N-CSRS 1 filing918.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)


Cynthia Lo Bessette, 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, 2022


Item 1.

Reports to Stockholders




Fidelity® International Small Cap Fund



Semi-Annual Report

April 30, 2022

Includes Fidelity and Fidelity Advisor share classes

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

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. © 2022 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   Japan 18.4% 
   United Kingdom 13.0% 
   United States of America* 5.9% 
   Germany 5.5% 
   Canada 4.4% 
   Australia 3.4% 
   Taiwan 3.2% 
   France 3.0% 
   Mexico 2.9% 
   Other 40.3% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and include the effect of futures, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks 95.3 
Short-Term Investments and Net Other Assets (Liabilities) 4.7 

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Rheinmetall AG (Germany, Aerospace & Defense) 1.5 
Talanx AG (Germany, Insurance) 1.2 
Renesas Electronics Corp. (Japan, Semiconductors & Semiconductor Equipment) 1.1 
RHI Magnesita NV (Netherlands, Construction Materials) 0.9 
Hypera SA (Brazil, Pharmaceuticals) 0.9 
Tate & Lyle PLC (United Kingdom, Food Products) 0.9 
Hiscox Ltd. (Bermuda, Insurance) 0.9 
Open Text Corp. (Canada, Software) 0.9 
Soulbrain Co. Ltd. (Korea (South), Chemicals) 0.9 
International Games Systems Co. Ltd. (Taiwan, Entertainment) 0.9 
 10.1 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Industrials 18.3 
Consumer Discretionary 17.5 
Information Technology 11.3 
Financials 10.2 
Materials 8.4 
Real Estate 7.8 
Consumer Staples 7.2 
Health Care 6.2 
Communication Services 4.9 
Energy 3.5 
Utilities 0.0 

Percentages shown as 0.0% may reflect amounts less than 0.05%.

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.3%   
 Shares Value 
Australia - 3.4%   
Flight Centre Travel Group Ltd. (a) 185,100 $2,890,674 
GUD Holdings Ltd. 2,776,586 24,940,385 
Imdex Ltd. 6,534,507 11,463,738 
Inghams Group Ltd. 12,649,847 27,387,975 
Nanosonics Ltd. (a) 4,048,450 11,186,971 
National Storage REIT unit 8,515,622 15,423,921 
Servcorp Ltd. (b) 7,066,585 17,935,312 
SomnoMed Ltd. (a)(b) 4,189,521 5,417,705 
TOTAL AUSTRALIA  116,646,681 
Austria - 1.4%   
Mayr-Melnhof Karton AG 135,700 23,878,706 
Wienerberger AG 805,900 22,748,815 
TOTAL AUSTRIA  46,627,521 
Belgium - 1.3%   
Econocom Group SA 4,466,595 17,066,370 
Fagron NV 1,426,200 26,752,370 
TOTAL BELGIUM  43,818,740 
Bermuda - 0.9%   
Hiscox Ltd. 2,634,148 31,278,603 
Brazil - 1.4%   
Hypera SA 4,188,100 31,699,087 
YDUQS Participacoes SA 5,269,200 17,180,494 
TOTAL BRAZIL  48,879,581 
Canada - 4.4%   
CCL Industries, Inc. Class B 329,900 14,383,450 
Computer Modelling Group Ltd. 2,172,763 8,067,629 
ECN Capital Corp. 2,153,600 9,756,706 
Genesis Land Development Corp. (a)(b) 4,033,799 8,477,996 
Lassonde Industries, Inc. Class A (sub. vtg.) 161,599 17,291,401 
McCoy Global, Inc. (a)(c) 1,328,570 1,013,505 
North West Co., Inc. (c) 647,300 18,053,757 
Open Text Corp. 750,996 30,077,254 
Richelieu Hardware Ltd. 289,400 8,215,793 
Total Energy Services, Inc. (a) 578,300 3,632,803 
VerticalScope Holdings, Inc. 677,619 10,370,132 
Western Forest Products, Inc. 12,682,775 20,337,459 
TOTAL CANADA  149,677,885 
Cayman Islands - 2.2%   
ASM Pacific Technology Ltd. 2,372,500 23,909,545 
Best Pacific International Holdings Ltd. 22,196,000 6,067,680 
China Metal Recycling (Holdings) Ltd. (a)(d) 436,800 1 
Impro Precision Industries Ltd. (e) 19,481,300 5,044,374 
Pico Far East Holdings Ltd. 61,300,071 9,084,419 
Precision Tsugami China Corp. Ltd. 9,659,453 10,950,799 
Value Partners Group Ltd. 19,944,000 7,547,725 
Xingda International Holdings Ltd. 75,499,631 13,536,969 
TOTAL CAYMAN ISLANDS  76,141,512 
China - 2.5%   
Qingdao Port International Co. Ltd. (H Shares) (e) 33,596,000 16,909,369 
Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares) 5,651,666 21,004,158 
Sinopharm Group Co. Ltd. (H Shares) 6,719,200 15,462,087 
TravelSky Technology Ltd. (H Shares) 12,360,000 18,665,769 
Weifu High-Technology Group Co. Ltd. (B Shares) 7,043,386 14,373,921 
TOTAL CHINA  86,415,304 
Denmark - 0.7%   
Spar Nord Bank A/S 1,868,775 23,727,035 
Finland - 2.0%   
Huhtamaki Oyj (c) 567,700 21,459,214 
Kamux Corp. (c) 1,784,600 18,059,902 
Nanoform Finland PLC (a) 797,822 3,619,935 
Rovio Entertainment OYJ (e) 2,594,169 23,729,449 
TOTAL FINLAND  66,868,500 
France - 3.0%   
Altarea SCA (c) 119,957 18,360,281 
Antin Infrastructure Partners SA 365,255 9,488,790 
Elior SA (a)(e) 2,973,500 9,079,161 
Lectra 361,754 14,997,432 
Maisons du Monde SA (e) 1,077,507 18,376,664 
Thermador Groupe SA 193,366 19,406,932 
Vicat SA (c) 484,492 14,569,176 
TOTAL FRANCE  104,278,436 
Germany - 5.5%   
DIC Asset AG 1,497,500 20,949,888 
DWS Group GmbH & Co. KGaA (e) 226,600 7,457,051 
JOST Werke AG (e) 425,820 16,470,459 
NORMA Group AG 623,192 15,374,053 
Rheinmetall AG 232,425 52,394,206 
Synlab AG 977,100 14,581,706 
Takkt AG 1,310,212 21,168,358 
Talanx AG 934,467 38,854,844 
TOTAL GERMANY  187,250,565 
Greece - 0.8%   
Mytilineos SA 1,472,216 27,262,301 
Hong Kong - 1.5%   
Chervon Holdings Ltd. 2,080,400 13,001,320 
Far East Horizon Ltd. 24,669,000 20,121,983 
Magnificent Hotel Investment Ltd. (a) 316,412,000 4,285,171 
Sino Land Ltd. 11,344,375 14,994,799 
TOTAL HONG KONG  52,403,273 
Hungary - 0.2%   
Richter Gedeon PLC 415,803 8,293,181 
India - 2.6%   
Barbeque Nation Hospitality Ltd. (a) 700,593 10,996,761 
Cyient Ltd. 1,253,266 14,371,807 
Embassy Office Parks (REIT) 4,940,200 24,769,259 
IndusInd Bank Ltd. 1,809,700 22,863,214 
Shriram Transport Finance Co. Ltd. 1,064,852 16,520,813 
TOTAL INDIA  89,521,854 
Indonesia - 1.0%   
PT ACE Hardware Indonesia Tbk 98,215,000 7,059,211 
PT Avia Avian 200,607,200 11,324,337 
PT Selamat Sempurna Tbk 143,601,100 15,477,441 
TOTAL INDONESIA  33,860,989 
Ireland - 2.3%   
Adient PLC (a) 582,400 19,883,136 
Dalata Hotel Group PLC (a) 3,859,258 17,627,731 
Irish Residential Properties REIT PLC 14,699,100 22,581,625 
Mincon Group PLC (b) 13,529,844 17,565,371 
TOTAL IRELAND  77,657,863 
Italy - 1.8%   
Banca Generali SpA (c) 483,500 15,985,064 
BFF Bank SpA (e) 2,455,056 15,308,769 
MARR SpA 985,827 15,974,892 
Recordati SpA 303,811 14,640,155 
TOTAL ITALY  61,908,880 
Japan - 18.4%   
Amano Corp. 955,050 18,385,851 
Arata Corp. 678,500 18,747,001 
Arcland Sakamoto Co. Ltd. 1,770,834 21,197,008 
ASKUL Corp. 1,521,300 18,629,157 
Capcom Co. Ltd. 800,000 21,109,695 
Central Automotive Products Ltd. 376,400 6,058,710 
Daiichikosho Co. Ltd. 447,500 12,205,627 
DaikyoNishikawa Corp. 2,516,700 9,726,331 
Dexerials Corp. 763,200 16,734,955 
Dip Corp. 572,900 18,678,166 
GMO Internet, Inc. 1,113,100 22,245,512 
Inaba Denki Sangyo Co. Ltd. 921,400 18,070,898 
Isuzu Motors Ltd. 1,832,500 21,377,548 
LIXIL Group Corp. 899,400 15,818,940 
Maruwa Ceramic Co. Ltd. 210,700 24,566,783 
Meitec Corp. 311,200 16,518,480 
Minebea Mitsumi, Inc. 1,059,500 20,327,745 
Mitani Shoji Co. Ltd. 888,000 11,285,954 
Nihon Parkerizing Co. Ltd. 2,168,400 15,337,416 
Nishimoto Co. Ltd. 560,400 12,036,152 
NSD Co. Ltd. 1,301,300 23,099,839 
PALTAC Corp. 679,900 24,781,004 
Park24 Co. Ltd. (a) 1,452,600 20,685,767 
Persol Holdings Co. Ltd. 1,070,500 21,238,330 
Renesas Electronics Corp. (a) 3,367,500 35,958,058 
Roland Corp. 707,900 24,429,562 
S Foods, Inc. 1,137,623 26,466,613 
San-Ai Obbli Co. Ltd. 2,265,100 16,628,234 
Ship Healthcare Holdings, Inc. 1,317,100 22,000,751 
Sugi Holdings Co. Ltd. 378,300 16,214,121 
Sumco Corp. 1,217,000 17,526,831 
TIS, Inc. 1,172,000 26,322,378 
TKC Corp. 286,800 7,533,382 
Tsuruha Holdings, Inc. 216,100 11,044,445 
TOTAL JAPAN  632,987,244 
Korea (South) - 1.7%   
Hyundai Fire & Marine Insurance Co. Ltd. 533,476 13,676,451 
Soulbrain Co. Ltd. 154,200 29,495,874 
Vitzrocell Co. Ltd. (b) 1,472,541 15,045,681 
TOTAL KOREA (SOUTH)  58,218,006 
Luxembourg - 0.9%   
B&M European Value Retail SA 2,420,800 14,832,455 
Stabilus Se 308,800 14,544,904 
TOTAL LUXEMBOURG  29,377,359 
Mexico - 2.9%   
Bolsa Mexicana de Valores S.A.B. de CV 9,976,900 19,766,548 
GCC S.A.B. de CV 2,856,200 18,891,104 
Genomma Lab Internacional SA de CV 17,396,561 18,320,246 
Gruma S.A.B. de CV Series B 1,988,600 23,620,746 
Qualitas Controladora S.A.B. de CV 3,595,835 19,383,130 
TOTAL MEXICO  99,981,774 
Netherlands - 2.9%   
AerCap Holdings NV (a) 414,072 19,341,303 
Amsterdam Commodities NV 851,899 22,749,552 
Arcadis NV 396,350 16,537,197 
RHI Magnesita NV 1,109,491 33,008,437 
Van Lanschot NV (Bearer) 283,041 7,370,822 
TOTAL NETHERLANDS  99,007,311 
New Zealand - 0.5%   
EBOS Group Ltd. 594,710 16,220,899 
Norway - 0.7%   
Elmera Group ASA (e) 288,565 651,200 
Europris ASA (e) 2,485,800 12,631,017 
Selvaag Bolig ASA 2,158,000 10,195,042 
TOTAL NORWAY  23,477,259 
Panama - 0.5%   
Intercorp Financial Services, Inc. 683,100 18,669,123 
Philippines - 1.4%   
Century Pacific Food, Inc. 53,034,700 22,752,847 
Robinsons Land Corp. 73,007,700 26,475,656 
TOTAL PHILIPPINES  49,228,503 
Romania - 0.6%   
Banca Transilvania SA 40,399,645 20,503,280 
Singapore - 2.5%   
Boustead Singapore Ltd. 13,008,812 8,967,509 
HRnetgroup Ltd. 29,852,200 17,198,317 
Mapletree Industrial (REIT) 13,525,807 25,416,098 
The Hour Glass Ltd. 13,304,580 23,688,822 
Wing Tai Holdings Ltd. 9,410,300 11,810,921 
TOTAL SINGAPORE  87,081,667 
Spain - 2.8%   
Cie Automotive SA 780,300 17,011,982 
Compania de Distribucion Integral Logista Holdings SA 1,353,100 24,931,465 
Grupo Catalana Occidente SA 714,422 20,578,758 
Indra Sistemas SA (a) 1,848,677 18,839,140 
Prosegur Compania de Seguridad SA (Reg.) 6,813,081 14,100,648 
TOTAL SPAIN  95,461,993 
Sweden - 2.6%   
BHG Group AB (a)(c) 2,204,700 15,180,057 
Dustin Group AB (e) 2,804,025 20,147,777 
Granges AB 1,686,876 13,854,100 
Haypp Group (a) 1,154,900 3,824,908 
HEXPOL AB (B Shares) (c) 2,077,700 17,839,478 
John Mattson Fastighetsforetag (a) 850,400 13,248,802 
Nordnet AB 376,000 6,521,628 
TOTAL SWEDEN  90,616,750 
Taiwan - 3.2%   
International Games Systems Co. Ltd. 1,196,000 29,380,744 
Lumax International Corp. Ltd. 5,041,436 12,273,139 
Sporton International, Inc. 1,917,312 11,792,492 
Test Research, Inc. 7,690,000 17,871,607 
Tripod Technology Corp. 4,420,000 18,439,920 
Yageo Corp. 1,036,000 13,991,271 
Yung Chi Paint & Varnish Manufacturing Co. Ltd. 2,538,000 6,247,182 
TOTAL TAIWAN  109,996,355 
Thailand - 0.6%   
Star Petroleum Refining PCL (For. Reg.) 68,317,400 21,366,102 
United Kingdom - 13.0%   
Alliance Pharma PLC 17,811,827 25,584,796 
Anhui Heli Co. Ltd. ELS (UBS AG London Branch Bank Warrant Programme) Class A warrants 1/5/24 (a)(e) 10,703,956 15,093,349 
Ashtead Technology Holdings PLC (a)(b) 5,971,000 17,857,584 
Biffa PLC (e) 5,884,425 25,522,175 
Bodycote PLC 1,878,573 14,569,944 
Bytes Technology Group PLC 1,296,238 7,205,792 
easyJet PLC (a) 1,500,000 10,394,244 
Grainger Trust PLC 6,522,436 24,261,959 
Harbour Energy PLC 3,790,900 23,772,743 
Hyve Group PLC (a) 7,233,042 6,844,328 
Informa PLC (a) 2,801,186 19,871,334 
J.D. Wetherspoon PLC (a) 1,976,700 17,961,696 
Jet2 PLC (a) 1,467,200 22,531,770 
John Wood Group PLC (a) 10,082,200 28,033,703 
LSL Property Services PLC 225,267 1,094,779 
Luxfer Holdings PLC sponsored 1,078,459 17,406,328 
Mears Group PLC (b) 7,921,714 19,625,293 
On The Beach Group PLC (a)(e) 6,153,598 17,650,654 
Reach PLC 6,990,600 14,245,842 
Sabre Insurance Group PLC (e) 176,261 461,789 
Savills PLC 957,300 12,878,177 
Tate & Lyle PLC 3,233,330 31,426,687 
Ten Entertainment Group PLC (a)(b) 5,931,311 18,958,433 
Ultra Electronics Holdings PLC 426,381 17,365,711 
Vistry Group PLC 1,621,018 16,912,206 
WH Smith PLC (a) 1,130,000 20,330,136 
TOTAL UNITED KINGDOM  447,861,452 
United States of America - 1.2%   
Adtalem Global Education, Inc. (a) 705,100 20,666,481 
Antero Resources Corp. (a) 605,200 21,303,040 
TOTAL UNITED STATES OF AMERICA  41,969,521 
TOTAL COMMON STOCKS   
(Cost $3,238,094,516)  3,274,543,302 
Money Market Funds - 3.2%   
Fidelity Cash Central Fund 0.32% (f) 72,464,499 72,478,992 
Fidelity Securities Lending Cash Central Fund 0.32% (f)(g) 38,443,376 38,447,220 
TOTAL MONEY MARKET FUNDS   
(Cost $110,926,212)  110,926,212 
TOTAL INVESTMENT IN SECURITIES - 98.5%   
(Cost $3,349,020,728)  3,385,469,514 
NET OTHER ASSETS (LIABILITIES) - 1.5%  50,800,452 
NET ASSETS - 100%  $3,436,269,966 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Affiliated company

 (c) Security or a portion of the security is on loan at period end.

