Ltd.
 
189,165
5,923,666
Tata Consultancy Services Ltd.
 
354,732
16,185,405
Tata Steel Ltd.
 
8,782,099
17,306,206
Ultratech Cement Ltd.
 
233,968
27,896,120
Zomato Ltd. (a)
 
24,268,028
55,992,916
TOTAL INDIA
 
 
866,257,043
Indonesia - 1.8%
 
 
 
PT Bank Central Asia Tbk
 
96,904,800
58,267,364
PT Bank Mandiri (Persero) Tbk
 
40,566,055
17,146,345
PT Bank Rakyat Indonesia (Persero) Tbk
 
36,700,745
11,109,447
PT Telkom Indonesia Persero Tbk
 
70,790,127
13,723,268
TOTAL INDONESIA
 
 
100,246,424
Korea (South) - 13.0%
 
 
 
AMOREPACIFIC Corp.
 
329,995
40,108,946
BGF Retail Co. Ltd.
 
28,952
2,721,830
Hana Financial Group, Inc.
 
224,640
9,448,075
Hyundai Motor Co. Ltd.
 
360,071
64,586,794
JYP Entertainment Corp.
 
136,705
6,520,146
KB Financial Group, Inc.
 
603,156
32,621,754
Kia Corp.
 
376,052
31,770,918
Korea Aerospace Industries Ltd.
 
582,199
21,617,533
KT&G Corp.
 
83,920
5,392,313
LG Corp.
 
141,098
8,028,224
NAVER Corp.
 
374,614
49,273,094
Samsung Biologics Co. Ltd. (a)(b)
 
32,625
18,285,796
Samsung Electronics Co. Ltd.
 
5,616,501
311,328,409
Samsung Fire & Marine Insurance Co. Ltd.
 
41,020
9,155,627
SK Hynix, Inc.
 
749,267
92,204,956
SK Square Co. Ltd. (a)
 
554,390
30,374,283
TOTAL KOREA (SOUTH)
 
 
733,438,698
Mexico - 5.0%
 
 
 
America Movil S.A.B. de CV Series L
 
20,953,374
19,949,479
CEMEX S.A.B. de CV sponsored ADR (a)
 
4,181,608
33,076,519
Corporacion Inmobiliaria Vesta S.A.B. de CV ADR
 
1,048,981
37,249,315
Fomento Economico Mexicano S.A.B. de CV sponsored ADR
 
191,797
22,566,835
Gruma S.A.B. de CV Series B
 
2,374,633
46,639,465
Grupo Financiero Banorte S.A.B. de CV Series O
 
8,697,814
86,085,803
Grupo Mexico SA de CV Series B
 
3,025,700
18,695,641
Wal-Mart de Mexico SA de CV Series V
 
4,080,924
15,227,159
TOTAL MEXICO
 
 
279,490,216
Peru - 0.5%
 
 
 
Credicorp Ltd. (United States)
 
171,335
28,374,789
Philippines - 0.4%
 
 
 
Ayala Land, Inc.
 
49,348,100
24,483,437
Poland - 0.8%
 
 
 
Powszechna Kasa Oszczednosci Bank SA
 
3,133,635
46,891,738
Russia - 0.0%
 
 
 
LUKOIL PJSC (a)(d)
 
568,462
175,196
Sberbank of Russia (a)(d)
 
5,098,115
31,211
TOTAL RUSSIA
 
 
206,407
Saudi Arabia - 2.8%
 
 
 
Al Rajhi Bank
 
2,374,087
50,575,788
Alinma Bank
 
5,095,892
45,312,216
Sabic Agriculture-Nutrients Co.
 
251,400
7,761,990
The Saudi National Bank
 
5,671,954
56,861,694
TOTAL SAUDI ARABIA
 
 
160,511,688
Singapore - 0.6%
 
 
 
Sea Ltd. ADR (a)
 
571,000
36,081,490
South Africa - 4.0%
 
 
 
Absa Group Ltd.
 
825,017
6,361,768
African Rainbow Minerals Ltd. (c)
 
2,746,523
28,371,959
Bid Corp. Ltd.
 
478,842
10,914,189
Capitec Bank Holdings Ltd.
 
359,101
44,443,384
FirstRand Ltd.
 
5,061,585
17,473,361
Gold Fields Ltd. sponsored ADR (c)
 
486,700
7,869,939
Impala Platinum Holdings Ltd.
 
3,322,956
14,792,320
MTN Group Ltd.
 
4,531,016
21,716,288
Naspers Ltd. Class N
 
72,209
13,819,187
Northam Platinum Holdings Ltd.
 
1,224,646
8,114,112
Pepkor Holdings Ltd. (b)
 
12,594,415
11,880,915
Shoprite Holdings Ltd.
 
1,563,000
20,854,040
Standard Bank Group Ltd.
 
2,127,012
19,974,269
TOTAL SOUTH AFRICA
 
 
226,585,731
Taiwan - 15.2%
 
 
 
Alchip Technologies Ltd.
 
511,481
48,154,580
Chailease Holding Co. Ltd.
 
7,553,920
39,770,517
eMemory Technology, Inc.
 
202,403
13,579,831
Formosa Plastics Corp.
 
5,461,561
11,453,993
HIWIN Technologies Corp.
 
111,901
789,898
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
9,243,000
43,921,685
International Games Systems Co. Ltd.
 
127,165
3,881,949
MediaTek, Inc.
 
1,375,925
41,412,002
Quanta Computer, Inc.
 
2,290,000
17,940,521
Realtek Semiconductor Corp.
 
748,585
11,788,051
Taiwan Semiconductor Manufacturing Co. Ltd.
 
22,791,771
544,750,576
Unimicron Technology Corp.
 
2,932,009
16,185,257
Wiwynn Corp.
 
315,000
22,368,968
Yageo Corp.
 
2,166,540
41,252,197
TOTAL TAIWAN
 
 
857,250,025
Thailand - 0.7%
 
 
 
PTT Exploration and Production PCL (For. Reg.)
 
9,642,926
40,230,663
United Kingdom - 0.8%
 
 
 
AngloGold Ashanti PLC (c)
 
1,847,300
42,469,427
 
TOTAL COMMON STOCKS
 (Cost $4,687,647,690)
 
 
 
5,461,609,084
 
 
 
 
Nonconvertible Preferred Stocks - 1.1%
 
 
Shares
Value ($)
 
Brazil - 1.1%
 
 
 
Itau Unibanco Holding SA
 
3,703,211
22,365,038
Petroleo Brasileiro SA - Petrobras sponsored ADR
 
2,280,180
38,694,655
 
 
 
 
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 (Cost $48,205,857)
 
 
 
61,059,693
 
 
 
 
Government Obligations - 0.1%
 
 
Principal
Amount (e)
 
Value ($)
 
United States of America - 0.1%
 
 
 
U.S. Treasury Bills, yield at date of purchase 5.27% to 5.32% 5/2/24 to 6/27/24 (f)
  (Cost $3,442,710)
 
3,460,000
3,442,533
 
 
 
 
Money Market Funds - 4.7%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (g)
 
223,655,386
223,700,117
Fidelity Securities Lending Cash Central Fund 5.39% (g)(h)
 
43,043,441
43,047,746
 
TOTAL MONEY MARKET FUNDS
 (Cost $266,747,863)
 
 
266,747,863
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.6%
 (Cost $5,006,044,120)
 
 
 
5,792,859,173
NET OTHER ASSETS (LIABILITIES) - (2.6)%  
(144,674,732)
NET ASSETS - 100.0%
5,648,184,441
 
 
 
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)
105
Jun 2024
5,470,500
(36,911)
(36,911)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.1%
 
 
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 $209,580,435 or 3.7% 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 $2,753,179.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
 
 
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 5.39%
315,028,737
928,912,213
1,020,240,277
8,423,745
(556)
-
223,700,117
0.4%
Fidelity Securities Lending Cash Central Fund 5.39%
48,137,657
286,155,995
291,245,906
378,701
-
-
43,047,746
0.2%
Total
363,166,394
1,215,068,208
1,311,486,183
8,802,446
(556)
-
266,747,863
 
 
 
 
 
 
 
 
 
 
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 April 30, 2024, 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
606,701,009
110,531,680
496,169,329
-
Consumer Discretionary
881,781,409
290,005,800
591,775,609
-
Consumer Staples
235,683,477
104,080,289
131,603,188
-
Energy
238,892,178
38,694,655
200,022,327
175,196
Financials
1,214,273,507
512,626,655
701,615,641
31,211
Health Care
162,858,169
44,198,388
118,659,781
-
Industrials
375,491,220
27,720,032
347,771,188
-
Information Technology
1,303,102,611
-
1,303,102,611
-
Materials
364,739,911
165,261,564
199,478,347
-
Real Estate
61,732,752
37,249,315
24,483,437
-
Utilities
77,412,534
-
77,412,534
-
 Government Obligations
3,442,533
-
3,442,533
-
  Money Market Funds
266,747,863
266,747,863
-
-
 Total Investments in Securities:
5,792,859,173
1,597,116,241
4,195,536,525
206,407
 Derivative Instruments:
 Liabilities
 
 
 
 
Futures Contracts
(36,911)
(36,911)
-
-
  Total Liabilities
(36,911)
(36,911)
-
-
 Total Derivative Instruments:
(36,911)
(36,911)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2024. 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
(36,911)
Total Equity Risk
0
(36,911)
Total Value of Derivatives
0
(36,911)
 
(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
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $39,167,933) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $4,739,296,257)
$
5,526,111,310
 
 
Fidelity Central Funds (cost $266,747,863)
266,747,863
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $5,006,044,120)
 
 
$
5,792,859,173
Foreign currency held at value (cost $2,460,280)
 
 
2,436,453
Receivable for investments sold
 
 
59,561,407
Receivable for fund shares sold
 
 
144,982
Dividends receivable
 
 
6,055,813
Distributions receivable from Fidelity Central Funds
 
 
1,343,112
Receivable from investment adviser for expense reductions
 
 
77,305
  Total assets
 
 
5,862,478,245
Liabilities
 
 
 
 
Payable for investments purchased
$
47,986,069
 
 
Payable for fund shares redeemed
90,417,991
 
 
Payable for daily variation margin on futures contracts
1,217,185
 
 
Deferred taxes
30,990,915
 
 
Other payables and accrued expenses
633,898
 
 
Collateral on securities loaned
43,047,746
 
 
  Total liabilities
 
 
 
214,293,804
Net Assets  
 
 
$
5,648,184,441
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
5,477,743,610
Total accumulated earnings (loss)
 
 
 
170,440,831
Net Assets
 
 
$
5,648,184,441
Net Asset Value, offering price and redemption price per share ($5,648,184,441 ÷ 646,752,879 shares)
 
 
$
8.73
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
55,300,647
Interest  
 
 
118,700
Income from Fidelity Central Funds (including $378,701 from security lending)
 
 
8,802,446
 Income before foreign taxes withheld
 
 
$
64,221,793
Less foreign taxes withheld
 
 
(6,879,515)
 Total income
 
 
 
57,342,278
Expenses
 
 
 
 
Custodian fees and expenses
$
893,723
 
 
Independent trustees' fees and expenses
13,442
 
 
 Total expenses before reductions
 
907,165
 
 
 Expense reductions
 
(533,007)
 
 
 Total expenses after reductions
 
 
 
374,158
Net Investment income (loss)
 
 
 
56,968,120
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $8,921,120)
 
18,615,087
 
 
   Fidelity Central Funds
 
(556)
 
 
 Foreign currency transactions
 
(1,850,395)
 
 
 Futures contracts
 
14,848,247
 
 
Total net realized gain (loss)
 
 
 
31,612,383
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of increase in deferred foreign taxes of $24,399,121)  
 
705,404,138
 
 
 Assets and liabilities in foreign currencies
 
(29,792)
 
 
 Futures contracts
 
3,705,962
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
709,080,308
Net gain (loss)
 
 
 
740,692,691
Net increase (decrease) in net assets resulting from operations
 
 
$
797,660,811
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
56,968,120
$
107,004,651
Net realized gain (loss)
 
31,612,383
 
 
(280,722,691)
 
Change in net unrealized appreciation (depreciation)
 
709,080,308
 
420,518,956
 
Net increase (decrease) in net assets resulting from operations
 
797,660,811
 
 
246,800,916
 
Distributions to shareholders
 
(133,767,184)
 
 
(65,273,730)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
515,044,697
 
2,785,308,852
  Reinvestment of distributions
 
133,767,184
 
 
65,273,730
 
Cost of shares redeemed
 
(569,379,078)
 
(563,995,467)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
79,432,803
 
 
2,286,587,115
 
Total increase (decrease) in net assets
 
743,326,430
 
 
2,468,114,301
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
4,904,858,011
 
2,436,743,710
 
End of period
$
5,648,184,441
$
4,904,858,011
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
61,393,107
 
345,359,955
  Issued in reinvestment of distributions
 
16,596,425
 
 
8,304,546
 
Redeemed
 
(66,980,796)
 
(69,208,198)
Net increase (decrease)
 
11,008,736
 
284,456,303
 
 
 
 
 
 
Financial Highlights
 
Fidelity® Series Emerging Markets Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
7.72
$
6.94
$
11.31
$
9.65
$
9.48
$
8.87
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.09
 
.24
 
.23
 
.20
 
.17
 
.30 C
     Net realized and unrealized gain (loss)
 
1.13
 
.74
 
(4.24)
 
1.62
 
.22
 
.35
  Total from investment operations
 
1.22  
 
.98  
 
(4.01)  
 
1.82  
 
.39
 
.65
  Distributions from net investment income
 
(.21)
 
(.20)
 
(.30)
 
(.16)
 
(.22)
 
(.04)
  Distributions from net realized gain
 
-
 
-
 
(.07)
 
-
 
-
 
-
     Total distributions
 
(.21)
 
(.20)
 
(.36) D
 
(.16)
 
(.22)
 
(.04)
  Net asset value, end of period
$
8.73
$
7.72
$
6.94
$
11.31
$
9.65
$
9.48
 Total Return E,F
 
15.97
%
 
 
14.04%
 
(36.53)%
 
18.88%
 
4.16%
 
7.33%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.03% I
 
.03%
 
.04%
 
.04%
 
.05%
 
.04%
    Expenses net of fee waivers, if any
 
.01
% I
 
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Expenses net of all reductions
 
.01% I
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Net investment income (loss)
 
2.04% I
 
2.96%
 
2.61%
 
1.70%
 
1.86%
 
3.24% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
5,648,184
$
4,904,858
$
2,436,744
$
3,239,693
$
2,995,875
$
2,065,165
    Portfolio turnover rate J
 
84
% I
 
 
90%
 
65%
 
78%
 
117% K
 
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.
 
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.
 
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
9.6
 
Tencent Holdings Ltd.  (China, Interactive Media & Services)
4.6
 
Samsung Electronics Co. Ltd.  (Korea (South), Technology Hardware, Storage & Peripherals)
4.4
 
HDFC Bank Ltd.  (India, Banks)
2.2
 
Alibaba Group Holding Ltd.  (China, Broadline Retail)
2.2
 
Reliance Industries Ltd.  (India, Oil, Gas & Consumable Fuels)
2.0
 
PDD Holdings, Inc. ADR  (China, Broadline Retail)
1.9
 
Sea Ltd. ADR  (Singapore, Entertainment)
1.6
 
Meituan Class B (China, Hotels, Restaurants & Leisure)
1.4
 
China Construction Bank Corp. (H Shares)  (China, Banks)
1.4
 
 
31.3
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
21.9
 
Financials
21.4
 
Consumer Discretionary
15.4
 
Communication Services
9.6
 
Materials
7.4
 
Consumer Staples
6.1
 
Industrials
5.9
 
Energy
5.6
 
Health Care
3.2
 
Utilities
2.9
 
Real Estate
1.5
 
 
Asset Allocation (% of Fund's net assets)
Short-Term Investments and Net Other Assets (Liabilities) - (0.9)%
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 Emerging Markets Opportunities Fund
Common Stocks - 97.7%
 
 
Shares
Value ($)
 
Brazil - 6.2%
 
 
 
Cury Construtora e Incorporado SA
 
2,713,700
10,243,138
Cyrela Brazil Realty SA
 
1,904,800
7,446,643
Dexco SA
 
29,311,511
40,812,353
ENGIE Brasil Energia SA
 
4,621,800
36,404,040
Equatorial Energia SA
 
10,071,734
59,333,348
Hapvida Participacoes e Investimentos SA (a)(b)
 
28,874,200
20,518,776
Hypera SA (a)
 
2,337,700
13,289,856
Localiza Rent a Car SA
 
10,021,642
94,627,182
LOG Commercial Properties e Participacoes SA
 
3,032,151
12,688,950
Lojas Renner SA
 
13,971,090
41,246,545
MercadoLibre, Inc. (a)
 
49,729
72,539,692
PagSeguro Digital Ltd. (a)
 
13,219,949
164,588,365
PRIO SA
 
7,258,900
67,100,720
Raia Drogasil SA
 
25,627,992
126,249,670
Rede D'Oregon Sao Luiz SA (b)
 
783,900
3,925,086
Rumo SA
 
22,472,500
87,248,315
StoneCo Ltd. Class A (a)
 
3,565,995
55,629,522
Suzano SA
 
7,177,600
80,807,783
Transmissora Alianca de Energia Eletrica SA
 
4,534,900
30,758,999
Vale SA sponsored ADR
 
13,234,570
161,064,717
XP, Inc. Class A
 
8,746,465
179,040,139
YDUQS Participacoes SA
 
8,816,704
24,772,891
TOTAL BRAZIL
 
 
1,390,336,730
Canada - 0.7%
 
 
 
Barrick Gold Corp.
 
9,382,700
156,128,128
Chile - 1.3%
 
 
 
Antofagasta PLC
 
5,946,344
164,208,617
Banco de Chile
 
1,078,313,300
119,619,152
TOTAL CHILE
 
 
283,827,769
China - 26.8%
 
 
 
Airtac International Group
 
2,001,000
70,721,148
Akeso, Inc. (a)(b)
 
3,033,500
18,562,356
Alibaba Group Holding Ltd.
 
52,361,232
490,261,596
Angelalign Technology, Inc. (b)(c)
 
713,600
7,148,594
Anta Sports Products Ltd.
 
7,486,132
84,750,445
Baidu, Inc. Class A (a)
 
1,949,753
25,260,193
BeiGene Ltd. ADR (a)(c)
 
75,191
11,574,903
Beijing Enlight Media Co. Ltd. (A Shares)
 
14,534,576
18,732,275
Bilibili, Inc. ADR (a)(c)
 
2,551,753
32,254,158
BYD Co. Ltd. (H Shares)
 
4,122,539
113,009,445
C&S Paper Co. Ltd. (A Shares)
 
23,553,300
28,863,331
China Communications Services Corp. Ltd. (H Shares)
 
76,630,000
36,632,740
China Construction Bank Corp. (H Shares)
 
491,178,000
317,787,780
China Gas Holdings Ltd.
 
34,407,800
32,217,100
China Jushi Co. Ltd. (A Shares)
 
59,489,300
97,785,482
China Life Insurance Co. Ltd. (H Shares)
 
92,444,690
121,742,562
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares)
 
4,509,628
5,253,970
China Overseas Land and Investment Ltd.
 
8,923,400
16,408,999
China Petroleum & Chemical Corp. (H Shares)
 
188,906,000
112,758,364
China Resources Beer Holdings Co. Ltd.
 
14,674,666
66,888,043
China Resources Land Ltd.
 
15,165,720
54,533,459
China Tower Corp. Ltd. (H Shares) (b)
 
116,101,434
13,590,758
ENN Energy Holdings Ltd.
 
7,191,700
61,276,112
ESR Group Ltd. (b)(c)
 
7,052,600
7,728,734
Foxconn Industrial Internet Co. Ltd. (A Shares)
 
17,293,500
57,141,594
Fuyao Glass Industries Group Co. Ltd. (A Shares)
 
9,492,900
65,271,225
Glodon Co. Ltd. (A Shares)
 
3,742,300
5,820,378
Guangdong Investment Ltd.
 
43,966,000
22,966,316
Haier Smart Home Co. Ltd.
 
36,610,216
135,605,145
Haier Smart Home Co. Ltd. (A Shares)
 
15,787,303
65,680,222
Haitian International Holdings Ltd.
 
17,388,306
56,631,094
Hansoh Pharmaceutical Group Co. Ltd. (b)
 
15,295,918
33,799,321
Hygeia Healthcare Holdings Co. (b)(c)
 
1,575,000
6,500,709
Innovent Biologics, Inc. (a)(b)
 
8,499,862
41,147,530
JD.com, Inc.:
 
 
 
 Class A
 
7,343,872
105,813,241
 sponsored ADR (c)
 
538,949
15,570,237
Kanzhun Ltd. ADR
 
1,228,720
24,316,369
KE Holdings, Inc. ADR
 
2,563,600
38,761,632
Kuaishou Technology Class B (a)(b)
 
5,834,498
40,903,970
Kunlun Energy Co. Ltd.
 
53,666,000
52,022,703
Kweichow Moutai Co. Ltd. (A Shares)
 
555,410
130,224,867
Lenovo Group Ltd.
 
24,565,659
27,630,463
Li Auto, Inc.:
 
 
 
 ADR (a)(c)
 
1,672,510
43,953,563
 Class A (a)
 
254,948
3,340,303
Li Ning Co. Ltd.
 
31,718,600
83,035,137
Medlive Technology Co. Ltd. (b)
 
11,370,965
11,945,516
Meituan Class B (a)(b)
 
23,948,732
327,008,707
Midea Group Co. Ltd. (A Shares)
 
4,642,000
44,645,655
NetEase, Inc. ADR
 
732,140
68,433,126
New Oriental Education & Technology Group, Inc. (a)
 
776,878
6,173,046
New Oriental Education & Technology Group, Inc. sponsored ADR (a)
 
1,057,256
81,514,438
PDD Holdings, Inc. ADR (a)
 
3,340,558
418,171,050
Ping An Insurance Group Co. of China Ltd. (H Shares)
 
52,262,500
236,858,002
Proya Cosmetics Co. Ltd. (A Shares)
 
6,645,722
100,268,577
Shangri-La Asia Ltd.
 
7,982,000
5,567,373
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
12,244,600
100,417,501
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
993,039
41,697,529
Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd. (H Shares) (c)
 
356,900
7,591,142
Sinopec Engineering Group Co. Ltd. (H Shares)
 
50,619,487
32,604,238
Sinopharm Group Co. Ltd. (H Shares)
 
10,614,400
26,805,204
Sinotruk Hong Kong Ltd.
 
16,663,661
41,471,028
TAL Education Group ADR (a)
 
2,218,517
26,710,945
Tencent Holdings Ltd.
 
23,653,677
1,037,999,048
Tongdao Liepin Group (a)
 
6,814,426
2,606,004
TravelSky Technology Ltd. (H Shares)
 
23,095,000
30,001,152
Trip.com Group Ltd. ADR (a)
 
2,906,576
140,271,358
Tsingtao Brewery Co. Ltd. (H Shares)
 
11,249,384
81,067,583
Uni-President China Holdings Ltd.
 
39,977,000
30,657,804
Vipshop Holdings Ltd. ADR
 
2,560,468
38,509,439
Xiaomi Corp. Class B (a)(b)
 
23,531,600
51,297,181
Xinyi Solar Holdings Ltd.
 
46,102,804
31,721,776
Yifeng Pharmacy Chain Co. Ltd.
 
1,999,000
12,091,640
ZTO Express, Inc. sponsored ADR
 
5,494,000
115,319,060
TOTAL CHINA
 
 
6,051,303,688
Greece - 1.1%
 
 
 
Alpha Bank SA (a)
 
86,748,700
147,430,804
Piraeus Financial Holdings SA (a)
 
22,488,996
90,089,825
TOTAL GREECE
 
 
237,520,629
Hong Kong - 0.9%
 
 
 
ASMPT Ltd.
 
5,374,053
66,787,016
Huanxi Media Group Ltd. (a)
 
129,191,425
9,352,468
Kerry Properties Ltd.
 
6,340,500
12,291,794
Prudential PLC
 
12,920,314
112,372,498
TOTAL HONG KONG
 
 
200,803,776
Hungary - 0.2%
 
 
 
Richter Gedeon PLC
 
1,499,900
38,194,993
India - 17.7%
 
 
 
Apollo Hospitals Enterprise Ltd.
 
566,500
40,280,877
Bajaj Auto Ltd.
 
666,497
71,133,520
Bajaj Finance Ltd.
 
2,320,277
192,417,341
Bharat Electronics Ltd.
 
48,715,400
136,187,688
Bharti Airtel Ltd.
 
15,408,418
243,825,666
Coal India Ltd.
 
21,648,100
117,666,073
Divi's Laboratories Ltd.
 
640,752
30,671,928
Embassy Office Parks (REIT)
 
3,138,289
13,416,601
HDFC Bank Ltd.
 
28,006,697
508,473,494
HDFC Standard Life Insurance Co. Ltd. (b)
 
19,888,241
138,781,399
Hero Motocorp Ltd.
 
1,220,117
66,199,429
Hindustan Aeronautics Ltd.
 
3,052,700
144,020,834
ICICI Bank Ltd.
 
13,023,800
179,403,231
Indraprastha Gas Ltd.
 
9,319,694
52,272,140
Infosys Ltd. sponsored ADR (c)
 
2,559,422
42,767,942
ITC Ltd.
 
25,576,654
133,324,772
JK Cement Ltd.
 
2,870,121
137,255,659
Larsen & Toubro Ltd.
 
4,078,916
175,286,087
Mahanagar Gas Ltd.
 
3,070,634
53,058,997
Mahindra & Mahindra Ltd.
 
1,430,900
36,897,987
MakeMyTrip Ltd. (a)
 
991,337
65,636,423
Mankind Pharma Ltd.
 
1,025,684
28,987,648
Max Healthcare Institute Ltd.
 
1,690,900
16,986,933
NTPC Ltd.
 
25,256,045
109,729,931
Petronet LNG Ltd.
 
10,401,980
38,599,107
Pine Labs Private Ltd. (a)(d)(e)
 
9,606
3,140,970
Power Grid Corp. of India Ltd.
 
30,661,672
110,558,373
Reliance Industries Ltd.
 
12,824,592
450,069,803
Shree Cement Ltd.
 
222,468
65,113,220
Sona Blw Precision Forgings Ltd. (b)
 
4,871,615
36,404,560
Star Health & Allied Insurance Co. Ltd. (a)
 
13,092,500
89,629,170
Sun Pharmaceutical Industries Ltd.
 
3,673,200
65,970,894
Tata Motors Ltd.
 
2,817,252
33,963,748
Tata Steel Ltd.
 
73,689,700
145,214,611
Torrent Pharmaceuticals Ltd.
 
1,054,434
33,299,398
Zomato Ltd. (a)
 
86,287,917
199,089,603
TOTAL INDIA
 
 
4,005,736,057
Indonesia - 2.4%
 
 
 
First Resources Ltd.
 
55,730,146
57,414,106
PT Bank Central Asia Tbk
 
348,112,760
209,314,843
PT Bank Rakyat Indonesia (Persero) Tbk
 
623,075,239
188,607,102
PT Sumber Alfaria Trijaya Tbk
 
410,772,300
73,876,945
PT Telkom Indonesia Persero Tbk
 
101,273,900
19,632,807
TOTAL INDONESIA
 
 
548,845,803
Kazakhstan - 0.2%
 
 
 
Kaspi.KZ JSC ADR
 
291,400
34,315,264
Korea (South) - 9.1%
 
 
 
AMOREPACIFIC Corp.
 
1,147,470
139,468,210
Celltrion, Inc.
 
310,920
42,099,899
Coway Co. Ltd.
 
1,088,000
43,470,256
Delivery Hero AG (a)(b)
 
777,689
21,757,826
HPSP Co. Ltd.
 
392,400
10,955,505
Hyundai Motor Co. Ltd.
 
239,864
43,024,978
Kakao Corp.
 
1,121,330
38,833,512
Kakao Pay Corp. (a)
 
445,085
11,185,395
Kia Corp.
 
1,394,395
117,806,074
LG Corp.
 
1,043,328
59,363,500
LS Electric Co. Ltd.
 
391,530
49,272,757
NAVER Corp.
 
940,026
123,641,908
Samsung Biologics Co. Ltd. (a)(b)
 
106,968
59,953,871
Samsung Electronics Co. Ltd.
 
17,856,452
989,801,443
Samsung SDI Co. Ltd.
 
40,560
12,516,930
SK Hynix, Inc.
 
2,455,377
302,159,216
TOTAL KOREA (SOUTH)
 
 
2,065,311,280
Mauritius - 0.0%
 
 
 
Jumo World Holding Ltd. (d)(e)
 
2,024,724
3,280,053
Jumo World Ltd. (a)(e)
 
2,021
0
TOTAL MAURITIUS
 
 
3,280,053
Mexico - 2.2%
 
 
 
CEMEX S.A.B. de CV sponsored ADR (a)
 
9,896,000
78,277,360
Corporacion Inmobiliaria Vesta S.A.B. de CV
 
6,465,384
22,875,059
Fibra Uno Administracion SA de CV
 
12,695,600
18,223,651
Gruma S.A.B. de CV Series B
 
361,457
7,099,270
Grupo Financiero Banorte S.A.B. de CV Series O
 
27,707,378
274,231,189
Wal-Mart de Mexico SA de CV Series V
 
28,695,200
107,070,454
TOTAL MEXICO
 
 
507,776,983
Netherlands - 0.0%
 
 
 
CTP BV (b)
 
665,477
11,334,745
CTP BV rights (a)(f)
 
665,477
195,304
TOTAL NETHERLANDS
 
 
11,530,049
Panama - 0.3%
 
 
 
Copa Holdings SA Class A
 
715,075
68,289,663
Peru - 0.5%
 
 
 
Credicorp Ltd. (United States)
 
732,422
121,296,407
Philippines - 0.4%
 
 
 
Ayala Land, Inc.
 
60,214,324
29,874,577
SM Investments Corp.
 
2,394,000
39,339,019
SM Prime Holdings, Inc.
 
34,525,200
16,696,787
TOTAL PHILIPPINES
 
 
85,910,383
Poland - 0.3%
 
 
 
CD Projekt SA (c)
 
1,118,261
32,667,865
Dino Polska SA (a)(b)
 
479,434
46,083,058
TOTAL POLAND
 
 
78,750,923
Puerto Rico - 0.0%
 
 
 
Liberty Latin America Ltd. Class C (a)
 
471,290
3,553,527
Romania - 0.1%
 
 
 
Societatea de Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA
 
452,300
13,065,022
Russia - 0.3%
 
 
 
Gazprom OAO sponsored ADR (Reg. S) (a)(e)
 
10,986,900
5,449,502
LSR Group OJSC (a)(e)
 
98,230
98,388
LUKOIL PJSC sponsored ADR (a)(e)
 
2,479,000
31,235,400
Novatek PJSC GDR (Reg. S) (a)(e)
 
648,900
31,666,320
Sberbank of Russia (a)(e)
 
12,899,053
78,968
Sberbank of Russia sponsored ADR (a)(e)
 
19,633,994
349,485
Severstal PAO GDR (Reg. S) (a)(e)
 
6,035,400
142,496
Yandex NV Series A (a)(c)(e)
 
745,899
8,652,428
TOTAL RUSSIA
 
 
77,672,987
Saudi Arabia - 3.6%
 
 
 
Al Rajhi Bank
 
8,694,815
185,227,888
Alinma Bank
 
17,289,750
153,738,912
Bupa Arabia for Cooperative Insurance Co.
 
2,194,232
141,110,425
Dr Sulaiman Al Habib Medical Services Group Co.
 
325,628
26,966,367
Sabic Agriculture-Nutrients Co.
 
1,211,800
37,414,398
Saudi Arabian Oil Co. (b)
 
4,765,100
38,241,751
The Saudi National Bank
 
22,270,216
223,260,311
TOTAL SAUDI ARABIA
 
 
805,960,052
Singapore - 1.6%
 
 
 
Sea Ltd. ADR (a)
 
5,652,196
357,162,265
South Africa - 3.5%
 
 
 
Capitec Bank Holdings Ltd.
 
1,722,061
213,127,278
Discovery Ltd.
 
16,651,200
106,079,336
Gold Fields Ltd.
 
5,248,000
84,900,415
Impala Platinum Holdings Ltd.
 
18,906,802
84,164,659
Naspers Ltd. Class N
 
869,900
166,479,398
Pick 'n Pay Stores Ltd. (c)
 
23,377,715
24,890,322
Shoprite Holdings Ltd. (c)
 
8,119,176
108,328,611
TOTAL SOUTH AFRICA
 
 
787,970,019
Taiwan - 16.0%
 
 
 
Alchip Technologies Ltd.
 
1,683,140
158,463,168
ASE Technology Holding Co. Ltd.
 
12,446,945
55,894,234
Asia Vital Components Co. Ltd.
 
3,037,475
59,809,902
AURAS Technology Co. Ltd.
 
1,790,000
43,197,694
BizLink Holding, Inc.
 
4,996,327
35,135,938
Chailease Holding Co. Ltd.
 
30,547,047
160,826,676
Chroma ATE, Inc.
 
1,955,000
15,849,727
Delta Electronics, Inc.
 
8,379,000
81,912,122
eMemory Technology, Inc.
 
890,022
59,714,276
Formosa Plastics Corp.
 
26,543,000
55,666,017
Gigabyte Technology Co. Ltd.
 
4,565,636
41,101,521
Hon Hai Precision Industry Co. Ltd. (Foxconn)
 
18,911,000
89,862,921
King Yuan Electronics Co. Ltd.
 
17,702,513
51,419,232
M31 Technology Corp.
 
590,609
21,457,855
MediaTek, Inc.
 
1,450,000
43,641,479
Quanta Computer, Inc.
 
20,719,460
162,322,229
Taiwan Semiconductor Manufacturing Co. Ltd.
 
90,689,881
2,167,596,596
Uni-President Enterprises Corp.
 
39,250,000
91,901,386
Unimicron Technology Corp.
 
8,353,030
46,110,341
Wistron Corp.
 
14,119,037
48,258,490
Wiwynn Corp.
 
1,790,373
127,139,033
TOTAL TAIWAN
 
 
3,617,280,837
Tanzania - 0.0%
 
 
 
Helios Towers PLC (a)
 
9,208,600
11,368,527
Thailand - 0.4%
 
 
 
PTT Global Chemical PCL (For. Reg.)
 
75,984,800
74,743,752
Supalai PCL (For. Reg.)
 
17,051,000
9,062,072
TOTAL THAILAND
 
 
83,805,824
United Arab Emirates - 0.2%
 
 
 
Emaar Properties PJSC
 
17,850,735
39,901,586
Parkin Co. PJSC
 
4,150,000
2,949,032
TOTAL UNITED ARAB EMIRATES
 
 
42,850,618
United States of America - 1.7%
 
 
 
FirstCash Holdings, Inc.
 
1,241,554
140,270,771
Legend Biotech Corp. ADR (a)
 
1,134,100
49,605,534
Tenaris SA sponsored ADR
 
1,595,300
52,628,947
Titan Cement International Trading SA (g)
 
4,520,239
142,790,373
TOTAL UNITED STATES OF AMERICA
 
 
385,295,625
 
TOTAL COMMON STOCKS
 (Cost $17,752,532,991)
 
 
 
22,075,143,881
 
 
 
 
Preferred Stocks - 3.0%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.6%
 
 
 
China - 0.5%
 
 
 
ByteDance Ltd. Series E1 (a)(d)(e)
 
399,541
92,082,214
dMed Biopharmaceutical Co. Ltd. Series C (a)(d)(e)
 
769,712
3,794,680
 
 
 
95,876,894
India - 0.1%
 
 
 
Meesho:
 
 
 
 Series E1 (d)(e)
 
31,950
1,789,200
 Series F (a)(d)(e)
 
431,274
24,569,680
 
 
 
26,358,880
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
122,235,774
Nonconvertible Preferred Stocks - 2.4%
 
 
 
Brazil - 1.8%
 
 
 
Companhia de Transmissao de Energia Eletrica Paulista (PN)
 
6,031,800
29,005,517
Metalurgica Gerdau SA (PN)
 
48,272,722
98,356,392
Petroleo Brasileiro SA - Petrobras:
 
 
 
 (PN) sponsored ADR (non-vtg.)
 