 (d) Level 3 security

 (e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $204,533,257 or 6.0% 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.

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund 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 0.32% $73,879,832 $377,244,626 $378,645,466 $34,702 $4,759 $(4,759) $72,478,992 0.1% 
Fidelity Securities Lending Cash Central Fund 0.32% 6,261,744 154,988,438 122,802,962 111,491 -- -- 38,447,220 0.1% 
Total $80,141,576 $532,233,064 $501,448,428 $146,193 $4,759 $(4,759) $110,926,212  

Amounts in the 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. Amount 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.

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.

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 $-- $13,053,278 $-- $-- $-- $4,804,306 $17,857,584 
Genesis Land Development Corp. 6,238,912 1,650,371 -- -- -- 588,713 8,477,996 
Mears Group PLC 21,465,698 -- -- -- -- (1,840,405) 19,625,293 
Mincon Group PLC 19,187,958 1,369,159 -- -- -- (2,991,746) 17,565,371 
Servcorp Ltd. 21,529,146 -- -- 513,776 -- (3,593,834) 17,935,312 
SomnoMed Ltd. 8,131,043 -- -- -- -- (2,713,338) 5,417,705 
Ten Entertainment Group PLC 21,673,179 -- -- -- -- (2,714,746) 18,958,433 
Vitzrocell Co. Ltd. 19,748,086 595,477 -- 144,227 -- (5,297,882) 15,045,681 
Total $117,974,022 $16,668,285 $-- $658,003 $-- $(13,758,932) $120,883,375 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $165,519,736 $10,370,132 $155,149,604 $-- 
Consumer Discretionary 598,747,924 57,730,111 541,017,813 -- 
Consumer Staples 245,019,188 58,965,904 186,053,284 -- 
Energy 123,817,759 34,016,977 89,800,782 -- 
Financials 345,842,126 88,078,787 257,763,339 -- 
Health Care 213,779,889 58,312,514 155,467,375 -- 
Industrials 628,638,824 44,963,424 583,675,400 -- 
Information Technology 387,809,496 30,077,254 357,732,242 -- 
Materials 295,842,645 53,612,013 242,230,631 1 
Real Estate 268,874,515 8,477,996 260,396,519 -- 
Utilities 651,200 -- 651,200 -- 
Money Market Funds 110,926,212 110,926,212 -- -- 
Total Investments in Securities: $3,385,469,514 $555,531,324 $2,829,938,189 $1 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $35,423,545) — See accompanying schedule:
Unaffiliated issuers (cost $3,110,511,243) 		$3,153,659,927  
Fidelity Central Funds (cost $110,926,212) 110,926,212  
Other affiliated issuers (cost $127,583,273) 120,883,375  
Total Investment in Securities (cost $3,349,020,728)  $3,385,469,514 
Foreign currency held at value (cost $92,819,650)  89,493,904 
Receivable for investments sold  25,144,047 
Receivable for fund shares sold  5,404,211 
Dividends receivable  17,279,570 
Distributions receivable from Fidelity Central Funds  24,684 
Prepaid expenses  1,073 
Other receivables  8,025 
Total assets  3,522,825,028 
Liabilities   
Payable for investments purchased $35,525,964  
Payable for fund shares redeemed 6,468,993  
Accrued management fee 2,364,517  
Distribution and service plan fees payable 47,315  
Other affiliated payables 518,807  
Other payables and accrued expenses 3,186,340  
Collateral on securities loaned 38,443,126  
Total liabilities  86,555,062 
Net Assets  $3,436,269,966 
Net Assets consist of:   
Paid in capital  $3,391,805,104 
Total accumulated earnings (loss)  44,464,862 
Net Assets  $3,436,269,966 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($115,770,739 ÷ 4,151,062 shares)(a)  $27.89 
Maximum offering price per share (100/94.25 of $27.89)  $29.59 
Class M:   
Net Asset Value and redemption price per share ($16,631,324 ÷ 599,113 shares)(a)  $27.76 
Maximum offering price per share (100/96.50 of $27.76)  $28.77 
Class C:   
Net Asset Value and offering price per share ($17,446,298 ÷ 650,276 shares)(a)  $26.83 
International Small Cap:   
Net Asset Value, offering price and redemption price per share ($1,307,020,128 ÷ 45,863,890 shares)  $28.50 
Class I:   
Net Asset Value, offering price and redemption price per share ($944,990,271 ÷ 32,934,845 shares)  $28.69 
Class Z:   
Net Asset Value, offering price and redemption price per share ($1,034,411,206 ÷ 36,087,706 shares)  $28.66 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends (including $658,003 earned from other affiliated issuers)  $54,235,089 
Income from Fidelity Central Funds (including $111,491 from security lending)  146,193 
Income before foreign taxes withheld  54,381,282 
Less foreign taxes withheld  (5,379,721) 
Total income  49,001,561 
Expenses   
Management fee   
Basic fee $14,542,058  
Performance adjustment (881,624)  
Transfer agent fees 2,368,507  
Distribution and service plan fees 306,675  
Accounting fees 750,246  
Custodian fees and expenses 228,763  
Independent trustees' fees and expenses 5,920  
Registration fees 139,363  
Audit 55,353  
Legal 2,139  
Interest 214  
Miscellaneous 6,226  
Total expenses before reductions 17,523,840  
Expense reductions (51,004)  
Total expenses after reductions  17,472,836 
Net investment income (loss)  31,528,725 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $1,146,243) 60,481,372  
Fidelity Central Funds 4,759  
Foreign currency transactions (4,991,017)  
Total net realized gain (loss)  55,495,114 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $2,334,809) (543,763,337)  
Fidelity Central Funds (4,759)  
Other affiliated issuers (13,758,932)  
Assets and liabilities in foreign currencies (3,468,505)  
Total change in net unrealized appreciation (depreciation)  (560,995,533) 
Net gain (loss)  (505,500,419) 
Net increase (decrease) in net assets resulting from operations  $(473,971,694) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $31,528,725 $37,418,269 
Net realized gain (loss) 55,495,114 202,743,430 
Change in net unrealized appreciation (depreciation) (560,995,533) 628,841,749 
Net increase (decrease) in net assets resulting from operations (473,971,694) 869,003,448 
Distributions to shareholders (242,362,167) (21,019,114) 
Share transactions - net increase (decrease) 620,634,401 558,815,987 
Total increase (decrease) in net assets (95,699,460) 1,406,800,321 
Net Assets   
Beginning of period 3,531,969,426 2,125,169,105 
End of period $3,436,269,966 $3,531,969,426 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity International Small Cap Fund Class A

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $34.31 $24.75 $26.32 $25.78 $29.24 $23.81 
Income from Investment Operations       
Net investment income (loss)A,B .23 .31 .27 .49 .38 .29 
Net realized and unrealized gain (loss) (4.38) 9.42 (1.26) 1.43 (2.87) 5.70 
Total from investment operations (4.15) 9.73 (.99) 1.92 (2.49) 5.99 
Distributions from net investment income (.75) (.17) (.44) (.38) (.23) (.28) 
Distributions from net realized gain (1.52) – (.14) (1.00) (.74) (.29) 
Total distributions (2.27) (.17) (.58) (1.38) (.97) (.57) 
Redemption fees added to paid in capitalA – – – – –C .01 
Net asset value, end of period $27.89 $34.31 $24.75 $26.32 $25.78 $29.24 
Total ReturnD,E,F (12.63)% 39.43% (3.91)% 8.00% (8.83)% 25.83% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions 1.28%I 1.29% 1.36% 1.47% 1.49% 1.55% 
Expenses net of fee waivers, if any 1.28%I 1.29% 1.36% 1.47% 1.49% 1.55% 
Expenses net of all reductions 1.28%I 1.29% 1.35% 1.46% 1.48% 1.55% 
Net investment income (loss) 1.50%I .95% 1.09% 1.94% 1.33% 1.11% 
Supplemental Data       
Net assets, end of period (000 omitted) $115,771 $136,131 $92,044 $105,786 $80,395 $63,459 
Portfolio turnover rateJ 19%I 28% 43% 28% 25% 22% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity International Small Cap Fund Class M

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $34.12 $24.62 $26.18 $25.62 $29.07 $23.65 
Income from Investment Operations       
Net investment income (loss)A,B .19 .22 .19 .41 .30 .21 
Net realized and unrealized gain (loss) (4.36) 9.38 (1.25) 1.43 (2.86) 5.69 
Total from investment operations (4.17) 9.60 (1.06) 1.84 (2.56) 5.90 
Distributions from net investment income (.66) (.10) (.36) (.27) (.15) (.19) 
Distributions from net realized gain (1.52) – (.14) (1.00) (.74) (.29) 
Total distributions (2.19)C (.10) (.50) (1.28)C (.89) (.48) 
Redemption fees added to paid in capitalA – – – – –D –D 
Net asset value, end of period $27.76 $34.12 $24.62 $26.18 $25.62 $29.07 
Total ReturnE,F,G (12.76)% 39.07% (4.19)% 7.65% (9.10)% 25.47% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 1.55%J 1.57% 1.67% 1.78% 1.77% 1.84% 
Expenses net of fee waivers, if any 1.55%J 1.57% 1.67% 1.78% 1.77% 1.84% 
Expenses net of all reductions 1.55%J 1.57% 1.65% 1.77% 1.76% 1.84% 
Net investment income (loss) 1.23%J .68% .78% 1.62% 1.05% .82% 
Supplemental Data       
Net assets, end of period (000 omitted) $16,631 $19,926 $12,492 $16,013 $16,362 $18,148 
Portfolio turnover rateK 19%J 28% 43% 28% 25% 22% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity International Small Cap Fund Class C

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $32.93 $23.80 $25.27 $24.77 $28.21 $22.97 
Income from Investment Operations       
Net investment income (loss)A,B .11 .06 .08 .28 .16 .08 
Net realized and unrealized gain (loss) (4.21) 9.07 (1.23) 1.39 (2.76) 5.53 
Total from investment operations (4.10) 9.13 (1.15) 1.67 (2.60) 5.61 
Distributions from net investment income (.48) – (.18) (.17) (.10) (.08) 
Distributions from net realized gain (1.52) – (.14) (1.00) (.74) (.29) 
Total distributions (2.00) – (.32) (1.17) (.84) (.37) 
Redemption fees added to paid in capitalA – – – – –C –C 
Net asset value, end of period $26.83 $32.93 $23.80 $25.27 $24.77 $28.21 
Total ReturnD,E,F (12.95)% 38.36% (4.65)% 7.17% (9.51)% 24.85% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions 2.05%I 2.05% 2.13% 2.24% 2.24% 2.33% 
Expenses net of fee waivers, if any 2.04%I 2.05% 2.13% 2.24% 2.24% 2.33% 
Expenses net of all reductions 2.04%I 2.05% 2.11% 2.23% 2.23% 2.32% 
Net investment income (loss) .74%I .19% .32% 1.16% .58% .33% 
Supplemental Data       
Net assets, end of period (000 omitted) $17,446 $21,683 $17,659 $23,937 $41,918 $26,005 
Portfolio turnover rateJ 19%I 28% 43% 28% 25% 22% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the contingent deferred sales charge.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity International Small Cap Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $35.05 $25.28 $26.86 $26.29 $29.77 $24.23 
Income from Investment Operations       
Net investment income (loss)A,B .28 .41 .34 .57 .48 .37 
Net realized and unrealized gain (loss) (4.48) 9.61 (1.27) 1.45 (2.93) 5.79 
Total from investment operations (4.20) 10.02 (.93) 2.02 (2.45) 6.16 
Distributions from net investment income (.83) (.25) (.51) (.45) (.29) (.34) 
Distributions from net realized gain (1.52) – (.14) (1.00) (.74) (.29) 
Total distributions (2.35) (.25) (.65) (1.45) (1.03) (.63) 
Redemption fees added to paid in capitalA – – – – –C .01 
Net asset value, end of period $28.50 $35.05 $25.28 $26.86 $26.29 $29.77 
Total ReturnD,E (12.52)% 39.83% (3.61)% 8.27% (8.54)% 26.18% 
Ratios to Average Net AssetsB,F,G       
Expenses before reductions 1.01%H 1.01% 1.08% 1.19% 1.20% 1.25% 
Expenses net of fee waivers, if any 1.01%H 1.01% 1.08% 1.19% 1.20% 1.25% 
Expenses net of all reductions 1.01%H 1.01% 1.07% 1.18% 1.19% 1.24% 
Net investment income (loss) 1.77%H 1.23% 1.37% 2.22% 1.62% 1.41% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,307,020 $1,534,214 $1,122,746 $1,282,412 $1,256,193 $1,418,452 
Portfolio turnover rateI 19%H 28% 43% 28% 25% 22% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity International Small Cap Fund Class I

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $35.27 $25.44 $27.03 $26.45 $29.97 $24.42 
Income from Investment Operations       
Net investment income (loss)A,B .28 .41 .35 .58 .47 .38 
Net realized and unrealized gain (loss) (4.50) 9.67 (1.28) 1.46 (2.95) 5.82 
Total from investment operations (4.22) 10.08 (.93) 2.04 (2.48) 6.20 
Distributions from net investment income (.84) (.25) (.52) (.46) (.30) (.37) 
Distributions from net realized gain (1.52) – (.14) (1.00) (.74) (.29) 
Total distributions (2.36) (.25) (.66) (1.46) (1.04) (.66) 
Redemption fees added to paid in capitalA – – – – –C .01 
Net asset value, end of period $28.69 $35.27 $25.44 $27.03 $26.45 $29.97 
Total ReturnD,E (12.51)% 39.80% (3.62)% 8.28% (8.58)% 26.17% 
Ratios to Average Net AssetsB,F,G       
Expenses before reductions 1.01%H 1.02% 1.08% 1.19% 1.21% 1.28% 
Expenses net of fee waivers, if any 1.00%H 1.02% 1.08% 1.18% 1.21% 1.28% 
Expenses net of all reductions 1.00%H 1.02% 1.06% 1.18% 1.20% 1.27% 
Net investment income (loss) 1.78%H 1.22% 1.38% 2.22% 1.61% 1.39% 
Supplemental Data       
Net assets, end of period (000 omitted) $944,990 $1,080,258 $605,100 $777,771 $564,988 $237,469 
Portfolio turnover rateI 19%H 28% 43% 28% 25% 22% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity International Small Cap Fund Class Z

 Six months ended (Unaudited) April 30, Years endedOctober 31,    
 2022 2021 2020 2019 2018 A 
Selected Per–Share Data      
Net asset value, beginning of period $35.26 $25.43 $27.03 $26.46 $28.78 
Income from Investment Operations      
Net investment income (loss)B,C .30 .45 .38 .61 .03 
Net realized and unrealized gain (loss) (4.50) 9.67 (1.28) 1.47 (2.35) 
Total from investment operations (4.20) 10.12 (.90) 2.08 (2.32) 
Distributions from net investment income (.88) (.29) (.56) (.50) – 
Distributions from net realized gain (1.52) – (.14) (1.00) – 
Total distributions (2.40) (.29) (.70) (1.51)D – 
Net asset value, end of period $28.66 $35.26 $25.43 $27.03 $26.46 
Total ReturnE,F (12.46)% 39.99% (3.51)% 8.44% (8.06)% 
Ratios to Average Net AssetsC,G,H      
Expenses before reductions .88%I .89% .94% 1.05% 1.15%I 
Expenses net of fee waivers, if any .88%I .89% .94% 1.05% 1.15%I 
Expenses net of all reductions .88%I .89% .93% 1.04% 1.14%I 
Net investment income (loss) 1.90%I 1.35% 1.51% 2.35% 2.01%I 
Supplemental Data      
Net assets, end of period (000 omitted) $1,034,411 $739,757 $275,127 $245,252 $7,421 
Portfolio turnover rateJ 19%I 28% 43% 28% 25%I 

 A For the period October 2, 2018 (commencement of sale of shares) through October 31, 2018.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Total distributions per share do not sum due to rounding.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

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. 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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific event. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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, 2022 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. 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 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 $468,816,363 
Gross unrealized depreciation (488,307,851) 
Net unrealized appreciation (depreciation) $(19,491,488) 
Tax cost $3,404,961,002 

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 747,730,503 325,480,446 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/.20 % of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Small Cap as compared to its benchmark index, the MSCI ACWI (All Country World Index) ex USA Small Cap Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .78% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $160,858 $4,143 
Class M .25% .25% 46,000 403 
Class C .75% .25% 99,817 11,266 
   $306,675 $16,082 

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 $9,877 
Class M 1,711 
Class C(a) 32 
 $11,620 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Class A $122,398 .19 
Class M 18,975 .21 
Class C 20,288 .20 
International Small Cap 1,179,172 .17 
Class I 839,311 .16 
Class Z 188,363 .04 
 $2,368,507  

 (a) Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following 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 $234 

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity International Small Cap Fund Borrower $12,256,000 .32% $214 

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 24,609,521 18,414,232 911,537 

Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:

 Amount ($) 
Fidelity International Small Cap Fund 55,117 

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity International Small Cap Fund $2,917 

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 $12,162 $– $– 

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 $3.

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 $51,001.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2022 		Year ended
October 31, 2021 
Fidelity International Small Cap Fund   
Distributions to shareholders   
Class A $9,065,367 $622,406 
Class M 1,272,726 53,224 
Class C 1,312,589 – 
International Small Cap 100,730,178 11,248,767 
Class I 74,208,475 5,954,650 
Class Z 55,772,832 3,140,067 
Total $242,362,167 $21,019,114 

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, 2022 Year ended October 31, 2021 Six months ended April 30, 2022 Year ended October 31, 2021 
Fidelity International Small Cap Fund     
Class A     
Shares sold 525,839 1,096,168 $15,978,140 $36,087,902 
Reinvestment of distributions 295,136 20,641 8,995,592 602,724 
Shares redeemed (637,746) (868,345) (19,197,690) (27,783,984) 
Net increase (decrease) 183,229 248,464 $5,776,042 $8,906,642 
Class M     
Shares sold 50,591 192,504 $1,549,943 $6,165,671 
Reinvestment of distributions 41,863 1,822 1,271,367 53,041 
Shares redeemed (77,416) (117,643) (2,375,200) (3,719,741) 
Net increase (decrease) 15,038 76,683 $446,110 $2,498,971 
Class C     
Shares sold 38,153 124,712 $1,130,237 $3,881,022 
Reinvestment of distributions 44,584 – 1,311,796 – 
Shares redeemed (90,852) (208,320) (2,650,944) (6,445,073) 
Net increase (decrease) (8,115) (83,608) $(208,911) $(2,564,051) 
International Small Cap     
Shares sold 6,064,448 11,483,683 $188,459,538 $380,507,391 
Reinvestment of distributions 2,945,011 351,180 91,615,712 10,447,597 
Shares redeemed (6,922,816) (12,475,148) (218,729,076) (415,087,040) 
Net increase (decrease) 2,086,643 (640,285) $61,346,174 $(24,132,052) 
Class I     
Shares sold 8,057,365 14,337,771 $255,614,429 $478,972,006 
Reinvestment of distributions 2,305,754 190,830 72,208,170 5,715,372 
Shares redeemed (8,054,649) (7,690,269) (253,168,821) (254,833,029) 
Net increase (decrease) 2,308,470 6,838,332 $74,653,778 $229,854,349 
Class Z     
Shares sold 18,153,837 15,195,411 $573,561,429 $516,119,932 
Reinvestment of distributions 1,517,664 86,491 47,460,406 2,586,946 
Shares redeemed (4,561,510) (5,123,203) (142,400,627) (174,454,750) 
Net increase (decrease) 15,109,991 10,158,699 $478,621,208 $344,252,128 

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. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

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, 2021 to April 30, 2022).

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, 2021 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity International Small Cap Fund     
Class A 1.28%    
Actual  $1,000.00 $873.70 $5.95 
Hypothetical-C  $1,000.00 $1,018.45 $6.41 
Class M 1.55%    
Actual  $1,000.00 $872.40 $7.20 
Hypothetical-C  $1,000.00 $1,017.11 $7.75 
Class C 2.04%    
Actual  $1,000.00 $870.50 $9.46 
Hypothetical-C  $1,000.00 $1,014.68 $10.19 
International Small Cap 1.01%    
Actual  $1,000.00 $874.80 $4.69 
Hypothetical-C  $1,000.00 $1,019.79 $5.06 
Class I 1.00%    
Actual  $1,000.00 $874.90 $4.65 
Hypothetical-C  $1,000.00 $1,019.84 $5.01 
Class Z .88%    
Actual  $1,000.00 $875.40 $4.09 
Hypothetical-C  $1,000.00 $1,020.43 $4.41 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Liquidity Risk Management Program

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 pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is 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) in the case of exchange-traded funds, certain additional factors 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 liquidity categories described below 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 implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

ISC-SANN-0622
1.800662.118

Fidelity® International Small Cap Opportunities Fund



Semi-Annual Report

April 30, 2022

Includes Fidelity and Fidelity Advisor share classes

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

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.

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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. © 2022 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   Japan 33.6% 
   United Kingdom 15.9% 
   Sweden 10.0% 
   United States of America* 7.2% 
   Germany 5.3% 
   Netherlands 5.0% 
   France 3.5% 
   Canada 2.7% 
   Italy 2.1% 
   Other 14.7% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and include the effect of futures, if applicable

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks 96.9 
Short-Term Investments and Net Other Assets (Liabilities) 3.1 

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
AddTech AB (B Shares) (Sweden, Trading Companies & Distributors) 3.9 
Aalberts Industries NV (Netherlands, Machinery) 3.4 
Azbil Corp. (Japan, Electronic Equipment & Components) 3.2 
Spirax-Sarco Engineering PLC (United Kingdom, Machinery) 3.2 
Lagercrantz Group AB (B Shares) (Sweden, Electronic Equipment & Components) 3.2 
Spectris PLC (United Kingdom, Electronic Equipment & Components) 2.9 
OBIC Co. Ltd. (Japan, IT Services) 2.8 
Dechra Pharmaceuticals PLC (United Kingdom, Pharmaceuticals) 2.7 
CTS Eventim AG (Germany, Entertainment) 2.6 
Lasertec Corp. (Japan, Semiconductors & Semiconductor Equipment) 2.2 
 30.1 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Industrials 31.4 
Information Technology 20.6 
Health Care 14.2 
Consumer Discretionary 7.6 
Communication Services 6.8 
Consumer Staples 5.9 
Financials 4.1 
Real Estate 3.3 
Materials 2.5 
Energy 0.5 

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.2%   
 Shares Value 
Australia - 0.8%   
Aub Group Ltd. 97,141 $1,572,790 
Imdex Ltd. 1,772,752 3,110,007 
Steadfast Group Ltd. 1,500,000 5,430,577 
TOTAL AUSTRALIA  10,113,374 
Bailiwick of Jersey - 0.5%   
Integrated Diagnostics Holdings PLC (a) 5,996,716 6,586,738 
Belgium - 1.2%   
Azelis Group NV 265,800 6,546,225 
KBC Ancora 239,989 9,709,608 
TOTAL BELGIUM  16,255,833 
Canada - 2.7%   
CAE, Inc. (b) 296,600 7,053,384 
McCoy Global, Inc. (b) 630,715 481,143 
Osisko Gold Royalties Ltd. 295,000 3,630,522 
Richelieu Hardware Ltd. 417,263 11,845,702 
Summit Industrial Income REIT (c) 796,500 12,611,069 
TOTAL CANADA  35,621,820 
Cayman Islands - 0.4%   
Chlitina Holding Ltd. 829,500 5,203,437 
Denmark - 1.6%   
Netcompany Group A/S (a)(b)(c) 109,110 6,067,851 
SimCorp A/S 105,658 7,396,757 
Spar Nord Bank A/S 550,455 6,988,891 
TOTAL DENMARK  20,453,499 
Finland - 0.5%   
Musti Group OYJ 289,502 6,811,575 
France - 3.5%   
Laurent-Perrier Group SA 66,712 6,316,255 
Lectra 392,400 16,267,940 
LISI 343,264 7,760,757 
Vetoquinol SA 114,884 14,959,754 
TOTAL FRANCE  45,304,706 
Germany - 4.6%   
CompuGroup Medical AG 85,597 4,575,408 
CTS Eventim AG (b) 496,054 34,047,202 
Nexus AG 291,358 14,208,649 
Scout24 AG (a) 127,200 8,045,189 
TOTAL GERMANY  60,876,448 
India - 1.3%   
Embassy Office Parks (REIT) 2,231,000 11,185,826 
Indian Energy Exchange Ltd. (a) 2,298,585 6,364,841 
TOTAL INDIA  17,550,667 
Ireland - 0.7%   
Cairn Homes PLC 3,779,500 4,554,337 
Irish Residential Properties REIT PLC 2,925,000 4,493,558 
TOTAL IRELAND  9,047,895 
Israel - 2.1%   
Ituran Location & Control Ltd. 480,577 10,784,148 
Maytronics Ltd. 349,515 6,249,190 
Strauss Group Ltd. 260,984 6,995,528 
Tel Aviv Stock Exchange Ltd. 745,643 3,539,515 
TOTAL ISRAEL  27,568,381 
Italy - 2.1%   
Interpump Group SpA 686,943 27,772,939 
Japan - 33.6%   
Ai Holdings Corp. 225,800 2,964,357 
Aoki Super Co. Ltd. 175,000 3,851,452 
Artnature, Inc. 483,700 2,758,448 
Aucnet, Inc. 306,977 3,611,239 
Azbil Corp. 1,395,592 42,373,077 
Broadleaf Co. Ltd. 2,509,998 7,092,196 
Central Automotive Products Ltd. 151,500 2,438,615 
Curves Holdings Co. Ltd. 2,020,026 11,840,436 
Daiichikosho Co. Ltd. 418,800 11,422,830 
Daikokutenbussan Co. Ltd. 82,500 3,036,258 
Digital Hearts Holdings Co. Ltd. 555,806 7,244,296 
Fujitec Co. Ltd. 203,000 4,375,057 
Funai Soken Holdings, Inc. 355,650 5,964,326 
Goldcrest Co. Ltd. 675,530 8,785,983 
Iwatsuka Confectionary Co. Ltd. 18,900 576,167 
JEOL Ltd. 390,200 17,523,327 
Kobayashi Pharmaceutical Co. Ltd. 160,550 10,948,656 
Koshidaka Holdings Co. Ltd. 1,597,400 9,533,049 
Kusuri No Aoki Holdings Co. Ltd. 108,500 4,807,002 
Lasertec Corp. 212,644 28,409,537 
Medikit Co. Ltd. 252,200 4,484,539 
Miroku Jyoho Service Co., Ltd. 349,800 3,552,037 
Misumi Group, Inc. 642,168 16,101,929 
Mitsuboshi Belting Ltd. 272,680 4,176,807 
Nabtesco Corp. 356,100 8,121,789 
Nagaileben Co. Ltd. 671,327 9,995,796 
Nihon Parkerizing Co. Ltd. 2,013,600 14,242,492 
NS Tool Co. Ltd. 594,500 6,597,937 
NSD Co. Ltd. 468,549 8,317,380 
OBIC Co. Ltd. 252,600 37,318,957 
OSG Corp. 964,800 12,120,287 
Paramount Bed Holdings Co. Ltd. 312,220 5,200,008 
Pole To Win Holdings, Inc. 384,700 2,935,770 
ProNexus, Inc. 467,200 3,807,644 
San-Ai Obbli Co. Ltd. 839,700 6,164,288 
SHO-BOND Holdings Co. Ltd. 635,600 26,714,283 
Shoei Co. Ltd. 648,052 24,042,307 
SK Kaken Co. Ltd. 39,400 10,566,732 
Software Service, Inc. 78,600 3,518,830 
Techno Medica Co. Ltd. 80,791 967,455 
The Monogatari Corp. 109,200 4,553,655 
TIS, Inc. 291,100 6,537,922 
Tocalo Co. Ltd. 643,336 6,423,555 
USS Co. Ltd. 837,100 13,936,083 
Welcia Holdings Co. Ltd. 230,700 4,729,134 
YAKUODO Holdings Co. Ltd. 235,900 3,271,614 
Yamada Consulting Group Co. Ltd. 303,100 2,781,726 
TOTAL JAPAN  440,737,264 
Korea (South) - 0.5%   
BGF Retail Co. Ltd. 44,596 6,345,117 
Luxembourg - 0.3%   
Stabilus Se 89,000 4,192,022 
Netherlands - 5.0%   
Aalberts Industries NV 904,480 43,950,755 
AerCap Holdings NV (b) 121,000 5,651,910 
IMCD NV 99,700 15,874,485 
TOTAL NETHERLANDS  65,477,150 
Norway - 2.0%   
Kongsberg Gruppen ASA 423,059 18,171,477 
Medistim ASA 175,242 4,712,235 
Volue A/S (b) 923,944 3,940,383 
TOTAL NORWAY  26,824,095 
South Africa - 0.6%   
Clicks Group Ltd. 431,429 8,423,238 
Spain - 0.9%   
Fluidra SA 410,001 11,096,347 
Sweden - 10.0%   
Addlife AB 852,456 18,835,070 
AddTech AB (B Shares) 2,911,940 51,367,765 
Hemnet Group AB 547,700 6,832,520 
INVISIO AB 360,859 6,395,956 
John Mattson Fastighetsforetag (b) 402,343 6,268,300 
Lagercrantz Group AB (B Shares) 4,047,487 41,202,698 
TOTAL SWEDEN  130,902,309 
Switzerland - 0.8%   
Tecan Group AG 36,821 11,065,363 
Taiwan - 0.5%   
Addcn Technology Co. Ltd. 855,032 6,108,511 
United Kingdom - 15.9%   
Alliance Pharma PLC 9,107,237 13,081,578 
Avon Protection PLC 599,944 7,939,618 
Bodycote PLC 1,518,567 11,777,789 
Clarkson PLC 371,149 17,088,588 
Dechra Pharmaceuticals PLC 791,495 35,866,880 
DP Poland PLC (b) 17,420,691 1,638,992 
Helios Towers PLC (b) 2,265,833 3,165,176 
Howden Joinery Group PLC 1,446,900 13,698,553 
Rightmove PLC 2,584,170 19,864,769 
Spectris PLC 1,038,878 37,995,810 
Spirax-Sarco Engineering PLC 274,991 41,494,915 
Ultra Electronics Holdings PLC 113,258 4,612,789 
TOTAL UNITED KINGDOM  208,225,457 
United States of America - 4.1%   
Autoliv, Inc. 122,800 9,047,904 
Morningstar, Inc. 84,400 21,372,612 
PriceSmart, Inc. 132,660 10,539,837 
ResMed, Inc. 63,495 12,697,095 
TOTAL UNITED STATES OF AMERICA  53,657,448 
TOTAL COMMON STOCKS   
(Cost $936,426,554)  1,262,221,633 
Nonconvertible Preferred Stocks - 0.7%   
Germany - 0.7%   
Sartorius AG (non-vtg.)   
(Cost $682,838) 24,878 9,327,496 
Money Market Funds - 3.1%   
Fidelity Cash Central Fund 0.32% (d) 37,008,653 37,016,055 
Fidelity Securities Lending Cash Central Fund 0.32% (d)(e) 3,244,674 3,244,999 
TOTAL MONEY MARKET FUNDS   
(Cost $40,261,054)  40,261,054 
TOTAL INVESTMENT IN SECURITIES - 100.0%   
(Cost $977,370,446)  1,311,810,183 
NET OTHER ASSETS (LIABILITIES) - 0.0%  361,277 
NET ASSETS - 100%  $1,312,171,460 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

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 $27,064,619 or 2.1% 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.