8,961,200
144,454,544
 sponsored ADR
 
7,521,835
127,645,540
 
 
 
399,461,993
India - 0.1%
 
 
 
Pine Labs Private Ltd.:
 
 
 
 Series 1 (a)(d)(e)
 
22,959
7,507,134
 Series A (a)(d)(e)
 
5,737
1,875,884
 Series B (a)(d)(e)
 
6,242
2,041,009
 Series B2 (a)(d)(e)
 
5,049
1,650,922
 Series C (a)(d)(e)
 
9,391
3,070,669
 Series C1 (a)(d)(e)
 
1,978
646,766
 Series D (a)(d)(e)
 
2,116
691,890
 
 
 
17,484,274
Korea (South) - 0.5%
 
 
 
Hyundai Motor Co. Ltd. Series 2
 
692,638
78,924,641
Samsung Electronics Co. Ltd.
 
852,617
39,698,198
 
 
 
118,622,839
United States of America - 0.0%
 
 
 
Gupshup, Inc. (a)(d)(e)
 
566,129
5,961,338
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 
 
541,530,444
 
TOTAL PREFERRED STOCKS
 (Cost $405,900,579)
 
 
 
663,766,218
 
 
 
 
Corporate Bonds - 0.2%
 
 
Principal
Amount (h)
 
Value ($)
 
Convertible Bonds - 0.1%
 
 
 
Brazil - 0.1%
 
 
 
Creditas Financial Solutions Ltd. 5% 7/28/27 (d)(e)
 
33,309,389
31,693,883
Nonconvertible Bonds - 0.1%
 
 
 
China - 0.1%
 
 
 
Ant International Co. Ltd. 3.55% 8/14/24 (d)(e)
 
12,904,612
12,921,388
 
TOTAL CORPORATE BONDS
 (Cost $46,214,001)
 
 
 
44,615,271
 
 
 
 
Government Obligations - 0.0%
 
 
Principal
Amount (h)
 
Value ($)
 
United States of America - 0.0%
 
 
 
U.S. Treasury Bills, yield at date of purchase 5.29% to 5.31% 5/9/24 to 6/13/24 (i)
  (Cost $6,521,357)
 
6,540,000
6,521,184
 
 
 
 
Money Market Funds - 2.7%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (j)
 
391,557,016
391,635,328
Fidelity Securities Lending Cash Central Fund 5.39% (j)(k)
 
217,859,679
217,881,465
 
TOTAL MONEY MARKET FUNDS
 (Cost $609,512,637)
 
 
609,516,793
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 103.6%
 (Cost $18,820,681,565)
 
 
 
23,399,563,347
NET OTHER ASSETS (LIABILITIES) - (3.6)%  
(805,522,961)
NET ASSETS - 100.0%
22,594,040,386
 
 
 
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 $936,634,448 or 4.1% 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 $196,717,680 or 0.9% 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 $2,894,415.
 
(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 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 E1
4/18/24
1,789,200
 
 
 
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 5.39%
355,908,574
2,911,924,774
2,876,196,093
12,561,232
(1,927)
-
391,635,328
0.8%
Fidelity Securities Lending Cash Central Fund 5.39%
380,133,200
1,164,900,188
1,327,151,923
1,170,320
-
-
217,881,465
0.8%
Total
736,041,774
4,076,824,962
4,203,348,016
13,731,552
(1,927)
-
609,516,793
 
 
 
 
 
 
 
 
 
 
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) ($)
Value,
end
of period ($)
Titan Cement International Trading SA
86,321,617
-
1,281,336
-
292,820
57,457,272
142,790,373
Total
86,321,617
-
1,281,336
-
292,820
57,457,272
142,790,373
 
 
 
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 April 30, 2024, 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
2,204,869,088
529,755,837
1,574,378,609
100,734,642
Consumer Discretionary
3,488,259,954
986,586,362
2,475,314,712
26,358,880
Consumer Staples
1,365,768,649
286,502,452
1,079,266,197
-
Energy
1,217,516,071
430,071,502
719,093,347
68,351,222
Financials
4,820,163,587
1,939,759,149
2,876,695,932
3,708,506
Health Care
681,319,544
164,075,515
513,449,349
3,794,680
Industrials
1,345,516,824
368,433,252
977,083,572
-
Information Technology
4,938,635,044
42,767,942
4,869,280,520
26,586,582
Materials
1,704,846,432
959,860,121
744,843,815
142,496
Real Estate
309,346,308
143,980,927
165,266,993
98,388
Utilities
662,668,598
168,566,926
494,101,672
-
 Corporate Bonds
44,615,271
-
-
44,615,271
 Government Obligations
6,521,184
-
6,521,184
-
  Money Market Funds
609,516,793
609,516,793
-
-
 Total Investments in Securities:
23,399,563,347
6,629,876,778
16,495,295,902
274,390,667
 
The following is a reconciliation of  Investments in Securities for which Level 3 inputs were used in determining value:
 
 
Investments in Securities:
 
  Beginning Balance
$
420,207,786
 
  Net Realized Gain (Loss) on Investment Securities
 
(350,183,359)
 
  Net Unrealized Gain (Loss) on Investment Securities
 
487,796,170
 
  Cost of Purchases
 
1,789,200
 
  Proceeds of Sales
 
(285,219,130)
 
  Amortization/Accretion
 
-
 
  Transfers into Level 3
 
-
 
  Transfers out of Level 3
 
-
 
  Ending Balance
$
274,390,667
 
  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2024
$
236,085,995
 
 
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® Series Emerging Markets Opportunities Fund
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $203,568,097) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $18,131,523,310)
$
22,647,256,181
 
 
Fidelity Central Funds (cost $609,512,637)
609,516,793
 
 
Other affiliated issuers (cost $79,645,618)
142,790,373
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $18,820,681,565)
 
 
$
23,399,563,347
Foreign currency held at value (cost $12,041,310)
 
 
12,034,895
Receivable for investments sold
 
 
103,240,227
Receivable for fund shares sold
 
 
580,138
Dividends receivable
 
 
25,921,945
Interest receivable
 
 
1,586,494
Distributions receivable from Fidelity Central Funds
 
 
1,850,930
Receivable from investment adviser for expense reductions
 
 
305,915
Other receivables
 
 
3,436,506
  Total assets
 
 
23,548,520,397
Liabilities
 
 
 
 
Payable to custodian bank
$
1,204,096
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
22,910,300
 
 
Delayed delivery
195,304
 
 
Payable for fund shares redeemed
525,319,741
 
 
Payable for daily variation margin on futures contracts
751,519
 
 
Deferred taxes
182,720,673
 
 
Other payables and accrued expenses
3,502,009
 
 
Collateral on securities loaned
217,876,369
 
 
  Total liabilities
 
 
 
954,480,011
Net Assets  
 
 
$
22,594,040,386
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
20,704,819,471
Total accumulated earnings (loss)
 
 
 
1,889,220,915
Net Assets
 
 
$
22,594,040,386
Net Asset Value, offering price and redemption price per share ($22,594,040,386 ÷ 1,265,347,457 shares)
 
 
$
17.86
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
212,140,799
Interest  
 
 
1,265,950
Income from Fidelity Central Funds (including $1,170,320 from security lending)
 
 
13,731,552
 Income before foreign taxes withheld
 
 
$
227,138,301
Less foreign taxes withheld
 
 
(25,959,865)
 Total income
 
 
 
201,178,436
Expenses
 
 
 
 
Custodian fees and expenses
$
3,174,780
 
 
Independent trustees' fees and expenses
55,859
 
 
 Total expenses before reductions
 
3,230,639
 
 
 Expense reductions
 
(1,715,627)
 
 
 Total expenses after reductions
 
 
 
1,515,012
Net Investment income (loss)
 
 
 
199,663,424
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $32,021,529)
 
(391,165,736)
 
 
   Fidelity Central Funds
 
(1,927)
 
 
   Other affiliated issuers
 
292,820
 
 
 Foreign currency transactions
 
(2,845,452)
 
 
 Futures contracts
 
17,836,747
 
 
Total net realized gain (loss)
 
 
 
(375,883,548)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of increase in deferred foreign taxes of $87,365,719)  
 
3,363,654,037
 
 
   Affiliated issuers
 
57,457,272
 
 
 Assets and liabilities in foreign currencies
 
(678,652)
 
 
 Futures contracts
 
10,451
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
3,420,443,108
Net gain (loss)
 
 
 
3,044,559,560
Net increase (decrease) in net assets resulting from operations
 
 
$
3,244,222,984
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
199,663,424
$
648,322,848
Net realized gain (loss)
 
(375,883,548)
 
 
(781,171,593)
 
Change in net unrealized appreciation (depreciation)
 
3,420,443,108
 
3,586,638,840
 
Net increase (decrease) in net assets resulting from operations
 
3,244,222,984
 
 
3,453,790,095
 
Distributions to shareholders
 
(625,661,951)
 
 
(559,062,771)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
1,810,310,891
 
1,881,171,940
  Reinvestment of distributions
 
625,661,951
 
 
559,062,771
 
Cost of shares redeemed
 
(2,626,205,826)
 
(7,499,526,249)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(190,232,984)
 
 
(5,059,291,538)
 
Total increase (decrease) in net assets
 
2,428,328,049
 
 
(2,164,564,214)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
20,165,712,337
 
22,330,276,551
 
End of period
$
22,594,040,386
$
20,165,712,337
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
105,688,571
 
114,358,773
  Issued in reinvestment of distributions
 
37,987,975
 
 
35,117,008
 
Redeemed
 
(151,210,884)
 
(452,937,950)
Net increase (decrease)
 
(7,534,338)
 
(303,462,169)
 
 
 
 
 
 
Financial Highlights
 
Fidelity® Series Emerging Markets Opportunities Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
15.84
$
14.17
$
24.69
$
21.49
$
19.39
$
17.66
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.15
 
.46
 
.48
 
.47
 
.35
 
.57 C
     Net realized and unrealized gain (loss)
 
2.36
 
1.58
 
(8.30)
 
3.48
 
2.26
 
2.71
  Total from investment operations
 
2.51  
 
2.04  
 
(7.82)  
 
3.95  
 
2.61
 
3.28
  Distributions from net investment income
 
(.49)
 
(.37)
 
(.68)
 
(.33)
 
(.50)
 
(.41)
  Distributions from net realized gain
 
-
 
-
 
(2.01)
 
(.41)
 
(.02)
 
(1.14)
     Total distributions
 
(.49)
 
(.37)
 
(2.70) D
 
(.75) D
 
(.51) D
 
(1.55)
  Net asset value, end of period
$
17.86
$
15.84
$
14.17
$
24.69
$
21.49
$
19.39
 Total Return E,F
 
16.09
%
 
 
14.40%
 
(35.33)%
 
18.44%
 
13.66%
 
20.13%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.03% I
 
.03%
 
.03%
 
.03%
 
.04%
 
.04%
    Expenses net of fee waivers, if any
 
.01
% I
 
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Expenses net of all reductions
 
.01% I
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Net investment income (loss)
 
1.78% I
 
2.82%
 
2.64%
 
1.82%
 
1.78%
 
3.12% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
22,594,040
$
20,165,712
$
22,330,277
$
29,188,538
$
26,829,783
$
18,675,048
    Portfolio turnover rate J
 
45
% I
 
 
41%
 
37%
 
69%
 
42% K
 
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 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.
 
 
Top Holdings (% of Fund's net assets)
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
6.9
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
6.0
 
Linde PLC  (United States of America, Chemicals)
4.0
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
3.9
 
Safran SA  (France, Aerospace & Defense)
3.9
 
SAP SE  (Germany, Software)
3.9
 
Atlas Copco AB (A Shares)  (Sweden, Machinery)
3.6
 
CRH PLC  (United States of America, Construction Materials)
3.2
 
Keyence Corp.  (Japan, Electronic Equipment, Instruments & Components)
2.9
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
2.7
 
 
41.0
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
26.8
 
Information Technology
22.9
 
Financials
15.5
 
Consumer Discretionary
10.4
 
Materials
9.7
 
Health Care
7.1
 
Consumer Staples
2.6
 
Energy
0.7
 
Communication Services
0.7
 
 
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® Series International Growth Fund
Common Stocks - 96.1%
 
 
Shares
Value ($)
 
Belgium - 0.4%
 
 
 
Azelis Group NV
 
2,475,110
59,802,143
Canada - 3.2%
 
 
 
CAE, Inc. (a)
 
3,982,800
76,841,004
Canadian Pacific Kansas City Ltd.
 
3,769,540
295,725,362
Franco-Nevada Corp.
 
783,628
94,332,497
TOTAL CANADA
 
 
466,898,863
Denmark - 6.0%
 
 
 
Novo Nordisk A/S Series B
 
6,975,300
894,528,588
Finland - 0.5%
 
 
 
Kone OYJ (B Shares)
 
1,579,800
77,217,086
France - 13.1%
 
 
 
Airbus Group NV
 
2,235,700
367,901,793
Edenred SA
 
3,700,155
175,563,890
Lectra
 
1,016,088
34,699,812
Legrand SA
 
2,057,444
211,436,502
LVMH Moet Hennessy Louis Vuitton SE
 
708,623
582,088,680
Safran SA
 
2,648,300
574,236,238
TOTAL FRANCE
 
 
1,945,926,915
Germany - 5.0%
 
 
 
Deutsche Borse AG
 
840,245
161,992,506
SAP SE
 
3,161,000
570,772,442
TOTAL GERMANY
 
 
732,764,948
Hong Kong - 0.7%
 
 
 
AIA Group Ltd.
 
13,994,701
102,502,201
India - 1.6%
 
 
 
HDFC Bank Ltd.
 
3,668,296
66,599,474
Jio Financial Services Ltd.
 
1,953,400
8,793,950
Kotak Mahindra Bank Ltd.
 
2,832,000
55,025,378
Reliance Industries Ltd.
 
1,825,000
64,047,058
Reliance Industries Ltd. GDR (b)
 
596,500
42,172,550
TOTAL INDIA
 
 
236,638,410
Israel - 0.7%
 
 
 
NICE Ltd. sponsored ADR (a)(c)
 
473,072
105,736,323
Italy - 1.4%
 
 
 
Interpump Group SpA
 
1,650,320
72,350,980
Prada SpA
 
15,723,000
128,226,017
TOTAL ITALY
 
 
200,576,997
Japan - 9.7%
 
 
 
Azbil Corp.
 
4,673,005
130,517,034
Hoya Corp.
 
1,384,300
160,495,501
Keyence Corp.
 
989,287
435,058,605
Lasertec Corp.
 
1,000,900
215,899,571
Misumi Group, Inc.
 
3,961,906
64,412,115
OSG Corp.
 
1,857,246
23,951,607
Recruit Holdings Co. Ltd.
 
6,564,905
282,733,125
SHO-BOND Holdings Co. Ltd.
 
1,993,800
76,994,368
USS Co. Ltd.
 
5,741,558
43,861,454
TOTAL JAPAN
 
 
1,433,923,380
Netherlands - 8.4%
 
 
 
Aalberts Industries NV
 
661,563
31,714,420
ASML Holding NV (Netherlands)
 
1,150,746
1,022,618,999
BE Semiconductor Industries NV
 
581,035
77,820,110
IMCD NV
 
734,054
111,436,151
TOTAL NETHERLANDS
 
 
1,243,589,680
Spain - 0.7%
 
 
 
Amadeus IT Holding SA Class A
 
1,653,864
104,977,282
Sweden - 7.0%
 
 
 
ASSA ABLOY AB (B Shares) (c)
 
7,122,137
188,176,954
Atlas Copco AB (A Shares) (c)
 
30,275,944
530,316,101
Autoliv, Inc.
 
970,134
116,212,352
Epiroc AB (A Shares)
 
9,675,955
178,883,042
Lagercrantz Group AB (B Shares)
 
1,972,900
29,341,794
TOTAL SWEDEN
 
 
1,042,930,243
Switzerland - 1.7%
 
 
 
Schindler Holding AG:
 
 
 
 (participation certificate)
 
230,401
57,647,245
 (Reg.)
 
147,352
35,986,428
UBS Group AG
 
6,125,995
161,738,263
TOTAL SWITZERLAND
 
 
255,371,936
Taiwan - 2.7%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
16,930,885
404,668,396
United Kingdom - 8.7%
 
 
 
BAE Systems PLC
 
16,084,700
267,524,211
Compass Group PLC
 
11,439,000
318,161,227
InterContinental Hotel Group PLC ADR
 
2,509,330
246,792,606
London Stock Exchange Group PLC
 
1,658,700
182,855,268
Rightmove PLC
 
8,257,761
53,140,199
Sage Group PLC
 
6,437,600
93,794,242
Spectris PLC
 
3,046,778
126,776,479
TOTAL UNITED KINGDOM
 
 
1,289,044,232
United States of America - 24.6%
 
 
 
CRH PLC
 
6,091,040
471,568,317
Experian PLC
 
7,218,889
291,166,274
Linde PLC
 
1,353,901
597,016,185
Marsh & McLennan Companies, Inc.
 
1,585,431
316,182,504
MasterCard, Inc. Class A
 
635,631
286,796,707
Microsoft Corp.
 
387,200
150,748,576
Moody's Corp.
 
673,059
249,253,939
Nestle SA (Reg. S)
 
3,504,200
351,822,375
Otis Worldwide Corp.
 
1,067,300
97,337,760
PriceSmart, Inc.
 
404,227
32,576,654
S&P Global, Inc.
 
579,280
240,882,002
Sherwin-Williams Co.
 
886,941
265,736,393
Visa, Inc. Class A
 
1,063,770
285,739,260
TOTAL UNITED STATES OF AMERICA
 
 
3,636,826,946
 
TOTAL COMMON STOCKS
 (Cost $8,575,918,671)
 
 
 
14,233,924,569
 
 
 
 
Convertible Preferred Stocks - 0.3%
 
 
Shares
Value ($)
 
China - 0.3%
 
 
 
ByteDance Ltd. Series E1 (a)(d)(e)
  (Cost $18,859,141)
 
172,113
39,666,883
 
 
 
 
Money Market Funds - 5.1%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (f)
 
340,161,453
340,229,485
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g)
 
422,965,333
423,007,629
 
TOTAL MONEY MARKET FUNDS
 (Cost $763,237,114)
 
 
763,237,114
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.5%
 (Cost $9,358,014,926)
 
 
 
15,036,828,566
NET OTHER ASSETS (LIABILITIES) - (1.5)%  
(229,132,886)
NET ASSETS - 100.0%
14,807,695,680
 
 
 
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 $42,172,550 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 $39,666,883 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 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 5.39%
270,608,875
1,869,292,918
1,799,702,216
7,285,525
29,908
-
340,229,485
0.7%
Fidelity Securities Lending Cash Central Fund 5.39%
67,864,785
813,347,350
458,204,506
133,578
-
-
423,007,629
1.5%
Total
338,473,660
2,682,640,268
2,257,906,722
7,419,103
29,908
-
763,237,114
 
 
 
 
 
 
 
 
 
 
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 April 30, 2024, 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
92,807,082
53,140,199
-
39,666,883
Consumer Discretionary
1,540,319,618
363,004,958
1,177,314,660
-
Consumer Staples
384,399,029
32,576,654
351,822,375
-
Energy
106,219,608
42,172,550
64,047,058
-
Financials
2,293,925,342
1,716,156,565
577,768,777
-
Health Care
1,055,024,089
-
1,055,024,089
-
Industrials
3,973,790,909
916,058,579
3,057,732,330
-
Information Technology
3,398,452,383
1,641,536,335
1,756,916,048
-
Materials
1,428,653,392
1,428,653,392
-
-
  Money Market Funds
763,237,114
763,237,114
-
-
 Total Investments in Securities:
15,036,828,566
6,956,536,346
8,040,625,337
39,666,883
Fidelity® Series International Growth Fund
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $400,545,391) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $8,594,777,812)
$
14,273,591,452
 
 
Fidelity Central Funds (cost $763,237,114)
763,237,114
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $9,358,014,926)
 
 
$
15,036,828,566
Foreign currency held at value (cost $17,993,345)
 
 
17,993,385
Receivable for investments sold
 
 
61,869,292
Receivable for fund shares sold
 
 
85,027,899
Dividends receivable
 
 
27,724,599
Reclaims receivable
 
 
34,180,716
Distributions receivable from Fidelity Central Funds
 
 
1,257,761
  Total assets
 
 
15,264,882,218
Liabilities
 
 
 
 
Payable for investments purchased
$
28,886,447
 
 
Payable for fund shares redeemed
4,319,610
 
 
Other payables and accrued expenses
972,852
 
 
Collateral on securities loaned
423,007,629
 
 
  Total liabilities
 
 
 
457,186,538
Net Assets  
 
 
$
14,807,695,680
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
8,600,867,020
Total accumulated earnings (loss)
 
 
 
6,206,828,660
Net Assets
 
 
$
14,807,695,680
Net Asset Value, offering price and redemption price per share ($14,807,695,680 ÷ 840,006,353 shares)
 
 
$
17.63
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
115,543,831
Interest  
 
 
207,249
Income from Fidelity Central Funds (including $133,578 from security lending)
 
 
7,419,103
 Income before foreign taxes withheld
 
 
$
123,170,183
Less foreign taxes withheld
 
 
(6,425,043)
 Total income
 
 
 
116,745,140
Expenses
 
 
 
 
Custodian fees and expenses
$
407,180
 
 
Independent trustees' fees and expenses
35,914
 
 
 Total expenses before reductions
 
443,094
 
 
 Expense reductions
 
(784)
 
 
 Total expenses after reductions
 
 
 
442,310
Net Investment income (loss)
 
 
 
116,302,830
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $559,644)
 
495,065,728
 
 
   Redemptions in-kind
 
175,468,806
 
 
   Fidelity Central Funds
 
29,908
 
 
 Foreign currency transactions
 
(159,399)
 
 
Total net realized gain (loss)
 
 
 
670,405,043
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of increase in deferred foreign taxes of $80,687)  
 
1,838,281,438
 
 
 Assets and liabilities in foreign currencies
 
(113,470)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
1,838,167,968
Net gain (loss)
 
 
 
2,508,573,011
Net increase (decrease) in net assets resulting from operations
 
 
$
2,624,875,841
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
116,302,830
$
190,486,775
Net realized gain (loss)
 
670,405,043
 
 
18,909,853
 
Change in net unrealized appreciation (depreciation)
 
1,838,167,968
 
1,208,323,184
 
Net increase (decrease) in net assets resulting from operations
 
2,624,875,841
 
 
1,417,719,812
 
Distributions to shareholders
 
(186,414,240)
 
 
(434,836,481)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
1,345,076,568
 
2,142,973,065
  Reinvestment of distributions
 
186,414,240
 
 
434,836,481
 
Cost of shares redeemed
 
(2,010,343,367)
 
(3,104,776,773)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(478,852,559)
 
 
(526,967,227)
 
Total increase (decrease) in net assets
 
1,959,609,042
 
 
455,916,104
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
12,848,086,638
 
12,392,170,534
 
End of period
$
14,807,695,680
$
12,848,086,638
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
77,180,835
 
138,038,506
  Issued in reinvestment of distributions
 
11,408,460
 
 
29,420,601
 
Redeemed
 
(116,487,414)
 
(200,541,435)
Net increase (decrease)
 
(27,898,119)
 
(33,082,328)
 
 
 
 
 
 
Financial Highlights
 
Fidelity® Series International Growth Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.80
$
13.75
$
20.51
$
18.01
$
17.07
$
14.96
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.14
 
.22
 
.21
 
.20
 
.20
 
.37 C
     Net realized and unrealized gain (loss)
 
2.91
 
1.33
 
(5.38)
 
5.19
 
1.38
 
2.74
  Total from investment operations
 
3.05  
 
1.55  
 
(5.17)  
 
5.39  
 
1.58
 
3.11
  Distributions from net investment income
 
(.22)
 
(.20)
 
(.28)
 
(.24)
 
(.37)
 
(.28)
  Distributions from net realized gain
 
-
 
(.30)
 
(1.31)
 
(2.65)
 
(.27)
 
(.72)
     Total distributions
 
(.22)
 
(.50)
 
(1.59)
 
(2.89)
 
(.64)
 
(1.00)
  Net asset value, end of period
$
17.63
$
14.80
$
13.75
$
20.51
$
18.01
$
17.07
 Total Return D,E
 
20.71
%
 
 
11.31%
 
(27.31)%
 
33.10%
 
9.39%
 
22.58%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.01% H
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Expenses net of fee waivers, if any
 
.01
% H
 
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Expenses net of all reductions
 
.01% H
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Net investment income (loss)
 
1.58% H
 
1.42%
 
1.32%
 
1.06%
 
1.18%
 
2.38% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
14,807,696
$
12,848,087
$
12,392,171
$
15,467,124
$
11,557,995
$
16,501,791
    Portfolio turnover rate I
 
27
% H,J
 
 
19% J
 
22% J
 
24%
 
16% J
 
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 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).
 
JPortfolio turnover rate excludes securities received or delivered in-kind.
 
 
Top Holdings (% of Fund's net assets)
 
Lagercrantz Group AB (B Shares)  (Sweden, Electronic Equipment, Instruments & Components)
3.7
 
AddTech AB (B Shares)  (Sweden, Trading Companies & Distributors)
3.1
 
CTS Eventim AG  (Germany, Entertainment)
3.0
 
Spectris PLC  (United Kingdom, Electronic Equipment, Instruments & Components)
3.0
 
Aalberts Industries NV  (Netherlands, Machinery)
2.8
 
Azbil Corp.  (Japan, Electronic Equipment, Instruments & Components)
2.5
 
Kongsberg Gruppen ASA  (Norway, Aerospace & Defense)
2.0
 
Interpump Group SpA  (Italy, Machinery)
1.9
 
Morningstar, Inc.  (United States of America, Capital Markets)
1.9
 
Rheinmetall AG  (Germany, Aerospace & Defense)
1.6
 
 
25.5
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
31.6
 
Information Technology
20.1
 
Consumer Discretionary
10.3
 
Financials
7.5
 
Communication Services
6.8
 
Health Care
6.2
 
Materials
5.3
 
Consumer Staples
4.4
 
Real Estate
2.8
 
Energy
1.8
 
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® Series International Small Cap Fund
Common Stocks - 97.1%
 
 
Shares
Value ($)
 
Australia - 1.6%
 
 
 
Dominos Pizza Enterprises Ltd.
 
188,911
4,765,360
Imdex Ltd.
 
13,644,033
18,297,773
Latin Resources Ltd. (a)
 
12,500,000
1,788,829
Liontown Resources Ltd. (a)(b)
 
1,200,000
941,729
NIB Holdings Ltd.
 
972,683
4,645,087
Steadfast Group Ltd.
 
8,493,721
30,912,231
Vulcan Energy Resources Ltd. (a)(b)
 
500,000
1,074,879
TOTAL AUSTRALIA
 
 
62,425,888
Austria - 0.0%
 
 
 
AT&S Austria Technologie & Systemtechnik AG
 
80,000
1,780,943
Belgium - 1.9%
 
 
 
Azelis Group NV
 
1,055,172
25,494,441
Fagron NV
 
227,500
4,428,453
Galapagos NV (a)
 
85,000
2,404,196
KBC Ancora
 
732,579
35,455,007
Warehouses de Pauw
 
138,500
3,686,312
Warehouses de Pauw rights (a)(c)
 
138,500
165,544
TOTAL BELGIUM
 
 
71,633,953
Canada - 4.2%
 
 
 
CAE, Inc. (a)
 
1,185,900
22,879,820
ECN Capital Corp.
 
533,950
682,637
Lumine Group, Inc. (a)
 
370,000
10,135,256
McCoy Global, Inc.
 
1,106,750
1,543,573
MTY Food Group, Inc. (b)
 
118,300
4,245,102
North West Co., Inc.
 
200,000
5,668,834
Onex Corp. (sub. vtg.)
 
60,000
4,256,855
Osisko Gold Royalties Ltd.
 
1,439,700
22,118,661
Parkland Corp.
 
182,500
5,622,217
Pason Systems, Inc.
 
2,126,500
24,174,427
Quebecor, Inc. Class B (sub. vtg.)
 
180,300
3,731,338
Real Matters, Inc. (a)
 
950,000
3,547,016
Richelieu Hardware Ltd.
 
1,835,620
51,802,447
TOTAL CANADA
 
 
160,408,183
China - 0.3%
 
 
 
Chlitina Holding Ltd.
 
2,142,000
12,320,750
Chlitina Holding Ltd. rights 5/13/24 (a)
 
64,670
63,441
TOTAL CHINA
 
 
12,384,191
Denmark - 0.7%
 
 
 
Cadeler A/S (a)
 
1,750,000
8,317,955
Spar Nord Bank A/S
 
1,026,010
18,203,900
TOTAL DENMARK
 
 
26,521,855
Egypt - 0.1%
 
 
 
Integrated Diagnostics Holdings PLC (a)(d)
 
15,331,734
4,706,842
Finland - 0.2%
 
 
 
Huhtamaki Oyj
 
136,689
5,245,647
Nanoform Finland PLC (a)
 
500,000
1,147,240
TOTAL FINLAND
 
 
6,392,887
France - 3.8%
 
 
 
ARGAN SA
 
80,600
6,348,004
Elis SA
 
430,000
9,691,884
Exail Technologies SA (a)(b)
 
221,114
4,606,190
Exclusive Networks SA (a)
 
300,000
6,403,200
Laurent-Perrier Group SA
 
97,711
12,721,816
Lectra
 
1,064,210
36,343,197
LISI
 
444,088
11,658,696
Maisons du Monde SA (d)
 
259,100
1,244,302
Stef SA
 
75,000
10,181,088
Thermador Groupe SA
 
82,100
7,009,370
Vallourec SA (a)
 
445,200
7,727,785
Vetoquinol SA
 
298,648
30,055,027
TOTAL FRANCE
 
 
143,990,559
Germany - 7.5%
 
 
 
Auto1 Group SE (a)(b)(d)
 
840,752
4,288,858
CTS Eventim AG
 
1,314,770
116,739,796
Gerresheimer AG
 
55,000
5,928,296
Instone Real Estate Group BV (d)
 
515,921
4,773,623
Nexus AG
 
618,016
34,098,563
NORMA Group AG
 
107,000
2,135,360
Rheinmetall AG
 
108,300
59,776,818
Scout24 AG (d)
 
330,500
24,372,233
Stabilus Se
 
484,629
30,100,811
Wacker Chemie AG
 
40,300
4,326,621
TOTAL GERMANY
 
 
286,540,979
Greece - 0.3%
 
 
 
Athens International Airport SA
 
762,400
6,761,293
Mytilineos SA
 
126,900
5,173,337
TOTAL GREECE
 
 
11,934,630
Hungary - 0.2%
 
 
 
Richter Gedeon PLC
 
363,700
9,261,630
Indonesia - 0.2%
 
 
 
PT Selamat Sempurna Tbk
 
55,532,360
6,151,613
Ireland - 1.9%
 
 
 
AerCap Holdings NV (a)
 
366,000
30,923,340
Cairn Homes PLC
 
5,313,300
8,970,500
Cairn Homes PLC
 
7,191,234
12,184,754
Irish Residential Properties REIT PLC
 
10,324,300
10,918,930
Mincon Group PLC
 
3,809,284
1,910,676
Smurfit Kappa Group PLC
 
190,000
8,262,796
TOTAL IRELAND
 
 
73,170,996
Israel - 1.4%
 
 
 
Ituran Location & Control Ltd.
 
893,735
22,951,115
NICE Ltd. sponsored ADR (a)
 
85,000
18,998,350
Tel Aviv Stock Exchange Ltd.
 
1,620,557
10,736,870
TOTAL ISRAEL
 
 
52,686,335
Italy - 2.5%
 
 
 
Banca Generali SpA
 
140,000
5,501,203
BFF Bank SpA (d)
 
529,000
6,802,813
Dovalue SpA (b)(d)
 
800,000
1,782,651
Generalfinance SpA
 
173,104
1,995,155
Industrie de Nora SpA
 
198,400
2,676,299
Intercos SpA
 
310,900
4,359,753
Interpump Group SpA
 
1,633,037
71,593,283
TOTAL ITALY
 
 
94,711,157
Japan - 28.1%
 
 
 
ABC-MART, Inc.
 
204,900
4,081,257
Ai Holdings Corp.
 
416,292
6,402,814
Arealink Co. Ltd.
 
100,000
1,966,163
Artnature, Inc.
 
1,214,900
5,845,636
As One Corp.
 
243,000
4,003,492
ASKUL Corp.
 
640,000
9,665,465
Aucnet, Inc.
 
757,060
12,459,780
Azbil Corp.
 
3,379,090
94,377,987
BayCurrent Consulting, Inc.
 
281,800
5,998,724
Belc Co. Ltd.
 
110,000
5,249,565
Broadleaf Co. Ltd. (e)
 
5,948,773
21,670,357
Central Automotive Products Ltd.
 
216,579
7,927,893
Chiba Bank Ltd.
 
556,900
4,704,172
CKD Corp.
 
267,000
4,989,969
CTS Co. Ltd.
 
300,000
1,405,696
Curves Holdings Co. Ltd. (e)
 
5,937,359
27,885,707
Daiei Kankyo Co. Ltd.
 
53,900
900,805
Daiichikosho Co. Ltd.
 
1,316,928
15,371,717
Daikokutenbussan Co. Ltd.
 
179,300
9,167,713
Dentsu Soken, Inc.
 
175,000
5,797,409
Dexerials Corp.
 
180,700
6,768,415
Digital Hearts Holdings Co. Ltd. (e)
 
1,354,550
8,247,792
Dowa Holdings Co. Ltd.
 
90,000
3,370,230
Elan Corp.
 
2,020,900
11,601,152
Fuji Electric Co. Ltd.
 
40,000
2,488,157
Fujitec Co. Ltd.
 
910,300
22,451,240
Funai Soken Holdings, Inc.
 
861,757
13,037,666
Fuyo General Lease Co. Ltd.
 
28,800
2,469,876
Goldcrest Co. Ltd.
 
1,537,300
24,780,145
Hamamatsu Photonics K.K.
 
50,000
1,832,084
Inaba Denki Sangyo Co. Ltd.
 
216,300
5,046,399
Iwatani Corp.
 
100,000
5,678,252
Iwatsuka Confectionary Co. Ltd.
 
211,600
3,493,697
Japan Elevator Service Holdings Co. Ltd.
 
146,300
2,273,591
JINS Holdings, Inc.
 
123,200
2,588,298
JTOWER, Inc. (a)(b)
 
400,000
8,169,768
Justsystems Corp.
 
150,000
2,612,790
Kamigumi Co. Ltd.
 
405,800
8,763,490
Kansai Electric Power Co., Inc.
 
500,000
7,489,711
Katitas Co. Ltd.
 
260,000
3,132,445
Kato Sangyo
 
110,000
3,189,999
Kobe Bussan Co. Ltd.
 
82,300
1,777,456
Koshidaka Holdings Co. Ltd. (e)
 
5,227,659
28,598,959
Kotobuki Spirits Co. Ltd.
 
382,400
3,937,408
Kusuri No Aoki Holdings Co. Ltd.
 
871,574
16,249,946
Kyoritsu Maintenance Co. Ltd.
 
237,600
5,066,975
Kyoto Financial Group, Inc.
 
352,612
6,276,201
Lasertec Corp.
 
197,360
42,571,625
Maeda Kosen Co. Ltd.
 
202,400
4,429,503
Maruwa Ceramic Co. Ltd.
 
32,600
6,869,728
MCJ Co. Ltd.
 
850,000
7,420,125
Medikit Co. Ltd.
 
625,900
11,189,107
Meitec Group Holdings, Inc.
 
201,000
3,748,652
Miroku Jyoho Service Co., Ltd. (b)
 
618,891
6,657,129
Misumi Group, Inc.
 
711,300
11,564,216
Mitsuboshi Belting Ltd.
 
227,952
6,991,446
Miura Co. Ltd.
 
147,900
2,326,950
Nagaileben Co. Ltd.
 
1,528,000
22,794,232
Net One Systems Co. Ltd.
 
650,000
10,876,212
Nihon Parkerizing Co. Ltd.
 