Fund 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 0.32% $36,511,034 $113,504,583 $112,999,562 $22,995 $29 $(29) $37,016,055 0.1% 
Fidelity Securities Lending Cash Central Fund 0.32% 7,881,340 220,528,591 225,164,932 15,273 -- -- 3,244,999 0.0% 
Total $44,392,374 $334,033,174 $338,164,494 $38,268 $29 $(29) $40,261,054  

Amounts in the 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. Amount 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $89,486,197 $-- $89,486,197 $-- 
Consumer Discretionary 98,257,382 15,297,094 82,960,288 -- 
Consumer Staples 77,802,143 17,535,365 60,266,778 -- 
Energy 6,645,431 481,143 6,164,288 -- 
Financials 54,978,834 24,912,127 30,066,707 -- 
Health Care 187,606,221 12,697,095 174,909,126 -- 
Industrials 411,477,316 24,550,996 386,926,320 -- 
Information Technology 270,401,116 10,784,148 259,616,968 -- 
Materials 31,549,753 3,630,522 27,919,231 -- 
Real Estate 43,344,736 12,611,069 30,733,667 -- 
Money Market Funds 40,261,054 40,261,054 -- -- 
Total Investments in Securities: $1,311,810,183 $162,760,613 $1,149,049,570 $-- 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $3,122,530) — See accompanying schedule:
Unaffiliated issuers (cost $937,109,392) 		$1,271,549,129  
Fidelity Central Funds (cost $40,261,054) 40,261,054  
Total Investment in Securities (cost $977,370,446)  $1,311,810,183 
Foreign currency held at value (cost $308,588)  308,686 
Receivable for investments sold  1,930,505 
Receivable for fund shares sold  2,355,605 
Dividends receivable  4,748,061 
Reclaims receivable  1,183,591 
Distributions receivable from Fidelity Central Funds  12,069 
Prepaid expenses  546 
Other receivables  2,789 
Total assets  1,322,352,035 
Liabilities   
Payable for investments purchased $3,485,956  
Payable for fund shares redeemed 776,913  
Accrued management fee 1,049,140  
Distribution and service plan fees payable 16,323  
Other affiliated payables 224,087  
Deferred taxes 1,311,702  
Other payables and accrued expenses 67,845  
Collateral on securities loaned 3,248,609  
Total liabilities  10,180,575 
Net Assets  $1,312,171,460 
Net Assets consist of:   
Paid in capital  $954,035,446 
Total accumulated earnings (loss)  358,136,014 
Net Assets  $1,312,171,460 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($32,090,513 ÷ 1,636,378 shares)(a)  $19.61 
Maximum offering price per share (100/94.25 of $19.61)  $20.81 
Class M:   
Net Asset Value and redemption price per share ($12,015,276 ÷ 621,384 shares)(a)  $19.34 
Maximum offering price per share (100/96.50 of $19.34)  $20.04 
Class C:   
Net Asset Value and offering price per share ($4,523,225 ÷ 243,226 shares)(a)  $18.60 
International Small Cap Opportunities:   
Net Asset Value, offering price and redemption price per share ($912,304,332 ÷ 45,773,242 shares)  $19.93 
Class I:   
Net Asset Value, offering price and redemption price per share ($99,845,086 ÷ 5,014,691 shares)  $19.91 
Class Z:   
Net Asset Value, offering price and redemption price per share ($251,393,028 ÷ 12,643,892 shares)  $19.88 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $11,210,288 
Income from Fidelity Central Funds (including $15,273 from security lending)  38,268 
Income before foreign taxes withheld  11,248,556 
Less foreign taxes withheld  (1,038,215) 
Total income  10,210,341 
Expenses   
Management fee   
Basic fee $6,475,054  
Performance adjustment 1,221,019  
Transfer agent fees 1,090,762  
Distribution and service plan fees 114,585  
Accounting fees 351,752  
Custodian fees and expenses 72,245  
Independent trustees' fees and expenses 2,791  
Registration fees 33,229  
Audit 41,127  
Legal 1,075  
Miscellaneous 3,088  
Total expenses before reductions 9,406,727  
Expense reductions (23,439)  
Total expenses after reductions  9,383,288 
Net investment income (loss)  827,053 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $278,373) 37,385,610  
Fidelity Central Funds 29  
Foreign currency transactions (166,534)  
Total net realized gain (loss)  37,219,105 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $44,872) (461,442,633)  
Fidelity Central Funds (29)  
Assets and liabilities in foreign currencies (305,527)  
Total change in net unrealized appreciation (depreciation)  (461,748,189) 
Net gain (loss)  (424,529,084) 
Net increase (decrease) in net assets resulting from operations  $(423,702,031) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $827,053 $628,545 
Net realized gain (loss) 37,219,105 178,864,218 
Change in net unrealized appreciation (depreciation) (461,748,189) 315,607,273 
Net increase (decrease) in net assets resulting from operations (423,702,031) 495,100,036 
Distributions to shareholders (145,922,976) – 
Share transactions - net increase (decrease) 93,133,058 (112,591,520) 
Total increase (decrease) in net assets (476,491,949) 382,508,516 
Net Assets   
Beginning of period 1,788,663,409 1,406,154,893 
End of period $1,312,171,460 $1,788,663,409 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity International Small Cap Opportunities Fund Class A

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $28.35 $20.86 $19.02 $17.33 $18.47 $14.82 
Income from Investment Operations       
Net investment income (loss)A,B (.02) (.06) (.04) .11 .12 .10 
Net realized and unrealized gain (loss) (6.41) 7.55 2.05 2.01 (.92) 3.71 
Total from investment operations (6.43) 7.49 2.01 2.12 (.80) 3.81 
Distributions from net investment income – – (.11) (.11) (.09) (.12) 
Distributions from net realized gain (2.31) – (.05) (.31) (.24) (.04) 
Total distributions (2.31) – (.17)C (.43)C (.34)C (.16) 
Redemption fees added to paid in capitalA – – – – –D –D 
Net asset value, end of period $19.61 $28.35 $20.86 $19.02 $17.33 $18.47 
Total ReturnE,F,G (24.38)% 35.91% 10.58% 12.61% (4.48)% 26.00% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 1.49%J 1.50% 1.57% 1.49% 1.38% 1.43% 
Expenses net of fee waivers, if any 1.49%J 1.50% 1.57% 1.49% 1.38% 1.43% 
Expenses net of all reductions 1.49%J 1.50% 1.56% 1.48% 1.37% 1.43% 
Net investment income (loss) (.19)%J (.25)% (.20)% .64% .65% .61% 
Supplemental Data       
Net assets, end of period (000 omitted) $32,091 $45,981 $37,771 $41,679 $41,164 $41,324 
Portfolio turnover rateK 15%J 21% 20% 17% 19% 11% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity International Small Cap Opportunities Fund Class M

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $28.02 $20.67 $18.85 $17.17 $18.32 $14.68 
Income from Investment Operations       
Net investment income (loss)A,B (.05) (.13) (.09) .06 .07 .05 
Net realized and unrealized gain (loss) (6.32) 7.48 2.03 1.99 (.92) 3.69 
Total from investment operations (6.37) 7.35 1.94 2.05 (.85) 3.74 
Distributions from net investment income – – (.06) (.06) (.06) (.06) 
Distributions from net realized gain (2.31) – (.05) (.31) (.24) (.04) 
Total distributions (2.31) – (.12)C (.37) (.30) (.10) 
Redemption fees added to paid in capitalA – – – – –D –D 
Net asset value, end of period $19.34 $28.02 $20.67 $18.85 $17.17 $18.32 
Total ReturnE,F,G (24.46)% 35.56% 10.29% 12.29% (4.74)% 25.63% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 1.75%J 1.75% 1.84% 1.77% 1.67% 1.73% 
Expenses net of fee waivers, if any 1.74%J 1.75% 1.84% 1.77% 1.67% 1.73% 
Expenses net of all reductions 1.74%J 1.75% 1.83% 1.77% 1.66% 1.73% 
Net investment income (loss) (.44)%J (.50)% (.47)% .36% .36% .31% 
Supplemental Data       
Net assets, end of period (000 omitted) $12,015 $16,378 $13,141 $13,875 $13,245 $14,422 
Portfolio turnover rateK 15%J 21% 20% 17% 19% 11% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity International Small Cap Opportunities Fund Class C

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $27.10 $20.09 $18.31 $16.69 $17.84 $14.27 
Income from Investment Operations       
Net investment income (loss)A,B (.11) (.25) (.18) (.02) (.02) (.03) 
Net realized and unrealized gain (loss) (6.08) 7.26 1.96 1.93 (.89) 3.60 
Total from investment operations (6.19) 7.01 1.78 1.91 (.91) 3.57 
Distributions from net investment income – – – – – – 
Distributions from net realized gain (2.31) – – (.29) (.24) – 
Total distributions (2.31) – – (.29) (.24) – 
Redemption fees added to paid in capitalA – – – – –C –C 
Net asset value, end of period $18.60 $27.10 $20.09 $18.31 $16.69 $17.84 
Total ReturnD,E,F (24.64)% 34.89% 9.72% 11.74% (5.19)% 25.02% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions 2.25%I 2.26% 2.33% 2.27% 2.15% 2.22% 
Expenses net of fee waivers, if any 2.25%I 2.26% 2.33% 2.26% 2.15% 2.22% 
Expenses net of all reductions 2.25%I 2.26% 2.33% 2.26% 2.14% 2.21% 
Net investment income (loss) (.95)%I (1.01)% (.96)% (.13)% (.12)% (.17)% 
Supplemental Data       
Net assets, end of period (000 omitted) $4,523 $6,770 $7,253 $9,424 $14,461 $14,547 
Portfolio turnover rateJ 15%I 21% 20% 17% 19% 11% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the contingent deferred sales charge.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity International Small Cap Opportunities Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $28.77 $21.10 $19.24 $17.53 $18.69 $15.00 
Income from Investment Operations       
Net investment income (loss)A,B .01 .01 .02 .17 .18 .15 
Net realized and unrealized gain (loss) (6.51) 7.66 2.07 2.02 (.95) 3.75 
Total from investment operations (6.50) 7.67 2.09 2.19 (.77) 3.90 
Distributions from net investment income (.04) – (.17) (.17) (.15) (.17) 
Distributions from net realized gain (2.31) – (.05) (.31) (.24) (.04) 
Total distributions (2.34)C – (.23)C (.48) (.39) (.21) 
Redemption fees added to paid in capitalA – – – – –D –D 
Net asset value, end of period $19.93 $28.77 $21.10 $19.24 $17.53 $18.69 
Total ReturnE,F (24.27)% 36.35% 10.90% 12.97% (4.25)% 26.39% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions 1.20%I 1.21% 1.26% 1.19% 1.10% 1.13% 
Expenses net of fee waivers, if any 1.20%I 1.20% 1.26% 1.19% 1.10% 1.13% 
Expenses net of all reductions 1.20%I 1.20% 1.25% 1.19% 1.09% 1.13% 
Net investment income (loss) .10%I .05% .11% .94% .93% .91% 
Supplemental Data       
Net assets, end of period (000 omitted) $912,304 $1,268,421 $1,152,472 $1,040,989 $965,482 $916,882 
Portfolio turnover rateJ 15%I 21% 20% 17% 19% 11% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity International Small Cap Opportunities Fund Class I

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $28.75 $21.09 $19.22 $17.51 $18.66 $14.99 
Income from Investment Operations       
Net investment income (loss)A,B .01 .01 .02 .17 .18 .15 
Net realized and unrealized gain (loss) (6.50) 7.65 2.07 2.02 (.94) 3.74 
Total from investment operations (6.49) 7.66 2.09 2.19 (.76) 3.89 
Distributions from net investment income (.04) – (.16) (.16) (.15) (.18) 
Distributions from net realized gain (2.31) – (.05) (.31) (.24) (.04) 
Total distributions (2.35) – (.22)C (.48)C (.39) (.22) 
Redemption fees added to paid in capitalA – – – – –D –D 
Net asset value, end of period $19.91 $28.75 $21.09 $19.22 $17.51 $18.66 
Total ReturnE,F (24.28)% 36.32% 10.90% 12.93% (4.21)% 26.34% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions 1.21%I 1.22% 1.28% 1.20% 1.12% 1.14% 
Expenses net of fee waivers, if any 1.20%I 1.22% 1.27% 1.19% 1.12% 1.14% 
Expenses net of all reductions 1.20%I 1.22% 1.27% 1.19% 1.11% 1.14% 
Net investment income (loss) .10%I .04% .09% .93% .91% .90% 
Supplemental Data       
Net assets, end of period (000 omitted) $99,845 $141,310 $113,041 $142,854 $159,968 $164,878 
Portfolio turnover rateJ 15%I 21% 20% 17% 19% 11% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity International Small Cap Opportunities Fund Class Z

 Six months ended (Unaudited) April 30, Years endedOctober 31,    
 2022 2021 2020 2019 2018 A 
Selected Per–Share Data      
Net asset value, beginning of period $28.73 $21.05 $19.20 $17.51 $19.11 
Income from Investment Operations      
Net investment income (loss)B,C .03 .04 .05 .19 –D 
Net realized and unrealized gain (loss) (6.49) 7.64 2.05 2.02 (1.60) 
Total from investment operations (6.46) 7.68 2.10 2.21 (1.60) 
Distributions from net investment income (.08) – (.20) (.20) – 
Distributions from net realized gain (2.31) – (.05) (.31) – 
Total distributions (2.39) – (.25) (.52)E – 
Redemption fees added to paid in capitalB – – – – – 
Net asset value, end of period $19.88 $28.73 $21.05 $19.20 $17.51 
Total ReturnF,G (24.22)% 36.48% 11.03% 13.10% (8.37)% 
Ratios to Average Net AssetsC,H,I      
Expenses before reductions 1.08%J 1.09% 1.14% 1.05% 1.03%J 
Expenses net of fee waivers, if any 1.08%J 1.09% 1.13% 1.05% 1.03%J 
Expenses net of all reductions 1.08%J 1.09% 1.13% 1.05% 1.02%J 
Net investment income (loss) .22%J .16% .23% 1.08% .16%J 
Supplemental Data      
Net assets, end of period (000 omitted) $251,393 $309,803 $82,476 $76,527 $4,617 
Portfolio turnover rateK 15%J 21% 20% 17% 19% 

 A For the period October 2, 2018 (commencement of sale of shares) through October 31, 2018.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Amount represents less than $.005 per share.

 E Total distributions per share do not sum due to rounding.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

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. 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. Effective after the close of business on May 31, 2019, the Fund was closed to new accounts with certain exceptions. 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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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, 2022 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. Income and capital gain distributions from Fidelity Central Funds, if any, are 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. Income and capital gain distributions from Fidelity Central Funds, if any, are 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. 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 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 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 $442,485,325 
Gross unrealized depreciation (118,269,958) 
Net unrealized appreciation (depreciation) $324,215,367 
Tax cost $987,594,816 

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 119,064,366 164,591,838 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Small Cap Opportunities as compared to its benchmark index, the MSCI EAFE Small Cap Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .98% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $49,841 $554 
Class M .25% .25% 36,300 335 
Class C .75% .25% 28,444 1,178 
   $114,585 $2,067 

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 $816 
Class M 264 
Class C(a) 8 
 $1,088 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets (a) 
Class A $39,193 .20 
Class M 14,658 .20 
Class C 5,946 .21 
International Small Cap Opportunities 877,089 .16 
Class I 98,831 .16 
Class Z 55,045 .04 
 $1,090,762  

 (a) Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following 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 $430 

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 13,216,429 2,149,851 718,858 

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 $1,361 

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 $1,650 $– $– 

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 $1.

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 $23,438.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2022 		Year ended
October 31, 2021 
Fidelity International Small Cap Opportunities Fund   
Distributions to shareholders   
Class A $3,712,302 $– 
Class M 1,347,073 – 
Class C 565,280 – 
International Small Cap Opportunities 103,110,083 – 
Class I 11,507,400 – 
Class Z 25,680,838 – 
Total $145,922,976 $– 

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, 2022 Year ended October 31, 2021 Six months ended April 30, 2022 Year ended October 31, 2021 
Fidelity International Small Cap Opportunities Fund     
Class A     
Shares sold 53,304 151,070 $1,262,064 $3,794,092 
Reinvestment of distributions 146,450 – 3,629,027 – 
Shares redeemed (185,354) (340,135) (4,271,383) (8,897,910) 
Net increase (decrease) 14,400 (189,065) $619,708 $(5,103,818) 
Class M     
Shares sold 12,952 17,473 $303,138 $451,365 
Reinvestment of distributions 54,676 – 1,337,368 – 
Shares redeemed (30,785) (68,804) (698,404) (1,743,983) 
Net increase (decrease) 36,843 (51,331) $942,102 $(1,292,618) 
Class C     
Shares sold 5,857 9,328 $128,358 $229,373 
Reinvestment of distributions 23,946 – 564,404 – 
Shares redeemed (36,363) (120,495) (830,930) (2,950,299) 
Net increase (decrease) (6,560) (111,167) $(138,168) $(2,720,926) 
International Small Cap Opportunities     
Shares sold 1,635,818 2,518,067 $37,972,290 $64,960,834 
Reinvestment of distributions 3,165,438 – 79,642,429 – 
Shares redeemed (3,116,363) (13,038,246) (71,242,747) (357,315,392) 
Net increase (decrease) 1,684,893 (10,520,179) $46,371,972 $(292,354,558) 
Class I     
Shares sold 354,173 614,813 $8,328,710 $16,295,899 
Reinvestment of distributions 335,375 – 8,427,973 – 
Shares redeemed (590,728) (1,059,106) (14,122,586) (26,919,774) 
Net increase (decrease) 98,820 (444,293) $2,634,097 $(10,623,875) 
Class Z     
Shares sold 1,185,072 8,684,967 $25,404,637 $244,920,787 
Reinvestment of distributions 928,091 – 23,276,518 – 
Shares redeemed (250,967) (1,820,708) (5,977,808) (45,416,512) 
Net increase (decrease) 1,862,196 6,864,259 $42,703,347 $199,504,275 

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 21% 

12. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

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, 2021 to April 30, 2022).

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, 2021 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity International Small Cap Opportunities Fund     
Class A 1.49%    
Actual  $1,000.00 $756.20 $6.49 
Hypothetical-C  $1,000.00 $1,017.41 $7.45 
Class M 1.74%    
Actual  $1,000.00 $755.40 $7.57 
Hypothetical-C  $1,000.00 $1,016.17 $8.70 
Class C 2.25%    
Actual  $1,000.00 $753.60 $9.78 
Hypothetical-C  $1,000.00 $1,013.64 $11.23 
International Small Cap Opportunities 1.20%    
Actual  $1,000.00 $757.30 $5.23 
Hypothetical-C  $1,000.00 $1,018.84 $6.01 
Class I 1.20%    
Actual  $1,000.00 $757.20 $5.23 
Hypothetical-C  $1,000.00 $1,018.84 $6.01 
Class Z 1.08%    
Actual  $1,000.00 $757.80 $4.71 
Hypothetical-C  $1,000.00 $1,019.44 $5.41 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Liquidity Risk Management Program

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 pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is 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) in the case of exchange-traded funds, certain additional factors 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 liquidity categories described below 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 implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

ILS-SANN-0622
1.815078.116

Fidelity® International Value Fund



Semi-Annual Report

April 30, 2022

Includes Fidelity and Fidelity Advisor share classes

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

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. © 2022 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   Japan 20.3% 
   France 14.2% 
   United Kingdom 13.4% 
   Germany 12.3% 
   Australia 7.2% 
   Switzerland 6.1% 
   United States of America* 3.3% 
   Netherlands 2.7% 
   Italy 2.7% 
   Other 17.8% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks 96.7 
Short-Term Investments and Net Other Assets (Liabilities) 3.3 

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
BHP Group Ltd. (Australia, Metals & Mining) 3.8 
Shell PLC ADR (United Kingdom, Oil, Gas & Consumable Fuels) 3.5 
TotalEnergies SE (France, Oil, Gas & Consumable Fuels) 3.3 
Toyota Motor Corp. (Japan, Automobiles) 3.1 
Sanofi SA (France, Pharmaceuticals) 2.6 
BP PLC (United Kingdom, Oil, Gas & Consumable Fuels) 2.2 
Siemens AG (Germany, Industrial Conglomerates) 2.2 
Zurich Insurance Group Ltd. (Switzerland, Insurance) 1.9 
Glencore Xstrata PLC (Bailiwick of Jersey, Metals & Mining) 1.9 
National Australia Bank Ltd. (Australia, Banks) 1.8 
 26.3 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Financials 30.7 
Materials 15.1 
Industrials 13.1 
Energy 10.5 
Health Care 8.2 
Consumer Discretionary 6.9 
Information Technology 3.5 
Utilities 2.5 
Communication Services 2.4 
Real Estate 2.1 
Consumer Staples 1.7 

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.6%   
 Shares Value 
Australia - 7.2%   
BHP Group Ltd. 587,368 $19,627,157 
Evolution Mining Ltd. 385,458 1,090,693 
Macquarie Group Ltd. 49,092 7,067,436 
National Australia Bank Ltd. 422,536 9,645,946 
TOTAL AUSTRALIA  37,431,232 
Austria - 0.6%   
Erste Group Bank AG 94,007 2,926,980 
Bailiwick of Jersey - 2.3%   
Ferguson PLC 19,216 2,410,632 
Glencore Xstrata PLC 1,589,700 9,795,202 
TOTAL BAILIWICK OF JERSEY  12,205,834 
Belgium - 2.1%   
Anheuser-Busch InBev SA NV 86,600 4,982,922 
KBC Group NV 83,216 5,661,340 
UCB SA 4,117 467,990 
TOTAL BELGIUM  11,112,252 
Canada - 0.8%   
Nutrien Ltd. 42,500 4,176,390 
Denmark - 0.4%   
ORSTED A/S (a) 17,300 1,913,908 
Finland - 1.2%   
Sampo Oyj (A Shares) 132,334 6,425,803 
France - 14.2%   
Air Liquide SA 50,800 8,788,826 
ALTEN 7,600 1,019,978 
AXA SA 332,105 8,785,850 
BNP Paribas SA 176,200 9,136,215 
Capgemini SA 15,793 3,215,124 
Sanofi SA 127,879 13,516,162 
Teleperformance 9,800 3,517,328 
TotalEnergies SE 346,505 17,014,426 
VINCI SA 55,400 5,375,676 
Vivendi SA (b) 266,292 3,058,518 
TOTAL FRANCE  73,428,103 
Germany - 11.2%   
Bayer AG 94,600 6,231,401 
Deutsche Post AG 119,600 5,109,610 
Hannover Reuck SE 31,500 4,896,065 
HeidelbergCement AG 35,300 2,033,542 
Linde PLC 21,014 6,590,779 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 12,000 2,857,688 
Rheinmetall AG 30,850 6,954,335 
RWE AG 131,600 5,463,952 
Siemens AG 90,739 11,156,813 
Vonovia SE 165,932 6,610,896 
TOTAL GERMANY  57,905,081 
Hong Kong - 0.7%   
AIA Group Ltd. 348,600 3,424,563 
India - 0.9%   
Reliance Industries Ltd. sponsored GDR (a) 63,900 4,569,485 
Indonesia - 0.5%   
PT Bank Rakyat Indonesia (Persero) Tbk 7,160,394 2,385,751 
Ireland - 1.8%   
CRH PLC 148,102 5,853,712 
Ryanair Holdings PLC sponsored ADR (c) 39,900 3,484,068 
TOTAL IRELAND  9,337,780 
Italy - 2.7%   
Assicurazioni Generali SpA 204,600 3,873,710 
Enel SpA 833,600 5,420,812 
Mediobanca SpA 468,125 4,691,948 
TOTAL ITALY  13,986,470 
Japan - 20.3%   
DENSO Corp. 78,300 4,772,014 
Fujitsu Ltd. 25,100 3,793,844 
Hitachi Ltd. 135,000 6,402,573 
Hoya Corp. 42,000 4,168,170 
Ibiden Co. Ltd. 42,600 1,592,042 
Idemitsu Kosan Co. Ltd. 96,200 2,535,358 
Itochu Corp. 200,100 6,039,214 
Minebea Mitsumi, Inc. 190,870 3,662,064 
Mitsubishi Estate Co. Ltd. 125,800 1,832,476 
Mitsubishi UFJ Financial Group, Inc. 1,391,461 8,089,087 
Mitsui Fudosan Co. Ltd. 90,800 1,924,393 
OBIC Co. Ltd. 13,893 2,052,543 
ORIX Corp. 312,300 5,696,031 
Recruit Holdings Co. Ltd. 44,700 1,621,788 
Renesas Electronics Corp. (c) 255,688 2,730,228 
Shin-Etsu Chemical Co. Ltd. 46,400 6,376,961 
Shiseido Co. Ltd. 38,200 1,805,769 
SoftBank Group Corp. 87,200 3,586,557 
Sony Group Corp. 52,900 4,565,327 
Sumitomo Mitsui Financial Group, Inc. 174,200 5,263,270 
Suzuki Motor Corp. 103,830 3,129,967 
Tokio Marine Holdings, Inc. 115,048 6,220,496 
Tokyo Electron Ltd. 3,800 1,603,397 
Toyota Motor Corp. 931,525 15,960,480 
TOTAL JAPAN  105,424,049 
Korea (South) - 0.5%   
Samsung Electronics Co. Ltd. 46,440 2,461,792 
Luxembourg - 0.9%   
ArcelorMittal SA (Netherlands) 159,300 4,644,822 
Netherlands - 2.7%   
AerCap Holdings NV (c) 28,600 1,335,906 
Airbus Group NV 34,900 3,820,569 
NN Group NV 112,968 5,533,354 
Universal Music Group NV 154,692 3,589,847 
TOTAL NETHERLANDS  14,279,676 
Singapore - 1.5%   
United Overseas Bank Ltd. 375,405 8,036,015 
South Africa - 0.1%   
Thungela Resources Ltd. 25,381 430,458 
Spain - 1.9%   
Banco Santander SA (Spain) (b) 2,336,382 6,827,727 
Cellnex Telecom SA (a) 40,300 1,878,395 
Unicaja Banco SA (a) 994,300 936,620 
TOTAL SPAIN  9,642,742 
Sweden - 1.6%   
Investor AB (B Shares) 287,540 5,533,105 
Sandvik AB 143,900 2,723,784 
TOTAL SWEDEN  8,256,889 
Switzerland - 6.1%   
Novartis AG 63,850 5,642,381 
Roche Holding AG (participation certificate) 10,330 3,830,509 
Swiss Life Holding AG 6,383 3,732,239 
UBS Group AG 498,158 8,388,981 
Zurich Insurance Group Ltd. 21,781 9,916,234 
TOTAL SWITZERLAND  31,510,344 
United Kingdom - 13.4%   
Anglo American PLC (United Kingdom) 205,096 9,083,904 
AstraZeneca PLC (United Kingdom) 63,612 8,488,464 
BAE Systems PLC 589,400 5,444,086 
Barratt Developments PLC 259,367 1,586,819 
Beazley PLC 277,900 1,496,935 
BP PLC 2,327,002 11,234,289 
Imperial Brands PLC 126,586 2,634,954 
Lloyds Banking Group PLC 9,618,566 5,462,997 
Shell PLC ADR 338,500 18,086,055 
Standard Chartered PLC (United Kingdom) 835,998 5,715,151 
TOTAL UNITED KINGDOM  69,233,654 
TOTAL COMMON STOCKS   
(Cost $495,853,697)  495,150,073 
Nonconvertible Preferred Stocks - 1.1%   
Germany - 1.1%   
Porsche Automobil Holding SE (Germany)   
(Cost $4,959,013) 66,800 5,509,659 
Money Market Funds - 4.4%   
Fidelity Cash Central Fund 0.32% (d) 14,803,633 14,806,594 
Fidelity Securities Lending Cash Central Fund 0.32% (d)(e) 8,115,438 8,116,250 
TOTAL MONEY MARKET FUNDS   
(Cost $22,922,844)  22,922,844 
TOTAL INVESTMENT IN SECURITIES - 101.1%   
(Cost $523,735,554)  523,582,576 
NET OTHER ASSETS (LIABILITIES) - (1.1)%  (5,662,409) 
NET ASSETS - 100%  $517,920,167 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

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 $9,298,408 or 1.8% of net assets.

 (b) Security or a portion of the security is on loan at period end.

 (c) Non-income producing

 (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.

Fund 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 0.32% $6,277,780 $143,487,805 $134,958,991 $11,420 $-- $-- $14,806,594 0.0% 
Fidelity Securities Lending Cash Central Fund 0.32% -- 26,735,608 18,619,358 10,995 -- -- 8,116,250 0.0% 
Total $6,277,780 $170,223,413 $153,578,349 $22,415 $-- $-- $22,922,844  

Amounts in the 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. Amount 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $12,113,317 $-- $12,113,317 $-- 
Consumer Discretionary 35,524,266 -- 35,524,266 -- 
Consumer Staples 9,423,645 -- 9,423,645 -- 
Energy 53,870,071 18,086,055 35,784,016 -- 
Financials 158,627,537 8,388,981 150,238,556 -- 
Health Care 42,345,077 -- 42,345,077 -- 
Industrials 69,058,446 4,819,974 64,238,472 -- 
Information Technology 18,468,948 -- 18,468,948 -- 
Materials 78,061,988 4,176,390 73,885,598 -- 
Real Estate 10,367,765 -- 10,367,765 -- 
Utilities 12,798,672 -- 12,798,672 -- 
Money Market Funds 22,922,844 22,922,844 -- -- 
Total Investments in Securities: $523,582,576 $58,394,244 $465,188,332 $-- 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $7,487,298) — See accompanying schedule:
Unaffiliated issuers (cost $500,812,710) 		$500,659,732  
Fidelity Central Funds (cost $22,922,844) 22,922,844  
Total Investment in Securities (cost $523,735,554)  $523,582,576 
Foreign currency held at value (cost $101)  101 
Receivable for investments sold  316,879 
Receivable for fund shares sold  774,243 
Dividends receivable  2,287,956 
Reclaims receivable  1,593,180 
Distributions receivable from Fidelity Central Funds  15,659 
Prepaid expenses  215 
Receivable from investment adviser for expense reductions  78,939 
Total assets  528,649,748 
Liabilities   
Payable for investments purchased $775,313  
Payable for fund shares redeemed 1,306,422  
Accrued management fee 383,662  
Distribution and service plan fees payable 7,096  
Other affiliated payables 93,635  
Other payables and accrued expenses 47,203  
Collateral on securities loaned 8,116,250  
Total liabilities  10,729,581 
Net Assets  $517,920,167 
Net Assets consist of:   
Paid in capital  $568,852,524 
Total accumulated earnings (loss)  (50,932,357) 
Net Assets  $517,920,167 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($13,213,977 ÷ 1,534,025 shares)(a)  $8.61 
Maximum offering price per share (100/94.25 of $8.61)  $9.14 
Class M:   
Net Asset Value and redemption price per share ($4,011,858 ÷ 465,608 shares)(a)  $8.62 
Maximum offering price per share (100/96.50 of $8.62)  $8.93 
Class C:   
Net Asset Value and offering price per share ($2,906,122 ÷ 336,108 shares)(a)  $8.65 
International Value:   
Net Asset Value, offering price and redemption price per share ($408,388,346 ÷ 47,423,051 shares)  $8.61 
Class I:   
Net Asset Value, offering price and redemption price per share ($34,627,628 ÷ 4,014,493 shares)  $8.63 
Class Z:   
Net Asset Value, offering price and redemption price per share ($54,772,236 ÷ 6,356,084 shares)  $8.62 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $7,952,726 
Foreign tax reclaims  447,863 
Income from Fidelity Central Funds (including $10,995 from security lending)  22,415 
Income before foreign taxes withheld  8,423,004 
Less foreign taxes withheld  (1,098,165) 
Total income  7,324,839 
Expenses   
Management fee   
Basic fee $1,571,339  
Performance adjustment 490,947  
Transfer agent fees 384,601  
Distribution and service plan fees 41,436  
Accounting fees 120,393  
Custodian fees and expenses 25,032  
Independent trustees' fees and expenses 808  
Registration fees 101,940  
Audit 37,964  
Legal 276  
Miscellaneous 1,102  
Total expenses before reductions 2,775,838  
Expense reductions (316,712)  
Total expenses after reductions  2,459,126 
Net investment income (loss)  4,865,713 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (2,525,293)  
Foreign currency transactions 30,819  
Total net realized gain (loss)  (2,494,474) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (41,282,264)  
Assets and liabilities in foreign currencies (196,832)  
Total change in net unrealized appreciation (depreciation)  (41,479,096) 
Net gain (loss)  (43,973,570) 
Net increase (decrease) in net assets resulting from operations  $(39,107,857) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $4,865,713 $18,097,505 
Net realized gain (loss) (2,494,474) 66,222,015 
Change in net unrealized appreciation (depreciation) (41,479,096) 94,524,515 
Net increase (decrease) in net assets resulting from operations (39,107,857) 178,844,035 
Distributions to shareholders (17,928,873) (9,153,610) 
Share transactions - net increase (decrease) 165,790,729 (191,918,258) 
Total increase (decrease) in net assets 108,753,999 (22,227,833) 
Net Assets   
Beginning of period 409,166,168 431,394,001 
End of period $517,920,167 $409,166,168 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity International Value Fund Class A

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $9.65 $6.87 $8.25 $8.13 $9.08 $7.78 
Income from Investment Operations       
Net investment income (loss)A,B .09 .25C .13 .25 .21 .17 
Net realized and unrealized gain (loss) (.75) 2.66 (1.24) .08 (1.04) 1.31 
Total from investment operations (.66) 2.91 (1.11) .33 (.83) 1.48 
Distributions from net investment income (.38) (.13) (.24) (.21) (.10) (.17) 
Distributions from net realized gain – – (.03) – (.01) (.01) 
Total distributions (.38) (.13) (.27) (.21) (.12)D (.18) 
Redemption fees added to paid in capitalA – – – – –E –E 
Net asset value, end of period $8.61 $9.65 $6.87 $8.25 $8.13 $9.08 
Total ReturnF,G,H (6.95)% 42.56% (14.01)% 4.38% (9.30)% 19.36% 
Ratios to Average Net AssetsB,I,J       
Expenses before reductions 1.53%K 1.37% 1.30% 1.14% 1.23% 1.33% 
Expenses net of fee waivers, if any 1.30%K 1.33% 1.30% 1.13% 1.23% 1.33% 
Expenses net of all reductions 1.30%K 1.33% 1.28% 1.12% 1.21% 1.32% 
Net investment income (loss) 1.86%K 2.77%C 1.71% 3.19% 2.36% 2.01% 
Supplemental Data       
Net assets, end of period (000 omitted) $13,214 $10,566 $5,947 $7,806 $7,887 $8,151 
Portfolio turnover rateL 11%K 29%M 36% 47% 55% 50% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net 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%.

 D Total distributions per share do not sum due to rounding.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Total returns do not include the effect of the sales charges.