5,182,368
39,853,020
Nippon Concept Corp.
 
135,000
1,549,962
Nippon Gas Co. Ltd.
 
303,700
4,953,108
Nitto Kohki Co. Ltd.
 
270,000
4,172,878
NOF Corp.
 
1,060,700
14,230,279
NS Tool Co. Ltd. (e)
 
1,484,000
8,681,751
NSD Co. Ltd.
 
1,909,580
37,324,613
OBIC Co. Ltd.
 
309,600
39,773,243
Osaka Soda Co. Ltd.
 
77,700
4,556,988
OSG Corp.
 
1,322,475
17,055,038
Paramount Bed Holdings Co. Ltd.
 
586,612
9,994,998
Park24 Co. Ltd. (a)
 
150,000
1,615,438
Prestige International, Inc.
 
1,100,000
4,697,619
ProNexus, Inc.
 
1,204,277
8,764,290
Qol Holdings Co. Ltd.
 
425,000
4,767,407
Renesas Electronics Corp.
 
265,000
4,302,474
Rohto Pharmaceutical Co. Ltd.
 
357,200
6,969,128
Roland Corp.
 
140,000
3,805,868
San-Ai Obbli Co. Ltd.
 
1,093,972
14,351,524
Shinwa Co. Ltd.
 
35,700
634,971
SHO-BOND Holdings Co. Ltd.
 
1,372,000
52,982,382
Shoei Co. Ltd.
 
475,500
6,092,011
SK Kaken Co. Ltd.
 
526,920
26,535,804
Softcreate Co. Ltd.
 
119,300
1,399,891
Software Service, Inc.
 
181,500
15,535,933
Sumco Corp.
 
561,400
8,372,337
SWCC Showa Holdings Co. Ltd.
 
293,500
7,738,729
Techno Medica Co. Ltd.
 
283,000
3,125,390
The Monogatari Corp.
 
805,288
21,757,462
TIS, Inc.
 
838,936
17,916,801
Tocalo Co. Ltd.
 
1,467,849
16,914,169
Toyo Suisan Kaisha Ltd.
 
125,000
7,816,790
Tri Chemical Laboratories, Inc.
 
177,600
4,940,371
USS Co. Ltd.
 
2,454,200
18,748,357
Visional, Inc. (a)
 
70,000
3,193,979
YAKUODO Holdings Co. Ltd. (e)
 
1,008,352
18,318,137
Yaoko Co. Ltd.
 
80,500
4,352,027
YONEX Co. Ltd.
 
950,000
7,575,712
Zenkoku Hosho Co. Ltd.
 
100,000
3,511,196
TOTAL JAPAN
 
 
1,077,585,463
Korea (South) - 0.6%
 
 
 
BGF Retail Co. Ltd.
 
157,318
14,789,749
Hansol Chemical Co. Ltd.
 
18,660
2,580,979
HD Hyundai Marine Solution Co. Ltd. (c)
 
9,600
577,671
Soulbrain Co. Ltd.
 
18,000
3,875,004
TOTAL KOREA (SOUTH)
 
 
21,823,403
Luxembourg - 0.2%
 
 
 
CVC Capital Partners PLC
 
122,200
2,217,001
L'Occitane Ltd.
 
1,450,000
5,975,591
Novem Group SA
 
177,462
1,102,235
TOTAL LUXEMBOURG
 
 
9,294,827
Netherlands - 6.0%
 
 
 
Aalberts Industries NV
 
2,236,135
107,197,235
BE Semiconductor Industries NV (b)
 
315,751
42,289,668
IMCD NV
 
325,929
49,479,021
Koninklijke Heijmans NV (Certificaten Van Aandelen)
 
400,000
7,538,701
OCI NV
 
210,000
5,670,034
TKH Group NV (bearer) (depositary receipt)
 
172,600
7,471,100
Van Lanschot Kempen NV (Bearer)
 
305,761
10,882,376
TOTAL NETHERLANDS
 
 
230,528,135
Norway - 2.6%
 
 
 
Europris ASA (d)
 
674,800
4,264,389
Kongsberg Gruppen ASA
 
1,091,108
77,203,123
Medistim ASA
 
440,375
7,195,217
Selvaag Bolig ASA
 
840,200
2,658,597
Sparebanken Midt-Norge
 
356,800
4,699,732
TGS ASA
 
340,000
3,893,235
TOTAL NORWAY
 
 
99,914,293
Philippines - 0.1%
 
 
 
Robinsons Land Corp.
 
14,500,000
3,911,619
Singapore - 0.2%
 
 
 
Boustead Singapore Ltd.
 
9,000,000
6,287,942
Spain - 0.8%
 
 
 
Cie Automotive SA
 
79,741
2,118,980
Compania de Distribucion Integral Logista Holdings SA
 
407,000
11,101,996
Fluidra SA
 
594,020
12,615,369
Puig Group SL Class B
 
144,000
3,765,082
TOTAL SPAIN
 
 
29,601,427
Sweden - 12.2%
 
 
 
Addlife AB
 
1,295,211
12,058,423
AddTech AB (B Shares)
 
5,641,065
119,164,452
Alligo AB (B Shares)
 
500,000
5,880,004
Arjo AB
 
370,000
1,568,582
Autoliv, Inc.
 
365,900
43,831,161
Bergman & Beving AB (B Shares)
 
1,406,054
28,515,577
Betsson AB (B Shares)
 
540,000
6,002,504
BHG Group AB (a)
 
1,953,200
2,470,655
Dometic Group AB (d)
 
491,200
3,543,465
Hemnet Group AB
 
1,579,200
41,413,088
HEXPOL AB (B Shares)
 
375,500
4,293,220
INVISIO AB
 
1,268,172
28,020,751
JM AB (B Shares) (b)
 
315,300
5,418,843
John Mattson Fastighetsforetagen AB (a)
 
2,484,706
12,535,811
Lagercrantz Group AB (B Shares)
 
9,549,793
142,028,523
Rusta AB
 
1,050,000
7,212,533
Surgical Science Sweden AB (a)
 
200,000
2,851,076
Teqnion AB (a)
 
129,960
2,376,224
TOTAL SWEDEN
 
 
469,184,892
Switzerland - 1.0%
 
 
 
Tecan Group AG (b)
 
88,160
31,360,696
VZ Holding AG
 
45,512
5,257,954
TOTAL SWITZERLAND
 
 
36,618,650
Taiwan - 0.6%
 
 
 
Addcn Technology Co. Ltd. (e)
 
3,114,641
19,148,259
International Games Systems Co. Ltd.
 
164,000
5,006,407
TOTAL TAIWAN
 
 
24,154,666
United Kingdom - 15.5%
 
 
 
B&M European Value Retail SA
 
783,231
5,079,382
Baltic Classifieds Group PLC
 
3,720,300
10,808,230
Berkeley Group Holdings PLC
 
74,400
4,382,442
Big Yellow Group PLC
 
250,000
3,373,785
Bodycote PLC
 
5,872,308
51,070,688
Cab Payments Holdings Ltd. (b)
 
3,570,900
5,934,484
Clarkson PLC
 
498,634
24,206,196
Close Brothers Group PLC
 
325,000
1,849,396
DCC PLC (United Kingdom)
 
165,000
11,308,740
Direct Line Insurance Group PLC
 
3,750,000
8,706,240
Domino's Pizza UK & IRL PLC
 
1,017,300
4,141,463
Dowlais Group PLC
 
3,000,000
3,062,647
DP Poland PLC (a)
 
42,210,188
5,801,811
Games Workshop Group PLC
 
165,406
20,482,292
GlobalData PLC
 
1,200,000
3,178,855
Grainger Trust PLC
 
1,156,700
3,707,334
H&T Group PLC
 
600,000
3,148,866
Harbour Energy PLC
 
875,800
3,161,594
Hill & Smith Holdings PLC
 
495,514
11,702,304
Howden Joinery Group PLC
 
4,687,682
51,311,639
Inchcape PLC
 
1,077,460
10,770,721
Indivior PLC (a)
 
608,000
10,955,255
InterContinental Hotel Group PLC ADR
 
430,000
42,290,500
J.D. Wetherspoon PLC (a)
 
333,500
3,019,172
John Wood Group PLC (a)
 
2,400,000
4,450,397
Lancashire Holdings Ltd.
 
1,761,924
13,429,834
LSL Property Services PLC
 
694,900
2,587,571
Marlowe PLC (a)
 
600,000
3,673,677
Mears Group PLC
 
770,000
3,482,996
On The Beach Group PLC (a)(d)
 
2,387,000
4,306,984
Oxford Instruments PLC
 
510,000
14,402,313
Petershill Partners PLC (d)
 
2,373,300
6,183,186
Pets At Home Group PLC
 
3,141,900
11,471,659
Pinewood Technologies Group PLC
 
825,000
3,432,826
Premier Foods PLC
 
2,661,300
5,380,542
Rightmove PLC
 
2,924,463
18,819,453
RS GROUP PLC
 
535,487
4,931,398
Sabre Insurance Group PLC (d)
 
5,832,581
11,719,267
Safestore Holdings PLC
 
300,000
2,899,581
Sage Group PLC
 
1,055,000
15,371,089
SigmaRoc PLC (a)
 
12,508,500
10,190,758
Softcat PLC
 
280,945
5,508,050
Spectris PLC
 
2,719,300
113,150,114
Spirax-Sarco Engineering PLC
 
104,897
11,593,499
Synthomer PLC (a)(b)
 
1,413,695
4,592,855
Tate & Lyle PLC
 
514,700
4,238,315
Unite Group PLC
 
1,074,074
12,454,773
Urban Logistics REIT PLC
 
554,472
802,309
Vistry Group PLC
 
227,500
3,405,586
TOTAL UNITED KINGDOM
 
 
595,933,068
United States of America - 2.4%
 
 
 
Morningstar, Inc.
 
251,746
71,156,007
PriceSmart, Inc.
 
209,112
16,852,336
Ramaco Resources, Inc. (b)
 
320,000
5,017,600
TOTAL UNITED STATES OF AMERICA
 
 
93,025,943
 
TOTAL COMMON STOCKS
 (Cost $2,799,176,369)
 
 
 
3,722,566,969
 
 
 
 
Investment Companies - 0.7%
 
 
Shares
Value ($)
 
United States of America - 0.7%
 
 
 
iShares MSCI EAFE Small-Cap ETF
  (Cost $26,667,785)
 
460,000
28,138,200
 
 
 
 
Money Market Funds - 2.8%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (f)
 
56,958,681
56,970,073
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g)
 
48,211,072
48,215,893
 
TOTAL MONEY MARKET FUNDS
 (Cost $105,185,073)
 
 
105,185,966
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.6%
 (Cost $2,931,029,227)
 
 
 
3,855,891,135
NET OTHER ASSETS (LIABILITIES) - (0.6)%  
(22,956,048)
NET ASSETS - 100.0%
3,832,935,087
 
 
 
Security Type Abbreviations
ETF
-
EXCHANGE-TRADED FUND
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(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 $77,988,613 or 2.0% of net assets.
 
(e)
Affiliated company
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
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 5.39%
133,243,313
470,226,277
546,499,686
2,243,721
237
(68)
56,970,073
0.1%
Fidelity Securities Lending Cash Central Fund 5.39%
25,436,981
266,483,958
243,705,046
201,029
-
-
48,215,893
0.2%
Total
158,680,294
736,710,235
790,204,732
2,444,750
237
(68)
105,185,966
 
 
 
 
 
 
 
 
 
 
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) ($)
Value,
end
of period ($)
Addcn Technology Co. Ltd.
13,841,044
5,500,912
-
336,091
-
(193,697)
19,148,259
Broadleaf Co. Ltd.
22,027,448
-
1,082,175
49,541
(661,140)
1,386,224
21,670,357
Curves Holdings Co. Ltd.
25,681,624
266,742
-
210,967
-
1,937,341
27,885,707
Digital Hearts Holdings Co. Ltd.
7,796,576
521,551
-
84,559
-
(70,335)
8,247,792
Koshidaka Holdings Co. Ltd.
31,643,463
5,702,169
-
218,549
-
(8,746,673)
28,598,959
NS Tool Co. Ltd.
10,284,096
346,468
-
110,285
-
(1,948,813)
8,681,751
YAKUODO Holdings Co. Ltd.
15,137,096
3,321,707
-
141,585
-
(140,666)
18,318,137
Total
126,411,347
15,659,549
1,082,175
1,151,577
(661,140)
(7,776,619)
132,550,962
 
 
 
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 April 30, 2024, 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
263,580,289
215,884,138
47,696,151
-
Consumer Discretionary
395,716,483
228,545,766
167,170,717
-
Consumer Staples
177,271,118
49,221,596
128,049,522
-
Energy
70,603,004
50,573,228
20,029,776
-
Financials
283,120,197
230,601,434
52,518,763
-
Health Care
236,263,800
155,615,300
80,648,500
-
Industrials
1,210,868,169
984,014,349
226,853,820
-
Information Technology
765,496,015
429,361,818
336,134,197
-
Materials
202,955,513
81,420,496
121,535,017
-
Real Estate
104,249,562
70,459,190
33,790,372
-
Utilities
12,442,819
-
12,442,819
-
 Investment Companies
28,138,200
28,138,200
-
-
  Money Market Funds
105,185,966
105,185,966
-
-
 Total Investments in Securities:
3,855,891,135
2,629,021,481
1,226,869,654
-
Fidelity® Series International Small Cap Fund
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $45,083,969) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $2,666,065,377)
$
3,618,154,207
 
 
Fidelity Central Funds (cost $105,185,073)
105,185,966
 
 
Other affiliated issuers (cost $159,778,777)
132,550,962
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $2,931,029,227)
 
 
$
3,855,891,135
Foreign currency held at value (cost $596,713)
 
 
591,973
Receivable for investments sold
 
 
7,893,269
Receivable for fund shares sold
 
 
11,180,792
Dividends receivable
 
 
21,239,535
Reclaims receivable
 
 
4,480,895
Distributions receivable from Fidelity Central Funds
 
 
327,393
Other receivables
 
 
4,565
  Total assets
 
 
3,901,609,557
Liabilities
 
 
 
 
Payable to custodian bank
$
93,421
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
19,087,138
 
 
Delayed delivery
748,991
 
 
Payable for fund shares redeemed
427,816
 
 
Other payables and accrued expenses
101,211
 
 
Collateral on securities loaned
48,215,893
 
 
  Total liabilities
 
 
 
68,674,470
Net Assets  
 
 
$
3,832,935,087
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
2,798,760,944
Total accumulated earnings (loss)
 
 
 
1,034,174,143
Net Assets
 
 
$
3,832,935,087
Net Asset Value, offering price and redemption price per share ($3,832,935,087 ÷ 228,534,797 shares)
 
 
$
16.77
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends (including $1,151,577 earned from affiliated issuers)
 
 
$
42,045,954
Interest  
 
 
4,679
Income from Fidelity Central Funds (including $201,029 from security lending)
 
 
2,444,750
 Income before foreign taxes withheld
 
 
$
44,495,383
Less foreign taxes withheld
 
 
(3,273,759)
 Total income
 
 
 
41,221,624
Expenses
 
 
 
 
Custodian fees and expenses
$
151,176
 
 
Independent trustees' fees and expenses
9,644
 
 
Interest
3,840
 
 
 Total expenses
 
 
 
164,660
Net Investment income (loss)
 
 
 
41,056,964
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $42,573)
 
108,475,106
 
 
   Fidelity Central Funds
 
237
 
 
   Other affiliated issuers
 
(661,140)
 
 
 Foreign currency transactions
 
(186,434)
 
 
Total net realized gain (loss)
 
 
 
107,627,769
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of increase in deferred foreign taxes of $152,968)  
 
534,087,656
 
 
   Fidelity Central Funds
 
(68)
 
 
   Other affiliated issuers
 
(7,776,619)
 
 
 Assets and liabilities in foreign currencies
 
(285,223)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
526,025,746
Net gain (loss)
 
 
 
633,653,515
Net increase (decrease) in net assets resulting from operations
 
 
$
674,710,479
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
41,056,964
$
74,884,949
Net realized gain (loss)
 
107,627,769
 
 
47,300,034
 
Change in net unrealized appreciation (depreciation)
 
526,025,746
 
93,637,886
 
Net increase (decrease) in net assets resulting from operations
 
674,710,479
 
 
215,822,869
 
Distributions to shareholders
 
(133,792,393)
 
 
(211,666,578)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
232,027,908
 
786,276,246
  Reinvestment of distributions
 
133,792,393
 
 
211,666,578
 
Cost of shares redeemed
 
(492,106,757)
 
(830,053,983)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(126,286,456)
 
 
167,888,841
 
Total increase (decrease) in net assets
 
414,631,630
 
 
172,045,132
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
3,418,303,457
 
3,246,258,325
 
End of period
$
3,832,935,087
$
3,418,303,457
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
14,092,686
 
51,964,278
  Issued in reinvestment of distributions
 
8,425,214
 
 
14,026,944
 
Redeemed
 
(29,344,322)
 
(54,776,134)
Net increase (decrease)
 
(6,826,422)
 
11,215,088
 
 
 
 
 
 
Financial Highlights
 
Fidelity® Series International Small Cap Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.52
$
14.48
$
24.12
$
17.55
$
16.71
$
16.43
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.18
 
.32
 
.35
 
.29
 
.22
 
.36
     Net realized and unrealized gain (loss)
 
2.64
 
.67
 
(7.16)
 
6.45
 
1.36
 
1.47
  Total from investment operations
 
2.82  
 
.99  
 
(6.81)  
 
6.74  
 
1.58
 
1.83
  Distributions from net investment income
 
(.37)
 
(.21)
 
(.47)
 
(.17)
 
(.36)
 
(.37)
  Distributions from net realized gain
 
(.20)
 
(.73)
 
(2.35)
 
-
 
(.38)
 
(1.18)
     Total distributions
 
(.57)
 
(.95) C
 
(2.83) C
 
(.17)
 
(.74)
 
(1.55)
  Net asset value, end of period
$
16.77
$
14.52
$
14.48
$
24.12
$
17.55
$
16.71
 Total Return D,E
 
19.61
%
 
 
6.57%
 
(31.82)%
 
38.60%
 
9.60%
 
12.77%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.01% H
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Expenses net of fee waivers, if any
 
.01
% H
 
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Expenses net of all reductions
 
.01% H
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Net investment income (loss)
 
2.11% H
 
2.02%
 
2.03%
 
1.34%
 
1.36%
 
2.28%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,832,935
$
3,418,303
$
3,246,258
$
4,847,936
$
3,653,041
$
3,498,064
    Portfolio turnover rate I
 
29
% H
 
 
26%
 
25%
 
32%
 
24% J
 
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 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).
 
JPortfolio turnover rate excludes securities received or delivered in-kind.
 
 
Top Holdings (% of Fund's net assets)
 
Shell PLC ADR  (United States of America, Oil, Gas & Consumable Fuels)
4.6
 
TotalEnergies SE  (France, Oil, Gas & Consumable Fuels)
3.3
 
Hitachi Ltd.  (Japan, Industrial Conglomerates)
2.8
 
BHP Group Ltd.  (Australia, Metals & Mining)
2.4
 
Toyota Motor Corp.  (Japan, Automobiles)
2.4
 
Banco Santander SA (Spain)  (Spain, Banks)
2.4
 
Rheinmetall AG  (Germany, Aerospace & Defense)
2.3
 
BAE Systems PLC  (United Kingdom, Aerospace & Defense)
2.3
 
Siemens AG  (Germany, Industrial Conglomerates)
2.3
 
AXA SA  (France, Insurance)
2.2
 
 
27.0
 
 
Market Sectors (% of Fund's net assets)
 
Financials
31.8
 
Industrials
18.3
 
Materials
12.0
 
Energy
11.5
 
Consumer Discretionary
8.4
 
Information Technology
5.9
 
Health Care
5.1
 
Communication Services
2.4
 
Utilities
0.8
 
Real Estate
0.7
 
Consumer Staples
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.
 
 
Fidelity® Series International Value Fund
Common Stocks - 96.8%
 
 
Shares
Value ($)
 
Australia - 6.7%
 
 
 
BHP Group Ltd.
 
13,397,929
367,453,157
Commonwealth Bank of Australia
 
958,714
70,244,523
Glencore PLC
 
51,949,127
302,269,340
Macquarie Group Ltd.
 
1,354,050
162,131,937
Woodside Energy Group Ltd.
 
5,582,344
100,018,905
TOTAL AUSTRALIA
 
 
1,002,117,862
Belgium - 1.6%
 
 
 
KBC Group NV
 
1,814,087
135,325,957
UCB SA
 
807,600
107,345,999
TOTAL BELGIUM
 
 
242,671,956
Finland - 0.8%
 
 
 
Mandatum Holding OY
 
2,697,987
12,530,678
Sampo Oyj (A Shares)
 
2,785,667
112,730,997
TOTAL FINLAND
 
 
125,261,675
France - 12.0%
 
 
 
Air Liquide SA
 
896,899
175,414,267
Airbus Group NV
 
520,187
85,600,810
ALTEN
 
513,108
60,618,087
AXA SA
 
9,590,179
332,011,692
BNP Paribas SA
 
3,409,370
245,344,586
Capgemini SA
 
616,828
129,645,570
TotalEnergies SE
 
6,835,167
496,224,387
VINCI SA
 
1,277,729
149,719,248
Vivendi SA
 
11,377,555
116,151,585
TOTAL FRANCE
 
 
1,790,730,232
Germany - 11.2%
 
 
 
Bayer AG
 
1,126,082
32,867,991
Bayerische Motoren Werke AG (BMW)
 
1,081,600
118,256,347
Covestro AG (a)(b)
 
729,900
36,595,037
DHL Group
 
2,996,607
125,467,732
Fresenius SE & Co. KGaA
 
2,687,300
80,214,787
Hannover Reuck SE
 
638,563
158,374,659
Infineon Technologies AG
 
1,524,800
52,915,172
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
374,737
164,846,747
Rheinmetall AG
 
630,381
347,942,476
RWE AG
 
3,537,100
123,216,716
Siemens AG
 
1,806,387
338,396,926
Vonovia SE
 
3,340,741
96,534,135
TOTAL GERMANY
 
 
1,675,628,725
Hong Kong - 0.7%
 
 
 
Prudential PLC
 
12,599,350
109,580,962
India - 0.7%
 
 
 
Reliance Industries Ltd. GDR (b)
 
1,569,400
110,956,580
Indonesia - 0.5%
 
 
 
PT Bank Rakyat Indonesia (Persero) Tbk
 
224,250,937
67,881,560
Ireland - 0.7%
 
 
 
Bank of Ireland Group PLC
 
9,693,400
103,913,481
Italy - 5.1%
 
 
 
Eni SpA
 
14,159,800
227,430,339
Mediobanca SpA (c)
 
11,095,655
158,081,129
Prysmian SpA
 
1,778,700
97,151,342
Ryanair Holdings PLC sponsored ADR (c)
 
1,013,900
138,093,180
UniCredit SpA
 
3,777,100
138,636,049
TOTAL ITALY
 
 
759,392,039
Japan - 24.5%
 
 
 
Daiichi Sankyo Kabushiki Kaisha
 
746,200
25,115,384
DENSO Corp.
 
10,421,684
177,618,040
Eisai Co. Ltd.
 
1,028,100
42,223,099
Fast Retailing Co. Ltd.
 
163,800
42,828,633
FUJIFILM Holdings Corp.
 
6,145,147
130,722,564
Fujitsu Ltd.
 
7,603,500
117,460,035
Hitachi Ltd.
 
4,529,160
417,863,453
Hoya Corp.
 
339,709
39,385,802
Ibiden Co. Ltd.
 
1,344,844
51,122,243
INPEX Corp.
 
5,983,300
89,628,648
Itochu Corp.
 
6,270,653
282,899,083
LY Corp.
 
11,867,600
28,513,501
Minebea Mitsumi, Inc.
 
2,670,651
50,022,242
Mitsubishi Heavy Industries Ltd.
 
18,063,900
161,511,445
Mitsubishi UFJ Financial Group, Inc.
 
31,401,744
312,803,971
NOF Corp.
 
3,085,700
41,397,541
ORIX Corp.
 
7,777,033
159,160,219
Renesas Electronics Corp.
 
8,995,960
146,056,175
Shin-Etsu Chemical Co. Ltd.
 
5,868,910
227,179,284
SoftBank Group Corp.
 
1,812,637
89,146,571
Sony Group Corp.
 
650,845
53,793,231
Sumitomo Mitsui Financial Group, Inc.
 
4,515,083
256,473,934
Suzuki Motor Corp.
 
9,658,248
112,477,885
TIS, Inc.
 
1,879,156
40,132,338
Tokio Marine Holdings, Inc.
 
6,320,825
199,778,495
Toyota Motor Corp.
 
15,722,360
358,604,953
TOTAL JAPAN
 
 
3,653,918,769
Korea (South) - 0.9%
 
 
 
Samsung Electronics Co. Ltd.
 
2,307,623
127,913,909
Luxembourg - 0.5%
 
 
 
ArcelorMittal SA (Netherlands)
 
2,642,158
66,516,983
Netherlands - 0.4%
 
 
 
Universal Music Group NV
 
1,911,660
56,511,423
Singapore - 1.0%
 
 
 
United Overseas Bank Ltd.
 
6,867,989
152,406,198
South Africa - 1.1%
 
 
 
Anglo American PLC (United Kingdom)
 
4,658,376
152,223,985
Thungela Resources Ltd.
 
722,574
4,974,937
TOTAL SOUTH AFRICA
 
 
157,198,922
Spain - 3.0%
 
 
 
Banco Santander SA (Spain) (c)
 
72,513,272
353,886,929
Cellnex Telecom SA (b)
 
1,748,538
57,797,387
Unicaja Banco SA (b)(c)
 
26,241,731
34,362,350
TOTAL SPAIN
 
 
446,046,666
Sweden - 1.6%
 
 
 
Investor AB (B Shares) (c)
 
9,678,260
239,181,347
Switzerland - 3.3%
 
 
 
Swiss Life Holding AG
 
154,490
104,365,831
UBS Group AG (c)
 
7,295,451
195,882,859
Zurich Insurance Group Ltd.
 
408,820
197,550,007
TOTAL SWITZERLAND
 
 
497,798,697
United Kingdom - 10.6%
 
 
 
AstraZeneca PLC (United Kingdom)
 
1,210,359
183,065,531
B&M European Value Retail SA
 
6,830,500
44,296,916
BAE Systems PLC
 
20,545,239
341,712,861
Barratt Developments PLC
 
25,660,599
145,795,925
Beazley PLC
 
9,095,617
75,352,789
Flutter Entertainment PLC (a)
 
327,300
61,039,924
HSBC Holdings PLC (United Kingdom)
 
12,656,700
109,707,684
Imperial Brands PLC
 
4,051,008
92,566,164
JD Sports Fashion PLC
 
30,631,300
44,246,294
Lloyds Banking Group PLC
 
247,910,471
159,997,320
London Stock Exchange Group PLC
 
728,600
80,320,943
Rolls-Royce Holdings PLC (a)
 
17,473,600
89,605,066
Standard Chartered PLC (United Kingdom)
 
17,865,122
153,488,922
TOTAL UNITED KINGDOM
 
 
1,581,196,339
United States of America - 9.9%
 
 
 
CRH PLC
 
3,342,028
260,417,300
Ferguson PLC
 
502,195
106,427,013
GSK PLC
 
11,884,128
246,559,048
Linde PLC
 
400,314
176,522,461
Shell PLC ADR
 
9,646,648
691,278,794
TOTAL UNITED STATES OF AMERICA
 
 
1,481,204,616
 
TOTAL COMMON STOCKS
 (Cost $10,216,656,411)
 
 
 
14,448,028,941
 
 
 
 
Nonconvertible Preferred Stocks - 0.7%
 
 
Shares
Value ($)
 
Germany - 0.7%
 
 
 
Porsche Automobil Holding SE (Germany)
  (Cost $127,912,143)
 
1,977,377
100,750,334
 
 
 
 
Money Market Funds - 5.0%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (d)
 
291,673,700
291,732,035
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e)
 
459,560,680
459,606,636
 
TOTAL MONEY MARKET FUNDS
 (Cost $751,338,671)
 
 
751,338,671
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.5%
 (Cost $11,095,907,225)
 
 
 
15,300,117,946
NET OTHER ASSETS (LIABILITIES) - (2.5)%  
(377,027,700)
NET ASSETS - 100.0%
14,923,090,246
 
 
 
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 $239,711,354 or 1.6% 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 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 5.39%
292,175,622
1,348,345,323
1,348,786,652
8,269,468
(2,258)
-
291,732,035
0.6%
Fidelity Securities Lending Cash Central Fund 5.39%
171,028,158
1,280,061,593
991,483,115
504,787
-
-
459,606,636
1.7%
Total
463,203,780
2,628,406,916
2,340,269,767
8,774,255
(2,258)
-
751,338,671
 
 
 
 
 
 
 
 
 
 
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 April 30, 2024, 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
348,120,467
172,663,008
175,457,459
-
Consumer Discretionary
1,259,708,482
413,635,406
846,073,076
-
Consumer Staples
92,566,164
-
92,566,164
-
Energy
1,720,512,590
807,210,311
913,302,279
-
Financials
4,756,354,755
2,378,397,452
2,377,957,303
-
Health Care
756,777,641
220,428,777
536,348,864
-
Industrials
2,732,412,877
689,614,011
2,042,798,866
-
Information Technology
856,586,093
60,618,087
795,968,006
-
Materials
1,805,989,355
540,051,781
1,265,937,574
-
Real Estate
96,534,135
-
96,534,135
-
Utilities
123,216,716
-
123,216,716
-
  Money Market Funds
751,338,671
751,338,671
-
-
 Total Investments in Securities:
15,300,117,946
6,033,957,504
9,266,160,442
-
Fidelity® Series International Value Fund
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $425,491,272) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $10,344,568,554)
$
14,548,779,275
 
 
Fidelity Central Funds (cost $751,338,671)
751,338,671
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $11,095,907,225)
 
 
$
15,300,117,946
Foreign currency held at value (cost $6,045,515)
 
 
6,045,509
Receivable for investments sold
 
 
123,688,857
Receivable for fund shares sold
 
 
289,760
Dividends receivable
 
 
92,132,166
Reclaims receivable
 
 
39,428,331
Interest receivable
 
 
1,510
Distributions receivable from Fidelity Central Funds
 
 
1,347,284
Other receivables
 
 
12,110
  Total assets
 
 
15,563,063,473
Liabilities
 
 
 
 
Payable for investments purchased
$
35,175,745
 
 
Payable for fund shares redeemed
144,938,462
 
 
Other payables and accrued expenses
252,384
 
 
Collateral on securities loaned
459,606,636
 
 
  Total liabilities
 
 
 
639,973,227
Net Assets  
 
 
$
14,923,090,246
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
11,417,380,855
Total accumulated earnings (loss)
 
 
 
3,505,709,391
Net Assets
 
 
$
14,923,090,246
Net Asset Value, offering price and redemption price per share ($14,923,090,246 ÷ 1,213,399,551 shares)
 
 
$
12.30
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
252,561,107
Interest  
 
 
531,379
Income from Fidelity Central Funds (including $504,787 from security lending)
 
 
8,774,255
 Income before foreign taxes withheld
 
 
$
261,866,741
Less foreign taxes withheld
 
 
(9,975,699)
 Total income
 
 
 
251,891,042
Expenses
 
 
 
 
Custodian fees and expenses
$
380,171
 
 
Independent trustees' fees and expenses
35,643
 
 
Interest
3,989
 
 
 Total expenses
 
 
 
419,803
Net Investment income (loss)
 
 
 
251,471,239
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
185,528,788
 
 
   Redemptions in-kind
 
125,954,038
 
 
   Fidelity Central Funds
 
(2,258)
 
 
 Foreign currency transactions
 
(921,310)
 
 
Total net realized gain (loss)
 
 
 
310,559,258
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
1,952,261,609
 
 
 Assets and liabilities in foreign currencies
 
(133,945)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
1,952,127,664
Net gain (loss)
 
 
 
2,262,686,922
Net increase (decrease) in net assets resulting from operations
 
 
$
2,514,158,161
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
251,471,239
$
459,683,466
Net realized gain (loss)
 
310,559,258
 
 
190,312,862
 
Change in net unrealized appreciation (depreciation)
 
1,952,127,664
 
1,675,747,717
 
Net increase (decrease) in net assets resulting from operations
 
2,514,158,161
 
 
2,325,744,045
 
Distributions to shareholders
 
(464,306,298)
 
 
(425,784,758)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
1,399,966,551
 
1,992,285,965
  Reinvestment of distributions
 
464,306,298
 
 
425,784,758
 
Cost of shares redeemed
 
(1,777,796,978)
 
(3,899,245,756)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
86,475,871
 
 
(1,481,175,033)
 
Total increase (decrease) in net assets
 
2,136,327,734
 
 
418,784,254
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
12,786,762,512
 
12,367,978,258
 
End of period
$
14,923,090,246
$
12,786,762,512
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
119,710,685
 
187,826,877
  Issued in reinvestment of distributions
 
41,345,609
 
 
42,493,489
 
Redeemed
 
(149,150,060)
 
(368,035,186)
Net increase (decrease)
 
11,906,234
 
(137,714,820)
 
 
 
 
 
 
Financial Highlights
 
Fidelity® Series International Value Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.64
$
9.24
$
11.62
$
8.25
$
9.82
$
9.68
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.20
 
.37
 
.42
 
.43 C
 
.26
 
.39
     Net realized and unrealized gain (loss)
 
1.84
 
1.36
 
(2.24)
 
3.23
 
(1.43)
 
.10
  Total from investment operations
 
2.04  
 
1.73  
 
(1.82)  
 
3.66  
 
(1.17)
 
.49
  Distributions from net investment income
 
(.38)
 
(.33)
 
(.56)
 
(.29)
 
(.36)
 
(.35)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(.04)
 
-
     Total distributions
 
(.38)
 
(.33)
 
(.56)
 
(.29)
 
(.40)
 
(.35)
  Net asset value, end of period
$
12.30
$
10.64
$
9.24
$
11.62
$
8.25
$
9.82
 Total Return D,E
 
19.56
%
 
 
18.99%
 
(16.40)%
 
44.95%
 
(12.55)%
 
5.48%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.01% H
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Expenses net of fee waivers, if any
 
.01
% H
 
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Expenses net of all reductions
 
.01% H
 
.01%
 
.01%
 
.01%
 
.01%
 
.01%
    Net investment income (loss)
 
3.44% H
 
3.42%
 
4.09%
 
3.97% C
 
2.92%
 
4.23%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
14,923,090
$
12,786,763
$
12,367,978
$
15,330,482
$
11,605,710
$
15,992,396
    Portfolio turnover rate I
 
25
% H,J
 
 
30% J
 
31% J
 
34%
 
36% J
 
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 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).
 
JPortfolio turnover rate excludes securities received or delivered in-kind.
 
For the period ended April 30, 2024
 
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, 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.
 
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. Exchange-Traded Funds (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
$229,775,396
Market comparable
Enterprise value/Revenue multiple (EV/R)
1.6 - 10.0 / 3.7
Increase
 
 
Market approach
Transaction price
$56.00
Increase
 
 
 
Discount rate
20.0% - 50.0% / 20.3%
Decrease
 
 
Recovery value
Recovery value
$0.00
Increase
 
 
Black scholes
Discount rate
4.8%
Increase
 
 
 
Term
3.0
Increase
 
 
 
Volatility
60.0%
Increase
Corporate Bonds
$44,615,271
Market comparable
Enterprise value/Revenue multiple (EV/R)
8.8
Increase
 
 
 
Discount rate
23.2%
Decrease
 
 
 
Probability rate
33.3%
Increase
 
 
Discounted cash flow
Discount rate
3.3%
Decrease
 
 
Black scholes
Discount rate
4.8% - 5.0% / 4.9%
Increase
 
 
 
Term
1.7 - 2.8 / 2.2
Increase
 
 
 
Volatility
65.0%
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 April 30, 2024, 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. Fidelity Series International Growth Fund and Fidelity Series International Value Fund have 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 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. 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 Other payables and accrued expenses or Deferred taxes 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.
 
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
5,060,739,941
1,023,368,609
(291,249,377)
732,119,232
Fidelity Series Emerging Markets Opportunities Fund 
19,132,978,818
6,824,541,227
(2,557,956,698)
4,266,584,529
Fidelity Series International Growth Fund 
9,367,642,952
5,886,897,219
(217,711,605)
5,669,185,614
Fidelity Series International Small Cap Fund 
2,954,710,847
1,193,698,670
(292,518,382)
901,180,288
Fidelity Series International Value Fund
11,289,007,800
4,392,964,012
(381,853,866)
4,011,110,146
 
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 prior 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)
(1,817,785,323)
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)
 
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 Emerging Markets Fund
2,450,887,771
2,182,173,133
Fidelity Series Emerging Markets Opportunities Fund
4,906,441,544
5,147,476,255
Fidelity Series International Growth Fund
1,878,649,584
2,308,643,601
Fidelity Series International Small Cap Fund
541,181,171
677,543,215
Fidelity Series International Value Fund
1,998,571,593
1,794,910,777
 
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
19,072,364
175,468,806
329,605,171
Fidelity Series International Value Fund
27,879,732
125,954,038
327,159,137
 
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 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
 413
Fidelity Series Emerging Markets Opportunities Fund
 18,108
Fidelity Series International Growth Fund
 2,603
Fidelity Series International Small Cap Fund
 642
Fidelity Series International Value Fund
 981
 
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 International Small Cap Fund 
Borrower
24,754,000
5.59%
3,840
Fidelity Series International Value Fund
Borrower
12,860,500
5.58%
3,989
 
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
12,826,396
33,444,816
1,811,448
Fidelity Series Emerging Markets Opportunities Fund
19,931,607
37,931,689
6,244,902
Fidelity Series International Growth Fund
113,819,948
37,210,202
20,564,562
Fidelity Series International Small Cap Fund
18,989,860
22,800,688
1,155,116
Fidelity Series International Value Fund
29,413,098
74,492,560
20,111,516
 
Sub-Advisory Arrangements. Effective March 1, 2024, each Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
 
Other. During the period, the investment adviser reimbursed the Funds for certain losses as follows:
 
 
Amount ($)
Fidelity Series International Small Cap Fund
19,711
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
41,271
-
-
Fidelity Series Emerging Markets Opportunities Fund
126,399
2
-
Fidelity Series International Growth Fund
15,093
-
-
Fidelity Series International Small Cap Fund
21,981
-
-
Fidelity Series International Value Fund
55,520
-
-
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%
531,112
Fidelity Series Emerging Markets Opportunities Fund
.013%
1,713,192
 
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 
1,895
Fidelity Series Emerging Markets Opportunities Fund 
2,435
Fidelity Series International Growth Fund 
784
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 Fund.
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.
 
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 (November 1, 2023 to April 30, 2024).
 
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 November 1, 2023
 
Ending Account Value April 30, 2024
 
Expenses Paid During Period- C November 1, 2023 to April 30, 2024
 
 
 
 
 
 
 
 
 
 
Fidelity® Series Emerging Markets Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,159.70
 
$ .05
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,024.81
 
$ .05
 
 
 
 
 
 
 
 
 
 
Fidelity® Series Emerging Markets Opportunities Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,160.90
 
$ .05
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,024.81
 
$ .05
 
 
 
 
 
 
 
 
 
 
Fidelity® Series International Growth Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,207.10
 
$ .05
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,024.81
 
$ .05
 
 
 
 
 
 
 
 
 
 
Fidelity® Series International Small Cap Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,196.10
 
$ .05
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,024.81
 
$ .05
 
 
 
 
 
 
 
 
 
 
Fidelity® Series International Value Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,195.60
 
$ .05
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,024.81
 
$ .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 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
Board Approval of Investment Advisory Contracts
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
 
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved amended and restated sub-advisory agreements (the Sub-Advisory Contracts) for [the/each] fund, including each fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Sub-Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of each fund's Sub-Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
The Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not each fund, will continue to pay the sub-advisory fees to each applicable sub-adviser, and that the management fee paid by the funds under the management contracts with FMR will remain unchanged.
The Board further considered that the approval of each fund's Sub-Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of each fund's assets or the day-to-day management of each fund or the persons primarily responsible for such management. Further, the Board considered that the Sub-Advisory Contracts would not change the obligations and services of FMR and its affiliates on behalf of each fund, and, in particular, there would be no change in the nature and level of services provided to each fund by FMR and its affiliates.
In connection with its consideration of future renewals of each fund's advisory contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for each fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing each fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the funds) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that each fund's management fee structure is fair and reasonable, and that the funds' Sub-Advisory Contracts should be approved.
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Funds have adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage each Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. Each Fund's Board of Trustees (the Board) has designated each Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factor specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable. 
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.907946.114
GSV-S-SANN-0624
Fidelity® SAI International SMA Completion Fund
 
 
Semi-Annual Report
April 30, 2024
 
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

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

Liquidity Risk Management Program

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. © 2024 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.
 
Top Holdings (% of Fund's net assets)
 
Itochu Corp.  (Japan, Trading Companies & Distributors)
5.1
 
Constellation Software, Inc.  (Canada, Software)
5.1
 
Keyence Corp.  (Japan, Electronic Equipment, Instruments & Components)
4.4
 
Indutrade AB  (Sweden, Machinery)
4.2
 
Investor AB (B Shares)  (Sweden, Financial Services)
4.2
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)  (Canada, Consumer Staples Distribution & Retail)
3.7
 
Schneider Electric SA  (United States of America, Electrical Equipment)
3.6
 
Hannover Reuck SE  (Germany, Insurance)
3.5
 
Sika AG  (Switzerland, Chemicals)
3.5
 
Sage Group PLC  (United Kingdom, Software)
3.4
 
 
40.7
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
30.1
 
Financials
20.6
 
Information Technology
20.5
 
Consumer Discretionary
7.8
 
Materials
7.5
 
Energy
3.9
 
Consumer Staples
3.7
 
Health Care
1.4
 
Real Estate
0.8
 
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 - 96.8%
 
 
Shares
Value ($)
 
Australia - 3.1%
 
 
 
Aristocrat Leisure Ltd.
 
389,887
9,949,911
CAR Group Ltd.
 
158,560
3,438,138
Steadfast Group Ltd.
 
2,013,426
7,327,706
TOTAL AUSTRALIA
 
 
20,715,755
Belgium - 0.8%
 
 
 
UCB SA
 
41,100
5,463,002
Canada - 12.1%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
445,100
24,669,400
Constellation Software, Inc.
 
13,236
34,076,991
Constellation Software, Inc. warrants 3/31/40 (a)(b)
 
10,836
1
Ivanhoe Mines Ltd. (a)(c)
 
1,427,400
19,347,898
MEG Energy Corp. (a)
 
130,200
2,961,219
TOTAL CANADA
 
 
81,055,509
Denmark - 1.0%
 
 
 
Pandora A/S
 
43,400
6,641,431
France - 3.0%
 
 
 
Capgemini SA
 
51,685
10,863,209
Sartorius Stedim Biotech
 
19,300
4,181,183
Thales SA
 
30,100
5,073,784
TOTAL FRANCE
 
 
20,118,176
Germany - 3.5%
 
 
 
Hannover Reuck SE
 
93,982
23,309,160
India - 6.0%
 
 
 
Axis Bank Ltd.
 
479,278
6,687,905
HDFC Bank Ltd.
 
897,778
16,299,541
Reliance Industries Ltd.
 
484,671
17,009,179
TOTAL INDIA
 
 
39,996,625
Indonesia - 3.1%
 
 
 
PT Bank Central Asia Tbk
 
18,643,987
11,210,342
PT Bank Rakyat Indonesia (Persero) Tbk
 
32,421,538
9,814,115
TOTAL INDONESIA
 
 
21,024,457
Ireland - 2.6%
 
 
 
Kingspan Group PLC (Ireland)
 
191,207
17,110,105
Italy - 1.0%
 
 
 
FinecoBank SpA
 
438,676
6,760,159
Japan - 22.1%
 
 
 
BayCurrent Consulting, Inc.
 
217,800
4,636,345
Fast Retailing Co. Ltd.
 
37,100
9,700,502
Fuji Electric Co. Ltd.
 
207,300
12,894,876
Itochu Corp.
 
763,666
34,452,621
Keyence Corp.
 
66,324
29,167,296
Minebea Mitsumi, Inc.
 
974,036
18,244,040
Mitsubishi Heavy Industries Ltd.
 
1,894,500
16,938,946
Persol Holdings Co. Ltd.
 
2,239,900
3,098,475
Renesas Electronics Corp.
 
1,168,500
18,971,476
TOTAL JAPAN
 
 
148,104,577
Korea (South) - 1.3%
 
 
 
Samsung Electronics Co. Ltd.
 
152,284
8,441,258
Netherlands - 4.0%
 
 
 
BE Semiconductor Industries NV
 
99,600
13,339,787
IMCD NV
 
86,510
13,133,014
TOTAL NETHERLANDS
 
 
26,472,801
Portugal - 0.9%
 
 
 
Galp Energia SGPS SA Class B
 
274,800
5,923,985
Spain - 2.8%
 
 
 
CaixaBank SA
 
3,543,505
18,686,883
Sweden - 10.5%
 
 
 
Atlas Copco AB (A Shares)
 
785,700
13,762,390
Indutrade AB
 
1,213,506
28,431,568
Investor AB (B Shares)
 
1,144,704
28,289,366
TOTAL SWEDEN
 
 
70,483,324
Switzerland - 4.9%
 
 
 
Partners Group Holding AG
 
7,370
9,536,704
Sika AG
 
80,704
23,115,978
TOTAL SWITZERLAND
 
 
32,652,682
United Kingdom - 9.4%
 
 
 
B&M European Value Retail SA
 
3,080,487
19,977,465
Big Yellow Group PLC
 
429,000
5,789,415
Games Workshop Group PLC
 
42,200
5,225,643
RS GROUP PLC
 
1,018,100
9,375,870
Sage Group PLC
 
1,558,500
22,706,960
TOTAL UNITED KINGDOM
 
 
63,075,353
United States of America - 4.7%
 
 
 
CRH PLC
 
100,900
7,811,678
Schneider Electric SA
 
104,700
23,872,993
TOTAL UNITED STATES OF AMERICA
 
 
31,684,671
 
TOTAL COMMON STOCKS
 (Cost $560,273,152)
 
 
 
647,719,913
 
 
 
 
Money Market Funds - 6.1%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (d)
 
19,548,659
19,552,568
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e)
 
21,043,136
21,045,240
 
TOTAL MONEY MARKET FUNDS
 (Cost $40,597,808)
 
 
40,597,808
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.9%
 (Cost $600,870,960)
 
 
 
688,317,721
NET OTHER ASSETS (LIABILITIES) - (2.9)%  
(19,211,244)
NET ASSETS - 100.0%
669,106,477
 
 
 
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 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 5.39%
68,161,995
105,843,575
154,452,915
1,468,280
(87)
-
19,552,568
0.0%
Fidelity Securities Lending Cash Central Fund 5.39%
-
31,887,409
10,842,169
3,932
-
-
21,045,240
0.1%
Total
68,161,995
137,730,984
165,295,084
1,472,212
(87)
-
40,597,808
 
 
 
 
 
 
 
 
 
 
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 April 30, 2024, 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
3,438,138
-
3,438,138
-
Consumer Discretionary
51,494,952
31,844,539
19,650,413
-
Consumer Staples
24,669,400
24,669,400
-
-
Energy
25,894,383
8,885,204
17,009,179
-
Financials
137,921,881
67,895,389
70,026,492
-
Health Care
9,644,185
9,644,185
-
-
Industrials
201,025,027
73,124,341
127,900,686
-
Information Technology
137,566,978
70,123,738
67,443,239
1
Materials
50,275,554
50,275,554
-
-
Real Estate
5,789,415
5,789,415
-
-
  Money Market Funds
40,597,808
40,597,808
-
-
 Total Investments in Securities:
688,317,721
382,849,573
305,468,147
1
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $17,977,491) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $560,273,152)
$
647,719,913
 
 
Fidelity Central Funds (cost $40,597,808)
40,597,808
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $600,870,960)
 
 
$
688,317,721
Foreign currency held at value (cost $82,840)
 
 
82,835
Receivable for investments sold
 
 
72
Receivable for fund shares sold
 
 
870,440
Dividends receivable
 
 
1,196,139
Reclaims receivable
 
 
557,790
Distributions receivable from Fidelity Central Funds
 
 
105,866
  Total assets
 
 
691,130,863
Liabilities
 
 
 
 
Payable for investments purchased
$
106,129
 
 
Payable for fund shares redeemed
230,743
 
 
Other payables and accrued expenses
642,274
 
 
Collateral on securities loaned
21,045,240
 
 
  Total liabilities
 
 
 
22,024,386
Net Assets  
 
 
$
669,106,477
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
680,767,985
Total accumulated earnings (loss)
 
 
 
(11,661,508)
Net Assets
 
 
$
669,106,477
Net Asset Value, offering price and redemption price per share ($669,106,477 ÷ 58,456,090 shares)
 
 
$
11.45
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
6,766,271
Income from Fidelity Central Funds (including $3,932 from security lending)
 
 
1,472,212
 Income before foreign taxes withheld
 
 
$
8,238,483
Less foreign taxes withheld
 
 
(866,262)
 Total income
 
 
 
7,372,221
Expenses
 
 
 
 
Independent trustees' fees and expenses
$
1,498
 
 
 Total expenses
 
 
 
1,498
Net Investment income (loss)
 
 
 
7,370,723
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $159,704)
 
(27,037,556)
 
 
   Fidelity Central Funds
 
(87)
 
 
 Foreign currency transactions
 
(36,776)
 
 
Total net realized gain (loss)
 
 
 
(27,074,419)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of increase in deferred foreign taxes of $520,819)  
 
100,931,478
 
 
 Assets and liabilities in foreign currencies
 
(9,917)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
100,921,561
Net gain (loss)
 
 
 
73,847,142
Net increase (decrease) in net assets resulting from operations
 
 
$
81,217,865
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
7,370,723
$
12,058,422
Net realized gain (loss)
 
(27,074,419)
 
 
(33,839,849)
 
Change in net unrealized appreciation (depreciation)
 
100,921,561
 
46,040,455
 
Net increase (decrease) in net assets resulting from operations
 
81,217,865
 
 
24,259,028
 
Distributions to shareholders
 
(11,534,142)
 
 
(6,168,818)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
111,037,417
 
179,578,134
  Reinvestment of distributions
 
3,673,934
 
 
1,847,861
 
Cost of shares redeemed
 
(43,748,922)
 
(109,762,922)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
70,962,429
 
 
71,663,073
 
Total increase (decrease) in net assets
 
140,646,152
 
 
89,753,283
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
528,460,325
 
438,707,042
 
End of period
$
669,106,477
$
528,460,325
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
9,732,467
 
16,763,788
  Issued in reinvestment of distributions
 
332,182
 
 
177,850
 
Redeemed
 
(3,881,229)
 
(10,338,376)
Net increase (decrease)
 
6,183,420
 
6,603,262
 
 
 
 
 
 
Financial Highlights
 
Fidelity® SAI International SMA Completion Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019 A  
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.11
$
9.61
$
15.46
$
12.38
$
10.47
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.13
 
.25
 
.18
 
.19
 
.17 D
 
.08
     Net realized and unrealized gain (loss)
 
1.43
 
.39
 
(5.16)
 
3.01
 
1.77
 
.39
  Total from investment operations
 
1.56  
 
.64  
 
(4.98)  
 
3.20  
 
1.94
 
.47
  Distributions from net investment income
 
(.22)
 
(.14)
 
(.16)
 
(.12)
 
(.03)
 
-
  Distributions from net realized gain
 
-
 
-
 
(.71)
 
-
 
-
 
-
     Total distributions
 
(.22)
 
(.14)
 
(.87)
 
(.12)
 
(.03)
 
-
  Net asset value, end of period
$
11.45
$
10.11
$
9.61
$
15.46
$
12.38
$
10.47
 Total Return E,F
 
15.49
%
 
 
6.61%
 
(34.09)%
 
26.03%
 
18.57%
 
4.70%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions I
 
-% J
 
-%
 
-%
 
-%
 
-%
 
-% J
    Expenses net of fee waivers, if any I
 
-
% J
 
 
-%
 
-%
 
-%
 
-%
 
-% J
    Expenses net of all reductions I
 
-% J
 
-%
 
-%
 
-%
 
-%
 
-% J
    Net investment income (loss)
 
2.35% J
 
2.36%
 
1.56%
 
1.30%
 
1.45% D
 
1.41% J
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
669,106
$
528,460
$
438,707
$
583,710
$
318,362
$
46,836
    Portfolio turnover rate K
 
42
% J
 
 
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 April 30, 2024
 
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 April 30, 2024 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. 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. 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
$105,878,283
Gross unrealized depreciation
(24,364,834)
Net unrealized appreciation (depreciation)
$81,513,449
Tax cost
$606,804,272
 
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 prior 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)
 
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
236,984,578
121,691,936
 
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.
 
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 International SMA Completion Fund
 180
 
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
 1,672,807
 7,787,591
 (3,278,733)
 
 
Sub-Advisory Arrangements. Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
 
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 SAI International SMA Completion Fund
426
 -
-
 
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.
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 (November 1, 2023 to April 30, 2024).
 
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 November 1, 2023
 
Ending Account Value April 30, 2024
 
Expenses Paid During Period- C November 1, 2023 to April 30, 2024
 
 
 
 
 
 
 
 
 
 
Fidelity® SAI International SMA Completion Fund
 
 
 
-%-D
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,154.90
 
$-E
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,024.86
 
$-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 182/ 366 (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.
 
 
 
 
 
Board Approval of Investment Advisory Contracts
Fidelity SAI International SMA Completion Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved amended and restated sub-advisory agreements (the Sub-Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Sub-Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Sub-Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
The Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser, and that the management fee paid by the fund under the management contract with FMR will remain unchanged.
The Board further considered that the approval of the fund's Sub-Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Sub-Advisory Contracts would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by FMR and its affiliates.
In connection with its consideration of future renewals of the fund's advisory contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Sub-Advisory Contracts should be approved.
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9893099.105
ISM-SANN-0624
Fidelity® Series Select International Small Cap Fund
 
 
Semi-Annual Report
April 30, 2024

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

Liquidity Risk Management Program

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.
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NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
Top Holdings (% of Fund's net assets)
 
Nova Ltd.  (Israel, Semiconductors & Semiconductor Equipment)
1.1
 
Lancashire Holdings Ltd.  (United Kingdom, Insurance)
1.1
 
Vistry Group PLC  (United Kingdom, Household Durables)
1.0
 
VZ Holding AG  (Switzerland, Capital Markets)
1.0
 
Toyo Suisan Kaisha Ltd.  (Japan, Food Products)
1.0
 
Mitie Group PLC  (United Kingdom, Commercial Services & Supplies)
0.9
 
Munters Group AB  (Sweden, Building Products)
0.9
 
Sabre Insurance Group PLC  (United Kingdom, Insurance)
0.9
 
Suruga Bank Ltd.  (Japan, Banks)
0.9
 
Steadfast Group Ltd.  (Australia, Insurance)
0.9
 
 
9.7
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
23.9
 
Consumer Discretionary
14.0
 
Financials
11.8
 
Information Technology
9.8
 
Materials
9.2
 
Real Estate
7.5
 
Consumer Staples
5.9
 
Health Care
5.8
 
Communication Services
5.3
 
Energy
3.1
 
Utilities
1.9
 
 
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 - 97.6%
 
 
Shares
Value ($)
 
Australia - 7.2%
 
 
 
ALS Ltd.
 
1,016
8,495
Ansell Ltd.
 
358
5,886
Aurizon Holdings Ltd.
 
2,153
5,288
Beach Energy Ltd.
 
6,020
6,164
CAR Group Ltd.
 
419
9,085
Challenger Ltd.
 
953
4,106
Evolution Mining Ltd.
 
2,578
6,648
Flight Centre Travel Group Ltd.
 
515
7,000
GUD Holdings Ltd.
 
1,090
7,158
Incitec Pivot Ltd.
 
2,876
5,164
Iress Ltd. (a)
 
376
2,055
National Storage REIT unit
 
4,732
6,525
Steadfast Group Ltd.
 
2,981
10,849
Treasury Wine Estates Ltd.
 
809
6,274
TOTAL AUSTRALIA
 
 
90,697
Austria - 1.6%
 
 
 
AT&S Austria Technologie & Systemtechnik AG
 
107
2,382
Schoeller-Bleckmann Oilfield Equipment AG
 
107
5,219
Wienerberger AG
 
268
9,598
Zumtobel AG
 
440
2,808
TOTAL AUSTRIA
 
 
20,007
Bailiwick of Jersey - 0.6%
 
 
 
JTC PLC (b)
 
725
7,746
Belgium - 1.5%
 
 
 
Azelis Group NV
 
277
6,693
Econocom Group SA
 
2,021
4,745
Fagron NV
 
406
7,903
TOTAL BELGIUM
 
 
19,341
Finland - 0.7%
 
 
 
Huhtamaki Oyj
 
173
6,639
Kemira Oyj
 
100
2,179
TOTAL FINLAND
 
 
8,818
France - 6.5%
 
 
 
Altarea SCA
 
44
3,808
ALTEN
 
56
6,616
Elis SA
 
300
6,762
Euroapi SASU (a)
 
363
1,144
Exclusive Networks SA (a)
 
374
7,983
Ipsos SA
 
117
7,854
Nexans SA
 
35
3,750
Rexel SA
 
413
10,768
SEB SA
 
50
5,934
Ubisoft Entertainment SA (a)
 
200
4,732
Vallourec SA (a)
 
514
8,922
Vicat SA
 
127
4,696
Virbac SA
 
23
8,517
TOTAL FRANCE
 
 
81,486
Germany - 5.1%
 
 
 
Bilfinger Berger AG
 
151
7,042
CTS Eventim AG
 
108
9,589
Gerresheimer AG
 
65
7,006
Lanxess AG
 
140
3,964
Mensch und Maschine Software SE
 
82
4,848
Patrizia Immobilien AG
 
474
4,199
PVA TePla AG (a)
 
189
3,766
SAF-Holland SA
 
523
10,091
Stabilus Se
 
136
8,447
Takkt AG
 
400
5,567
TOTAL GERMANY
 
 
64,519
Hong Kong - 2.4%
 
 
 
ASMPT Ltd.
 
569
7,071
Dah Sing Financial Holdings Ltd.
 
1,207
3,381
Fortune (REIT)
 
4,496
2,209
Hong Kong Resources Holdings Co. Ltd. (a)(c)
 
97
12
Hysan Development Co. Ltd.
 
2,024
3,155
Luk Fook Holdings International Ltd.
 
2,386
5,720
Melco International Development Ltd. (a)
 
3,000
2,254
Pacific Basin Shipping Ltd.
 
18,000
6,233
TOTAL HONG KONG
 
 
30,035
Ireland - 1.7%
 
 
 
Bank of Ireland Group PLC
 
675
7,236
C&C Group PLC (United Kingdom)
 
3,568
7,347
Dalata Hotel Group PLC
 
1,460
6,575
TOTAL IRELAND
 
 
21,158
Israel - 2.0%
 
 
 
Bezeq The Israel Telecommunication Corp. Ltd.
 
4,730
5,876
Nova Ltd. (a)
 
80
13,835
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd.
 
103
5,872
TOTAL ISRAEL
 
 
25,583
Italy - 2.5%
 
 
 
Banca Generali SpA
 
257
10,099
Banco BPM SpA
 
1,200
7,919
Brembo N.V.
 
474
6,056
Carel Industries SpA (b)
 
144
2,923
GVS SpA (a)(b)
 
739
4,322
TOTAL ITALY
 
 
31,319
Japan - 34.3%
 
 
 
Aeon Delight Co. Ltd.
 
230
5,440
Anritsu Corp.
 
491
3,743
As One Corp.
 
300
4,943
ASKUL Corp.
 
541
8,170
Azbil Corp.
 
196
5,474
BayCurrent Consulting, Inc.
 
200
4,257
Cosmos Pharmaceutical Corp.
 
61
5,612
Daido Steel Co. Ltd.
 
750
8,270
Daiichikosho Co. Ltd.
 
506
5,906
Daiwa Securities Living Invest
 
8
5,432
Dexerials Corp.
 
170
6,368
Dowa Holdings Co. Ltd.
 
182
6,815
FP Corp.
 
291
4,682
Fujitec Co. Ltd.
 
230
5,673
Fukushima Galilei Co. Ltd.
 
180
7,197
Funai Soken Holdings, Inc.
 
330
4,993
Fuyo General Lease Co. Ltd.
 
110
9,434
Haseko Corp.
 
668
8,070
Hosokawa Micron Corp.
 
160
4,472
Inaba Denki Sangyo Co. Ltd.
 
400
9,332
J. Front Retailing Co. Ltd.
 
392
3,414
JTOWER, Inc. (a)
 
135
2,757
Kamigumi Co. Ltd.
 
398
8,595
Kaneka Corp.
 
248
6,424
Kawasaki Heavy Industries Ltd.
 
250
7,740
Kissei Pharmaceutical Co. Ltd.
 
235
5,385
Koshidaka Holdings Co. Ltd.
 
950
5,197
Kyoritsu Maintenance Co. Ltd.
 
346
7,379
Kyoto Financial Group, Inc.
 
576
10,252
Kyushu Railway Co.
 
310
6,670
Maruwa Ceramic Co. Ltd.
 
42
8,851
Milbon Co. Ltd.
 
162
3,184
Mitsubishi Logisnext Co. Ltd.
 
900
8,876
Miura Co. Ltd.
 
250
3,933
Money Forward, Inc. (a)
 
100
3,482
Morinaga & Co. Ltd.
 
444
7,175
Nabtesco Corp.
 
291
4,799
Nagaileben Co. Ltd.
 
290
4,326
Net One Systems Co. Ltd.
 
138
2,309
Nikkiso Co. Ltd.
 
978
7,811
Nippon Gas Co. Ltd.
 
413
6,736
Okinawa Cellular Telephone Co.
 
299
6,425
PALTAC Corp.
 
222
6,719
Park24 Co. Ltd. (a)
 
416
4,480
Penta-Ocean Construction Co. Ltd.
 
908
4,557
Relo Group, Inc.
 
388
3,373
Resonac Holdings Corp.
 
325
7,047
Riken Keiki Co. Ltd.
 
240
5,872
Rinnai Corp.
 
260
5,634
Roland Corp.
 
186
5,056
Santen Pharmaceutical Co. Ltd.
 
800
7,727
Sanwa Holdings Corp.
 
568
9,276
Shoei Co. Ltd.
 
380
4,868
SOSiLA Logistics REIT, Inc.
 
6
4,724
Stanley Electric Co. Ltd.
 
358
6,336
Sumco Corp.
 
459
6,845
Suruga Bank Ltd.
 
1,788
10,905
SWCC Showa Holdings Co. Ltd.
 
350
9,228
Taiyo Yuden Co. Ltd.
 
150
3,513
Tokyo Tatemono Co. Ltd.
 
433
7,205
Toyo Gosei Co. Ltd.
 
110
5,644
Toyo Suisan Kaisha Ltd.
 
195
12,194
Tsumura & Co.
 
219
5,277
Tsuruha Holdings, Inc.
 
69
4,356
Valqua Ltd.
 
348
9,727
Workman Co. Ltd.
 
183
4,496
Yokogawa Electric Corp.
 
298
6,585
Zenkoku Hosho Co. Ltd.
 
170
5,969
Zuken, Inc.
 
290
7,578
TOTAL JAPAN
 
 
431,194
Netherlands - 1.3%
 
 
 
Eurocommercial Properties NV
 
342
7,811
OCI NV
 
140
3,780
TKH Group NV (bearer) (depositary receipt)
 
100
4,329
TOTAL NETHERLANDS
 
 
15,920
New Zealand - 0.8%
 
 
 
Contact Energy Ltd.
 
1,910
9,751
Norway - 1.8%
 
 
 
DOF Group ASA
 
700
5,174
Schibsted ASA (A Shares)
 
210
6,008
Sparebanken Midt-Norge
 
500
6,586
TGS ASA
 
389
4,454
TOTAL NORWAY
 
 
22,222
Singapore - 1.9%
 
 
 
CDL Hospitality Trusts unit
 
7,932
5,645
Mapletree Industrial (REIT)
 
3,885
6,433
Sembcorp Industries Ltd.
 
1,793
7,007
Wing Tai Holdings Ltd.
 
4,256
4,576
TOTAL SINGAPORE
 
 
23,661
Spain - 2.4%
 
 
 
Bankinter SA
 
1,087
8,608
Cie Automotive SA
 
179
4,757
Compania de Distribucion Integral Logista Holdings SA
 
317
8,647
Fluidra SA
 
360
7,645
TOTAL SPAIN
 
 
29,657
Sweden - 5.9%
 
 
 
AAK AB
 
410
10,588
AddTech AB (B Shares)
 
391
8,260
Arjo AB
 
1,090
4,621
Avanza Bank Holding AB
 
310
6,712
Granges AB
 
500
5,939
Hemnet Group AB
 
308
8,077
HEXPOL AB (B Shares)
 
715
8,175
JM AB (B Shares)
 
300
5,156
Loomis AB (B Shares)
 
210
5,412
Munters Group AB (b)
 
555
11,231
TOTAL SWEDEN
 
 
74,171
Switzerland - 3.2%
 
 
 
Bucher Industries AG
 
16
6,179
Lastminute.com NV (a)
 
155
3,566
OC Oerlikon Corp. AG (Reg.)
 
793
3,444
PSP Swiss Property AG
 
57
7,063
Sensirion Holding AG (a)(b)
 
25
1,651
Tecan Group AG
 
18
6,403
VZ Holding AG
 
109
12,593
TOTAL SWITZERLAND
 
 
40,899
United Kingdom - 14.2%
 
 
 
B&M European Value Retail SA
 
1,466
9,507
Britvic PLC
 
699
7,726
DCC PLC (United Kingdom)
 
110
7,539
Grainger Trust PLC
 
2,272
7,282
Harbour Energy PLC
 
1,109
4,003
Hill & Smith Holdings PLC
 
344
8,124
Inchcape PLC
 
773
7,727
Indivior PLC (a)
 
290
5,225
J.D. Wetherspoon PLC (a)
 
807
7,306
Jet2 PLC
 
516
9,259
John Wood Group PLC (a)
 
2,800
5,192
Lancashire Holdings Ltd.
 
1,723
13,133
Mitie Group PLC
 
7,896
11,544
Pets At Home Group PLC
 
1,177
4,297
Renewi PLC (a)
 
532
3,743
Sabre Insurance Group PLC (b)
 
5,571
11,194
Savills PLC
 
600
8,112
Senior Engineering Group PLC
 
3,931
8,085
Spectris PLC
 
189
7,864
Tate & Lyle PLC
 
651
5,361
Unite Group PLC
 
623
7,224
Vistry Group PLC
 
864
12,934
WH Smith PLC
 
401
5,497
TOTAL UNITED KINGDOM
 
 
177,878
 
TOTAL COMMON STOCKS
 (Cost $1,050,998)
 
 
 
1,226,062
 
 
 
 
Nonconvertible Preferred Stocks - 0.6%
 
 
Shares
Value ($)
 
Germany - 0.6%
 
 
 
Jungheinrich AG
  (Cost $5,082)
 
201
7,482
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 98.2%
 (Cost $1,056,080)
 
 
 
1,233,544
NET OTHER ASSETS (LIABILITIES) - 1.8%  
22,541
NET ASSETS - 100.0%
1,256,085
 
 
 
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 $39,067 or 3.1% of net assets.
 
(c)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
 
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2024, 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
66,309
42,136
24,173
-
Consumer Discretionary
176,886
89,403
87,483
-
Consumer Staples
75,689
36,894
38,795
-
Energy
39,128
32,964
6,164
-
Financials
146,722
91,826
54,896
-
Health Care
74,363
40,819
33,544
-
Industrials
299,226
161,881
137,345
-
Information Technology
123,436
53,690
69,746
-
Materials
113,515
53,094
60,421
-
Real Estate
94,776
45,499
49,277
-
Utilities
23,494
-
23,494
-
 
 
 
 
 
 Total Investments in Securities:
1,233,544
648,206
585,338
-
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value - See accompanying schedule
 
Unaffiliated issuers (cost $1,056,080):
 
 
 
$
1,233,544
Cash
 
 
12,956
Foreign currency held at value (cost $1,320)
 
 
1,314
Receivable for investments sold
 
 
4,433
Dividends receivable
 
 
6,296
Receivable from investment adviser for expense reductions
 
 
17
  Total assets
 
 
1,258,560
Liabilities
 
 
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
$
1,863
 
 
Delayed delivery
10
 
 
Custody fee payable
602
 
 
  Total liabilities
 
 
 
2,475
Net Assets  
 
 
$
1,256,085
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,071,405
Total accumulated earnings (loss)
 
 
 
184,680
Net Assets
 
 
$
1,256,085
Net Asset Value, offering price and redemption price per share ($1,256,085 ÷ 106,383 shares)
 
 
$
11.81
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
19,054
 Income before foreign taxes withheld
 
 
$
19,054
Less foreign taxes withheld
 
 
(1,585)
 Total income
 
 
 
17,469
Expenses
 
 
 
 
Custodian fees and expenses
$
1,045
 
 
Independent trustees' fees and expenses
3
 
 
 Total expenses before reductions
 
1,048
 
 
 Expense reductions
 
(965)
 
 
 Total expenses after reductions
 
 
 
83
Net Investment income (loss)
 
 
 
17,386
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
830
 
 
 Foreign currency transactions
 
(39)
 
 
Total net realized gain (loss)
 
 
 
791
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
157,640
 
 
 Assets and liabilities in foreign currencies
 
(129)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
157,511
Net gain (loss)
 
 
 
158,302
Net increase (decrease) in net assets resulting from operations
 
 
$
175,688
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
For the period November 4, 2022 (commencement of operations) through October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
17,386
$
30,656
Net realized gain (loss)
 
791
 
 
29,962
 
Change in net unrealized appreciation (depreciation)
 
157,511
 
19,779
 
Net increase (decrease) in net assets resulting from operations
 
175,688
 
 
80,397
 
Distributions to shareholders
 
(68,011)
 
 
(3,400)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
-
 
1,000,000
  Reinvestment of distributions
 
68,011
 
 
3,400
 
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
68,011
 
 
1,003,400
 
Total increase (decrease) in net assets
 
175,688
 
 
1,080,397
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,080,397
 
-
 
End of period
$
1,256,085
$
1,080,397
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
-
 
100,000
  Issued in reinvestment of distributions
 
6,072
 
 
311
 
Net increase (decrease)
 
6,072
 
100,311
 
 
 
 
 
 
Financial Highlights
 
Fidelity® Series Select International Small Cap Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
10.77
$
10.00
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.17
 
.31
     Net realized and unrealized gain (loss)
 
1.55
 
.49
  Total from investment operations
 
1.72  
 
.80  
  Distributions from net investment income
 
(.43)
 
(.03)
  Distributions from net realized gain
 
(.25)
 
-
     Total distributions
 
(.68)
 
(.03)
  Net asset value, end of period
$
11.81
$
10.77
 Total Return D,E
 
16.29
%
 
 
8.03%
 Ratios to Average Net Assets C,F,G
 
 
 
 
    Expenses before reductions
 
.17% H
 
.23% H
    Expenses net of fee waivers, if any
 
.01
% H
 
 
.01% H
    Expenses net of all reductions
 
.01% H
 
.01% H
    Net investment income (loss)
 
2.82% H
 
2.69% H
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,256
$
1,080
    Portfolio turnover rate I
 
9
% H
 
 
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 April 30, 2024
 
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. 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 April 30, 2024 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. 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. 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
$234,097
Gross unrealized depreciation
(63,457)
Net unrealized appreciation (depreciation)
$170,640
Tax cost
$1,062,904
 
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.
3. 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
82,024
55,493
4. 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
 777
 801
 400
 
Sub-Advisory Arrangements. Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
5. 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.
6. 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 $965.
7. 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.
8. 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.
 
 
 
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 (November 1, 2023 to April 30, 2024).
 