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 M Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity International Value Fund Class M

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $9.63 $6.86 $8.24 $8.11 $9.06 $7.76 
Income from Investment Operations       
Net investment income (loss)A,B .07 .23C .11 .23 .18 .14 
Net realized and unrealized gain (loss) (.73) 2.65 (1.25) .08 (1.04) 1.31 
Total from investment operations (.66) 2.88 (1.14) .31 (.86) 1.45 
Distributions from net investment income (.35) (.11) (.21) (.18) (.08) (.14) 
Distributions from net realized gain – – (.03) – (.01) (.01) 
Total distributions (.35) (.11) (.24) (.18) (.09) (.15) 
Redemption fees added to paid in capitalA – – – – –D –D 
Net asset value, end of period $8.62 $9.63 $6.86 $8.24 $8.11 $9.06 
Total ReturnE,F,G (6.97)% 42.20% (14.29)% 4.11% (9.59)% 19.04% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 1.78%J 1.62% 1.57% 1.44% 1.56% 1.64% 
Expenses net of fee waivers, if any 1.55%J 1.58% 1.57% 1.43% 1.55% 1.64% 
Expenses net of all reductions 1.55%J 1.58% 1.55% 1.42% 1.54% 1.63% 
Net investment income (loss) 1.60%J 2.51%C 1.44% 2.89% 2.04% 1.70% 
Supplemental Data       
Net assets, end of period (000 omitted) $4,012 $4,375 $2,884 $3,756 $3,920 $4,181 
Portfolio turnover rateK 11%J 29%L 36% 47% 55% 50% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net 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%.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 L Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity International Value Fund Class C

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $9.60 $6.85 $8.22 $8.08 $9.04 $7.75 
Income from Investment Operations       
Net investment income (loss)A,B .05 .18C .07 .19 .14 .10 
Net realized and unrealized gain (loss) (.73) 2.65 (1.24) .08 (1.04) 1.31 
Total from investment operations (.68) 2.83 (1.17) .27 (.90) 1.41 
Distributions from net investment income (.27) (.08) (.17) (.13) (.04) (.11) 
Distributions from net realized gain – – (.03) – (.01) (.01) 
Total distributions (.27) (.08) (.20) (.13) (.06)D (.12) 
Redemption fees added to paid in capitalA – – – – –E –E 
Net asset value, end of period $8.65 $9.60 $6.85 $8.22 $8.08 $9.04 
Total ReturnF,G,H (7.17)% 41.45% (14.67)% 3.53% (10.06)% 18.41% 
Ratios to Average Net AssetsB,I,J       
Expenses before reductions 2.28%K 2.12% 2.07% 1.93% 2.04% 2.12% 
Expenses net of fee waivers, if any 2.05%K 2.09% 2.07% 1.92% 2.04% 2.12% 
Expenses net of all reductions 2.05%K 2.09% 2.05% 1.91% 2.02% 2.11% 
Net investment income (loss) 1.10%K 2.00%C .94% 2.40% 1.55% 1.22% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,906 $3,177 $2,947 $3,839 $5,339 $5,171 
Portfolio turnover rateL 11%K 29%M 36% 47% 55% 50% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net 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%.

 D Total distributions per share do not sum due to rounding.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Total returns do not include the effect of the contingent deferred sales charge.

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 M Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity International Value Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $9.66 $6.87 $8.25 $8.14 $9.09 $7.79 
Income from Investment Operations       
Net investment income (loss)A,B .10 .28C .15 .28 .24 .20 
Net realized and unrealized gain (loss) (.74) 2.66 (1.23) .07 (1.04) 1.31 
Total from investment operations (.64) 2.94 (1.08) .35 (.80) 1.51 
Distributions from net investment income (.41) (.15) (.27) (.24) (.14) (.20) 
Distributions from net realized gain – – (.03) – (.01) (.01) 
Total distributions (.41) (.15) (.30) (.24) (.15) (.21) 
Redemption fees added to paid in capitalA – – – – –D –D 
Net asset value, end of period $8.61 $9.66 $6.87 $8.25 $8.14 $9.09 
Total ReturnE,F (6.81)% 43.08% (13.70)% 4.65% (8.95)% 19.83% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions 1.18%I 1.01% .94% .79% .89% .97% 
Expenses net of fee waivers, if any 1.05%I 1.01% .94% .78% .89% .97% 
Expenses net of all reductions 1.05%I 1.01% .92% .78% .87% .96% 
Net investment income (loss) 2.10%I 3.09%C 2.07% 3.54% 2.70% 2.36% 
Supplemental Data       
Net assets, end of period (000 omitted) $408,388 $372,441 $406,661 $442,816 $433,015 $359,770 
Portfolio turnover rateJ 11%I 29%K 36% 47% 55% 50% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net 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%.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 K Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity International Value Fund Class I

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $9.67 $6.88 $8.26 $8.15 $9.10 $7.80 
Income from Investment Operations       
Net investment income (loss)A,B .09 .28C .15 .27 .23 .19 
Net realized and unrealized gain (loss) (.73) 2.66 (1.24) .08 (1.04) 1.31 
Total from investment operations (.64) 2.94 (1.09) .35 (.81) 1.50 
Distributions from net investment income (.40) (.15) (.26) (.24) (.13) (.19) 
Distributions from net realized gain – – (.03) – (.01) (.01) 
Total distributions (.40) (.15) (.29) (.24) (.14) (.20) 
Redemption fees added to paid in capitalA – – – – –D –D 
Net asset value, end of period $8.63 $9.67 $6.88 $8.26 $8.15 $9.10 
Total ReturnE,F (6.75)% 43.05% (13.75)% 4.57% (9.04)% 19.68% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions 1.19%I 1.07% .98% .86% .97% 1.10% 
Expenses net of fee waivers, if any 1.05%I 1.05% .98% .85% .97% 1.10% 
Expenses net of all reductions 1.05%I 1.05% .97% .85% .95% 1.09% 
Net investment income (loss) 2.10%I 3.05%C 2.03% 3.47% 2.62% 2.23% 
Supplemental Data       
Net assets, end of period (000 omitted) $34,628 $6,661 $10,406 $8,495 $6,779 $5,523 
Portfolio turnover rateJ 11%I 29%K 36% 47% 55% 50% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net 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%.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 K Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity International Value Fund Class Z

 Six months ended (Unaudited) April 30, Years endedOctober 31,    
 2022 2021 2020 2019 2018 A 
Selected Per–Share Data      
Net asset value, beginning of period $9.67 $6.87 $8.25 $8.14 $8.81 
Income from Investment Operations      
Net investment income (loss)B,C .10 .30D .16 .29 .01 
Net realized and unrealized gain (loss) (.74) 2.65 (1.23) .08 (.68) 
Total from investment operations (.64) 2.95 (1.07) .37 (.67) 
Distributions from net investment income (.41) (.15) (.28) (.26) – 
Distributions from net realized gain – – (.03) – – 
Total distributions (.41) (.15) (.31) (.26) – 
Redemption fees added to paid in capitalB – – – – –E 
Net asset value, end of period $8.62 $9.67 $6.87 $8.25 $8.14 
Total ReturnF,G (6.74)% 43.35% (13.58)% 4.84% (7.60)% 
Ratios to Average Net AssetsC,H,I      
Expenses before reductions 1.07%J .89% .82% .67% .84%J 
Expenses net of fee waivers, if any .90%J .89% .82% .67% .84%J 
Expenses net of all reductions .90%J .89% .81% .66% .82%J 
Net investment income (loss) 2.25%J 3.21%D 2.19% 3.66% 1.58%J 
Supplemental Data      
Net assets, end of period (000 omitted) $54,772 $11,946 $2,549 $2,249 $92 
Portfolio turnover rateK 11%J 29%L 36% 47% 55% 

 A For the period October 2, 2018 (commencement of sale of shares) through October 31, 2018.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Net 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%.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 L Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

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. 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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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, 2022 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.

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. 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 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), 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 $49,735,367 
Gross unrealized depreciation (59,052,332) 
Net unrealized appreciation (depreciation) $(9,316,965) 
Tax cost $532,899,541 

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.

No expiration  
Short-term $(12,286,570) 
Long-term (33,247,288) 
Total capital loss carryforward $(45,533,858) 

Due to large redemptions in a prior period, $45,054,107 of capital losses that will be available to offset future capital gains of the Fund will be limited to approximately $5,836,972 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. 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 167,404,770 23,284,789 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Value as compared to its benchmark index, the MSCI EAFE Value Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .89% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $15,069 $825 
Class M .25% .25% 10,544 – 
Class C .75% .25% 15,823 3,268 
   $41,436 $4,093 

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 $4,870 
Class M 97 
Class C(a) 115 
 $5,082 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets (a) 
Class A $16,196 .27 
Class M 5,693 .27 
Class C 4,299 .27 
International Value 343,405 .17 
Class I 10,500 .16 
Class Z 4,508 .04 
 $384,601  

 (a) Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following 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 $48 

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 6,362,711 409,457 59,101 

Prior Fiscal Year Affiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

 Shares Total net realized gain or loss
($) 		Total Proceeds
($) 		Participating classes 
Fidelity International Value Fund 25,377,058 57,480,336 238,544,345 Class Z 

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 $371 

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity International Value Fund $1,315 $– $– 

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, 2023. 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% $13,759 
Class M 1.55% 4,809 
Class C 2.05% 3,647 
International Value 1.05% 260,026 
Class I 1.05% 9,066 
Class Z .90% 18,834 
  $310,141 

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 $6,571.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2022 		Year ended
October 31, 2021 
Fidelity International Value Fund   
Distributions to shareholders   
Class A $431,993 $106,686 
Class M 159,041 46,945 
Class C 89,688 32,999 
International Value 16,448,559 8,705,034 
Class I 270,723 210,394 
Class Z 528,869 51,552 
Total $17,928,873 $9,153,610 

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, 2022 Year ended October 31, 2021 Six months ended April 30, 2022 Year ended October 31, 2021 
Fidelity International Value Fund     
Class A     
Shares sold 584,997 379,781 $5,414,340 $3,507,076 
Reinvestment of distributions 47,745 12,439 425,405 104,422 
Shares redeemed (193,603) (163,522) (1,795,120) (1,470,744) 
Net increase (decrease) 439,139 228,698 $4,044,625 $2,140,754 
Class M     
Shares sold 49,674 71,451 $455,351 $640,857 
Reinvestment of distributions 17,121 5,424 152,718 45,591 
Shares redeemed (55,423) (43,156) (517,866) (385,663) 
Net increase (decrease) 11,372 33,719 $90,203 $300,785 
Class C     
Shares sold 46,938 92,170 $440,611 $842,206 
Reinvestment of distributions 9,999 3,921 89,688 32,999 
Shares redeemed (51,555) (195,756) (470,394) (1,803,534) 
Net increase (decrease) 5,382 (99,665) $59,905 $(928,329) 
International Value     
Shares sold 15,973,731 13,959,911 $146,420,386 $129,814,337 
Reinvestment of distributions 1,569,596 534,908 13,969,404 4,484,422 
Shares redeemed (8,675,550) (35,146,329) (76,798,032) (331,246,581) 
Net increase (decrease) 8,867,777 (20,651,510) $83,591,758 $(196,947,822) 
Class I     
Shares sold 3,527,064 2,362,565 $32,744,133 $22,186,695 
Reinvestment of distributions 29,506 24,378 263,195 204,597 
Shares redeemed (230,911) (3,211,043) (2,095,966) (29,755,410) 
Net increase (decrease) 3,325,659 (824,100) $30,911,362 $(7,364,118) 
Class Z     
Shares sold 5,774,068 28,776,748 $53,141,102 $272,875,410 
Reinvestment of distributions 56,409 5,969 502,041 50,000 
Shares redeemed (710,389) (27,917,700) (6,550,267) (262,044,938) 
Net increase (decrease) 5,120,088 865,017 $47,092,876 $10,880,472 

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.

 VIP Funds Manager 60% Portfolio 
Fidelity International Value Fund 13% 

12. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

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, 2021 to April 30, 2022).

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, 2021 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity International Value Fund     
Class A 1.30%    
Actual  $1,000.00 $930.50 $6.22 
Hypothetical-C  $1,000.00 $1,018.35 $6.51 
Class M 1.55%    
Actual  $1,000.00 $930.30 $7.42 
Hypothetical-C  $1,000.00 $1,017.11 $7.75 
Class C 2.05%    
Actual  $1,000.00 $928.30 $9.80 
Hypothetical-C  $1,000.00 $1,014.63 $10.24 
International Value 1.05%    
Actual  $1,000.00 $931.90 $5.03 
Hypothetical-C  $1,000.00 $1,019.59 $5.26 
Class I 1.05%    
Actual  $1,000.00 $932.50 $5.03 
Hypothetical-C  $1,000.00 $1,019.59 $5.26 
Class Z .90%    
Actual  $1,000.00 $932.60 $4.31 
Hypothetical-C  $1,000.00 $1,020.33 $4.51 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Liquidity Risk Management Program

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 pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is 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) in the case of exchange-traded funds, certain additional factors 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 liquidity categories described below 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 implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

FIV-SANN-0622
1.827485.115

Fidelity® International Discovery Fund



Semi-Annual Report

April 30, 2022

Includes Fidelity and Fidelity Advisor share classes

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

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. © 2022 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   Japan 16.9% 
   France 11.6% 
   United Kingdom 10.2% 
   Switzerland 7.8% 
   Germany 7.1% 
   India 6.2% 
   Netherlands 4.8% 
   Canada 4.6% 
   Sweden 3.8% 
   Other* 27.0% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks 96.9 
Short-Term Investments and Net Other Assets (Liabilities) 3.1 

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 3.2 
Nestle SA (Reg. S) (Switzerland, Food Products) 2.8 
Equinor ASA (Norway, Oil, Gas & Consumable Fuels) 2.6 
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) 2.4 
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) 2.3 
Canadian Natural Resources Ltd. (Canada, Oil, Gas & Consumable Fuels) 2.1 
ORIX Corp. (Japan, Diversified Financial Services) 1.5 
Anglo American PLC (United Kingdom) (United Kingdom, Metals & Mining) 1.5 
Sony Group Corp. (Japan, Household Durables) 1.5 
Housing Development Finance Corp. Ltd. (India, Thrifts & Mortgage Finance) 1.5 
 21.4 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Financials 18.2 
Industrials 15.1 
Health Care 14.3 
Information Technology 13.9 
Consumer Discretionary 10.3 
Energy 7.6 
Materials 7.5 
Consumer Staples 5.4 
Communication Services 2.4 
Real Estate 1.5 
Utilities 0.7 