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 November 1, 2023
 
Ending Account Value April 30, 2024
 
Expenses Paid During Period- C November 1, 2023 to April 30, 2024
 
 
 
 
 
 
 
 
 
 
Fidelity® Series Select International Small Cap Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,162.90
 
$ .05
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,024.81
 
$ .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 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
Board Approval of Investment Advisory Contracts
Fidelity Series Select International Small Cap Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved amended and restated sub-advisory agreements (the Sub-Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Sub-Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Sub-Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
The Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser, and that the management fee paid by the fund under the management contract with FMR will remain unchanged.
The Board further considered that the approval of the fund's Sub-Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Sub-Advisory Contracts would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by FMR and its affiliates.
In connection with its consideration of future renewals of the fund's advisory contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Sub-Advisory Contracts should be approved.
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9906199.101
SSI-SANN-0624
Fidelity® International Small Cap Opportunities Fund
 
 
Semi-Annual Report
April 30, 2024
Includes Fidelity and Fidelity Advisor share classes

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

Liquidity Risk Management Program

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. © 2024 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.
 
Top Holdings (% of Fund's net assets)
 
iShares MSCI EAFE Small-Cap ETF (United States of America, Multi Sector)
4.8
 
Lagercrantz Group AB (B Shares)  (Sweden, Electronic Equipment, Instruments & Components)
4.5
 
AddTech AB (B Shares)  (Sweden, Trading Companies & Distributors)
4.0
 
CTS Eventim AG  (Germany, Entertainment)
3.8
 
Spectris PLC  (United Kingdom, Electronic Equipment, Instruments & Components)
3.7
 
Aalberts Industries NV  (Netherlands, Machinery)
3.1
 
Azbil Corp.  (Japan, Electronic Equipment, Instruments & Components)
3.0
 
Interpump Group SpA  (Italy, Machinery)
2.4
 
Kongsberg Gruppen ASA  (Norway, Aerospace & Defense)
2.0
 
Morningstar, Inc.  (United States of America, Capital Markets)
2.0
 
 
33.3
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
31.7
 
Information Technology
22.1
 
Consumer Discretionary
9.0
 
Communication Services
7.7
 
Health Care
6.6
 
Financials
5.1
 
Consumer Staples
3.3
 
Materials
3.3
 
Real Estate
2.2
 
Energy
1.4
 
 
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 - 92.4%
 
 
Shares
Value ($)
 
Australia - 1.6%
 
 
 
Imdex Ltd.
 
5,802,643
7,781,823
Steadfast Group Ltd.
 
2,996,460
10,905,381
TOTAL AUSTRALIA
 
 
18,687,204
Belgium - 2.0%
 
 
 
Azelis Group NV
 
395,200
9,548,588
KBC Ancora
 
308,289
14,920,423
TOTAL BELGIUM
 
 
24,469,011
Canada - 4.1%
 
 
 
CAE, Inc. (a)
 
490,600
9,465,250
McCoy Global, Inc. (b)
 
630,215
878,955
Osisko Gold Royalties Ltd.
 
602,100
9,250,292
Pason Systems, Inc.
 
882,900
10,036,963
Richelieu Hardware Ltd. (b)
 
672,872
18,988,906
TOTAL CANADA
 
 
48,620,366
China - 0.4%
 
 
 
Chlitina Holding Ltd.
 
872,500
5,018,606
Chlitina Holding Ltd. rights 5/13/24 (a)
 
26,342
25,841
TOTAL CHINA
 
 
5,044,447
Denmark - 0.6%
 
 
 
Spar Nord Bank A/S
 
426,153
7,560,986
Egypt - 0.1%
 
 
 
Integrated Diagnostics Holdings PLC (a)(c)
 
5,696,716
1,748,892
France - 3.1%
 
 
 
Laurent-Perrier Group SA
 
35,632
4,639,229
Lectra
 
434,742
14,846,613
LISI
 
198,010
5,198,380
Vetoquinol SA
 
121,442
12,221,554
TOTAL FRANCE
 
 
36,905,776
Germany - 8.2%
 
 
 
CTS Eventim AG
 
513,054
45,554,598
Nexus AG
 
291,358
16,075,456
Rheinmetall AG
 
36,000
19,870,410
Scout24 AG (c)
 
138,700
10,228,226
Stabilus Se
 
97,336
6,045,640
TOTAL GERMANY
 
 
97,774,330
Greece - 0.2%
 
 
 
Athens International Airport SA
 
318,700
2,826,369
Ireland - 1.9%
 
 
 
AerCap Holdings NV (a)
 
151,200
12,774,888
Cairn Homes PLC
 
3,035,691
5,143,644
Irish Residential Properties REIT PLC
 
4,304,557
4,552,479
TOTAL IRELAND
 
 
22,471,011
Israel - 1.8%
 
 
 
Ituran Location & Control Ltd.
 
362,877
9,318,681
NICE Ltd. sponsored ADR (a)
 
33,758
7,545,251
Tel Aviv Stock Exchange Ltd.
 
674,096
4,466,169
TOTAL ISRAEL
 
 
21,330,101
Italy - 2.4%
 
 
 
Interpump Group SpA
 
646,943
28,362,354
Japan - 26.2%
 
 
 
Ai Holdings Corp.
 
172,500
2,653,151
Artnature, Inc.
 
531,000
2,554,970
Aucnet, Inc. (b)
 
281,977
4,640,810
Azbil Corp.
 
1,283,092
35,836,761
Broadleaf Co. Ltd.
 
2,472,298
9,006,156
Central Automotive Products Ltd.
 
156,500
5,728,696
Curves Holdings Co. Ltd.
 
2,483,426
11,663,787
Daiichikosho Co. Ltd.
 
538,100
6,280,921
Daikokutenbussan Co. Ltd.
 
74,100
3,788,776
Digital Hearts Holdings Co. Ltd.
 
547,814
3,335,614
Elan Corp.
 
815,100
4,679,152
Fujitec Co. Ltd.
 
417,300
10,292,104
Funai Soken Holdings, Inc.
 
258,750
3,914,672
Goldcrest Co. Ltd.
 
610,730
9,844,518
Iwatsuka Confectionary Co. Ltd.
 
37,800
624,110
Koshidaka Holdings Co. Ltd.
 
1,940,216
10,614,342
Kusuri No Aoki Holdings Co. Ltd.
 
258,500
4,819,569
Lasertec Corp.
 
82,844
17,869,901
Medikit Co. Ltd.
 
245,400
4,386,974
Miroku Jyoho Service Co., Ltd. (b)
 
261,700
2,814,988
Misumi Group, Inc.
 
289,068
4,699,627
Mitsuboshi Belting Ltd.
 
87,580
2,686,139
Nagaileben Co. Ltd.
 
720,427
10,747,108
Nihon Parkerizing Co. Ltd.
 
1,593,878
12,257,109
NS Tool Co. Ltd.
 
608,900
3,562,209
NSD Co. Ltd.
 
558,849
10,923,252
OBIC Co. Ltd.
 
124,400
15,981,238
OSG Corp.
 
536,900
6,924,025
Paramount Bed Holdings Co. Ltd.
 
238,520
4,064,027
ProNexus, Inc.
 
484,100
3,523,104
San-Ai Obbli Co. Ltd.
 
434,600
5,701,400
SHO-BOND Holdings Co. Ltd.
 
502,100
19,389,544
Shoei Co. Ltd.
 
201,604
2,582,910
SK Kaken Co. Ltd.
 
200,400
10,092,187
Software Service, Inc.
 
67,600
5,786,386
Techno Medica Co. Ltd.
 
80,791
892,238
The Monogatari Corp.
 
333,800
9,018,688
TIS, Inc.
 
264,700
5,653,086
Tocalo Co. Ltd.
 
545,376
6,284,422
USS Co. Ltd.
 
1,029,380
7,863,737
YAKUODO Holdings Co. Ltd.
 
350,000
6,358,244
YONEX Co. Ltd.
 
406,000
3,237,620
TOTAL JAPAN
 
 
313,578,272
Korea (South) - 0.5%
 
 
 
BGF Retail Co. Ltd.
 
64,256
6,040,823
HD Hyundai Marine Solution Co. Ltd. (d)
 
3,000
180,522
TOTAL KOREA (SOUTH)
 
 
6,221,345
Netherlands - 6.0%
 
 
 
Aalberts Industries NV
 
762,980
36,576,212
BE Semiconductor Industries NV
 
125,000
16,741,700
IMCD NV
 
121,988
18,518,901
TOTAL NETHERLANDS
 
 
71,836,813
Norway - 2.3%
 
 
 
Kongsberg Gruppen ASA
 
344,981
24,409,692
Medistim ASA
 
185,242
3,026,639
TOTAL NORWAY
 
 
27,436,331
Spain - 0.3%
 
 
 
Fluidra SA
 
144,201
3,062,437
Sweden - 13.6%
 
 
 
Addlife AB
 
542,135
5,047,281
AddTech AB (B Shares)
 
2,251,556
47,562,905
Autoliv, Inc.
 
152,000
18,208,080
Bergman & Beving AB (B Shares)
 
417,154
8,460,121
Hemnet Group AB
 
565,600
14,832,347
INVISIO AB
 
427,023
9,435,238
John Mattson Fastighetsforetagen AB (a)
 
942,052
4,752,830
Lagercrantz Group AB (B Shares)
 
3,606,312
53,634,581
Teqnion AB (a)
 
48,839
892,986
TOTAL SWEDEN
 
 
162,826,369
Switzerland - 0.9%
 
 
 
Tecan Group AG (b)
 
31,550
11,223,117
Taiwan - 0.7%
 
 
 
Addcn Technology Co. Ltd.
 
1,295,535
7,964,719
United Kingdom - 12.9%
 
 
 
Bodycote PLC
 
2,259,726
19,652,539
Clarkson PLC
 
180,153
8,745,531
DP Poland PLC (a)
 
18,541,591
2,548,551
Games Workshop Group PLC
 
55,000
6,810,672
Howden Joinery Group PLC
 
1,969,700
21,560,451
InterContinental Hotel Group PLC ADR
 
178,000
17,506,300
Oxford Instruments PLC
 
258,100
7,288,700
Rightmove PLC
 
1,163,693
7,488,577
Sage Group PLC
 
418,700
6,100,356
Spectris PLC
 
1,055,278
43,910,134
Spirax-Sarco Engineering PLC
 
44,691
4,939,370
Unite Group PLC
 
602,900
6,991,122
TOTAL UNITED KINGDOM
 
 
153,542,303
United States of America - 2.6%
 
 
 
Morningstar, Inc.
 
82,821
23,409,356
PriceSmart, Inc.
 
91,060
7,338,525
TOTAL UNITED STATES OF AMERICA
 
 
30,747,881
 
TOTAL COMMON STOCKS
 (Cost $801,317,537)
 
 
 
1,104,240,434
 
 
 
 
Investment Companies - 4.8%
 
 
Shares
Value ($)
 
United States of America - 4.8%
 
 
 
iShares MSCI EAFE Small-Cap ETF (b)
  (Cost $58,444,474)
 
930,000
56,888,098
 
 
 
 
Money Market Funds - 3.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (e)
 
24,295,620
24,300,479
Fidelity Securities Lending Cash Central Fund 5.39% (e)(f)
 
15,495,079
15,496,628
 
TOTAL MONEY MARKET FUNDS
 (Cost $39,797,107)
 
 
39,797,107
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.5%
 (Cost $899,559,118)
 
 
 
1,200,925,639
NET OTHER ASSETS (LIABILITIES) - (0.5)%  
(6,304,268)
NET ASSETS - 100.0%
1,194,621,371
 
 
 
Security Type Abbreviations
ETF
-
EXCHANGE-TRADED FUND
 
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 $11,977,118 or 1.0% of net assets.
 
(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 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 5.39%
47,754,532
138,078,726
161,532,277
861,549
(502)
-
24,300,479
0.0%
Fidelity Securities Lending Cash Central Fund 5.39%
4,475,514
143,153,942
132,132,828
31,554
-
-
15,496,628
0.1%
Total
52,230,046
281,232,668
293,665,105
893,103
(502)
-
39,797,107
 
 
 
 
 
 
 
 
 
 
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 April 30, 2024, 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
92,349,388
78,103,748
14,245,640
-
Consumer Discretionary
105,567,837
50,217,247
55,350,590
-
Consumer Staples
41,208,693
11,977,754
29,230,939
-
Energy
16,617,318
10,915,918
5,701,400
-
Financials
61,262,315
50,356,934
10,905,381
-
Health Care
79,898,824
49,342,939
30,555,885
-
Industrials
378,353,536
316,897,168
61,456,368
-
Information Technology
263,460,163
159,386,016
104,074,147
-
Materials
39,381,411
9,250,292
30,131,119
-
Real Estate
26,140,949
16,296,431
9,844,518
-
 Investment Companies
56,888,098
56,888,098
-
-
  Money Market Funds
39,797,107
39,797,107
-
-
 Total Investments in Securities:
1,200,925,639
849,429,652
351,495,987
-
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $14,773,081) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $859,762,011)
$
1,161,128,532
 
 
Fidelity Central Funds (cost $39,797,107)
39,797,107
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $899,559,118)
 
 
$
1,200,925,639
Foreign currency held at value (cost $284,548)
 
 
282,702
Receivable for investments sold
 
 
315,045
Receivable for fund shares sold
 
 
6,067,974
Dividends receivable
 
 
4,880,824
Reclaims receivable
 
 
1,580,838
Distributions receivable from Fidelity Central Funds
 
 
69,634
Prepaid expenses
 
 
378
Other receivables
 
 
2,920
  Total assets
 
 
1,214,125,954
Liabilities
 
 
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
$
1,602,626
 
 
Delayed delivery
182,327
 
 
Payable for fund shares redeemed
1,193,368
 
 
Accrued management fee
949,710
 
 
Distribution and service plan fees payable
12,755
 
 
Other payables and accrued expenses
63,559
 
 
Collateral on securities loaned
15,500,238
 
 
  Total liabilities
 
 
 
19,504,583
Net Assets  
 
 
$
1,194,621,371
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
873,103,160
Total accumulated earnings (loss)
 
 
 
321,518,211
Net Assets
 
 
$
1,194,621,371
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($31,190,533 ÷ 1,624,521 shares)(a)
 
 
$
19.20
Maximum offering price per share (100/94.25 of $19.20)
 
 
$
20.37
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($10,459,574 ÷ 554,458 shares)(a)
 
 
$
18.86
Maximum offering price per share (100/96.50 of $18.86)
 
 
$
19.54
Class C :
 
 
 
 
Net Asset Value and offering price per share ($1,897,850 ÷ 105,800 shares)(a)
 
 
$
17.94
International Small Cap Opportunities :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($613,014,801 ÷ 31,275,888 shares)
 
 
$
19.60
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($253,767,447 ÷ 12,972,761 shares)
 
 
$
19.56
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($284,291,166 ÷ 14,556,710 shares)
 
 
$
19.53
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
9,452,815
Income from Fidelity Central Funds (including $31,554 from security lending)
 
 
893,103
 Income before foreign taxes withheld
 
 
$
10,345,918
Less foreign taxes withheld
 
 
(911,107)
 Total income
 
 
 
9,434,811
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
4,885,803
 
 
 Performance adjustment
257,099
 
 
Transfer agent fees
504,690
 
 
Distribution and service plan fees
76,439
 
 
Accounting fees
164,736
 
 
Custodian fees and expenses
42,937
 
 
Independent trustees' fees and expenses
2,785
 
 
Registration fees
44,068
 
 
Audit
49,669
 
 
Legal
1,723
 
 
Miscellaneous
2,169
 
 
 Total expenses before reductions
 
6,032,118
 
 
 Expense reductions
 
(51,138)
 
 
 Total expenses after reductions
 
 
 
5,980,980
Net Investment income (loss)
 
 
 
3,453,831
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $6,431)
 
22,301,112
 
 
   Fidelity Central Funds
 
(502)
 
 
 Foreign currency transactions
 
(93,107)
 
 
Total net realized gain (loss)
 
 
 
22,207,503
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of increase in deferred foreign taxes of $22,519)  
 
158,348,001
 
 
 Assets and liabilities in foreign currencies
 
(37,637)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
158,310,364
Net gain (loss)
 
 
 
180,517,867
Net increase (decrease) in net assets resulting from operations
 
 
$
183,971,698
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
3,453,831
$
9,421,923
Net realized gain (loss)
 
22,207,503
 
 
34,601,449
 
Change in net unrealized appreciation (depreciation)
 
158,310,364
 
6,132,385
 
Net increase (decrease) in net assets resulting from operations
 
183,971,698
 
 
50,155,757
 
Distributions to shareholders
 
(42,624,195)
 
 
(64,708,392)
 
 
 
 
 
 
Share transactions - net increase (decrease)
 
78,394,146
 
 
(52,713,432)
 
Total increase (decrease) in net assets
 
219,741,649
 
 
(67,266,067)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
974,879,722
 
1,042,145,789
 
End of period
$
1,194,621,371
$
974,879,722
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® International Small Cap Opportunities Fund Class A
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.75
$
17.17
$
28.35
$
20.86
$
19.02
$
17.33
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.03
 
.10
 
.06
 
(.06)
 
(.04)
 
.11
     Net realized and unrealized gain (loss)
 
3.10
 
.61
 
(8.93)
 
7.55
 
2.05
 
2.01
  Total from investment operations
 
3.13  
 
.71  
 
(8.87)  
 
7.49  
 
2.01
 
2.12
  Distributions from net investment income
 
(.12)
 
-
 
-
 
-
 
(.11)
 
(.11)
  Distributions from net realized gain
 
(.56)
 
(1.13)
 
(2.31)
 
-
 
(.05)
 
(.31)
     Total distributions
 
(.68)
 
(1.13)
 
(2.31)
 
-
 
(.17) C
 
(.43) C
  Net asset value, end of period
$
19.20
$
16.75
$
17.17
$
28.35
$
20.86
$
19.02
 Total Return D,E,F
 
18.88
%
 
 
3.74%
 
(33.79)%
 
35.91%
 
10.58%
 
12.61%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.35% I
 
1.31%
 
1.49%
 
1.50%
 
1.57%
 
1.49%
    Expenses net of fee waivers, if any
 
1.34
% I
 
 
1.31%
 
1.48%
 
1.50%
 
1.57%
 
1.49%
    Expenses net of all reductions
 
1.34% I
 
1.31%
 
1.48%
 
1.50%
 
1.56%
 
1.48%
    Net investment income (loss)
 
.30% I
 
.56%
 
.30%
 
(.25)%
 
(.20)%
 
.64%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
31,191
$
26,559
$
26,380
$
45,981
$
37,771
$
41,679
    Portfolio turnover rate J
 
32
% I
 
 
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 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.
 
JAmount 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
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
16.43
$
16.91
$
28.02
$
20.67
$
18.85
$
17.17
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.01
 
.06
 
.01
 
(.13)
 
(.09)
 
.06
     Net realized and unrealized gain (loss)
 
3.04
 
.59
 
(8.81)
 
7.48
 
2.03
 
1.99
  Total from investment operations
 
3.05  
 
.65  
 
(8.80)  
 
7.35  
 
1.94
 
2.05
  Distributions from net investment income
 
(.06)
 
-
 
-
 
-
 
(.06)
 
(.06)
  Distributions from net realized gain
 
(.56)
 
(1.13)
 
(2.31)
 
-
 
(.05)
 
(.31)
     Total distributions
 
(.62)
 
(1.13)
 
(2.31)
 
-
 
(.12) C
 
(.37)
  Net asset value, end of period
$
18.86
$
16.43
$
16.91
$
28.02
$
20.67
$
18.85
 Total Return D,E,F
 
18.75
%
 
 
3.43%
 
(33.95)%
 
35.56%
 
10.29%
 
12.29%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.59% I
 
1.57%
 
1.74%
 
1.75%
 
1.84%
 
1.77%
    Expenses net of fee waivers, if any
 
1.58
% I
 
 
1.56%
 
1.74%
 
1.75%
 
1.84%
 
1.77%
    Expenses net of all reductions
 
1.58% I
 
1.56%
 
1.74%
 
1.75%
 
1.83%
 
1.77%
    Net investment income (loss)
 
.06% I
 
.31%
 
.05%
 
(.50)%
 
(.47)%
 
.36%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
10,460
$
9,589
$
10,115
$
16,378
$
13,141
$
13,875
    Portfolio turnover rate J
 
32
% I
 
 
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 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.
 
JAmount 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
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
15.64
$
16.22
$
27.10
$
20.09
$
18.31
$
16.69
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.04)
 
(.04)
 
(.09)
 
(.25)
 
(.18)
 
(.02)
     Net realized and unrealized gain (loss)
 
2.90
 
.59
 
(8.48)
 
7.26
 
1.96
 
1.93
  Total from investment operations
 
2.86  
 
.55  
 
(8.57)  
 
7.01  
 
1.78
 
1.91
  Distributions from net realized gain
 
(.56)
 
(1.13)
 
(2.31)
 
-
 
-
 
(.29)
     Total distributions
 
(.56)
 
(1.13)
 
(2.31)
 
-
 
-
 
(.29)
  Net asset value, end of period
$
17.94
$
15.64
$
16.22
$
27.10
$
20.09
$
18.31
 Total Return C,D,E
 
18.44
%
 
 
2.93%
 
(34.28)%
 
34.89%
 
9.72%
 
11.74%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.08% H
 
2.10%
 
2.26%
 
2.26%
 
2.33%
 
2.27%
    Expenses net of fee waivers, if any
 
2.07
% H
 
 
2.10%
 
2.25%
 
2.26%
 
2.33%
 
2.26%
    Expenses net of all reductions
 
2.07% H
 
2.10%
 
2.25%
 
2.26%
 
2.33%
 
2.26%
    Net investment income (loss)
 
(.43)% H
 
(.23)%
 
(.47)%
 
(1.01)%
 
(.96)%
 
(.13)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,898
$
2,036
$
3,314
$
6,770
$
7,253
$
9,424
    Portfolio turnover rate I
 
32
% 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 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.
 
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.
 
HAnnualized.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Fidelity® International Small Cap Opportunities Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.12
$
17.47
$
28.77
$
21.10
$
19.24
$
17.53
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.06
 
.16
 
.13
 
.01
 
.02
 
.17
     Net realized and unrealized gain (loss)
 
3.17
 
.63
 
(9.09)
 
7.66
 
2.07
 
2.02
  Total from investment operations
 
3.23  
 
.79  
 
(8.96)  
 
7.67  
 
2.09
 
2.19
  Distributions from net investment income
 
(.19)
 
- C
 
(.04)
 
-
 
(.17)
 
(.17)
  Distributions from net realized gain
 
(.56)
 
(1.13)
 
(2.31)
 
-
 
(.05)
 
(.31)
     Total distributions
 
(.75)
 
(1.14) D
 
(2.34) D
 
-
 
(.23) D
 
(.48)
  Net asset value, end of period
$
19.60
$
17.12
$
17.47
$
28.77
$
21.10
$
19.24
 Total Return E,F
 
19.04
%
 
 
4.11%
 
(33.62)%
 
36.35%
 
10.90%
 
12.97%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.03% I
 
1.01%
 
1.19%
 
1.21%
 
1.26%
 
1.19%
    Expenses net of fee waivers, if any
 
1.02
% I
 
 
1.00%
 
1.19%
 
1.20%
 
1.26%
 
1.19%
    Expenses net of all reductions
 
1.02% I
 
1.00%
 
1.19%
 
1.20%
 
1.25%
 
1.19%
    Net investment income (loss)
 
.62% I
 
.87%
 
.60%
 
.05%
 
.11%
 
.94%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
613,015
$
632,320
$
700,271
$
1,268,421
$
1,152,472
$
1,040,989
    Portfolio turnover rate J
 
32
% I
 
 
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 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).
 
 
Fidelity Advisor® International Small Cap Opportunities Fund Class I
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.09
$
17.46
$
28.75
$
21.09
$
19.22
$
17.51
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.04
 
.15
 
.13
 
.01
 
.02
 
.17
     Net realized and unrealized gain (loss)
 
3.17
 
.62
 
(9.07)
 
7.65
 
2.07
 
2.02
  Total from investment operations
 
3.21  
 
.77  
 
(8.94)  
 
7.66  
 
2.09
 
2.19
  Distributions from net investment income
 
(.18)
 
(.01)
 
(.04)
 
-
 
(.16)
 
(.16)
  Distributions from net realized gain
 
(.56)
 
(1.13)
 
(2.31)
 
-
 
(.05)
 
(.31)
     Total distributions
 
(.74)
 
(1.14)
 
(2.35)
 
-
 
(.22) C
 
(.48) C
  Net asset value, end of period
$
19.56
$
17.09
$
17.46
$
28.75
$
21.09
$
19.22
 Total Return D,E
 
19.01
%
 
 
4.02%
 
(33.60)%
 
36.32%
 
10.90%
 
12.93%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.23% H
 
1.05%
 
1.20%
 
1.22%
 
1.28%
 
1.20%
    Expenses net of fee waivers, if any
 
1.22
% H
 
 
1.04%
 
1.19%
 
1.22%
 
1.27%
 
1.19%
    Expenses net of all reductions
 
1.22% H
 
1.04%
 
1.19%
 
1.22%
 
1.27%
 
1.19%
    Net investment income (loss)
 
.42% H
 
.83%
 
.59%
 
.04%
 
.09%
 
.93%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
253,767
$
81,122
$
82,705
$
141,310
$
113,041
$
142,854
    Portfolio turnover rate I
 
32
% 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 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).
 
 
Fidelity Advisor® International Small Cap Opportunities Fund Class Z
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.07
$
17.44
$
28.73
$
21.05
$
19.20
$
17.51
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.07
 
.18
 
.15
 
.04
 
.05
 
.19
     Net realized and unrealized gain (loss)
 
3.16
 
.62
 
(9.05)
 
7.64
 
2.05
 
2.02
  Total from investment operations
 
3.23  
 
.80  
 
(8.90)  
 
7.68  
 
2.10
 
2.21
  Distributions from net investment income
 
(.21)
 
(.04)
 
(.08)
 
-
 
(.20)
 
(.20)
  Distributions from net realized gain
 
(.56)
 
(1.13)
 
(2.31)
 
-
 
(.05)
 
(.31)
     Total distributions
 
(.77)
 
(1.17)
 
(2.39)
 
-
 
(.25)
 
(.52) C
  Net asset value, end of period
$
19.53
$
17.07
$
17.44
$
28.73
$
21.05
$
19.20
 Total Return D,E
 
19.15
%
 
 
4.19%
 
(33.52)%
 
36.48%
 
11.03%
 
13.10%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.96% H
 
.89%
 
1.07%
 
1.09%
 
1.14%
 
1.05%
    Expenses net of fee waivers, if any
 
.95
% H
 
 
.88%
 
1.07%
 
1.09%
 
1.13%
 
1.05%
    Expenses net of all reductions
 
.95% H
 
.88%
 
1.07%
 
1.09%
 
1.13%
 
1.05%
    Net investment income (loss)
 
.69% H
 
.98%
 
.72%
 
.16%
 
.23%
 
1.08%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
284,291
$
223,254
$
219,360
$
309,803
$
82,476
$
76,527
    Portfolio turnover rate I
 
32
% 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 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).
 
For the period ended April 30, 2024
 
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.
 
Exchange-Traded Funds (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 April 30, 2024 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.
 
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. 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.
 
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
$378,374,559
Gross unrealized depreciation
(81,551,772)
Net unrealized appreciation (depreciation)
$296,822,787
Tax cost
$904,102,852
 
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 International Small Cap Opportunities Fund
239,811,666
176,244,111
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.
 
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
1.02
Class M
1.02
Class C
1.02
International Small Cap Opportunities
.99
Class I
1.02
Class Z
.88
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.96
Class M
.96
Class C
.96
International Small Cap Opportunities
.92
Class I
.95
Class Z
.83
 
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was 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 decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .82%.
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
 
 
Performance Adjustment Index
Fidelity International Small Cap Opportunities Fund
MSCI EAFE Small Cap Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of International Small Cap Opportunities. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ± 0.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was .04%.
 
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
 
Effective March 1, 2024, the Fund's sub-advisory agreement with FIL Investment Advisors (FIA) was amended to provide that the investment adviser pays FIA monthly fees at an annual rate of 0.44% with respect to the average daily net assets of the Fund managed by FIA. FIA in turn pays FIA(UK).
 
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%
38,648
430
Class M
 .25%
 .25%
 27,348
 123
Class C
 .75%
 .25%
10,443
616
 
 
 
76,439
1,169
 
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
 1,280
Class M
 137
Class CA
6
 
1,423
 
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. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
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
.2000%
Class M
.2000%
Class C
.2000%
International Small Cap Opportunities
.1547%
Class I
.2000%
 
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
Amount ($)
% of Class-Level Average Net AssetsA
Class A
 20,656
.20
Class M
 7,396
.20
Class C
 1,448
.20
International Small Cap Opportunities
 371,104
.15
Class I
 68,301
.21
Class Z
35,785
.04
 
504,690
 
 
A Annualized
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
 
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 Opportunities Fund
.0441
 
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Fidelity International Small Cap Opportunities Fund
.04
 
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
 171
 
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
 5,483,158
 871,178
 26,551
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
1,034
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
3,402
 -
-
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 $67. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
 
 
Expense reduction ($)
Class M
 39
 
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 $51,032.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
April 30, 2024
Year ended
October 31, 2023
Fidelity International Small Cap Opportunities Fund
 
 
Distributions to shareholders
 
 
Class A
$1,071,393
 $1,724,252
Class M
 359,747
 668,890
Class C
 67,234
 228,866
International Small Cap Opportunities
 27,456,391
 42,205,549
Class I
 3,627,918
 5,288,952
Class Z
       10,041,512
       14,591,883
Total  
$42,624,195
$64,708,392
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
 
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Six months ended
 April 30, 2024
Year ended
 October 31, 2023
Fidelity International Small Cap Opportunities Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
126,063
171,839
$2,423,651
$3,136,955
Reinvestment of distributions
57,351
94,841
1,052,398
1,693,860
Shares redeemed
(144,657)
(217,502)
(2,761,540)
(3,984,745)
Net increase (decrease)
38,757
49,178
$714,509
$846,070
Class M
 
 
 
 
Shares sold
5,206
21,269
$97,701
$383,026
Reinvestment of distributions
19,865
37,879
358,562
665,150
Shares redeemed
(54,066)
(74,046)
(1,029,935)
(1,330,926)
Net increase (decrease)
(28,995)
(14,898)
$(573,672)
$(282,750)
Class C
 
 
 
 
Shares sold
3,739
7,494
$67,039
$129,355
Reinvestment of distributions
3,896
13,606
67,013
228,441
Shares redeemed
(32,015)
(95,302)
(568,923)
(1,646,239)
Net increase (decrease)
(24,380)
(74,202)
$(434,871)
$(1,288,443)
International Small Cap Opportunities
 
 
 
 
Shares sold
2,148,936
2,233,362
$42,433,079
$41,954,989
Reinvestment of distributions
1,228,945
1,900,059
22,993,567
34,581,075
Shares redeemed
(9,043,366)
(7,265,881)
(182,710,816)
(137,436,859)
Net increase (decrease)
(5,665,485)
(3,132,460)
$(117,284,170)
$(60,900,795)
Class I
 
 
 
 
Shares sold
8,881,758
2,306,791
$179,763,801
$42,956,688
Reinvestment of distributions
186,259
193,260
3,479,316
3,513,459
Shares redeemed
(842,835)
(2,490,268)
(16,681,964)
(47,134,219)
Net increase (decrease)
8,225,182
9,783
$166,561,153
$(664,072)
Class Z
 
 
 
 
Shares sold
1,687,807
1,446,980
$33,841,177
$27,457,499
Reinvestment of distributions
493,559
741,352
9,199,948
13,440,712
Shares redeemed
(700,885)
(1,687,699)
(13,629,928)
(31,321,653)
Net increase (decrease)
1,480,481
500,633
$29,411,197
$9,576,558
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.
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 (November 1, 2023 to April 30, 2024).
 
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 November 1, 2023
 
Ending Account Value April 30, 2024
 
Expenses Paid During Period- C November 1, 2023 to April 30, 2024
Fidelity® International Small Cap Opportunities Fund
 
 
 
 
 
 
 
 
 
 
Class A **
 
 
 
1.34%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,188.80
 
$ 7.29
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,018.20
 
$ 6.72
 
Class M
 
 
 
1.58%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,187.50
 
$ 8.59
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,017.01
 
$ 7.92
 
Class C
 
 
 
2.07%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,184.40
 
$ 11.24
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,014.57
 
$ 10.37
 
Fidelity® International Small Cap Opportunities Fund
 
 
 
1.02%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,190.40
 
$ 5.55
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,019.79
 
$ 5.12
 
Class I **
 
 
 
1.22%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,190.10
 
$ 6.64
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,018.80
 
$ 6.12
 
Class Z **
 
 
 
.95%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,191.50
 
$ 5.18
 
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.14
 
$ 4.77
 
 
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 182/ 366 (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 March 1, 2024, had been in effect during the entire 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® International Small Cap Opportunities Fund
 
 
 
 
 
 
Class A
 
 
 
1.27%
 
 
Actual
 
 
 
 
 
$ 6.91
Hypothetical- B
 
 
 
 
 
 
$ 6.37
Class I
 
 
 
1.01%
 
 
Actual
 
 
 
 
 
$ 5.50
Hypothetical- B
 
 
 
 
 
 
$ 5.07
Class Z
 
 
 
.89%
 
 
Actual
 
 
 
 
 
$ 4.85
Hypothetical- B
 
 
 
 
 
 
$ 4.47
 
 
 
 
 
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
 
 
 
 
 
B   5% return per year before expenses
 
 
 
 
 
 
 
 
 
Board Approval of Investment Advisory Contracts
Fidelity International Small Cap Opportunities Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), Fidelity Management & Research (Japan) Limited (FMR Japan), and FIL Investment Advisors (FIL). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board further noted that the agreement with FIL was amended to provide that FMR will compensate FIL at a flat fee rate of 0.44% of the net assets sub-advised by it. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.815078.118
ILS-SANN-0624
Fidelity® Infrastructure Fund
 
 
Semi-Annual Report
April 30, 2024

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

Liquidity Risk Management Program

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. © 2024 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.
 
Top Holdings (% of Fund's net assets)
 
Aena SME SA
7.7
 
NextEra Energy, Inc.
7.5
 
Southern Co.
7.2
 
Cheniere Energy, Inc.
4.9
 
National Grid PLC
4.7
 
Targa Resources Corp.
4.7
 
The Williams Companies, Inc.
4.3
 
GFL Environmental, Inc.
4.2
 
Sempra
3.8
 
Cellnex Telecom SA
3.5
 
 
52.5
 
 
Market Sectors (% of Fund's net assets)
 
Utilities
33.1
 
Industrials
32.7
 
Energy
16.1
 
Real Estate
9.5
 
Communication Services
5.7
 
 
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.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 97.1%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 5.7%
 
 
 
Diversified Telecommunication Services - 5.7%
 
 
 
Cellnex Telecom SA (a)
 
43,138
1,425,913
Helios Towers PLC (b)
 
715,962
883,895
 
 
 
2,309,808
ENERGY - 16.1%
 
 
 
Oil, Gas & Consumable Fuels - 16.1%
 
 
 
Cheniere Energy, Inc.
 
12,602
1,988,848
Energy Transfer LP
 
31,500
495,495
Plains All American Pipeline LP
 
23,600
406,628
Targa Resources Corp.
 
16,609
1,894,423
The Williams Companies, Inc.
 
45,237
1,735,291
 
 
 
6,520,685
INDUSTRIALS - 32.7%
 
 
 
Commercial Services & Supplies - 10.9%
 
 
 
GFL Environmental, Inc. (c)
 
53,525
1,707,448
Republic Services, Inc.
 
7,380
1,414,746
Waste Connections, Inc. (United States)
 
7,958
1,289,912
 
 
 
4,412,106
Construction & Engineering - 1.9%
 
 
 
Ferrovial SE
 
20,964
756,200
Ground Transportation - 9.0%
 
 
 
Canadian National Railway Co.
 
1,700
206,336
Canadian Pacific Kansas City Ltd.
 
7,094
556,382
CSX Corp.
 
25,879
859,700
Norfolk Southern Corp.
 
4,200
967,344
Union Pacific Corp.
 
4,360
1,034,018
 
 
 
3,623,780
Transportation Infrastructure - 10.9%
 
 
 
Aena SME SA (a)
 
17,099
3,131,365
Grupo Aeroportuario Norte S.A.B. de CV ADR
 
14,658
1,293,422
 
 
 
4,424,787
TOTAL INDUSTRIALS
 
 
13,216,873
REAL ESTATE - 9.5%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 9.0%
 
 
 
American Tower Corp.
 
6,577
1,128,350
Equinix, Inc.
 
1,166
829,154
Prologis, Inc.
 
6,505
663,835
Segro PLC
 
95,851
1,015,655
 
 
 
3,636,994
Real Estate Management & Development - 0.5%
 
 
 
Corporacion Inmobiliaria Vesta S.A.B. de CV ADR
 
5,200
184,652
TOTAL REAL ESTATE
 
 
3,821,646
UTILITIES - 33.1%
 
 
 
Electric Utilities - 21.9%
 
 
 
Constellation Energy Corp.
 
7,370
1,370,378
Kansai Electric Power Co., Inc.
 
40,261
603,087
NextEra Energy, Inc.
 
45,645
3,056,846
Southern Co.
 
39,400
2,895,900
SSE PLC
 
44,200
918,759
 
 
 
8,844,970
Independent Power and Renewable Electricity Producers - 2.7%
 
 
 
RWE AG
 
22,016
766,939
Vistra Corp.
 
4,500
341,280
 
 
 
1,108,219
Multi-Utilities - 8.5%
 
 
 
National Grid PLC
 
144,700
1,898,053
Sempra
 
21,300
1,525,719
 
 
 
3,423,772
TOTAL UTILITIES
 
 
13,376,961
 
TOTAL COMMON STOCKS
 (Cost $33,072,387)
 
 
 
39,245,973
 
 
 
 
Money Market Funds - 3.5%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (d)
 
1,162,434
1,162,666
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e)
 
271,323
271,350
 
TOTAL MONEY MARKET FUNDS
 (Cost $1,434,016)
 
 
1,434,016
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.6%
 (Cost $34,506,403)
 
 
 
40,679,989
NET OTHER ASSETS (LIABILITIES) - (0.6)%  
(261,888)
NET ASSETS - 100.0%
40,418,101
 
 
 
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 $4,557,278 or 11.3% of net assets.
 
(b)
Non-income producing
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(e)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
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 5.39%
1,745,398
7,031,759
7,614,524
32,000
33
-
1,162,666
0.0%
Fidelity Securities Lending Cash Central Fund 5.39%
-
9,564,771
9,293,421
1,753
-
-
271,350
0.0%
Total
1,745,398
16,596,530
16,907,945
33,753
33
-
1,434,016
 
 
 
 
 
 
 
 
 
 
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 April 30, 2024, 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
2,309,808
883,895
1,425,913
-
Energy
6,520,685
6,520,685
-
-
Industrials
13,216,873
13,216,873
-
-
Real Estate
3,821,646
3,821,646
-
-
Utilities
13,376,961
9,190,123
4,186,838
-
  Money Market Funds
1,434,016
1,434,016
-
-
 Total Investments in Securities:
40,679,989
35,067,238
5,612,751
-
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $258,390) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $33,072,387)
$
39,245,973
 
 
Fidelity Central Funds (cost $1,434,016)
1,434,016
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $34,506,403)
 
 
$
40,679,989
Foreign currency held at value (cost $17)
 
 
17
Receivable for investments sold
 
 
75,624
Receivable for fund shares sold
 
 
9,996
Dividends receivable
 
 
66,187
Distributions receivable from Fidelity Central Funds
 
 
5,102
Prepaid expenses
 
 
17
Receivable from investment adviser for expense reductions
 
 
1,260
  Total assets
 
 
40,838,192
Liabilities
 
 
 
 
Payable for investments purchased
$
72,651
 
 
Payable for fund shares redeemed
21,482
 
 
Accrued management fee
28,277
 
 
Audit fee payable
23,722
 
 
Other payables and accrued expenses
2,609
 
 
Collateral on securities loaned
271,350
 
 
  Total liabilities
 
 
 
420,091
Net Assets  
 
 
$
40,418,101
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
40,690,208
Total accumulated earnings (loss)
 
 
 
(272,107)
Net Assets
 
 
$
40,418,101
Net Asset Value, offering price and redemption price per share ($40,418,101 ÷ 3,380,039 shares)
 
 
$
11.96
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
454,213
Income from Fidelity Central Funds (including $1,753 from security lending)
 
 
33,753
 Income before foreign taxes withheld
 
 
$
487,966
Less foreign taxes withheld
 
 
(9,105)
 Total income
 
 
 
478,861
Expenses
 
 
 
 
Management fee
$
154,668
 
 
Transfer agent fees
30,060
 
 
Accounting fees
5,123
 
 
Custodian fees and expenses
4,481
 
 
Independent trustees' fees and expenses
111
 
 
Registration fees
5,707
 
 
Audit
23,799
 
 
Legal
24
 
 
Miscellaneous
92
 
 
 Total expenses before reductions
 
224,065
 
 
 Expense reductions
 
(22,730)
 
 
 Total expenses after reductions
 
 
 
201,335
Net Investment income (loss)
 
 
 
277,526
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(298,099)
 
 
   Fidelity Central Funds
 
33
 
 
 Foreign currency transactions
 
1,098
 
 
Total net realized gain (loss)
 
 
 
(296,968)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
5,086,888
 
 
 Assets and liabilities in foreign currencies
 
(212)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
5,086,676
Net gain (loss)
 
 
 
4,789,708
Net increase (decrease) in net assets resulting from operations
 
 
$
5,067,234
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
277,526
$
889,062
Net realized gain (loss)
 
(296,968)
 
 
(2,463,849)
 
Change in net unrealized appreciation (depreciation)
 
5,086,676
 
(50,983)
 
Net increase (decrease) in net assets resulting from operations
 
5,067,234
 
 
(1,625,770)
 
Distributions to shareholders
 
(312,796)
 
 
(954,622)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
2,157,719
 
20,419,990
  Reinvestment of distributions
 
291,167
 
 
885,226
 
Cost of shares redeemed
 
(8,709,058)
 
(14,157,019)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(6,260,172)
 
 
7,148,197
 
Total increase (decrease) in net assets
 
(1,505,734)
 
 
4,567,805
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
41,923,835
 
37,356,030
 
End of period
$
40,418,101
$
41,923,835
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
181,193
 
1,707,795
  Issued in reinvestment of distributions
 
24,535
 
 
75,822
 
Redeemed
 
(735,583)
 
(1,203,495)
Net increase (decrease)
 
(529,855)
 
580,122
 
 
 
 
 
 
Financial Highlights
 
Fidelity® Infrastructure Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 A
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.72
$
11.22
$
12.63
$
10.44
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.08
 
.22
 
.13 D
 
.07
 
.17
     Net realized and unrealized gain (loss)
 
1.25
 
(.47)
 
(1.38)
 
2.21
 
.31
  Total from investment operations
 
1.33  
 
(.25)  
 
(1.25)  
 
2.28  
 
.48
  Distributions from net investment income
 
(.09)
 
(.25)
 
(.16)
 
(.09)
 
(.04)
     Total distributions
 
(.09)
 
(.25)
 
(.16)
 
(.09)
 
(.04)
  Net asset value, end of period
$
11.96
$
10.72
$
11.22
$
12.63
$
10.44
 Total Return E,F
 
12.38
%
 
 
(2.43)%
 
(9.95)%
 
21.96%
 
4.79%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.05% I
 
1.15%
 
1.13%
 
1.24%
 
2.24% I
    Expenses net of fee waivers, if any
 
.94
% I
 
 
.94%
 
.98%
 
1.00%
 
1.00% I
    Expenses net of all reductions
 
.94% I
 
.94%
 
.98%
 
1.00%
 
.98% I
    Net investment income (loss)
 
1.30% I
 
1.88%
 
1.08% D
 
.61%
 
1.67% I
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
40,418
$
41,924
$
37,356
$
46,046
$
12,762
    Portfolio turnover rate J
 
53
% I
 
 
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.
 
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).
 
For the period ended April 30, 2024
 
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 April 30, 2024 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. 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
$7,578,386
Gross unrealized depreciation
(1,554,534)
Net unrealized appreciation (depreciation)
$6,023,852
Tax cost
$34,656,137
 
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 prior fiscal period end and is subject to adjustment.
 
 Short-term
$(4,974,147)
 Long-term
(802,646)
Total capital loss carryforward
$(5,776,793)
 
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
10,953,824
16,733,830
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.
 
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Fidelity Infrastructure Fund
.87
 
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Fidelity Infrastructure Fund
.83
 
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was 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 decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .67%.
 
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
 
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. Effective March 1, 2024, each Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of average net assets of 0.2000%.
 
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to account size and type of account.
 
For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the annualized rate of .21% of average net assets.
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
 
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%
 
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Fidelity Infrastructure Fund
.04
 
 
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
 232
 
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
 164,625
 102,891
 2,899
 
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
40
 
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
188
 -
-
 
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 $20,641.
 
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 $133.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $1,956.
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
14%
 
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.
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 (November 1, 2023 to April 30, 2024).
 
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 November 1, 2023
 
Ending Account Value April 30, 2024
 
Expenses Paid During Period- C November 1, 2023 to April 30, 2024
 
 
 
 
 
 
 
 
 
 
Fidelity® Infrastructure Fund
 
 
 
.94%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,123.80
 
$ 4.96
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.19
 
$ 4.72
 
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 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
Board Approval of Investment Advisory Contracts
Fidelity Infrastructure Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund into a single fee based on tiered schedules and subject to a maximum rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as third-party expenses and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9896236.104
ISF-SANN-0624
Fidelity® International Capital Appreciation K6 Fund
 
 
Semi-Annual Report
April 30, 2024

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

Liquidity Risk Management Program

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. © 2024 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.
 
Top Holdings (% of Fund's net assets)
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
3.8
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
3.1
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
3.1
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
2.3
 
Schneider Electric SA  (United States of America, Electrical Equipment)
2.0
 
SAP SE  (Germany, Software)
2.0
 
L'Oreal SA  (France, Personal Care Products)
1.9
 
Tokyo Electron Ltd.  (Japan, Semiconductors & Semiconductor Equipment)
1.8
 
ICICI Bank Ltd.  (India, Banks)
1.8
 
HDFC Bank Ltd.  (India, Banks)
1.8
 
 
23.6
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
25.5
 
Industrials
24.7
 
Financials
21.9
 
Consumer Discretionary
10.1
 
Health Care
6.2
 
Materials
4.9
 
Consumer Staples
3.4
 
Communication Services
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.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 98.3%
 
 
Shares
Value ($)
 
Brazil - 1.4%
 
 
 
MercadoLibre, Inc. (a)
 
16,202
23,633,857
Canada - 10.3%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
449,639
24,920,972
Brookfield Asset Management Ltd. Class A (b)
 
560,443
21,403,318
Canadian National Railway Co. (b)
 
203,427
24,690,820
Canadian Pacific Kansas City Ltd.
 
315,429
24,745,819
CGI, Inc. Class A (sub. vtg.) (a)
 
216,229
21,909,551
Constellation Software, Inc.
 
10,959
28,214,698
Constellation Software, Inc. warrants 3/31/40 (a)(c)
 
9,222
1
Thomson Reuters Corp.
 
158,501
23,940,081
TOTAL CANADA
 
 
169,825,260
Denmark - 3.1%
 
 
 
DSV A/S
 
5,031
718,272
Novo Nordisk A/S Series B
 
391,161
50,163,390
TOTAL DENMARK
 
 
50,881,662
France - 13.7%
 
 
 
Air Liquide SA
 
145,044
28,367,505
Capgemini SA
 
113,312
23,816,038
Dassault Systemes SA
 
576,546
22,630,540
EssilorLuxottica SA
 
119,384
25,583,246
Hermes International SCA
 
11,453
27,513,166
L'Oreal SA
 
65,046
30,519,224
LVMH Moet Hennessy Louis Vuitton SE
 
46,461
38,164,754
Safran SA
 
128,032
27,761,437
TOTAL FRANCE
 
 
224,355,910
Germany - 2.0%
 
 
 
SAP SE
 
180,087
32,517,778
India - 9.8%
 
 
 
Axis Bank Ltd.
 
1,994,170
27,826,899
Bharti Airtel Ltd.
 
1,690,454
26,750,058
HCL Technologies Ltd.
 
1,414,417
23,069,638
HDFC Bank Ltd.
 
1,586,507
28,803,709
ICICI Bank Ltd.
 
2,126,842
29,297,312
Larsen & Toubro Ltd.
 
583,145
25,059,895
TOTAL INDIA
 
 
160,807,511
Indonesia - 1.5%
 
 
 
PT Bank Central Asia Tbk
 
40,711,046
24,478,925
Ireland - 1.5%
 
 
 
Kingspan Group PLC (Ireland)
 
280,211
25,074,603
Italy - 1.7%
 
 
 
Ferrari NV (Italy)
 
69,499
28,718,366
Japan - 8.1%
 
 
 
Hoya Corp.
 
214,110
24,823,876
Keyence Corp.
 
63,482
27,917,470
OBIC Co. Ltd.
 
172,476
22,157,396
Shin-Etsu Chemical Co. Ltd.
 
719,803
27,862,811
Tokyo Electron Ltd.
 
136,070
29,846,399
TOTAL JAPAN
 
 
132,607,952
Netherlands - 6.4%
 
 
 
ASM International NV (Netherlands)
 
45,186
28,702,032
ASML Holding NV (Netherlands)
 
56,442
50,157,603
Wolters Kluwer NV
 
172,785
25,953,759
TOTAL NETHERLANDS
 
 
104,813,394
Sweden - 2.9%
 
 
 
ASSA ABLOY AB (B Shares)
 
808,300
21,356,432
Atlas Copco AB (A Shares)
 
1,534,037
26,870,327
TOTAL SWEDEN
 
 
48,226,759
Switzerland - 2.9%
 
 
 
Partners Group Holding AG
 
17,000
21,997,824
UBS Group AG
 
974,919
25,739,771
TOTAL SWITZERLAND
 
 
47,737,595
Taiwan - 3.8%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
2,583,291
61,743,744
United Kingdom - 12.3%
 
 
 
3i Group PLC
 
688,953
24,614,535
Ashtead Group PLC
 
392,410
28,645,424
BAE Systems PLC
 
1,522,659
25,325,194
Compass Group PLC
 
923,625
25,689,454
InterContinental Hotel Group PLC
 
235,091
22,929,369
London Stock Exchange Group PLC
 
218,125
24,046,124
RELX PLC (London Stock Exchange)
 
686,825
28,219,497
Sage Group PLC
 
1,525,230
22,222,224
TOTAL UNITED KINGDOM
 
 
201,691,821
United States of America - 16.9%
 
 
 
Arthur J. Gallagher & Co.
 
88,351
20,735,096
Experian PLC
 
595,500
24,018,864
Linde PLC
 
55,765
24,590,134
Marsh & McLennan Companies, Inc.
 
115,895
23,112,940
MasterCard, Inc. Class A
 
44,660
20,150,592
Moody's Corp.
 
61,683
22,843,065
NVIDIA Corp.
 
26,330
22,749,647
S&P Global, Inc.
 
56,191
23,365,904
Schneider Electric SA
 
144,533
32,955,447
Uber Technologies, Inc. (a)
 
316,447
20,970,943
Visa, Inc. Class A
 
75,623
20,313,094
Waste Connections, Inc. (Canada)
 
139,516
22,620,108
TOTAL UNITED STATES OF AMERICA
 
 
278,425,834
 
TOTAL COMMON STOCKS
 (Cost $1,256,212,304)
 
 
 
1,615,540,971
 
 
 
 
Money Market Funds - 2.2%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (d)
 
19,742,715
19,746,664
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e)
 
16,128,312
16,129,925
 
TOTAL MONEY MARKET FUNDS
 (Cost $35,876,589)
 
 
35,876,589
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.5%
 (Cost $1,292,088,893)
 
 
 
1,651,417,560
NET OTHER ASSETS (LIABILITIES) - (0.5)%  
(8,554,537)
NET ASSETS - 100.0%
1,642,863,023
 
 
 
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 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 5.39%
17,211,551
495,041,320
492,506,019
865,726
(188)
-
19,746,664
0.0%
Fidelity Securities Lending Cash Central Fund 5.39%
505,800
147,708,677
132,084,552
6,663
-
-
16,129,925
0.1%
Total
17,717,351
642,749,997
624,590,571
872,389
(188)
-
35,876,589
 
 
 
 
 
 
 
 
 
 
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 April 30, 2024, 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
26,750,058
-
26,750,058
-
Consumer Discretionary
166,648,966
79,865,389
86,783,577
-
Consumer Staples
55,440,196
55,440,196
-
-
Financials
358,729,108
199,661,604
159,067,504
-
Health Care
100,570,512
25,583,246
74,987,266
-
Industrials
408,926,922
197,359,829
211,567,093
-
Information Technology
417,654,759
173,955,755
243,699,003
1
Materials
80,820,450
24,590,134
56,230,316
-
  Money Market Funds
35,876,589
35,876,589
-
-
 Total Investments in Securities:
1,651,417,560
792,332,742
859,084,817
1
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $15,114,841) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $1,256,212,304)
$
1,615,540,971
 
 
Fidelity Central Funds (cost $35,876,589)
35,876,589
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,292,088,893)
 
 
$
1,651,417,560
Foreign currency held at value (cost $553,871)
 
 
554,156
Receivable for investments sold
 
 
4,579,300
Receivable for fund shares sold
 
 
6,388,263
Dividends receivable
 
 
2,759,513
Reclaims receivable
 
 
1,175,237
Distributions receivable from Fidelity Central Funds
 
 
177,016
  Total assets
 
 
1,667,051,045
Liabilities
 
 
 
 
Payable for investments purchased
$
2,205,235
 
 
Payable for fund shares redeemed
1,154,545
 
 
Accrued management fee
901,196
 
 
Deferred taxes
3,797,135
 
 
Collateral on securities loaned
16,129,925
 
 
  Total liabilities
 
 
 
24,188,036
Net Assets  
 
 
$
1,642,863,009
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,318,836,926
Total accumulated earnings (loss)
 
 
 
324,026,083
Net Assets
 
 
$
1,642,863,009
Net Asset Value, offering price and redemption price per share ($1,642,863,009 ÷ 103,913,606 shares)
 
 
$
15.81
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
8,750,410
Income from Fidelity Central Funds (including $6,663 from security lending)
 
 
872,389
 Income before foreign taxes withheld
 
 
$
9,622,799
Less foreign taxes withheld
 
 
(799,299)
 Total income
 
 
 
8,823,500
Expenses
 
 
 
 
Management fee
$
4,823,378
 
 
Independent trustees' fees and expenses
3,324
 
 
Interest
2,294
 
 
 Total expenses before reductions
 
4,828,996
 
 
 Expense reductions
 
(248)
 
 
 Total expenses after reductions
 
 
 
4,828,748
Net Investment income (loss)
 
 
 
3,994,752
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $408,860)
 
30,526,449
 
 
   Fidelity Central Funds
 
(188)
 
 
 Foreign currency transactions
 
(150,674)
 
 
Total net realized gain (loss)
 
 
 
30,375,587
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of increase in deferred foreign taxes of $2,171,836)  
 
214,677,001
 
 
 Assets and liabilities in foreign currencies
 
(10,366)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
214,666,635
Net gain (loss)
 
 
 
245,042,222
Net increase (decrease) in net assets resulting from operations
 
 
$
249,036,974
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
3,994,752
$
5,810,863
Net realized gain (loss)
 
30,375,587
 
 
7,929,064
 
Change in net unrealized appreciation (depreciation)
 
214,666,635
 
104,172,802
 
Net increase (decrease) in net assets resulting from operations
 
249,036,974
 
 
117,912,729
 
Distributions to shareholders
 
(5,644,723)
 
 
(3,323,601)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
522,709,981
 
427,602,334
  Reinvestment of distributions
 
5,644,723
 
 
3,323,601
 
Cost of shares redeemed
 
(221,226,244)
 
(216,290,497)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
307,128,460
 
 
214,635,438
 
Total increase (decrease) in net assets
 
550,520,711
 
 
329,224,566
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,092,342,298
 
763,117,732
 
End of period
$
1,642,863,009
$
1,092,342,298
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
33,796,676
 
31,934,138
  Issued in reinvestment of distributions
 
386,361
 
 
258,445
 
Redeemed
 
(13,987,338)
 
(16,055,471)
Net increase (decrease)
 
20,195,699
 
16,137,112
 
 
 
 
 
 
Financial Highlights
 
Fidelity® International Capital Appreciation K6 Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
13.05
$
11.29
$
17.82
$
13.99
$
12.40
$
10.17
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.04
 
.08
 
.06
 
.05
 
.08
 
.13 C
     Net realized and unrealized gain (loss)
 
2.79
 
1.73
 
(5.14)
 
3.85
 
1.62
 
2.18
  Total from investment operations
 
2.83  
 
1.81  
 
(5.08)  
 
3.90  
 
1.70
 
2.31
  Distributions from net investment income
 
(.07)
 
(.05)
 
(.04)
 
(.07)
 
(.11)
 
(.08)
  Distributions from net realized gain
 
-
 
-
 
(1.41)
 
-
 
-
 
-
     Total distributions
 
(.07)
 
(.05)
 
(1.45)
 
(.07)
 
(.11)
 
(.08)
  Net asset value, end of period
$
15.81
$
13.05
$
11.29
$
17.82
$
13.99
$
12.40
 Total Return D,E
 
21.69
%
 
 
16.02%
 
(30.83)%
 
27.93%
 
13.82%
 
22.90%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.65% H
 
.65%
 
.65%
 
.65%
 
.65%
 
.65%
    Expenses net of fee waivers, if any
 
.65
% H
 
 
.65%
 
.65%
 
.65%
 
.65%
 
.65%
    Expenses net of all reductions
 
.65% H
 
.65%
 
.65%
 
.65%
 
.61%
 
.63%
    Net investment income (loss)
 
.54% H
 
.59%
 
.44%
 
.29%
 
.62%
 
1.16% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,642,863
$
1,092,342
$
763,118
$
923,233
$
760,960
$
524,353
    Portfolio turnover rate I
 
55
% H
 
 
78%
 
119% J
 
149%
 
138%
 
144% 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 $.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 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).
 
JPortfolio turnover rate excludes securities received or delivered in-kind.
 
For the period ended April 30, 2024
 
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 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 April 30, 2024 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. 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
$376,136,456
Gross unrealized depreciation
(19,742,624)
Net unrealized appreciation (depreciation)
$356,393,832
Tax cost
$1,295,023,728
 
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 prior fiscal period end and is subject to adjustment.
 
Short-term
$(61,559,404)
Total capital loss carryforward
$(61,559,404)
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
688,488,660
391,948,647
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
 482
 
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
 14,825,000
5.57%
 2,294
 
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
 54,858,495
 19,247,411
 555,660
 
Sub-Advisory Arrangements. Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
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
723
-
-
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 $248.
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.
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 (November 1, 2023 to April 30, 2024).
 
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 November 1, 2023
 
Ending Account Value April 30, 2024
 
Expenses Paid During Period- C November 1, 2023 to April 30, 2024
 
 
 
 
 
 
 
 
 
 
Fidelity® International Capital Appreciation K6 Fund
 
 
 
.65%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,216.90
 
$ 3.58
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.63
 
$ 3.27
 
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 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
Board Approval of Investment Advisory Contracts
Fidelity International Capital Appreciation K6 Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved amended and restated sub-advisory agreements (the Sub-Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Sub-Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Sub-Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
The Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser, and that the management fee paid by the fund under the management contract with FMR will remain unchanged.
The Board further considered that the approval of the fund's Sub-Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Sub-Advisory Contracts would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by FMR and its affiliates.
In connection with its consideration of future renewals of the fund's advisory contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Sub-Advisory Contracts should be approved.
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9883990.106
IVFK6-SANN-0624
Fidelity® Series Overseas Fund
 
 
Semi-Annual Report
April 30, 2024

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

Liquidity Risk Management Program

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. © 2024 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.
 
Top Holdings (% of Fund's net assets)
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
3.9
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
3.8
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
2.7
 
SAP SE  (Germany, Software)
2.3
 
Tokio Marine Holdings, Inc.  (Japan, Insurance)
2.2
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
2.1
 
Safran SA  (France, Aerospace & Defense)
2.1
 
RELX PLC (London Stock Exchange)  (United Kingdom, Professional Services)
2.1
 
Wolters Kluwer NV  (Netherlands, Professional Services)
1.9
 
Compass Group PLC  (United Kingdom, Hotels, Restaurants & Leisure)
1.8
 
 
24.9
 
 
Market Sectors (% of Fund's net assets)
 
Financials
22.5
 
Information Technology
19.1
 
Industrials
18.6
 
Health Care
15.5
 
Consumer Discretionary
10.0
 
Materials
6.5
 
Consumer Staples
5.1
 
Energy
1.3
 
Communication Services
0.5
 
Real Estate
0.1
 
 
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 - 99.2%
 
 
Shares
Value ($)
 
Belgium - 0.9%
 
 
 
Azelis Group NV
 
1,640,643
39,640,245
KBC Group NV
 
1,293,465
96,488,971
TOTAL BELGIUM
 
 
136,129,216
Canada - 2.5%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
2,300,900
127,526,002
Constellation Software, Inc.
 
91,270
234,980,885
Constellation Software, Inc. warrants 3/31/40 (a)(b)
 
105,870
8
Lumine Group, Inc. (a)
 
525,150
14,385,215
TOTAL CANADA
 
 
376,892,110
Denmark - 5.0%
 
 
 
Carlsberg A/S Series B
 
669,700
90,083,266
DSV A/S
 
650,496
92,870,825
Novo Nordisk A/S Series B
 
4,357,500
558,815,868
TOTAL DENMARK
 
 
741,769,959
Finland - 0.9%
 
 
 
Nordea Bank Abp
 
11,641,300
135,845,448
France - 14.0%
 
 
 
Accor SA
 
2,781,100
122,607,664
Air Liquide SA
 
1,191,660
233,063,216
ALTEN
 
904,701
106,880,508
Antin Infrastructure Partners SA
 
336,500
4,309,354
Capgemini SA
 
1,143,362
240,313,050
Dassault Systemes SA
 
2,403,700
94,349,849
Edenred SA
 
626,804
29,740,416
EssilorLuxottica SA
 
1,102,716
236,305,159
L'Oreal SA
 
419,800
196,967,844
LVMH Moet Hennessy Louis Vuitton SE
 
385,683
316,814,030
Safran SA
 
1,441,600
312,585,039
TotalEnergies SE
 
2,567,679
186,410,213
TOTAL FRANCE
 
 
2,080,346,342
Germany - 9.1%
 
 
 
Allianz SE
 
789,933
224,171,046
Deutsche Borse AG
 
990,760
191,010,592
Hannover Reuck SE
 
889,216
220,540,935
Infineon Technologies AG
 
2,556,200
88,707,871
Merck KGaA
 
809,320
128,649,055
SAP SE
 
1,898,300
342,770,429
Siemens Healthineers AG (c)
 
2,701,700
149,829,384
TOTAL GERMANY
 
 
1,345,679,312
Hong Kong - 1.0%
 
 
 
AIA Group Ltd.
 
19,396,600
142,067,643
India - 0.4%
 
 
 
HDFC Bank Ltd.
 
3,545,000
64,360,983
Indonesia - 0.9%
 
 
 
PT Bank Central Asia Tbk
 
210,278,900
126,437,465
Ireland - 1.1%
 
 
 
Kingspan Group PLC (Ireland)
 
1,775,600
158,889,070
Italy - 3.6%
 
 
 
FinecoBank SpA
 
8,359,685
128,825,823
GVS SpA (a)(c)
 
839,038
4,906,909
Industrie de Nora SpA
 
601,200
8,109,832
Recordati SpA
 
2,914,539
155,675,322
UniCredit SpA
 
6,576,500
241,386,243
TOTAL ITALY
 
 
538,904,129
Japan - 14.5%
 
 
 
Ajinomoto Co., Inc.
 
2,742,200
101,959,035
BayCurrent Consulting, Inc.
 
1,032,000
21,968,356
Capcom Co. Ltd.
 
4,112,500
67,701,784
DENSO Corp.
 
5,944,800
101,317,956
FUJIFILM Holdings Corp.
 
8,304,500
176,657,374
Hoya Corp.
 
1,799,807
208,669,310
Mitsubishi Heavy Industries Ltd.
 
18,775,900
167,877,520
Renesas Electronics Corp.
 
5,235,026
84,994,584
Rohto Pharmaceutical Co. Ltd.
 
1,580,400
30,834,295
Shin-Etsu Chemical Co. Ltd.
 
6,658,400
257,739,605
Sony Group Corp.
 
2,918,800
241,242,817
Suzuki Motor Corp.
 
13,105,180
152,620,116
TIS, Inc.
 
2,142,076
45,747,409
Tokio Marine Holdings, Inc.
 
10,145,400
320,659,525
Tokyo Electron Ltd.
 
771,800
169,291,178
TOTAL JAPAN
 
 
2,149,280,864
Netherlands - 8.1%
 
 
 
ASM International NV (Netherlands)
 
249,961
158,774,588
ASML Holding NV (Netherlands)
 
647,628
575,519,446
IMCD NV
 
1,062,051
161,229,113
Topicus.Com, Inc.
 
184,177
15,009,492
Wolters Kluwer NV
 
1,909,108
286,764,059
TOTAL NETHERLANDS
 
 
1,197,296,698
Spain - 0.8%
 
 
 
CaixaBank SA (d)
 
23,530,100
124,087,373
Sweden - 2.5%
 
 
 
AddTech AB (B Shares)
 
1,731,419
36,575,292
Atlas Copco AB (A Shares)
 
9,929,600
173,927,748
Indutrade AB
 
6,947,075
162,764,942
Kry International AB (a)(b)(e)
 
4,451
135,521
TOTAL SWEDEN
 
 
373,403,503
Switzerland - 5.0%
 
 
 
Alcon, Inc. (Switzerland)
 
1,954,120
151,142,705
Compagnie Financiere Richemont SA Series A
 
1,050,120
145,154,968
Galderma Group AG
 
707,590
52,727,675
Partners Group Holding AG
 
127,640
165,164,841
Sika AG
 
800,401
229,258,181
TOTAL SWITZERLAND
 
 
743,448,370
Taiwan - 0.8%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
4,824,684
115,315,717
United Kingdom - 17.2%
 
 
 
3i Group PLC
 
5,501,391
196,550,681
AstraZeneca PLC (United Kingdom)
 
2,675,800
404,711,947
BAE Systems PLC
 
12,116,600
201,525,913
Beazley PLC
 
3,771,851
31,247,962
Compass Group PLC
 
9,824,187
273,247,258
Diageo PLC
 
6,662,247
230,245,113
Diploma PLC
 
1,455,331
65,975,501
Flutter Entertainment PLC (a)
 
190,902
35,602,333
Halma PLC
 
3,600,500
99,293,036
Hiscox Ltd.
 
3,511,072
53,963,298
InterContinental Hotel Group PLC
 
1,180,498
115,138,709
Lloyds Banking Group PLC
 
220,013,300
141,992,947
London Stock Exchange Group PLC
 
2,227,700
245,581,890
RELX PLC (London Stock Exchange)
 
7,490,355
307,755,324
Sage Group PLC
 
10,276,400
149,724,610
TOTAL UNITED KINGDOM
 
 
2,552,556,522
United States of America - 10.9%
 
 
 
CBRE Group, Inc. (a)
 
83,027
7,214,216
CDW Corp.
 
453,800
109,756,068
Experian PLC
 
3,435,200
138,555,169
Ferguson PLC
 
934,700
198,085,065
ICON PLC (a)
 
449,400
133,867,272
Linde PLC
 
564,800
249,054,208
Marsh & McLennan Companies, Inc.
 
1,220,028
243,310,184
S&P Global, Inc.
 
489,251
203,445,243
Schneider Electric SA
 
988,931
225,489,428
Thermo Fisher Scientific, Inc.
 