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.0%   
 Shares Value (000s) 
Australia - 2.0%   
Bapcor Ltd. 5,715,072 $27,091 
Flight Centre Travel Group Ltd. (a)(b) 3,339,291 52,149 
Iperionx Ltd. (a)(c) 12,148,521 9,860 
Lynas Rare Earths Ltd. (a) 3,080,970 19,334 
National Storage REIT unit 41,443,006 75,064 
Rio Tinto Ltd. 354 28 
TOTAL AUSTRALIA  183,526 
Austria - 0.7%   
Erste Group Bank AG 998,604 31,092 
Wienerberger AG 1,134,408 32,022 
TOTAL AUSTRIA  63,114 
Bailiwick of Jersey - 0.9%   
Experian PLC 1,360,119 46,971 
JTC PLC (d) 3,301,391 32,057 
TOTAL BAILIWICK OF JERSEY  79,028 
Belgium - 2.3%   
KBC Group NV 1,517,846 103,262 
UCB SA 885,407 100,647 
TOTAL BELGIUM  203,909 
Brazil - 0.2%   
Rede D'Oregon Sao Luiz SA (d) 2,095,900 15,571 
British Virgin Islands - 0.0%   
Fix Price Group Ltd. GDR (Reg. S) (e) 623,987 230 
Canada - 4.6%   
Canadian Natural Resources Ltd. 3,084,221 190,890 
Constellation Software, Inc. 57,161 89,964 
Definity Financial Corp. 519,608 13,558 
Nutrien Ltd. 719,382 70,692 
The Toronto-Dominion Bank 595,928 43,044 
Topicus.Com, Inc. 104,138 6,477 
TOTAL CANADA  414,625 
Cayman Islands - 1.1%   
Antengene Corp. (a)(d) 8,471,069 6,663 
Bilibili, Inc. Class Z (a) 571,756 13,922 
JD.com, Inc. Class A 472,160 14,721 
Medlive Technology Co. Ltd. (d) 2,295,447 2,679 
Meituan Class B (a)(d) 771,216 16,524 
Silergy Corp. 310,000 27,616 
Tencent Holdings Ltd. 277,000 13,054 
TOTAL CAYMAN ISLANDS  95,179 
China - 0.2%   
Asymchem Laboratories Tianjin Co. Ltd. (H Shares) (d) 179,405 3,865 
WuXi AppTec Co. Ltd. (H Shares) (d) 962,372 13,090 
TOTAL CHINA  16,955 
Denmark - 1.1%   
ORSTED A/S (d) 592,752 65,576 
Vestas Wind Systems A/S 1,338,189 34,125 
TOTAL DENMARK  99,701 
Finland - 0.4%   
Musti Group OYJ 551,188 12,969 
Neste OYJ 513,895 22,051 
TOTAL FINLAND  35,020 
France - 11.6%   
Air Liquide SA 532,200 92,075 
Antin Infrastructure Partners SA 37,169 966 
AXA SA (b) 4,064,013 107,514 
BNP Paribas SA 1,268,645 65,781 
Capgemini SA 625,988 127,438 
Edenred SA 979,497 49,192 
Exclusive Networks SA 1,478,835 27,953 
Hydrogen Refueling Solutions (a) 47,758 1,054 
L'Oreal SA 232,713 84,663 
LVMH Moet Hennessy Louis Vuitton SE 318,091 205,848 
Sanofi SA (b) 1,014,000 107,175 
Teleperformance 178,128 63,932 
TotalEnergies SE 1,773,043 87,062 
Worldline SA (a)(d) 446,947 17,585 
TOTAL FRANCE  1,038,238 
Germany - 7.1%   
Allianz SE 330,440 74,559 
Brenntag SE 851,267 65,687 
Deutsche Post AG 2,550,200 108,951 
Instone Real Estate Group BV (d) 596,747 9,161 
Linde PLC 159,972 50,173 
Mercedes-Benz Group AG (Germany) 1,671,296 116,658 
Merck KGaA 153,046 28,394 
Nexus AG 562,762 27,444 
Rheinmetall AG 145,681 32,840 
Siemens AG 773,715 95,132 
Siemens Healthineers AG (d) 487,159 26,048 
TOTAL GERMANY  635,047 
Hong Kong - 2.5%   
AIA Group Ltd. 13,193,929 129,614 
Hong Kong Exchanges and Clearing Ltd. 1,179,240 50,022 
Techtronic Industries Co. Ltd. 3,483,338 46,496 
TOTAL HONG KONG  226,132 
Hungary - 0.2%   
Richter Gedeon PLC 872,154 17,395 
India - 5.9%   
Avenue Supermarts Ltd. (a)(d) 505,358 25,856 
Delhivery Private Ltd. (e)(f) 1,020,800 5,846 
Eicher Motors Ltd. 595,700 20,297 
HDFC Bank Ltd. 3,117,382 55,820 
HDFC Bank Ltd. sponsored ADR 1,615,699 89,203 
Housing Development Finance Corp. Ltd. 4,533,815 130,651 
Pine Labs Private Ltd. (e)(f) 8,672 4,853 
PVR Ltd. (a) 649,600 15,340 
Reliance Industries Ltd. 2,618,180 94,748 
Reliance Industries Ltd. sponsored GDR (d) 405,971 29,031 
Star Health & Allied Insurance Co. Ltd. 992,200 9,123 
Sunteck Realty Ltd. (a) 2,762,804 17,235 
Vijaya Diagnostic Centre Pvt Ltd. 3,895,982 23,156 
Zomato Ltd. (a)(f) 10,934,400 9,738 
TOTAL INDIA  530,897 
Ireland - 2.6%   
Cairn Homes PLC 28,679,227 34,559 
CRH PLC 2,319,808 91,690 
Dalata Hotel Group PLC (a)(c) 11,457,263 52,333 
ICON PLC (a) 110,487 24,993 
Kingspan Group PLC (Ireland) 238,375 22,190 
Ryanair Holdings PLC sponsored ADR (a) 141,996 12,399 
TOTAL IRELAND  238,164 
Italy - 0.8%   
BFF Bank SpA (d) 3,235,429 20,175 
Intesa Sanpaolo SpA 17,032,555 34,708 
UniCredit SpA 1,572,506 14,554 
TOTAL ITALY  69,437 
Japan - 16.9%   
Daiichi Sankyo Kabushiki Kaisha 1,806,435 45,484 
FUJIFILM Holdings Corp. 1,209,443 66,485 
Fujitsu Ltd. 355,508 53,735 
Hitachi Ltd. 2,507,886 118,940 
Hoya Corp. 1,137,683 112,906 
Itochu Corp. 2,908,927 87,794 
JEOL Ltd. 1,042,163 46,802 
Keyence Corp. 131,958 53,048 
Minebea Mitsumi, Inc. 4,360,588 83,663 
Misumi Group, Inc. 961,589 24,111 
Mitsubishi UFJ Financial Group, Inc. 9,817,220 57,071 
Olympus Corp. 3,379,450 59,482 
ORIX Corp. 7,382,075 134,641 
Persol Holdings Co. Ltd. 2,380,627 47,231 
Recruit Holdings Co. Ltd. 1,962,347 71,197 
Renesas Electronics Corp. (a) 7,095,538 75,766 
Shin-Etsu Chemical Co. Ltd. 722,785 99,336 
SMC Corp. 72,800 35,251 
Sony Group Corp. 1,531,593 132,178 
TIS, Inc. 1,454,832 32,675 
Z Holdings Corp. 12,392,174 48,650 
ZOZO, Inc. 1,389,565 29,094 
TOTAL JAPAN  1,515,540 
Korea (South) - 0.6%   
SK Hynix, Inc. 597,000 52,036 
Luxembourg - 0.7%   
B&M European Value Retail SA 3,262,127 19,987 
Eurofins Scientific SA 482,858 44,876 
TOTAL LUXEMBOURG  64,863 
Netherlands - 4.8%   
Airbus Group NV 887,577 97,165 
ASML Holding NV (Netherlands) 384,914 218,454 
IMCD NV 230,931 36,769 
ING Groep NV (Certificaten Van Aandelen) 4,883,743 46,270 
RHI Magnesita NV 426,138 12,678 
Universal Music Group NV 957,757 22,226 
TOTAL NETHERLANDS  433,562 
New Zealand - 0.8%   
EBOS Group Ltd. 1,569,271 42,802 
Ryman Healthcare Group Ltd. 5,697,886 33,722 
TOTAL NEW ZEALAND  76,524 
Norway - 2.9%   
Equinor ASA 6,844,594 231,344 
Schibsted ASA (A Shares) 1,158,980 24,152 
Volue A/S (a) 1,002,247 4,274 
TOTAL NORWAY  259,770 
Spain - 1.7%   
Aena SME SA (a)(d) 138,496 19,654 
Amadeus IT Holding SA Class A (a) 1,333,758 83,577 
Cellnex Telecom SA (d) 1,098,562 51,204 
TOTAL SPAIN  154,435 
Sweden - 3.7%   
ASSA ABLOY AB (B Shares) 3,434,990 86,810 
EQT AB 994,235 28,139 
HEXPOL AB (B Shares) 2,011,043 17,267 
Indutrade AB 2,888,566 68,135 
Kry International AB (e)(f) 4,183 1,474 
Lagercrantz Group AB (B Shares) 3,013,979 30,682 
Nibe Industrier AB (B Shares) 1,696,725 16,635 
Nordnet AB 1,939,582 33,642 
Svenska Handelsbanken AB (A Shares) 4,815,857 48,574 
TOTAL SWEDEN  331,358 
Switzerland - 7.8%   
Dufry AG (a) 288,791 11,495 
Lonza Group AG 84,793 49,997 
Nestle SA (Reg. S) 1,921,269 248,024 
Partners Group Holding AG 55,714 59,029 
Roche Holding AG (participation certificate) 779,018 288,868 
Sika AG 137,396 41,969 
TOTAL SWITZERLAND  699,382 
Taiwan - 1.5%   
MediaTek, Inc. 1,624,000 44,796 
Taiwan Semiconductor Manufacturing Co. Ltd. 4,776,000 86,411 
TOTAL TAIWAN  131,207 
United Kingdom - 10.2%   
Anglo American PLC (United Kingdom) 2,998,123 132,790 
AstraZeneca PLC (United Kingdom) 974,828 130,082 
Big Yellow Group PLC 2,156,990 38,981 
Bytes Technology Group PLC 875,230 4,865 
Compass Group PLC 5,022,015 105,974 
Dechra Pharmaceuticals PLC 598,326 27,113 
Diageo PLC 2,327,664 116,124 
Dr. Martens Ltd. 4,332,528 11,328 
Harbour Energy PLC 4,290,301 26,904 
JD Sports Fashion PLC 16,142,898 26,598 
Lloyds Banking Group PLC 67,623,969 38,408 
M&G PLC 37,301,084 99,032 
Prudential PLC 5,491,889 68,366 
S4 Capital PLC (a) 3,814,565 14,428 
Smart Metering Systems PLC 2,925,309 30,258 
Starling Bank Ltd. Series D (a)(e)(f) 6,223,100 18,452 
Vistry Group PLC 2,730,894 28,492 
Zegona Communications PLC (c) 330,698 359 
TOTAL UNITED KINGDOM  918,554 
United States of America - 0.2%   
NICE Ltd. sponsored ADR (a) 79,661 16,443 
TOTAL COMMON STOCKS   
(Cost $7,257,137)  8,615,842 
Preferred Stocks - 0.9%   
Convertible Preferred Stocks - 0.5%   
China - 0.3%   
ByteDance Ltd. Series E1 (a)(e)(f) 131,235 16,807 
dMed Biopharmaceutical Co. Ltd. Series C (a)(e)(f) 727,754 7,219 
  24,026 
Estonia - 0.2%   
Bolt Technology OU Series E (e)(f) 87,239 21,168 
TOTAL CONVERTIBLE PREFERRED STOCKS  45,194 
Nonconvertible Preferred Stocks - 0.4%   
India - 0.3%   
Pine Labs Private Ltd.:   
Series 1 (e)(f) 20,726 11,598 
Series A (e)(f) 5,179 2,898 
Series B (e)(f) 5,635 3,153 
Series B2 (e)(f) 4,558 2,551 
Series C (e)(f) 8,478 4,744 
Series C1 (e)(f) 1,786 999 
Series D (e)(f) 1,910 1,069 
  27,012 
Sweden - 0.1%   
Kry International AB Series E (e)(f) 24,162 8,514 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  35,526 
TOTAL PREFERRED STOCKS   
(Cost $76,424)  80,720 
Money Market Funds - 5.0%   
Fidelity Cash Central Fund 0.32% (g) 304,537,517 304,598 
Fidelity Securities Lending Cash Central Fund 0.32% (g)(h) 142,581,617 142,596 
TOTAL MONEY MARKET FUNDS   
(Cost $447,194)  447,194 
TOTAL INVESTMENT IN SECURITIES - 101.9%   
(Cost $7,780,755)  9,143,756 
NET OTHER ASSETS (LIABILITIES) - (1.9)%  (170,874) 
NET ASSETS - 100%  $8,972,882 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated company

 (d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $354,739,000 or 4.0% of net assets.

 (e) Level 3 security

 (f) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $121,083,000 or 1.3% 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 (000s) 
Bolt Technology OU Series E 1/3/22 $22,664 
ByteDance Ltd. Series E1 11/18/20 $14,380 
Delhivery Private Ltd. 5/20/21 $4,983 
dMed Biopharmaceutical Co. Ltd. Series C 12/1/20 $10,336 
Kry International AB 5/14/21 $1,817 
Kry International AB Series E 5/14/21 $11,046 
Pine Labs Private Ltd. 6/30/21 $3,233 
Pine Labs Private Ltd. Series 1 6/30/21 $7,728 
Pine Labs Private Ltd. Series A 6/30/21 $1,931 
Pine Labs Private Ltd. Series B 6/30/21 $2,101 
Pine Labs Private Ltd. Series B2 6/30/21 $1,699 
Pine Labs Private Ltd. Series C 6/30/21 $3,161 
Pine Labs Private Ltd. Series C1 6/30/21 $666 
Pine Labs Private Ltd. Series D 6/30/21 $712 
Starling Bank Ltd. Series D 6/18/21 $11,126 
Zomato Ltd. 12/9/20 - 2/10/21 $7,648 

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund (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 0.32% $398,277 $1,468,867 $1,562,546 $245 $-- $-- $304,598 0.6% 
Fidelity Securities Lending Cash Central Fund 0.32% 2,886 476,960 337,250 211 -- -- 142,596 0.4% 
Total $401,163 $1,945,827 $1,899,796 $456 $-- $-- $447,194  

Amounts in the 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. Amount 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.

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.

Affiliate (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds(a) Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Dalata Hotel Group PLC $56,215 $-- $6,436 $-- $(4,125) $6,679 $52,333 
Iperionx Ltd. 9,332 -- 176 -- (49) 753 9,860 
Zegona Communications PLC 495 -- 9 -- -- (127) 359 
Total $66,042 $-- $6,621 $-- $(4,174) $7,305 $62,552 

 (a) Includes the value of securities delivered through in-kind transactions, if applicable.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Communication Services $203,335 $-- $203,335 $-- 
Consumer Discretionary 928,263 -- 928,033 230 
Consumer Staples 474,667 -- 474,667 -- 
Energy 682,030 190,890 491,140 -- 
Financials 1,637,327 145,805 1,473,070 18,452 
Health Care 1,286,473 57,959 1,221,295 7,219 
Industrials 1,359,236 12,399 1,340,991 5,846 
Information Technology 1,249,300 112,884 1,056,588 79,828 
Materials 669,914 70,692 599,222 -- 
Real Estate 140,441 -- 140,441 -- 
Utilities 65,576 -- 65,576 -- 
Money Market Funds 447,194 447,194 -- -- 
Total Investments in Securities: $9,143,756 $1,037,823 $7,994,358 $111,575 

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 $78,917 
Net Realized Gain (Loss) on Investment Securities (1,911) 
Net Unrealized Gain (Loss) on Investment Securities 5,108 
Cost of Purchases 22,664 
Proceeds of Sales (3,244) 
Amortization/Accretion -- 
Transfers into Level 3 10,041 
Transfers out of Level 3 -- 
Ending Balance $111,575 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2022 $5,108 

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. 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $134,200) — See accompanying schedule:
Unaffiliated issuers (cost $7,268,618) 		$8,634,010  
Fidelity Central Funds (cost $447,194) 447,194  
Other affiliated issuers (cost $64,943) 62,552  
Total Investment in Securities (cost $7,780,755)  $9,143,756 
Foreign currency held at value (cost $1,869)  1,870 
Receivable for investments sold  8,088 
Receivable for fund shares sold  9,914 
Dividends receivable  24,143 
Reclaims receivable  27,021 
Distributions receivable from Fidelity Central Funds  106 
Prepaid expenses  4 
Other receivables  3,724 
Total assets  9,218,626 
Liabilities   
Payable for investments purchased $78,538  
Payable for fund shares redeemed 12,117  
Accrued management fee 6,560  
Distribution and service plan fees payable 50  
Other affiliated payables 935  
Other payables and accrued expenses 4,948  
Collateral on securities loaned 142,596  
Total liabilities  245,744 
Net Assets  $8,972,882 
Net Assets consist of:   
Paid in capital  $7,692,191 
Total accumulated earnings (loss)  1,280,691 
Net Assets  $8,972,882 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($159,747 ÷ 3,763.87 shares)(a)  $42.44 
Maximum offering price per share (100/94.25 of $42.44)  $45.03 
Class M:   
Net Asset Value and redemption price per share ($19,221 ÷ 455.99 shares)(a)  $42.15 
Maximum offering price per share (100/96.50 of $42.15)  $43.68 
Class C:   
Net Asset Value and offering price per share ($7,230 ÷ 173.06 shares)(a)  $41.78 
International Discovery:   
Net Asset Value, offering price and redemption price per share ($4,017,212 ÷ 93,874.63 shares)  $42.79 
Class K:   
Net Asset Value, offering price and redemption price per share ($852,486 ÷ 19,991.00 shares)  $42.64 
Class I:   
Net Asset Value, offering price and redemption price per share ($592,249 ÷ 13,891.47 shares)  $42.63 
Class Z:   
Net Asset Value, offering price and redemption price per share ($3,324,737 ÷ 78,068.16 shares)  $42.59 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

Amounts in thousands  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $98,251 
Non-Cash dividends  35,193 
Income from Fidelity Central Funds (including $211 from security lending)  456 
Income before foreign taxes withheld  133,900 
Less foreign taxes withheld  (11,156) 
Total income  122,744 
Expenses   
Management fee   
Basic fee $33,451  
Performance adjustment 9,377  
Transfer agent fees 4,899  
Distribution and service plan fees 334  
Accounting fees 892  
Custodian fees and expenses 590  
Independent trustees' fees and expenses 18  
Registration fees 185  
Audit 116  
Legal 8  
Miscellaneous 20  
Total expenses before reductions 49,890  
Expense reductions (151)  
Total expenses after reductions  49,739 
Net investment income (loss)  73,005 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 57,720  
Affiliated issuers (4,174)  
Foreign currency transactions (1,127)  
Total net realized gain (loss)  52,419 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $5,972) (2,314,102)  
Affiliated issuers 7,305  
Assets and liabilities in foreign currencies (2,866)  
Total change in net unrealized appreciation (depreciation)  (2,309,663) 
Net gain (loss)  (2,257,244) 
Net increase (decrease) in net assets resulting from operations  $(2,184,239) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

Amounts in thousands Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $73,005 $70,896 
Net realized gain (loss) 52,419 1,053,318 
Change in net unrealized appreciation (depreciation) (2,309,663) 1,775,523 
Net increase (decrease) in net assets resulting from operations (2,184,239) 2,899,737 
Distributions to shareholders (1,127,528) (373,978) 
Share transactions - net increase (decrease) 1,016,311 (89,410) 
Total increase (decrease) in net assets (2,295,456) 2,436,349 
Net Assets   
Beginning of period 11,268,338 8,831,989 
End of period $8,972,882 $11,268,338 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity International Discovery Fund Class A