197,900
112,549,688
TOTAL UNITED STATES OF AMERICA
 
 
1,621,326,541
 
TOTAL COMMON STOCKS
 (Cost $10,825,985,732)
 
 
 
14,724,037,265
 
 
 
 
Nonconvertible Preferred Stocks - 0.0%
 
 
Shares
Value ($)
 
Sweden - 0.0%
 
 
 
Kry International AB Series E (a)(b)(e)
  (Cost $11,754,376)
 
25,711
1,064,899
 
 
 
 
Money Market Funds - 0.7%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (f)
 
75,903,525
75,918,705
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g)
 
17,398,260
17,400,000
 
TOTAL MONEY MARKET FUNDS
 (Cost $93,318,705)
 
 
93,318,705
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.9%
 (Cost $10,931,058,813)
 
 
 
14,818,420,869
NET OTHER ASSETS (LIABILITIES) - 0.1%  
21,140,018
NET ASSETS - 100.0%
14,839,560,887
 
 
 
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 $154,736,293 or 1.0% 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 $1,200,420 or 0.0% of net assets.
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
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 5.39%
329,038,521
1,635,852,580
1,888,998,035
4,478,305
25,639
-
75,918,705
0.2%
Fidelity Securities Lending Cash Central Fund 5.39%
-
122,977,365
105,577,365
194,893
-
-
17,400,000
0.1%
Total
329,038,521
1,758,829,945
1,994,575,400
4,673,198
25,639
-
93,318,705
 
 
 
 
 
 
 
 
 
 
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 April 30, 2024, 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
67,701,784
-
67,701,784
-
Consumer Discretionary
1,503,745,851
158,209,997
1,345,535,854
-
Consumer Staples
777,615,555
324,493,846
453,121,709
-
Energy
186,410,213
-
186,410,213
-
Financials
3,331,188,863
1,312,882,475
2,018,306,388
-
Health Care
2,292,943,385
970,916,876
1,322,026,509
-
Industrials
2,765,495,350
1,215,810,853
1,549,684,497
-
Information Technology
2,823,671,737
1,464,323,848
1,358,147,461
1,200,428
Materials
969,115,210
478,312,389
490,802,821
-
Real Estate
7,214,216
7,214,216
-
-
  Money Market Funds
93,318,705
93,318,705
-
-
 Total Investments in Securities:
14,818,420,869
6,025,483,205
8,791,737,236
1,200,428
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $15,884,778) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $10,837,740,108)
$
14,725,102,164
 
 
Fidelity Central Funds (cost $93,318,705)
93,318,705
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $10,931,058,813)
 
 
$
14,818,420,869
Foreign currency held at value (cost $3,195,537)
 
 
3,195,536
Receivable for investments sold
 
 
26,331,210
Receivable for fund shares sold
 
 
307,516
Dividends receivable
 
 
34,182,282
Reclaims receivable
 
 
40,993,595
Distributions receivable from Fidelity Central Funds
 
 
781,958
Other receivables
 
 
83,444
  Total assets
 
 
14,924,296,410
Liabilities
 
 
 
 
Payable for investments purchased
$
4,593,417
 
 
Payable for fund shares redeemed
62,165,884
 
 
Other payables and accrued expenses
576,222
 
 
Collateral on securities loaned
17,400,000
 
 
  Total liabilities
 
 
 
84,735,523
Net Assets  
 
 
$
14,839,560,887
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
11,235,222,417
Total accumulated earnings (loss)
 
 
 
3,604,338,470
Net Assets
 
 
$
14,839,560,887
Net Asset Value, offering price and redemption price per share ($14,839,560,887 ÷ 1,100,854,383 shares)
 
 
$
13.48
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
134,842,655
Interest  
 
 
341,768
Income from Fidelity Central Funds (including $194,893 from security lending)
 
 
4,673,198
 Income before foreign taxes withheld
 
 
$
139,857,621
Less foreign taxes withheld
 
 
(12,767,857)
 Total income
 
 
 
127,089,764
Expenses
 
 
 
 
Custodian fees and expenses
$
485,397
 
 
Independent trustees' fees and expenses
35,788
 
 
Interest
52,691
 
 
 Total expenses before reductions
 
573,876
 
 
 Expense reductions
 
(46)
 
 
 Total expenses after reductions
 
 
 
573,830
Net Investment income (loss)
 
 
 
126,515,934
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $4,933,904)
 
118,502,152
 
 
   Redemptions in-kind
 
121,138,394
 
 
   Fidelity Central Funds
 
25,639
 
 
 Foreign currency transactions
 
(565,748)
 
 
Total net realized gain (loss)
 
 
 
239,100,437
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $3,799,217)  
 
2,316,470,800
 
 
 Assets and liabilities in foreign currencies
 
(277,723)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
2,316,193,077
Net gain (loss)
 
 
 
2,555,293,514
Net increase (decrease) in net assets resulting from operations
 
 
$
2,681,809,448
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
126,515,934
$
254,211,804
Net realized gain (loss)
 
239,100,437
 
 
90,465,610
 
Change in net unrealized appreciation (depreciation)
 
2,316,193,077
 
1,370,046,952
 
Net increase (decrease) in net assets resulting from operations
 
2,681,809,448
 
 
1,714,724,366
 
Distributions to shareholders
 
(237,159,964)
 
 
(228,975,390)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
1,281,004,332
 
1,971,571,393
  Reinvestment of distributions
 
237,159,964
 
 
228,975,390
 
Cost of shares redeemed
 
(1,968,152,521)
 
(3,158,640,518)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(449,988,225)
 
 
(958,093,735)
 
Total increase (decrease) in net assets
 
1,994,661,259
 
 
527,655,241
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
12,844,899,628
 
12,317,244,387
 
End of period
$
14,839,560,887
$
12,844,899,628
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
97,450,070
 
166,640,804
  Issued in reinvestment of distributions
 
19,172,188
 
 
20,554,344
 
Redeemed
 
(150,261,847)
 
(271,702,575)
Net increase (decrease)
 
(33,639,589)
 
(84,507,427)
 
 
 
 
 
 
Financial Highlights
 
Fidelity® Series Overseas Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019 A  
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.32
$
10.10
$
14.58
$
10.62
$
10.20
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.11
 
.22
 
.21
 
.17
 
.14
 
.06 D
     Net realized and unrealized gain (loss)
 
2.26
 
1.20
 
(4.27)
 
3.93
 
.32
 
.14
  Total from investment operations
 
2.37  
 
1.42  
 
(4.06)  
 
4.10  
 
.46
 
.20
  Distributions from net investment income
 
(.21)
 
(.20)
 
(.17)
 
(.14)
 
(.04)
 
-
  Distributions from net realized gain
 
-
 
-
 
(.25)
 
-
 
-
 
-
     Total distributions
 
(.21)
 
(.20)
 
(.42)
 
(.14)
 
(.04)
 
-
  Net asset value, end of period
$
13.48
$
11.32
$
10.10
$
14.58
$
10.62
$
10.20
 Total Return E
 
21.12
%
 
 
14.05%
 
(28.66)%
 
38.89%
 
4.51%
 
2.00%
 Ratios to Average Net Assets C,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.01% H
 
.01%
 
.01%
 
.01%
 
.01%
 
.01% H
    Expenses net of fee waivers, if any
 
.01
% H
 
 
.01%
 
.01%
 
.01%
 
.01%
 
.01% H
    Expenses net of all reductions
 
.01% H
 
.01%
 
.01%
 
.01%
 
.01%
 
.01% H
    Net investment income (loss)
 
1.73% H
 
1.90%
 
1.79%
 
1.29%
 
1.35%
 
1.69% D,H
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
14,839,561
$
12,844,900
$
12,317,244
$
15,419,200
$
11,508,376
$
6,226,806
    Portfolio turnover rate I
 
34
% J
 
 
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 April 30, 2024
 
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 April 30, 2024 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 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 tax 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. 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 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
$4,043,856,279
Gross unrealized depreciation
(168,376,275)
Net unrealized appreciation (depreciation)
$3,875,480,004
Tax cost
$10,942,940,865
 
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 prior 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)
 
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
2,434,933,431
2,422,941,285
 
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
25,162,133
121,138,394
328,962,658
 
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 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
 1,239
 
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
 48,640,714
5.57%
 52,691
 
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
 35,131,191
 36,108,060
 2,041,627
 
Sub-Advisory Arrangements. Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
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
20,693
 -
-
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 $46.
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, 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.
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.
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 (November 1, 2023 to April 30, 2024).
 
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 November 1, 2023
 
Ending Account Value April 30, 2024
 
Expenses Paid During Period- C November 1, 2023 to April 30, 2024
 
 
 
 
 
 
 
 
 
 
Fidelity® Series Overseas Fund
 
 
 
.01%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,211.20
 
$ .05
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,024.81
 
$ .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 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
Board Approval of Investment Advisory Contracts
Fidelity Series Overseas Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved amended and restated sub-advisory agreements (the Sub-Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Sub-Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Sub-Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
The Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser, and that the management fee paid by the fund under the management contract with FMR will remain unchanged.
The Board further considered that the approval of the fund's Sub-Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Sub-Advisory Contracts would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by FMR and its affiliates.
In connection with its consideration of future renewals of the fund's advisory contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Sub-Advisory Contracts should be approved.
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9894004.104
SOV-SANN-0624
Fidelity® Enduring Opportunities Fund
 
 
Semi-Annual Report
April 30, 2024

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

Liquidity Risk Management Program

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. © 2024 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.
 
Top Holdings (% of Fund's net assets)
 
Microsoft Corp.
4.3
 
NVIDIA Corp.
3.4
 
Amazon.com, Inc.
2.6
 
Meta Platforms, Inc. Class A
1.7
 
Alphabet, Inc. Class A
1.6
 
Alphabet, Inc. Class C
1.4
 
Eli Lilly & Co.
1.2
 
Taiwan Semiconductor Manufacturing Co. Ltd.
1.1
 
JPMorgan Chase & Co.
1.1
 
Tesla, Inc.
0.9
 
 
19.3
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
21.9
 
Consumer Discretionary
15.7
 
Industrials
15.6
 
Financials
11.4
 
Health Care
9.3
 
Communication Services
8.5
 
Consumer Staples
5.1
 
Materials
4.2
 
Real Estate
4.1
 
Energy
1.8
 
Utilities
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 - 97.9%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 8.5%
 
 
 
Entertainment - 1.9%
 
 
 
Live Nation Entertainment, Inc. (a)
 
494
43,922
Netflix, Inc. (a)
 
171
94,159
Sea Ltd. ADR (a)
 
788
49,794
The Walt Disney Co.
 
701
77,881
 
 
 
265,756
Interactive Media & Services - 6.6%
 
 
 
Adevinta ASA Class B (a)
 
2,862
29,216
Alphabet, Inc.:
 
 
 
 Class A
 
1,384
225,288
 Class C
 
1,220
200,861
Hemnet Group AB
 
809
21,215
Kakao Corp.
 
572
19,809
LY Corp.
 
7,791
18,719
Match Group, Inc. (a)
 
956
29,464
Meta Platforms, Inc. Class A
 
563
242,186
NAVER Corp.
 
245
32,225
Rightmove PLC
 
3,529
22,710
Tencent Holdings Ltd.
 
2,268
99,527
 
 
 
941,220
TOTAL COMMUNICATION SERVICES
 
 
1,206,976
CONSUMER DISCRETIONARY - 15.7%
 
 
 
Automobile Components - 0.5%
 
 
 
Aptiv PLC (a)
 
552
39,192
DENSO Corp.
 
2,140
36,472
 
 
 
75,664
Automobiles - 1.4%
 
 
 
BYD Co. Ltd. (H Shares)
 
1,258
34,485
Ferrari NV (Italy)
 
90
37,190
Tesla, Inc. (a)
 
718
131,595
 
 
 
203,270
Broadline Retail - 3.5%
 
 
 
Amazon.com, Inc. (a)
 
2,110
369,250
B&M European Value Retail SA
 
4,226
27,406
Dollarama, Inc.
 
412
34,369
MercadoLibre, Inc. (a)
 
28
40,844
Prosus NV
 
642
21,673
 
 
 
493,542
Diversified Consumer Services - 0.3%
 
 
 
Duolingo, Inc. (a)
 
199
44,924
Hotels, Restaurants & Leisure - 3.8%
 
 
 
Chipotle Mexican Grill, Inc. (a)
 
21
66,352
Churchill Downs, Inc.
 
393
50,697
Compass Group PLC
 
1,263
35,129
Domino's Pizza, Inc.
 
103
54,515
Doordash, Inc. (a)
 
382
49,377
Flutter Entertainment PLC (a)
 
146
27,228
Hilton Worldwide Holdings, Inc.
 
344
67,864
Oriental Land Co. Ltd.
 
1,008
27,812
Restaurant Brands Asia Ltd. (a)
 
19,425
23,211
Wingstop, Inc.
 
113
43,481
Yum! Brands, Inc.
 
322
45,483
Zomato Ltd. (a)
 
22,115
51,025
 
 
 
542,174
Household Durables - 0.5%
 
 
 
Berkeley Group Holdings PLC
 
397
23,385
NVR, Inc. (a)
 
7
52,072
 
 
 
75,457
Leisure Products - 0.3%
 
 
 
Roland Corp.
 
647
17,589
SHIMANO, Inc.
 
129
20,964
 
 
 
38,553
Specialty Retail - 3.6%
 
 
 
Carvana Co. Class A (a)
 
459
38,060
Fast Retailing Co. Ltd.
 
142
37,129
Five Below, Inc. (a)
 
225
32,927
Floor & Decor Holdings, Inc. Class A (a)
 
417
46,008
Lowe's Companies, Inc.
 
319
72,729
National Vision Holdings, Inc. (a)
 
2,205
38,411
Nitori Holdings Co. Ltd.
 
184
24,625
The Home Depot, Inc.
 
302
100,934
Ulta Beauty, Inc. (a)
 
102
41,294
Wayfair LLC Class A (a)
 
635
31,845
WH Smith PLC
 
1,154
15,819
Workman Co. Ltd.
 
659
16,190
ZOZO, Inc.
 
833
17,942
 
 
 
513,913
Textiles, Apparel & Luxury Goods - 1.8%
 
 
 
Hermes International SCA
 
16
38,436
lululemon athletica, Inc. (a)
 
196
70,678
LVMH Moet Hennessy Louis Vuitton SE
 
82
67,358
Moncler SpA
 
333
22,787
Prada SpA
 
2,910
23,732
Shenzhou International Group Holdings Ltd.
 
3,057
30,048
 
 
 
253,039
TOTAL CONSUMER DISCRETIONARY
 
 
2,240,536
CONSUMER STAPLES - 5.1%
 
 
 
Beverages - 1.0%
 
 
 
Ambev SA
 
10,151
23,752
Davide Campari Milano NV
 
2,695
27,093
Kweichow Moutai Co. Ltd. (A Shares)
 
115
26,964
Monster Beverage Corp. (a)
 
806
43,081
Pernod Ricard SA
 
175
26,520
 
 
 
147,410
Consumer Staples Distribution & Retail - 2.7%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
541
29,985
Casey's General Stores, Inc.
 
169
54,009
Clicks Group Ltd.
 
1,582
24,614
Cosmos Pharmaceutical Corp.
 
273
25,114
Costco Wholesale Corp.
 
172
124,339
Wal-Mart de Mexico SA de CV Series V
 
8,849
33,018
Walmart, Inc.
 
1,497
88,847
 
 
 
379,926
Food Products - 0.7%
 
 
 
Freshpet, Inc. (a)
 
498
52,823
McCormick & Co., Inc. (non-vtg.)
 
660
50,200
 
 
 
103,023
Household Products - 0.2%
 
 
 
Unicharm Corp.
 
664
19,730
Personal Care Products - 0.5%
 
 
 
Hindustan Unilever Ltd.
 
930
24,831
L'Oreal SA
 
100
46,919
 
 
 
71,750
TOTAL CONSUMER STAPLES
 
 
721,839
ENERGY - 1.8%
 
 
 
Energy Equipment & Services - 0.4%
 
 
 
Schlumberger Ltd.
 
1,053
49,996
Oil, Gas & Consumable Fuels - 1.4%
 
 
 
Cheniere Energy, Inc.
 
268
42,296
Hess Corp.
 
332
52,287
Parkland Corp.
 
761
23,444
PrairieSky Royalty Ltd.
 
2,270
43,251
Reliance Industries Ltd.
 
1,262
44,289
 
 
 
205,567
TOTAL ENERGY
 
 
255,563
FINANCIALS - 11.4%
 
 
 
Banks - 3.0%
 
 
 
Bank of America Corp.
 
2,493
92,266
Credicorp Ltd. (United States)
 
263
43,555
FinecoBank SpA
 
1,536
23,670
JPMorgan Chase & Co.
 
806
154,542
KBC Group NV
 
396
29,541
PNC Financial Services Group, Inc.
 
287
43,986
PT Bank Central Asia Tbk
 
55,476
33,357
 
 
 
420,917
Capital Markets - 2.5%
 
 
 
Avanza Bank Holding AB
 
742
16,065
Banca Generali SpA
 
585
22,987
Bolsa Mexicana de Valores S.A.B. de CV
 
13,232
24,856
Brookfield Corp. (Canada) Class A
 
857
34,376
HUB24 Ltd.
 
1,195
30,704
Moody's Corp.
 
124
45,921
Morningstar, Inc.
 
159
44,941
Nordnet AB
 
1,221
22,070
Partners Group Holding AG
 
19
24,586
S&P Global, Inc.
 
151
62,790
VZ Holding AG
 
239
27,611
 
 
 
356,907
Financial Services - 3.0%
 
 
 
Adyen BV (a)(b)
 
21
25,158
BFF Bank SpA (b)
 
2,091
26,890
Edenred SA
 
403
19,121
Fiserv, Inc. (a)
 
421
64,274
Flywire Corp. (a)
 
1,341
27,491
MasterCard, Inc. Class A
 
261
117,763
Visa, Inc. Class A
 
481
129,201
Zenkoku Hosho Co. Ltd.
 
657
23,069
 
 
 
432,967
Insurance - 2.9%
 
 
 
American Financial Group, Inc.
 
324
41,391
Arch Capital Group Ltd. (a)
 
559
52,289
Arthur J. Gallagher & Co.
 
191
44,826
Assurant, Inc.
 
248
43,251
Chubb Ltd.
 
275
68,376
Hannover Reuck SE
 
148
36,707
Qualitas Controladora S.A.B. de CV
 
3,540
46,293
Steadfast Group Ltd.
 
5,820
21,181
The Travelers Companies, Inc.
 
259
54,949
 
 
 
409,263
TOTAL FINANCIALS
 
 
1,620,054
HEALTH CARE - 9.3%
 
 
 
Biotechnology - 0.2%
 
 
 
Zai Lab Ltd. (a)
 
14,460
23,242
Health Care Equipment & Supplies - 4.1%
 
 
 
Align Technology, Inc. (a)
 
133
37,557
Boston Scientific Corp. (a)
 
1,073
77,117
Coloplast A/S Series B
 
165
19,893
Hoya Corp.
 
287
33,275
IDEXX Laboratories, Inc. (a)
 
86
42,377
Inspire Medical Systems, Inc. (a)
 
165
39,874
Intuitive Surgical, Inc. (a)
 
167
61,894
Masimo Corp. (a)
 
429
57,662
ResMed, Inc.
 
260
55,637
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
764
32,080
Shockwave Medical, Inc. (a)
 
162
53,491
Straumann Holding AG
 
201
26,895
The Cooper Companies, Inc.
 
468
41,680
 
 
 
579,432
Health Care Providers & Services - 1.2%
 
 
 
Apollo Hospitals Enterprise Ltd.
 
425
30,220
Surgery Partners, Inc. (a)
 
909
22,680
UnitedHealth Group, Inc.
 
253
122,376
 
 
 
175,276
Health Care Technology - 0.2%
 
 
 
Veeva Systems, Inc. Class A (a)
 
159
31,571
Life Sciences Tools & Services - 1.7%
 
 
 
10X Genomics, Inc. (a)
 
566
16,572
Danaher Corp.
 
294
72,506
Lonza Group AG
 
45
24,840
Thermo Fisher Scientific, Inc.
 
153
87,014
West Pharmaceutical Services, Inc.
 
135
48,260
 
 
 
249,192
Pharmaceuticals - 1.9%
 
 
 
Eli Lilly & Co.
 
210
164,031
Novo Nordisk A/S Series B
 
830
106,441
 
 
 
270,472
TOTAL HEALTH CARE
 
 
1,329,185
INDUSTRIALS - 15.5%
 
 
 
Aerospace & Defense - 1.9%
 
 
 
General Electric Co.
 
562
90,943
HEICO Corp.
 
234
48,532
INVISIO AB
 
1,159
25,609
Northrop Grumman Corp.
 
112
54,323
Safran SA
 
223
48,354
 
 
 
267,761
Air Freight & Logistics - 0.9%
 
 
 
C.H. Robinson Worldwide, Inc.
 
444
31,524
Delhivery Private Ltd. (a)
 
4,535
24,374
DHL Group
 
752
31,486
ZTO Express, Inc. sponsored ADR
 
1,725
36,208
 
 
 
123,592
Building Products - 1.3%
 
 
 
ASSA ABLOY AB (B Shares)
 
1,243
32,842
Kingspan Group PLC (Ireland)
 
315
28,188
Simpson Manufacturing Co. Ltd.
 
195
33,909
The AZEK Co., Inc. (a)
 
1,102
50,295
Trex Co., Inc. (a)
 
522
46,223
 
 
 
191,457
Commercial Services & Supplies - 1.5%
 
 
 
Casella Waste Systems, Inc. Class A (a)
 
471
42,578
Cintas Corp.
 
87
57,276
Copart, Inc.
 
1,214
65,932
GFL Environmental, Inc.
 
625
19,944
Waste Connections, Inc. (Canada)
 
135
21,888
 
 
 
207,618
Construction & Engineering - 0.2%
 
 
 
Larsen & Toubro Ltd.
 
646
27,761
Electrical Equipment - 1.6%
 
 
 
AMETEK, Inc.
 
292
51,001
Eaton Corp. PLC
 
265
84,339
GE Vernova LLC
 
140
21,519
Generac Holdings, Inc. (a)
 
316
42,963
Nidec Corp.
 
724
33,907
 
 
 
233,729
Ground Transportation - 0.6%
 
 
 
Localiza Rent a Car SA
 
2,415
22,803
Old Dominion Freight Lines, Inc.
 
206
37,432
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA
 
13,622
18,652
 
 
 
78,887
Industrial Conglomerates - 0.4%
 
 
 
Honeywell International, Inc.
 
291
56,084
Machinery - 2.0%
 
 
 
Atlas Copco AB (A Shares)
 
2,381
41,706
Fortive Corp.
 
573
43,130
Indutrade AB
 
1,261
29,544
Minebea Mitsumi, Inc.
 
1,199
22,458
Miura Co. Ltd.
 
820
12,901
Rational AG
 
33
28,315
Shenzhen Inovance Technology Co. Ltd. (A Shares)
 
3,307
27,121
SMC Corp.
 
48
25,218
Spirax-Sarco Engineering PLC
 
231
25,531
VAT Group AG (b)
 
53
26,677
 
 
 
282,601
Marine Transportation - 0.2%
 
 
 
SITC International Holdings Co. Ltd.
 
15,027
32,587
Passenger Airlines - 0.2%
 
 
 
Ryanair Holdings PLC sponsored ADR
 
221
30,100
Professional Services - 2.8%
 
 
 
BayCurrent Consulting, Inc.
 
987
21,010
Centre Testing International Group Co. Ltd. (A Shares)
 
4,438
7,678
Dayforce, Inc. (a)
 
605
37,129
Equifax, Inc.
 
204
44,919
Experian PLC
 
915
36,906
Funai Soken Holdings, Inc.
 
1,334
20,182
Headhunter Group PLC ADR (a)(c)
 
622
7,962
Recruit Holdings Co. Ltd.
 
936
40,311
RELX PLC (London Stock Exchange)
 
972
39,936
Thomson Reuters Corp.
 
235
35,495
TriNet Group, Inc.
 
301
30,211
Verisk Analytics, Inc.
 
201
43,810
Wolters Kluwer NV
 
217
32,595
 
 
 
398,144
Trading Companies & Distributors - 1.5%
 
 
 
AddTech AB (B Shares)
 
979
20,681
Ashtead Group PLC
 
500
36,499
Azelis Group NV
 
826
19,957
Ferguson PLC
 
292
61,291
IMCD NV
 
158
23,986
Watsco, Inc.
 
108
48,354
 
 
 
210,768
Transportation Infrastructure - 0.4%
 
 
 
Athens International Airport SA
 
3,235
28,689
International Container Terminal Services, Inc.
 
5,594
32,021
 
 
 
60,710
TOTAL INDUSTRIALS
 
 
2,201,799
INFORMATION TECHNOLOGY - 21.9%
 
 
 
Communications Equipment - 0.4%
 
 
 
Arista Networks, Inc. (a)
 
202
51,825
Electronic Equipment, Instruments & Components - 1.7%
 
 
 
Amphenol Corp. Class A
 
540
65,216
Azbil Corp.
 
666
18,601
CDW Corp.
 
230
55,628
Keyence Corp.
 
88
38,700
Lagercrantz Group AB (B Shares)
 
2,284
33,969
Murata Manufacturing Co. Ltd.
 
1,494
27,299
 
 
 
239,413
IT Services - 1.8%
 
 
 
Cloudflare, Inc. (a)
 
630
55,062
Kainos Group PLC
 
1,700
20,839
Nagarro SE (a)
 
231
17,614
SHIFT, Inc. (a)
 
109
10,027
Shopify, Inc. Class A (a)
 
364
25,553
Softcat PLC
 
1,104
21,644
Tata Consultancy Services Ltd.
 
872
39,787
Twilio, Inc. Class A (a)
 
535
32,036
VeriSign, Inc. (a)
 
198
33,557
 
 
 
256,119
Semiconductors & Semiconductor Equipment - 7.5%
 
 
 
Advantest Corp.
 
692
21,660
ASM International NV (Netherlands)
 
58
36,841
ASML Holding NV (Netherlands)
 
111
98,641
BE Semiconductor Industries NV
 
189
25,313
Disco Corp.
 
98
27,915
eMemory Technology, Inc.
 
516
34,620
Monolithic Power Systems, Inc.
 
91
60,909
NVIDIA Corp.
 
557
481,259
Silicon Laboratories, Inc. (a)
 
339
41,185
Taiwan Semiconductor Manufacturing Co. Ltd.
 
6,528
156,027
Teradyne, Inc.
 
369
42,922
Tokyo Electron Ltd.
 
200
43,869
 
 
 
1,071,161
Software - 10.1%
 
 
 
Adobe, Inc. (a)
 
150
69,425
ANSYS, Inc. (a)
 
124
40,285
Atlassian Corp. PLC (a)
 
149
25,673
ATOSS Software AG
 
90
24,204
Bill Holdings, Inc. (a)
 
662
41,282
Confluent, Inc. (a)
 
1,109
31,185
Constellation Software, Inc.
 
17
43,768
Constellation Software, Inc. warrants 3/31/40 (a)(c)
 
17
0
Dassault Systemes SA
 
787
30,891
Fortnox AB
 
3,520
20,883
HubSpot, Inc. (a)
 
101
61,092
Lumine Group, Inc. (a)
 
1,386
37,966
Microsoft Corp.
 
1,569
610,856
Money Forward, Inc. (a)
 
614
21,380
Procore Technologies, Inc. (a)
 
607
41,531
Salesforce, Inc.
 
379
101,928
SAP SE
 
341
61,573
ServiceNow, Inc. (a)
 
90
62,400
Synopsys, Inc. (a)
 
102
54,120
Topicus.Com, Inc.
 
259
21,107
Workday, Inc. Class A (a)
 
185
45,275
 
 
 
1,446,824
Technology Hardware, Storage & Peripherals - 0.4%
 
 
 
Seagate Technology Holdings PLC
 
614
52,749
TOTAL INFORMATION TECHNOLOGY
 
 
3,118,091
MATERIALS - 4.2%
 
 
 
Chemicals - 2.5%
 
 
 
Air Products & Chemicals, Inc.
 
229
54,122
Ecolab, Inc.
 
229
51,788
Givaudan SA
 
8
34,341
Linde PLC
 
163
71,876
Shin-Etsu Chemical Co. Ltd.
 
1,120
43,354
Sika AG
 
124
35,517
Solar Industries India Ltd.
 
455
48,777
Symrise AG
 
185
19,881
 
 
 
359,656
Construction Materials - 0.9%
 
 
 
Martin Marietta Materials, Inc.
 
116
68,100
Vulcan Materials Co.
 
240
61,831
 
 
 
129,931
Metals & Mining - 0.8%
 
 
 
Freeport-McMoRan, Inc.
 
1,160
57,930
Press Metal Aluminium Holdings
 
28,872
32,455
Ternium SA sponsored ADR
 
583
24,544
 
 
 
114,929
TOTAL MATERIALS
 
 
604,516
REAL ESTATE - 4.1%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 2.7%
 
 
 
American Tower Corp.
 
262
44,949
Big Yellow Group PLC
 
1,993
26,896
Embassy Office Parks (REIT)
 
6,240
26,677
Equinix, Inc.
 
65
46,222
Equity Lifestyle Properties, Inc.
 
537
32,376
Extra Space Storage, Inc.
 
322
43,238
National Storage REIT unit
 
15,992
22,052
Prologis, Inc.
 
494
50,413
Safestore Holdings PLC
 
2,266
21,902
Segro PLC
 
1,591
16,859
Sun Communities, Inc.
 
258
28,721
Warehouses de Pauw
 
822
21,878
Warehouses de Pauw rights (a)(d)
 
822
983
 
 
 
383,166
Real Estate Management & Development - 1.4%
 
 
 
Ayala Land, Inc.
 
36,338
18,029
CBRE Group, Inc. (a)
 
470
40,838
Colliers International Group, Inc.
 
176
18,328
CoStar Group, Inc. (a)
 
506
46,314
Grainger Trust PLC
 
6,723
21,548
Katitas Co. Ltd.
 
1,802
21,710
Oberoi Realty Ltd.
 
1,813
32,156
 
 
 
198,923
TOTAL REAL ESTATE
 
 
582,089
UTILITIES - 0.4%
 
 
 
Electric Utilities - 0.4%
 
 
 
Constellation Energy Corp.
 
316
58,757
 
TOTAL COMMON STOCKS
 (Cost $10,551,068)
 
 
 
13,939,405
 
 
 
 
Nonconvertible Preferred Stocks - 0.1%
 
 
Shares
Value ($)
 
INDUSTRIALS - 0.1%
 
 
 
Passenger Airlines - 0.1%
 
 
 
Azul SA (a)
 
  (Cost $24,344)
 
 
9,633
18,088
 
 
 
 
Money Market Funds - 2.2%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (e)
 
 (Cost $309,521)
 
 
309,460
309,521
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.2%
 (Cost $10,884,933)
 
 
 
14,267,014
NET OTHER ASSETS (LIABILITIES) - (0.2)%  
(22,944)
NET ASSETS - 100.0%
14,244,070
 
 
 
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 $78,725 or 0.6% of net assets.
 
(c)
Level 3 security
 
(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 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 5.39%
160,448
1,635,355
1,486,282
7,325
-
-
309,521
0.0%
Total
160,448
1,635,355
1,486,282
7,325
-
-
309,521
 
 
 
 
 
 
 
 
 
 
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 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 April 30, 2024, 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
1,206,976
1,036,696
170,280
-
Consumer Discretionary
2,240,536
1,755,152
485,384
-
Consumer Staples
721,839
600,586
121,253
-
Energy
255,563
211,274
44,289
-
Financials
1,620,054
1,486,585
133,469
-
Health Care
1,329,185
1,059,194
269,991
-
Industrials
2,219,887
1,653,166
558,759
7,962
Information Technology
3,118,091
2,585,742
532,349
-
Materials
604,516
479,930
124,586
-
Real Estate
582,089
461,465
120,624
-
Utilities
58,757
58,757
-
-
  Money Market Funds
309,521
309,521
-
-
 Total Investments in Securities:
14,267,014
11,698,068
2,560,984
7,962
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $10,575,412)
$
13,957,493
 
 
Fidelity Central Funds (cost $309,521)
309,521
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $10,884,933)
 
 
$
14,267,014
Cash
 
 
24,768
Foreign currency held at value (cost $1,115)
 
 
1,113
Receivable for fund shares sold
 
 
148
Dividends receivable
 
 
17,327
Distributions receivable from Fidelity Central Funds
 
 
1,699
Prepaid expenses
 
 
4
Receivable from investment adviser for expense reductions
 
 
578
  Total assets
 
 
14,312,651
Liabilities
 
 
 
 
Payable for investments purchased on a delayed delivery basis
$
983
 
 
Payable for fund shares redeemed
28,132
 
 
Accrued management fee
6,355
 
 
Deferred taxes
12,114
 
 
Audit fee payable
19,192
 
 
Other payables and accrued expenses
1,805
 
 
  Total liabilities
 
 
 
68,581
Net Assets  
 
 
$
14,244,070
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
11,851,132
Total accumulated earnings (loss)
 
 
 
2,392,938
Net Assets
 
 
$
14,244,070
Net Asset Value, offering price and redemption price per share ($14,244,070 ÷ 964,802 shares)
 
 
$
14.76
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
74,382
Income from Fidelity Central Funds  
 
 
7,325
 Income before foreign taxes withheld
 
 
$
81,707
Less foreign taxes withheld
 
 
(4,486)
 Total income
 
 
 
77,221
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
42,789
 
 
 Performance adjustment
(15,094)
 
 
Transfer agent fees
9,231
 
 
Accounting fees and expenses
1,543
 
 
Custodian fees and expenses
2,119
 
 
Independent trustees' fees and expenses
32
 
 
Registration fees
5,566
 
 
Audit
31,338
 
 
Legal
9
 
 
Miscellaneous
24
 
 
 Total expenses before reductions
 
77,557
 
 
 Expense reductions
 
(13,590)
 
 
 Total expenses after reductions
 
 
 
63,967
Net Investment income (loss)
 
 
 
13,254
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $1,072)
 
82,228
 
 
 Foreign currency transactions
 
(188)
 
 
Total net realized gain (loss)
 
 
 
82,040
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of increase in deferred foreign taxes of $8,291)  
 
2,497,640
 
 
 Assets and liabilities in foreign currencies
 
(181)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
2,497,459
Net gain (loss)
 
 
 
2,579,499
Net increase (decrease) in net assets resulting from operations
 
 
$
2,592,753
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
13,254
$
29,376
Net realized gain (loss)
 
82,040
 
 
(24,988)
 
Change in net unrealized appreciation (depreciation)
 
2,497,459
 
1,077,041
 
Net increase (decrease) in net assets resulting from operations
 
2,592,753
 
 
1,081,429
 
Distributions to shareholders
 
(40,077)
 
 
-
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
2,154,995
 
1,803,511
  Reinvestment of distributions
 
37,070
 
 
-
 
Cost of shares redeemed
 
(1,634,274)
 
(2,959,519)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
557,791
 
 
(1,156,008)
 
Total increase (decrease) in net assets
 
3,110,467
 
 
(74,579)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
11,133,603
 
11,208,182
 
End of period
$
14,244,070
$
11,133,603
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
151,997
 
142,807
  Issued in reinvestment of distributions
 
2,733
 
 
-
 
Redeemed
 
(115,209)
 
(242,007)
Net increase (decrease)
 
39,521
 
(99,200)
 
 
 
 
 
 
Financial Highlights
 
Fidelity® Enduring Opportunities Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 A
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.03
$
10.94
$
16.69
$
11.91
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.01
 
.03
 
.01
 
(.04)
 
(.01)
     Net realized and unrealized gain (loss)
 
2.76
 
1.06
 
(5.32)
 
4.82
 
1.93
  Total from investment operations
 
2.77  
 
1.09  
 
(5.31)  
 
4.78  
 
1.92
  Distributions from net investment income
 
(.04)
 
-
 
(.03)
 
-
 
- D
  Distributions from net realized gain
 
-
 
-
 
(.41)
 
-
 
-
  Distributions from tax return of capital
 
-
 
-
 
-
 
-
 
(.01)
     Total distributions
 
(.04)
 
-
 
(.44)
 
-
 
(.01)
  Net asset value, end of period
$
14.76
$
12.03
$
10.94
$
16.69
$
11.91
 Total Return E,F
 
23.08
%
 
 
9.96%
 
(32.65)%
 
40.13%
 
19.22%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.14% I
 
1.51%
 
1.41%
 
1.70%
 
2.63% I
    Expenses net of fee waivers, if any
 
.94
% I
 
 
.94%
 
.98%
 
1.08%
 
1.10% I
    Expenses net of all reductions
 
.94% I
 
.94%
 
.98%
 
1.08%
 
1.09% I
    Net investment income (loss)
 
.19% I
 
.25%
 
.05%
 
(.25)%
 
(.10)% I
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
14,244
$
11,134
$
11,208
$
21,492
$
10,055
    Portfolio turnover rate J
 
20
% I
 
 
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. 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).
 
For the period ended April 30, 2024
 
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. 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 April 30, 2024 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. 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 dividends. 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. 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), 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
$4,227,012
Gross unrealized depreciation
(847,311)
Net unrealized appreciation (depreciation)
$3,379,701
Tax cost
$10,887,313
 
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 prior fiscal period end and is subject to adjustment.
 
 Short-term
$(472,242)
 Long-term
(556,513)
Total capital loss carryforward
$(1,028,754)
 
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 Enduring Opportunities Fund
1,653,543
1,290,514
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.
 
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Fidelity Enduring Opportunities Fund
0.77
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Fidelity Enduring Opportunities Fund
.73
 
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .35% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was 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 decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .57%
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
 
 
Performance Adjustment Index
Fidelity Enduring Opportunities Fund
MSCI ACWI (All Country World Index) Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of the Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annualized performance adjustment was (.22) %.
 
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
 
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. Effective March 1, 2024, each Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
 
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of average net assets of 0.20%.
 
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to account size and type of account.
 
For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the annualized rate of .21% of average net assets.
 
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
 
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
.0354
 
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
 
 
% of Average Net Assets
Fidelity Enduring Opportunities Fund
.04
 
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
9
 
 
 
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
 105,053
 17,798
 (4,700)
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
12
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 $12,862.
 
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 $128.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $600.
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 outstanding shares as follows:
 
Fund
Affiliated %
Fidelity Enduring Opportunities Fund
20%
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.
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 (November 1, 2023 to April 30, 2024).
 
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 November 1, 2023
 
Ending Account Value April 30, 2024
 
Expenses Paid During Period- C November 1, 2023 to April 30, 2024
 
 
 
 
 
 
 
 
 
 
Fidelity® Enduring Opportunities Fund
 
 
 
.94%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,230.80
 
$ 5.21
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,020.19
 
$ 4.72
 
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 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
Board Approval of Investment Advisory Contracts
Fidelity Enduring Opportunities Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund into a single fee based on tiered schedules and subject to a maximum rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9896222.104
IDF-SANN-0624
Fidelity® SAI Sustainable International Equity Fund
 
 
Semi-Annual Report
April 30, 2024
 
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

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

Liquidity Risk Management Program

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. © 2024 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.
 
Top Holdings (% of Fund's net assets)
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
5.2
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
4.2
 
Hitachi Ltd.  (Japan, Industrial Conglomerates)
3.4
 
Itochu Corp.  (Japan, Trading Companies & Distributors)
3.2
 
Sony Group Corp.  (Japan, Household Durables)
3.2
 
Taiwan Semiconductor Manufacturing Co. Ltd.  (Taiwan, Semiconductors & Semiconductor Equipment)
2.9
 
ORIX Corp.  (Japan, Financial Services)
2.8
 
CRH PLC  (United States of America, Construction Materials)
2.5
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
2.4
 
Schneider Electric SA  (United States of America, Electrical Equipment)
2.3
 
 
32.1
 
 
Market Sectors (% of Fund's net assets)
 
Financials
23.4
 
Industrials
16.6
 
Health Care
13.3
 
Information Technology
13.2
 
Consumer Discretionary
11.6
 
Materials
5.8
 
Consumer Staples
5.1
 
Utilities
3.7
 
Communication Services
2.1
 
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.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 96.1%
 
 
Shares
Value ($)
 
Australia - 1.5%
 
 
 
Brambles Ltd.
 
10,484
98,630
Macquarie Group Ltd.
 
3,375
404,117
TOTAL AUSTRALIA
 
 
502,747
Austria - 1.0%
 
 
 
Wienerberger AG
 
9,668
346,262
Belgium - 1.9%
 
 
 
KBC Group NV
 
2,932
218,719
UCB SA
 
3,177
422,286
TOTAL BELGIUM
 
 
641,005
Canada - 0.2%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
1,345
74,546
China - 0.3%
 
 
 
Chervon Holdings Ltd.
 
46,185
112,163
Denmark - 6.9%
 
 
 
Carlsberg A/S Series B
 
3,668
493,393
Novo Nordisk A/S Series B
 
13,813
1,771,412
Vestas Wind Systems A/S (a)
 
4,004
107,936
TOTAL DENMARK
 
 
2,372,741
France - 10.8%
 
 
 
Air Liquide SA
 
1,988
388,810
Amundi SA (b)
 
5,726
401,784
AXA SA
 
21,320
738,098
BNP Paribas SA
 
7,351
528,992
EssilorLuxottica SA
 
1,381
295,940
L'Oreal SA
 
1,218
571,479
LVMH Moet Hennessy Louis Vuitton SE
 
934
767,222
TOTAL FRANCE
 
 
3,692,325
Germany - 6.4%
 
 
 
adidas AG
 
877
211,896
DHL Group
 
6,278
262,859
Gerresheimer AG
 
735
79,224
Instone Real Estate Group BV (b)
 
24,351
225,311
Merck KGaA
 
3,332
529,653
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
926
407,347
SAP SE
 
1,502
271,212
Siemens AG
 
1,072
200,822
TOTAL GERMANY
 
 
2,188,324
Hong Kong - 1.7%
 
 
 
AIA Group Ltd.
 
78,797
577,137
India - 0.9%
 
 
 
HDFC Bank Ltd. sponsored ADR
 
5,314
306,086
Ireland - 1.9%
 
 
 
Dalata Hotel Group PLC
 
65,985
297,169
Kingspan Group PLC (Ireland)
 
3,935
352,122
TOTAL IRELAND
 
 
649,291
Italy - 3.2%
 
 
 
Prysmian SpA
 
7,182
392,276
UniCredit SpA
 
18,975
696,465
TOTAL ITALY
 
 
1,088,741
Japan - 20.7%
 
 
 
Eisai Co. Ltd.
 
2,373
97,457
Fuji Electric Co. Ltd.
 
3,550
220,824
Hitachi Ltd.
 
12,487
1,152,059
Hoya Corp.
 
4,856
563,004
Itochu Corp.
 
24,630
1,111,177
Net One Systems Co. Ltd.
 
21,946
367,214
ORIX Corp.
 
46,455
950,721
Renesas Electronics Corp.
 
18,024
292,633
Sony Group Corp.
 
13,245
1,094,717
Sumitomo Mitsui Financial Group, Inc.
 
9,983
567,072
Tokio Marine Holdings, Inc.
 
6,827
215,777
Tokyo Electron Ltd.
 
2,105
461,723
TOTAL JAPAN
 
 
7,094,378
Korea (South) - 1.0%
 
 
 
Samsung Electronics Co. Ltd.
 
3,492
193,565
SK Hynix, Inc.
 
1,326
163,178
TOTAL KOREA (SOUTH)
 
 
356,743
Netherlands - 9.5%
 
 
 
ASML Holding NV (Netherlands)
 
1,637
1,454,732
BE Semiconductor Industries NV
 
1,252
167,685
ING Groep NV (Certificaten Van Aandelen)
 
32,390
512,095
Koninklijke KPN NV
 
195,110
709,055
Wolters Kluwer NV
 
2,662
399,855
TOTAL NETHERLANDS
 
 
3,243,422
New Zealand - 1.0%
 
 
 
Contact Energy Ltd.
 
67,659
345,427
Norway - 0.0%
 
 
 
Schibsted ASA (A Shares)
 
231
6,609
Singapore - 0.9%
 
 
 
United Overseas Bank Ltd.
 
13,209
293,118
Spain - 1.5%
 
 
 
CaixaBank SA
 
29,921
157,790
EDP Renovaveis SA
 
955
13,117
Iberdrola SA
 
24,348
298,545
Puig Group SL Class B
 
1,300
33,990
TOTAL SPAIN
 
 
503,442
Sweden - 0.7%
 
 
 
Investor AB (B Shares)
 
6,501
160,661
Lagercrantz Group AB (B Shares)
 
5,503
81,843
TOTAL SWEDEN
 
 
242,504
Switzerland - 0.8%
 
 
 
Compagnie Financiere Richemont SA Series A
 
1,860
257,102
Taiwan - 2.9%
 
 
 
Taiwan Semiconductor Manufacturing Co. Ltd.
 
41,769
998,329
United Kingdom - 12.4%
 
 
 
3i Group PLC
 
8,237
294,287
AstraZeneca PLC (United Kingdom)
 
5,444
823,399
Beazley PLC
 
12,531
103,813
Bellway PLC
 
12,004
379,490
Berkeley Group Holdings PLC
 
6,729
396,364
Big Yellow Group PLC
 
5,082
68,582
Compass Group PLC
 
16,884
469,607
Diageo PLC
 
7,907
273,263
Direct Line Insurance Group PLC
 
84,081
195,208
Grainger Trust PLC
 
41,629
133,425
London Stock Exchange Group PLC
 
1,494
164,699
National Grid PLC
 
21,060
276,247
RELX PLC (London Stock Exchange)
 
3,596
147,748
Renewi PLC (a)
 
9,781
68,809
Sage Group PLC
 
7,313
106,549
SSE PLC
 
17,162
356,736
TOTAL UNITED KINGDOM
 
 
4,258,226
United States of America - 8.0%
 
 
 
CRH PLC
 
10,909
850,050
Ferguson PLC
 
1,757
372,350
Linde PLC
 
959
422,881
Nestle SA (Reg. S)
 
2,973
298,490
Schneider Electric SA
 
3,507
799,643
TOTAL UNITED STATES OF AMERICA
 
 
2,743,414
 
TOTAL COMMON STOCKS
 (Cost $30,599,003)
 
 
 
32,894,082
 
 
 
 
Money Market Funds - 4.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (c)
 
 (Cost $1,480,022)
 
 
1,479,726
1,480,022
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.4%
 (Cost $32,079,025)
 
 
 
34,374,104
NET OTHER ASSETS (LIABILITIES) - (0.4)%  
(123,804)
NET ASSETS - 100.0%
34,250,300
 
 
 
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 $627,095 or 1.8% of net assets.
 
(c)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
 
 
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 5.39%
712,258
10,049,092
9,281,316
30,537
(12)
-
1,480,022
0.0%
Total
712,258
10,049,092
9,281,316
30,537
(12)
-
1,480,022
 
 
 
 
 
 
 
 
 
 
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 April 30, 2024, 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
715,664
6,609
709,055
-
Consumer Discretionary
3,985,730
1,284,919
2,700,811
-
Consumer Staples
1,745,161
646,025
1,099,136
-
Financials
7,893,986
2,531,716
5,362,270
-
Health Care
4,582,375
1,327,103
3,255,272
-
Industrials
5,687,110
1,693,348
3,993,762
-
Information Technology
4,558,663
1,810,809
2,747,854
-
Materials
2,008,003
1,619,193
388,810
-
Real Estate
427,318
427,318
-
-
Utilities
1,290,072
13,117
1,276,955
-
  Money Market Funds
1,480,022
1,480,022
-
-
 Total Investments in Securities:
34,374,104
12,840,179
21,533,925
-
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $30,599,003)
$
32,894,082
 
 
Fidelity Central Funds (cost $1,480,022)
1,480,022
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $32,079,025)
 
 
$
34,374,104
Cash
 
 
28,986
Foreign currency held at value (cost $26,330)
 
 
26,249
Receivable for fund shares sold
 
 
242,640
Dividends receivable
 
 
196,279
Distributions receivable from Fidelity Central Funds
 
 
6,673
Prepaid expenses
 
 
2
Receivable from investment adviser for expense reductions
 
 
6,372
Other receivables
 
 
2
  Total assets
 
 
34,881,307
Liabilities
 
 
 
 
Payable for investments purchased
$
462,357
 
 
Payable for fund shares redeemed
84,534
 
 
Accrued management fee
17,482
 
 
Custody fee payable
41,722
 
 
Other payables and accrued expenses
24,912
 
 
  Total liabilities
 
 
 
631,007
Net Assets  
 
 
$
34,250,300
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
32,070,742
Total accumulated earnings (loss)
 
 
 
2,179,558
Net Assets
 
 
$
34,250,300
Net Asset Value, offering price and redemption price per share ($34,250,300 ÷ 3,301,742 shares)
 
 
$
10.37
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
380,939
Income from Fidelity Central Funds  
 
 
30,537
 Income before foreign taxes withheld
 
 
$
411,476
Less foreign taxes withheld
 
 
(41,218)
 Total income
 
 
 
370,258
Expenses
 
 
 
 
Management fee
$
75,008
 
 
Custodian fees and expenses
34,183
 
 
Independent trustees' fees and expenses
40
 
 
Registration fees
20,701
 
 
Audit
26,794
 
 
Legal
8
 
 
Miscellaneous
23
 
 
 Total expenses before reductions
 
156,757
 
 
 Expense reductions
 
(72,786)
 
 
 Total expenses after reductions
 
 
 
83,971
Net Investment income (loss)
 
 
 
286,287
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(131,241)
 
 
   Fidelity Central Funds
 
(12)
 
 
 Foreign currency transactions
 
4,297
 
 
Total net realized gain (loss)
 
 
 
(126,956)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
2,631,043
 
 
 Assets and liabilities in foreign currencies
 
(2,737)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
2,628,306
Net gain (loss)
 
 
 
2,501,350
Net increase (decrease) in net assets resulting from operations
 
 
$
2,787,637
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
286,287
$
85,246
Net realized gain (loss)
 
(126,956)
 
 
(148,535)
 
Change in net unrealized appreciation (depreciation)
 
2,628,306
 
(15,876)
 
Net increase (decrease) in net assets resulting from operations
 
2,787,637
 
 
(79,165)
 
Distributions to shareholders
 
(117,788)
 
 
(17,379)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
23,179,101
 
8,192,591
  Reinvestment of distributions
 
98,381
 
 
16,766
 
Cost of shares redeemed
 
(1,401,988)
 
(593,538)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
21,875,494
 
 
7,615,819
 
Total increase (decrease) in net assets
 
24,545,343
 
 
7,519,275
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
9,704,957
 
2,185,682
 
End of period
$
34,250,300
$
9,704,957
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
2,330,324
 
892,144
  Issued in reinvestment of distributions
 
10,323
 
 
1,851
 
Redeemed
 
(139,734)
 
(64,420)
Net increase (decrease)
 
2,200,913
 
829,575
 
 
 
 
 
 
Financial Highlights
 
Fidelity SAI Sustainable International Equity Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022 A
  Selected Per-Share Data 
 
 
 
 
 
 
  Net asset value, beginning of period
$
8.82
$
8.06
$
10.00
  Income from Investment Operations
 
 
 
 
 
 
     Net investment income (loss) B,C
 
.13
 
.17
 
.08
     Net realized and unrealized gain (loss)
 
1.49
 
.65 D
 
(2.02)
  Total from investment operations
 
1.62  
 
.82  
 
(1.94)  
  Distributions from net investment income
 
(.07)
 
(.06)
 
-
     Total distributions
 
(.07)
 
(.06)
 
-
  Net asset value, end of period
$
10.37
$
8.82
$
8.06
 Total Return E,F
 
18.46
%
 
 
10.12%
 
(19.40)%
 Ratios to Average Net Assets C,G,H
 
 
 
 
 
 
    Expenses before reductions
 
1.38% I
 
3.13%
 
5.78% I,J
    Expenses net of fee waivers, if any
 
.74
% I
 
 
.75%
 
.75% I
    Expenses net of all reductions
 
.74% I
 
.73%
 
.68% I
    Net investment income (loss)
 
2.52% I
 
1.84%
 
1.79% I
 Supplemental Data
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
34,250
$
9,705
$
2,186
    Portfolio turnover rate K
 
65
% I
 
 
27%
 
51% 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 April 30, 2024
 
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 April 30, 2024 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. 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
$2,985,082
Gross unrealized depreciation
(772,568)
Net unrealized appreciation (depreciation)
$2,212,514
Tax cost
$32,161,590
 
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 prior fiscal period end and is subject to adjustment.
 
 Short-term
$(157,729)
 Long-term
(42,315)
Total capital loss carryforward
$(200,044)
 
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
28,313,203
7,046,827
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. Effective March 1, 2024, the Fund pays a monthly management fee that is based on an annual rate of .648% of the Fund's average net assets.
 
Prior to the March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was 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 decreased as assets under management increased and increased as assets under management decreased.
 
For the reporting period, the total annualized management fee rate was .66% 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
 3
 
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
 1,943,707
 315,888
 (6,588)
 
Sub-Advisory Arrangements. Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
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
18
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 $71,712
 
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 $170.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $904.
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.
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 (November 1, 2023 to April 30, 2024).
 
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 November 1, 2023
 
Ending Account Value April 30, 2024
 
Expenses Paid During Period- C November 1, 2023 to April 30, 2024
 
 
 
 
 
 
 
 
 
 
Fidelity® SAI Sustainable International Equity Fund
 
 
 
.74%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,184.60
 
$ 4.02
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.18
 
$ 3.72
 
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 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
Board Approval of Investment Advisory Contracts
Fidelity SAI Sustainable International Equity Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure that eliminates the existing group fee schedule and fixes the management fee rate at the sum of the individual fee rate and the lowest marginal contractual group fee rate under the current management contract. The Board noted that shareholders in the affected funds are not currently impacted by changes in the group fee rates due to other arrangements such as fund expense caps or managed account fee crediting. The Board considered Fidelity's representations that the Management Contract would result in the same or lower fees for the fund.
Sub-Advisory Contracts. In connection with the Management Contract changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9904872.102
IEE-SANN-0624
Fidelity® Diversified International K6 Fund
 
 
Semi-Annual Report
April 30, 2024

Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts

Liquidity Risk Management Program

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. © 2024 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.
 
Top Holdings (% of Fund's net assets)
 
ASML Holding NV (depository receipt)  (Netherlands, Semiconductors & Semiconductor Equipment)
3.7
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
3.3
 
Hitachi Ltd.  (Japan, Industrial Conglomerates)
2.3
 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)
2.2
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
2.1
 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR  (Taiwan, Semiconductors & Semiconductor Equipment)
1.9
 
SAP SE  (Germany, Software)
1.7
 
RELX PLC (Euronext N.V.)  (United Kingdom, Professional Services)
1.6
 
Shin-Etsu Chemical Co. Ltd.  (Japan, Chemicals)
1.6
 
Wolters Kluwer NV  (Netherlands, Professional Services)
1.5
 
 
21.9
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
21.9
 
Financials
21.0
 
Information Technology
17.2
 
Health Care
10.6
 
Consumer Discretionary
8.8
 
Materials
7.6
 
Energy
5.6
 
Consumer Staples
3.8
 
Communication Services
0.5
 
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.
 
 
 
Showing Percentage of Net Assets
Common Stocks - 96.8%
 
 
Shares
Value ($)
 
Australia - 0.6%
 
 
 
Aristocrat Leisure Ltd.
 
665,609
16,986,332
CAR Group Ltd.
 
253,234
5,491,004
Steadfast Group Ltd.
 
1,707,067
6,212,736
TOTAL AUSTRALIA
 
 
28,690,072
Belgium - 0.4%
 
 
 
UCB SA
 
142,623
18,957,415
Canada - 6.9%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
845,087
46,838,440
Cameco Corp.
 
485,335
22,143,531
Canadian Natural Resources Ltd.
 
701,290
53,142,464
Canadian Pacific Kansas City Ltd. (a)
 
262,269
20,569,758
Constellation Software, Inc.
 
17,847
45,948,328
Constellation Software, Inc. warrants 3/31/40 (b)(c)
 
23,796
2
Franco-Nevada Corp.
 
249,158
29,993,436
Imperial Oil Ltd.
 
434,683
29,886,134
Ivanhoe Mines Ltd. (a)(b)
 
2,273,271
30,813,378
Lumine Group, Inc. (b)
 
66,074
1,809,938
MEG Energy Corp. (b)
 
654,116
14,876,964
Thomson Reuters Corp.
 
134,084
20,252,124
TOTAL CANADA
 
 
316,274,497
China - 1.1%
 
 
 
Chervon Holdings Ltd.
 
1,386,768
3,367,852
Li Ning Co. Ltd.
 
2,204,388
5,770,799
NXP Semiconductors NV
 
157,821
40,432,162
TOTAL CHINA
 
 
49,570,813
Denmark - 4.2%
 
 
 
Carlsberg A/S Series B
 
150,213
20,205,581
DSV A/S
 
63,404
9,052,141
Novo Nordisk A/S Series B
 
1,182,823
151,687,954
Pandora A/S
 
79,267
12,130,100
TOTAL DENMARK
 
 
193,075,776
France - 10.1%
 
 
 
Air Liquide SA
 
229,781
44,940,250
Airbus Group NV
 
193,663
31,868,750
ALTEN
 
31,141
3,678,968
AXA SA
 
1,013,033
35,071,170
BNP Paribas SA
 
459,030
33,032,650
Capgemini SA
 
238,825
50,196,494
EssilorLuxottica SA
 
232,081
49,733,510
Legrand SA
 
204,788
21,045,364
LVMH Moet Hennessy Louis Vuitton SE
 
118,677
97,485,600
Pernod Ricard SA
 
172,871
26,197,286
Safran SA
 
201,048
43,593,644
Sartorius Stedim Biotech
 
47,486
10,287,443
Thales SA
 
78,273
13,194,029
TOTAL FRANCE
 
 
460,325,158
Germany - 7.6%
 
 
 
Allianz SE
 
226,100
64,163,763
Deutsche Borse AG
 
132,856
25,613,573
DHL Group
 
497,775
20,841,806
Hannover Reuck SE
 
130,474
32,359,807
Infineon Technologies AG
 
697,847
24,217,402
Merck KGaA
 
222,735
35,405,831
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
83,514
36,737,795
Rheinmetall AG
 
2,358
1,301,512
SAP SE
 
423,100
76,397,918
Siemens AG
 
75,675
14,176,468
Siemens Healthineers AG (d)
 
248,911
13,803,969
TOTAL GERMANY
 
 
345,019,844
Greece - 0.1%
 
 
 
Piraeus Financial Holdings SA (b)
 
1,645,138
6,590,343
Hong Kong - 0.8%
 
 
 
AIA Group Ltd.
 
4,968,111
36,388,224
India - 2.2%
 
 
 
Axis Bank Ltd.
 
1,195,509
16,682,283
Fairfax India Holdings Corp. (b)(d)
 
586,271
8,688,536
HDFC Bank Ltd.
 
2,493,851
45,276,925
Reliance Industries Ltd.
 
896,211
31,451,878
TOTAL INDIA
 
 
102,099,622
Indonesia - 1.0%
 
 
 
PT Bank Central Asia Tbk
 
40,826,669
24,548,448
PT Bank Rakyat Indonesia (Persero) Tbk
 
65,231,321
19,745,754
TOTAL INDONESIA
 
 
44,294,202
Ireland - 0.7%
 
 
 
Kingspan Group PLC (Ireland)
 
322,525
28,861,059
Smurfit Kappa Group PLC
 
111,308
4,840,607
TOTAL IRELAND
 
 
33,701,666
Italy - 2.1%
 
 
 
FinecoBank SpA
 
1,541,755
23,759,012
Ryanair Holdings PLC sponsored ADR
 
105,307
14,342,813
UniCredit SpA
 
1,551,194
56,935,588
TOTAL ITALY
 
 
95,037,413
Japan - 17.4%
 
 
 
BayCurrent Consulting, Inc.
 
336,672
7,166,793
Capcom Co. Ltd.
 
470,830
7,751,011
Fast Retailing Co. Ltd.
 
96,156
25,141,820
Fuji Electric Co. Ltd.
 
388,332
24,155,778
FUJIFILM Holdings Corp.
 
1,494,081
31,782,820
Fujitsu Ltd.
 
1,026,099
15,851,335
Hitachi Ltd.
 
1,145,220
105,658,794
Hoya Corp.
 
498,351
57,778,728
Itochu Corp.
 
1,118,640
50,467,189
Keyence Corp.
 
98,195
43,183,201
Komatsu Ltd.
 
82,300
2,457,161
Marui Group Co. Ltd.
 
388,852
5,939,276
Minebea Mitsumi, Inc.
 
730,635
13,685,053
Mitsubishi Electric Corp.
 
1,407,385
24,530,617
Mitsubishi Heavy Industries Ltd.
 
3,611,008
32,286,445
ORIX Corp.
 
1,532,463
31,362,493
Persol Holdings Co. Ltd.
 
3,899,618
5,394,379
Renesas Electronics Corp.
 
1,780,159
28,902,220
Shin-Etsu Chemical Co. Ltd.
 
1,863,077
72,117,736
SMC Corp.
 
42,158
22,148,408
Sony Group Corp.
 
439,768
36,347,427
Sumitomo Mitsui Financial Group, Inc.
 
427,119
24,261,988
Suzuki Motor Corp.
 
1,767,124
20,579,547
Tokio Marine Holdings, Inc.
 
1,680,500
53,114,548
Tokyo Electron Ltd.
 
226,852
49,759,060
TOTAL JAPAN
 
 
791,823,827
Korea (South) - 0.6%
 
 
 
Samsung Electronics Co. Ltd.
 
514,019
28,492,600
Luxembourg - 0.1%
 
 
 
CVC Capital Partners PLC
 
146,800
2,663,304
Netherlands - 6.2%
 
 
 
ASML Holding NV (depository receipt)
 
193,919
169,188,510
BE Semiconductor Industries NV
 
148,856
19,936,820
IMCD NV
 
179,924
27,314,119
Wolters Kluwer NV
 
448,125
67,312,140
TOTAL NETHERLANDS
 
 
283,751,589
Portugal - 0.3%
 
 
 
Galp Energia SGPS SA Class B
 
534,902
11,531,118
Spain - 2.3%
 
 
 
Banco Santander SA (Spain) (a)
 
8,808,485
42,988,099
CaixaBank SA
 
6,222,122
32,812,728
Industria de Diseno Textil SA (a)
 
574,418
26,267,860
Puig Group SL Class B
 
171,700
4,489,337
TOTAL SPAIN
 
 
106,558,024
Sweden - 3.0%
 
 
 
Atlas Copco AB (A Shares)
 
1,664,751
29,159,925
Autoliv, Inc.
 
104,756
12,548,721
Indutrade AB
 
1,788,607
41,905,768
Investor AB (B Shares)
 
2,060,201
50,914,281
Kry International AB (b)(c)(e)
 
663
20,187
TOTAL SWEDEN
 
 
134,548,882
Switzerland - 2.9%
 
 
 
Alcon, Inc. (Switzerland)
 
202,014
15,624,907
Compagnie Financiere Richemont SA Series A
 
234,836
32,460,683
Galderma Group AG
 
139,104
10,365,650
Partners Group Holding AG
 
11,841
15,322,132
Sika AG
 
117,707
33,714,716
UBS Group AG
 
973,056
25,690,584
TOTAL SWITZERLAND
 
 
133,178,672
Taiwan - 2.0%
 
 
 
ECLAT Textile Co. Ltd.
 
293,000
4,601,907
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
618,769
84,981,734
TOTAL TAIWAN
 
 
89,583,641
United Kingdom - 12.5%
 
 
 
3i Group PLC
 
874,703
31,250,909
Ashtead Group PLC
 
149,419
10,907,394
AstraZeneca PLC (United Kingdom)
 
658,601
99,612,711
B&M European Value Retail SA
 
3,504,519
22,727,382
BAE Systems PLC
 
3,765,637
62,630,889
Big Yellow Group PLC
 
537,631
7,255,406
Compass Group PLC
 
1,291,939
35,933,639
Diageo PLC
 
1,234,195
42,653,382
Flutter Entertainment PLC (b)
 
93,510
17,439,179
Games Workshop Group PLC
 
73,413
9,090,762
InterContinental Hotel Group PLC
 
144,046
14,049,385
London Stock Exchange Group PLC
 
531,914
58,638,257
RELX PLC (Euronext N.V.)
 
1,795,276
74,146,048
Rolls-Royce Holdings PLC (b)
 
3,486,246
17,877,558
RS GROUP PLC
 
1,931,688
17,789,269
Sage Group PLC
 
1,939,941
28,264,461
Starling Bank Ltd. Series D (b)(c)(e)
 
2,406,800
9,052,325
WPP PLC
 
1,134,975
11,376,041
TOTAL UNITED KINGDOM
 
 
570,694,997
United States of America - 11.7%
 
 
 
CRH PLC
 
565,470
44,062,518
Experian PLC
 
507,770
20,480,367
Ferguson PLC
 
266,901
56,562,642
GSK PLC
 
650,626
13,498,485
Holcim AG
 
212,607
17,796,860
ICON PLC (b)
 
16,771
4,995,745
Linde PLC
 
141,432
62,365,855
Marsh & McLennan Companies, Inc.
 
215,299
42,937,080
Marvell Technology, Inc.
 
511,205
33,693,522
MasterCard, Inc. Class A
 
78,057
35,219,318
Nestle SA (Reg. S)
 
367,462
36,893,258
S&P Global, Inc.
 
67,334
27,999,497
Schlumberger Ltd.
 
647,912
30,762,862
Schneider Electric SA
 
211,576
48,242,143
Shell PLC (London)
 
1,552,853
55,201,778
TOTAL UNITED STATES OF AMERICA
 
 
530,711,930
 
TOTAL COMMON STOCKS
 (Cost $3,217,929,949)
 
 
 
4,413,563,629
 
 
 
 
Preferred Stocks - 0.4%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.4%
 
 
 
Estonia - 0.1%
 
 
 
Bolt Technology OU Series E (b)(c)(e)
 
21,668
2,660,889
United States of America - 0.3%
 
 
 
Wasabi Holdings, Inc.:
 
 
 
 Series C (b)(c)(e)
 
743,562
9,785,276
 Series D (b)(c)(e)
 
304,085
4,880,564
 
 
 
14,665,840
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
17,326,729
Nonconvertible Preferred Stocks - 0.0%
 
 
 
Sweden - 0.0%
 
 
 
Kry International AB Series E (b)(c)(e)
 
3,828
158,548
 
TOTAL PREFERRED STOCKS
 (Cost $19,777,817)
 
 
 
17,485,277
 
 
 
 
Money Market Funds - 4.4%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (f)
 
116,541,305
116,564,613
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g)
 
82,350,303
82,358,538
 
TOTAL MONEY MARKET FUNDS
 (Cost $198,922,529)
 
 
198,923,151
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.6%
 (Cost $3,436,630,295)
 
 
 
4,629,972,057
NET OTHER ASSETS (LIABILITIES) - (1.6)%  
(73,047,483)
NET ASSETS - 100.0%
4,556,924,574
 
 
 
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 $22,492,505 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 $26,557,789 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 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 5.39%
177,740,739
405,756,829
466,932,131
5,248,044
(824)
-
116,564,613
0.2%
Fidelity Securities Lending Cash Central Fund 5.39%
18,664,424
301,200,350
237,506,236
82,815
-
-
82,358,538
0.3%
Total
196,405,163
706,957,179
704,438,367
5,330,859
(824)
-
198,923,151
 
 
 
 
 
 
 
 
 
 
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 April 30, 2024, 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
24,618,056
-
24,618,056
-
Consumer Discretionary
392,928,995
100,204,004
292,724,991
-
Consumer Staples
177,277,284
73,035,726
104,241,558
-
Energy
248,996,729
162,343,073
86,653,656
-
Financials
961,973,426
380,350,615
572,570,486
9,052,325
Health Care
481,752,348
145,370,501
336,381,847
-
Industrials
1,001,378,347
403,510,816
597,867,531
-
Information Technology
794,222,959
427,934,443
348,783,050
17,505,466
Materials
340,645,356
205,790,510
134,854,846
-
Real Estate
7,255,406
7,255,406
-
-
  Money Market Funds
198,923,151
198,923,151
-
-
 Total Investments in Securities:
4,629,972,057
2,104,718,245
2,498,696,021
26,557,791
Statement of Assets and Liabilities
 
 
 
April 30, 2024
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $73,859,602) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $3,237,707,766)
$
4,431,048,906
 
 
Fidelity Central Funds (cost $198,922,529)
198,923,151
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $3,436,630,295)
 
 
$
4,629,972,057
Foreign currency held at value (cost $1,283,234)
 
 
1,283,234
Receivable for investments sold
 
 
2,566,078
Receivable for fund shares sold
 
 
3,246,591
Dividends receivable
 
 
13,261,344
Reclaims receivable
 
 
9,790,501
Distributions receivable from Fidelity Central Funds
 
 
603,865
Other receivables
 
 
122,577
  Total assets
 
 
4,660,846,247
Liabilities
 
 
 
 
Payable for investments purchased
$
15,365,082
 
 
Payable for fund shares redeemed
2,162,260
 
 
Accrued management fee
2,343,124
 
 
Other payables and accrued expenses
1,692,669
 
 
Collateral on securities loaned
82,358,538
 
 
  Total liabilities
 
 
 
103,921,673
Net Assets  
 
 
$
4,556,924,574
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
3,659,692,601
Total accumulated earnings (loss)
 
 
 
897,231,973
Net Assets
 
 
$
4,556,924,574
Net Asset Value, offering price and redemption price per share ($4,556,924,574 ÷ 322,801,567 shares)
 
 
$
14.12
Statement of Operations
 
 
 
Six months ended
April 30, 2024
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
46,222,243
Income from Fidelity Central Funds (including $82,815 from security lending)
 
 
5,330,859
 Income before foreign taxes withheld
 
 
$
51,553,102
Less foreign taxes withheld
 
 
(4,569,606)
 Total income
 
 
 
46,983,496
Expenses
 
 
 
 
Management fee
$
13,643,086
 
 
Independent trustees' fees and expenses
11,136
 
 
 Total expenses before reductions
 
13,654,222
 
 
 Expense reductions
 
(797)
 
 
 Total expenses after reductions
 
 
 
13,653,425
Net Investment income (loss)
 
 
 
33,330,071
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $751,467)
 
(44,974,421)
 
 
   Redemptions in-kind
 
57,811,254
 
 
   Fidelity Central Funds
 
(824)
 
 
 Foreign currency transactions
 
(235,386)
 
 
Total net realized gain (loss)
 
 
 
12,600,623
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $27,219)  
 
690,901,155
 
 
 Assets and liabilities in foreign currencies
 
(97,029)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
690,804,126
Net gain (loss)
 
 
 
703,404,749
Net increase (decrease) in net assets resulting from operations
 
 
$
736,734,820
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2024
(Unaudited)
 
Year ended
October 31, 2023
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
33,330,071
$
65,516,017
Net realized gain (loss)
 
12,600,623
 
 
(29,780,194)
 
Change in net unrealized appreciation (depreciation)
 
690,804,126
 
395,410,511
 
Net increase (decrease) in net assets resulting from operations
 
736,734,820
 
 
431,146,334
 
Distributions to shareholders
 
(69,972,907)
 
 
(31,800,731)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
514,016,519
 
1,065,259,894
  Reinvestment of distributions
 
69,972,898
 
 
31,800,731
 
Cost of shares redeemed
 
(685,434,309)
 
(988,215,923)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(101,444,892)
 
 
108,844,702
 
Total increase (decrease) in net assets
 
565,317,021
 
 
508,190,305
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
3,991,607,553
 
3,483,417,248
 
End of period
$
4,556,924,574
$
3,991,607,553
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
37,602,196
 
84,964,159
  Issued in reinvestment of distributions
 
5,378,392
 
 
2,652,271
 
Redeemed
 
(49,892,959)
 
(77,852,831)
Net increase (decrease)
 
(6,912,371)
 
9,763,599
 
 
 
 
 
 
Financial Highlights
 
Fidelity® Diversified International K6 Fund
 
 
Six months ended
(Unaudited) April 30, 2024 
 
Years ended October 31, 2023 
 
2022  
 
2021 
 
2020 
 
2019   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.11
$
10.89
$
15.45
$
11.96
$
11.08
$
9.69
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.10
 
.20
 
.15
 
.10
 
.08
 
.16
     Net realized and unrealized gain (loss)
 
2.12
 
1.12
 
(4.56)
 
3.47
 
.98
 
1.36
  Total from investment operations
 
2.22  
 
1.32  
 
(4.41)  
 
3.57  
 
1.06
 
1.52
  Distributions from net investment income
 
(.21)
 
(.10)
 
(.15)
 
(.08)
 
(.15)
 
(.13)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
(.03)
 
-
     Total distributions
 
(.21)
 
(.10)
 
(.15)
 
(.08)
 
(.18)
 
(.13)
  Net asset value, end of period
$
14.12
$
12.11
$
10.89
$
15.45
$
11.96
$
11.08
 Total Return C,D
 
18.49
%
 
 
12.12%
 
(28.81)%
 
30.00%
 
9.70%
 
15.89%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.60% G
 
.60%
 
.60%
 
.60%
 
.60%
 
.60%
    Expenses net of fee waivers, if any
 
.60
% G
 
 
.60%
 
.60%
 
.60%
 
.60%
 
.60%
    Expenses net of all reductions
 
.60% G
 
.60%
 
.60%
 
.60%
 
.59%
 
.59%
    Net investment income (loss)
 
1.47% G
 
1.57%
 
1.21%
 
.73%
 
.73%
 
1.59%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,556,925
$
3,991,608
$
3,483,417
$
3,961,936
$
3,102,294
$
2,977,388
    Portfolio turnover rate H
 
41
% G,I
 
 
25% I
 
31% I
 
30% I
 
34% I
 
48% 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.
 
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.
 
GAnnualized.
 
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 April 30, 2024
 
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, 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 April 30, 2024 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. 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), 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
$1,272,237,474
Gross unrealized depreciation
(82,115,534)
Net unrealized appreciation (depreciation)
$1,190,121,940
Tax cost
$3,439,850,117
 
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 prior 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)
 
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
906,938,141
881,821,348
 
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
11,523,901
57,811,254
155,413,531
 
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
4,900,825
64,963,792
 
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
4,361,678
20,002,624
56,570,957
 
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
26,855,137
332,235,591
 
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
 477
 
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
 8,647,101
 29,990,001
 (4,940,201)
 
Sub-Advisory Arrangements. Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
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
9,084
 -
-
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 $797.
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.
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 (November 1, 2023 to April 30, 2024).
 
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 November 1, 2023
 
Ending Account Value April 30, 2024
 
Expenses Paid During Period- C November 1, 2023 to April 30, 2024
 
 
 
 
 
 
 
 
 
 
Fidelity® Diversified International K6 Fund
 
 
 
.60%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,184.90
 
$ 3.26
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,021.88
 
$ 3.02
 
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 182/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
 
Board Approval of Investment Advisory Contracts
Fidelity Diversified International K6 Fund
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved amended and restated sub-advisory agreements (the Sub-Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Sub-Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Sub-Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
The Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser, and that the management fee paid by the fund under the management contract with FMR will remain unchanged.
The Board further considered that the approval of the fund's Sub-Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Sub-Advisory Contracts would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by FMR and its affiliates.
In connection with its consideration of future renewals of the fund's advisory contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Sub-Advisory Contracts should be approved.
 
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.9883986.106
DIFK6-SANN-0624

Item 2.

Code of Ethics


Not applicable.

 

Item 3.

Audit Committee Financial Expert


Not applicable.


Item 4.

Principal Accountant Fees and Services


Not applicable.


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 Fidelity Investment Trusts Board of Trustees.


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Investment Trusts (the Trust) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable



assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.


(a)(ii)  There was no change in the Trusts internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the 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)

Not applicable.

(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 (Principal Executive Officer)



Date:

June 21, 2024


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 (Principal Executive Officer)



Date:

June 21, 2024



By:

/s/John J. Burke III


John J. Burke III


Chief Financial Officer (Principal Financial Officer)



Date:

June 21, 2024