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $58.79 $45.84 $43.31 $39.99 $46.66 $37.60 
Income from Investment Operations       
Net investment income (loss)A,B .26 .18 .16 .63C .37 .36 
Net realized and unrealized gain (loss) (10.85) 14.60 3.27 3.93 (4.87) 9.22 
Total from investment operations (10.59) 14.78 3.43 4.56 (4.50) 9.58 
Distributions from net investment income (1.38) (.12) (.62) (.33) (.34) (.47) 
Distributions from net realized gain (4.38) (1.71) (.28) (.91) (1.83) (.05) 
Total distributions (5.76) (1.83) (.90) (1.24) (2.17) (.52) 
Redemption fees added to paid in capitalA – – – – – –D 
Net asset value, end of period $42.44 $58.79 $45.84 $43.31 $39.99 $46.66 
Total ReturnE,F,G (19.67)% 32.86% 8.02% 11.90% (10.11)% 25.87% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 1.33%J 1.32% 1.36% 1.12% 1.22% 1.29% 
Expenses net of fee waivers, if any 1.33%J 1.32% 1.36% 1.12% 1.22% 1.29% 
Expenses net of all reductions 1.33%J 1.32% 1.36% 1.11% 1.21% 1.27% 
Net investment income (loss) 1.05%J .32% .38% 1.57%C .83% .88% 
Supplemental Data       
Net assets, end of period (in millions) $160 $206 $173 $185 $191 $248 
Portfolio turnover rateK 42%J,L 41%L 34%L 70%L 45%L 42% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 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 1.05%.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 L Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity International Discovery Fund Class M

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $58.35 $45.53 $43.01 $39.71 $46.35 $37.34 
Income from Investment Operations       
Net investment income (loss)A,B .20 .04 .06 .53C .27 .26 
Net realized and unrealized gain (loss) (10.79) 14.51 3.24 3.91 (4.84) 9.17 
Total from investment operations (10.59) 14.55 3.30 4.44 (4.57) 9.43 
Distributions from net investment income (1.23) (.02) (.51) (.22) (.24) (.37) 
Distributions from net realized gain (4.38) (1.71) (.28) (.91) (1.83) (.05) 
Total distributions (5.61) (1.73) (.78)D (1.14)D (2.07) (.42) 
Redemption fees added to paid in capitalA – – – – – –E 
Net asset value, end of period $42.15 $58.35 $45.53 $43.01 $39.71 $46.35 
Total ReturnF,G,H (19.78)% 32.53% 7.77% 11.62% (10.31)% 25.57% 
Ratios to Average Net AssetsB,I,J       
Expenses before reductions 1.58%K 1.57% 1.61% 1.37% 1.46% 1.53% 
Expenses net of fee waivers, if any 1.57%K 1.57% 1.61% 1.37% 1.46% 1.52% 
Expenses net of all reductions 1.57%K 1.57% 1.60% 1.35% 1.45% 1.51% 
Net investment income (loss) .81%K .07% .13% 1.32%C .59% .64% 
Supplemental Data       
Net assets, end of period (in millions) $19 $25 $21 $24 $28 $35 
Portfolio turnover rateL 42%K,M 41%M 34%M 70%M 45%M 42% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 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 .80%.

 D Total distributions per share do not sum due to rounding.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Total returns do not include the effect of the sales charges.

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 M Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity International Discovery Fund Class C

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $57.59 $45.18 $42.60 $39.32 $45.94 $36.96 
Income from Investment Operations       
Net investment income (loss)A,B .06 (.27) (.18) .31C .02 .04 
Net realized and unrealized gain (loss) (10.69) 14.38 3.22 3.88 (4.79) 9.12 
Total from investment operations (10.63) 14.11 3.04 4.19 (4.77) 9.16 
Distributions from net investment income (.80) – (.19) – (.02) (.13) 
Distributions from net realized gain (4.38) (1.70) (.28) (.91) (1.83) (.05) 
Total distributions (5.18) (1.70) (.46)D (.91) (1.85) (.18) 
Redemption fees added to paid in capitalA – – – – – –E 
Net asset value, end of period $41.78 $57.59 $45.18 $42.60 $39.32 $45.94 
Total ReturnF,G,H (20.00)% 31.79% 7.19% 11.02% (10.80)% 24.93% 
Ratios to Average Net AssetsB,I,J       
Expenses before reductions 2.14%K 2.14% 2.16% 1.91% 2.00% 2.05% 
Expenses net of fee waivers, if any 2.13%K 2.13% 2.15% 1.91% 2.00% 2.05% 
Expenses net of all reductions 2.13%K 2.13% 2.15% 1.90% 1.99% 2.04% 
Net investment income (loss) .25%K (.50)% (.41)% .78%C .05% .11% 
Supplemental Data       
Net assets, end of period (in millions) $7 $10 $11 $12 $22 $28 
Portfolio turnover rateL 42%K,M 41%M 34%M 70%M 45%M 42% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 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 .26%.

 D Total distributions per share do not sum due to rounding.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Total returns do not include the effect of the contingent deferred sales charge.

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 M Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity International Discovery Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $59.31 $46.20 $43.65 $40.32 $47.04 $37.91 
Income from Investment Operations       
Net investment income (loss)A,B .35 .36 .32 .78C .53 .50 
Net realized and unrealized gain (loss) (10.95) 14.71 3.29 3.95 (4.92) 9.29 
Total from investment operations (10.60) 15.07 3.61 4.73 (4.39) 9.79 
Distributions from net investment income (1.54) (.25) (.78) (.49) (.50) (.61) 
Distributions from net realized gain (4.38) (1.71) (.28) (.91) (1.83) (.05) 
Total distributions (5.92) (1.96) (1.06) (1.40) (2.33) (.66) 
Redemption fees added to paid in capitalA – – – – – –D 
Net asset value, end of period $42.79 $59.31 $46.20 $43.65 $40.32 $47.04 
Total ReturnE,F (19.55)% 33.29% 8.39% 12.31% (9.81)% 26.33% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions 1.01%I .99% 1.02% .78% .88% .94% 
Expenses net of fee waivers, if any 1.00%I .99% 1.02% .78% .88% .94% 
Expenses net of all reductions 1.00%I .99% 1.01% .76% .87% .92% 
Net investment income (loss) 1.38%I .65% .72% 1.92%C 1.17% 1.22% 
Supplemental Data       
Net assets, end of period (in millions) $4,017 $5,117 $6,784 $6,726 $6,515 $7,351 
Portfolio turnover rateJ 42%I,K 41%K 34%K 70%K 45%K 42% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 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 1.40%.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 K Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity International Discovery Fund Class K

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $59.18 $46.10 $43.55 $40.25 $46.96 $37.86 
Income from Investment Operations       
Net investment income (loss)A,B .37 .41 .36 .82C .58 .55 
Net realized and unrealized gain (loss) (10.90) 14.67 3.29 3.93 (4.90) 9.26 
Total from investment operations (10.53) 15.08 3.65 4.75 (4.32) 9.81 
Distributions from net investment income (1.62) (.29) (.82) (.54) (.55) (.66) 
Distributions from net realized gain (4.38) (1.71) (.28) (.91) (1.83) (.05) 
Total distributions (6.01)D (2.00) (1.10) (1.45) (2.39)D (.71) 
Redemption fees added to paid in capitalA – – – – – –E 
Net asset value, end of period $42.64 $59.18 $46.10 $43.55 $40.25 $46.96 
Total ReturnF,G (19.50)% 33.40% 8.52% 12.41% (9.70)% 26.47% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions .91%J .90% .91% .66% .77% .82% 
Expenses net of fee waivers, if any .90%J .90% .91% .66% .77% .82% 
Expenses net of all reductions .90%J .90% .91% .65% .76% .80% 
Net investment income (loss) 1.48%J .74% .83% 2.03%C 1.29% 1.35% 
Supplemental Data       
Net assets, end of period (in millions) $852 $1,371 $1,401 $1,566 $2,064 $2,228 
Portfolio turnover rateK 42%J,L 41%L 34%L 70%L 45%L 42% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 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 1.51%.

 D Total distributions per share do not sum due to rounding.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 L Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity International Discovery Fund Class I

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $59.15 $46.08 $43.53 $40.22 $46.92 $37.82 
Income from Investment Operations       
Net investment income (loss)A,B .33 .35 .31 .77C .52 .49 
Net realized and unrealized gain (loss) (10.90) 14.67 3.28 3.93 (4.90) 9.27 
Total from investment operations (10.57) 15.02 3.59 4.70 (4.38) 9.76 
Distributions from net investment income (1.57) (.24) (.76) (.48) (.49) (.61) 
Distributions from net realized gain (4.38) (1.71) (.28) (.91) (1.83) (.05) 
Total distributions (5.95) (1.95) (1.04) (1.39) (2.32) (.66) 
Redemption fees added to paid in capitalA – – – – – –D 
Net asset value, end of period $42.63 $59.15 $46.08 $43.53 $40.22 $46.92 
Total ReturnE,F (19.55)% 33.26% 8.37% 12.26% (9.81)% 26.29% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions 1.03%I 1.02% 1.04% .80% .91% .96% 
Expenses net of fee waivers, if any 1.02%I 1.02% 1.04% .80% .91% .96% 
Expenses net of all reductions 1.02%I 1.02% 1.03% .79% .90% .94% 
Net investment income (loss) 1.36%I .62% .70% 1.89%C 1.15% 1.21% 
Supplemental Data       
Net assets, end of period (in millions) $592 $566 $388 $463 $579 $658 
Portfolio turnover rateJ 42%I,K 41%K 34%K 70%K 45%K 42% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 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 1.37%.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 K Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity International Discovery Fund Class Z

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $59.14 $46.07 $43.52 $40.22 $46.92 $37.84 
Income from Investment Operations       
Net investment income (loss)A,B .37 .43 .36 .82C .58 .56 
Net realized and unrealized gain (loss) (10.89) 14.64 3.29 3.94 (4.89) 9.24 
Total from investment operations (10.52) 15.07 3.65 4.76 (4.31) 9.80 
Distributions from net investment income (1.65) (.29) (.82) (.54) (.56) (.67) 
Distributions from net realized gain (4.38) (1.71) (.28) (.91) (1.83) (.05) 
Total distributions (6.03) (2.00) (1.10) (1.46)D (2.39) (.72) 
Redemption fees added to paid in capitalA – – – – – –E 
Net asset value, end of period $42.59 $59.14 $46.07 $43.52 $40.22 $46.92 
Total ReturnF,G (19.49)% 33.40% 8.53% 12.42% (9.68)% 26.44% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions .91%J .90% .91% .66% .77% .82% 
Expenses net of fee waivers, if any .90%J .90% .91% .66% .77% .82% 
Expenses net of all reductions .90%J .90% .91% .65% .76% .80% 
Net investment income (loss) 1.48%J .74% .83% 2.03%C 1.29% 1.35% 
Supplemental Data       
Net assets, end of period (in millions) $3,325 $3,972 $54 $82 $118 $101 
Portfolio turnover rateK 42%J,L 41%L 34%L 70%L 45%L 42% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.21 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 1.51%.

 D Total distributions per share do not sum due to rounding.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 L Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022
(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. 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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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 Input(a) 
Equities $ 105,729 Market approach Transaction price $2.97 - $559.60 / $294.15 Increase 
  Market comparable Discount rate 44.1% - 50.0% / 44.3% Decrease 
   Enterprise value/Revenue multiple (EV/R) 3.4 - 7.8 / 5.0 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, 2022, 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. 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.

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 $439 

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), certain foreign taxes, 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 $1,913,094 
Gross unrealized depreciation (733,395) 
Net unrealized appreciation (depreciation) $1,179,699 
Tax cost $7,964,057 

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 2,426,264 2,088,149 

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 accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

 Shares Total net realized gain or loss
($) 		Total Proceeds
($) 		Participating classes 
Fidelity International Discovery Fund 4,012 74,058 200,930 International Discovery and Class K 

Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

 Shares Total net realized gain or loss
($) 		Total Proceeds
($) 		Participating classes 
Fidelity International Discovery Fund 5,142 121,741 296,500 International Discovery and Class K 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .424% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Discovery as compared to its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .83% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $234 $3 
Class M .25% .25% 56 –(a) 
Class C .75% .25% 44 3 
   $334 $6 

 (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 $7 
Class M –(a) 
Class C(b) –(a) 
 $7 

 (a) In the amount of less than five hundred dollars.

 (b) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class K and Class Z. FIIOC receives an asset-based fee of Class K's and Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Class A $198 .21 
Class M 24 .21 
Class C 12 .27 
International Discovery 3,243 .14 
Class K 217 .04 
Class I 458 .16 
Class Z 747 .04 
 $4,899  

 (a) Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following 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 $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 International Discovery Fund 54,783 65,504 (17,469) 

Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:

 Amount ($) 
Fidelity International Discovery Fund 4 

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 $9 

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 $20 $– $– 

8. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $151.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2022 		Year ended
October 31, 2021 
Fidelity International Discovery Fund   
Distributions to shareholders   
Class A $20,037 $6,843 
Class M 2,384 802 
Class C 909 398 
International Discovery 509,968 286,406 
Class K 134,333 61,075 
Class I 53,775 16,153 
Class Z 406,122 2,301 
Total $1,127,528 $373,978 

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, 2022 Year ended October 31, 2021 Six months ended April 30, 2022 Year ended October 31, 2021 
Fidelity International Discovery Fund     
Class A     
Shares sold 137 238 $6,805 $13,197 
Reinvestment of distributions 387 133 19,790 6,770 
Shares redeemed (266) (634) (13,394) (35,444) 
Net increase (decrease) 258 (263) $13,201 $(15,477) 
Class M     
Shares sold 9 17 $482 $947 
Reinvestment of distributions 47 16 2,368 797 
Shares redeemed (32) (70) (1,617) (3,858) 
Net increase (decrease) 24 (37) $1,233 $(2,114) 
Class C     
Shares sold 8 29 $462 $1,540 
Reinvestment of distributions 18 8 888 392 
Shares redeemed (31) (96) (1,545) (5,269) 
Net increase (decrease) (5) (59) $(195) $(3,337) 
International Discovery     
Shares sold 4,127 12,516 $205,387 $714,365 
Reinvestment of distributions 9,116 5,339 469,880 273,648 
Shares redeemed (5,653) (78,418) (282,292) (4,595,438) 
Net increase (decrease) 7,590 (60,563) $392,975 $(3,607,425) 
Class K     
Shares sold 1,586 5,378 $78,734 $296,062 
Reinvestment of distributions 2,616 1,195 134,333 61,075 
Shares redeemed (7,382) (13,782) (374,270) (776,307) 
Net increase (decrease) (3,180) (7,209) $(161,203) $(419,170) 
Class I     
Shares sold 15,790 2,483 $746,437 $143,258 
Reinvestment of distributions 298 94 15,297 4,805 
Shares redeemed (11,760) (1,442) (555,333) (80,483) 
Net increase (decrease) 4,328 1,135 $206,401 $67,580 
Class Z     
Shares sold 3,349 66,388 $175,173 $3,911,924 
Reinvestment of distributions 7,866 36 403,304 1,857 
Shares redeemed (318) (424) (14,578) (23,248) 
Net increase (decrease) 10,897 66,000 $563,899 $3,890,533 

11. Other.

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

 Strategic Advisers Fidelity International Fund Strategic Advisers International Fund 

Fidelity International Discovery Fund 25% 12% 

Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.

Fund % of shares held 
Fidelity International Discovery Fund 39% 

12. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

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, 2021 to April 30, 2022).

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, 2021 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity International Discovery Fund     
Class A 1.33%    
Actual  $1,000.00 $803.30 $5.95 
Hypothetical-C  $1,000.00 $1,018.20 $6.66 
Class M 1.57%    
Actual  $1,000.00 $802.20 $7.02 
Hypothetical-C  $1,000.00 $1,017.01 $7.85 
Class C 2.13%    
Actual  $1,000.00 $800.00 $9.51 
Hypothetical-C  $1,000.00 $1,014.23 $10.64 
International Discovery 1.00%    
Actual  $1,000.00 $804.50 $4.47 
Hypothetical-C  $1,000.00 $1,019.84 $5.01 
Class K .90%    
Actual  $1,000.00 $805.00 $4.03 
Hypothetical-C  $1,000.00 $1,020.33 $4.51 
Class I 1.02%    
Actual  $1,000.00 $804.50 $4.56 
Hypothetical-C  $1,000.00 $1,019.74 $5.11 
Class Z .90%    
Actual  $1,000.00 $805.10 $4.03 
Hypothetical-C  $1,000.00 $1,020.33 $4.51 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Liquidity Risk Management Program

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 pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is 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) in the case of exchange-traded funds, certain additional factors 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 liquidity categories described below 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 implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

IGI-SANN-0622
1.807261.117



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, 2022

Includes Fidelity and Fidelity Advisor share classes

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

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

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. © 2022 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Fidelity® Diversified International Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   Japan 17.2% 
   Switzerland 10.0% 
   United States of America* 9.4% 
   France 8.9% 
   United Kingdom 8.0% 
   Germany 7.4% 
   Netherlands 6.6% 
   Canada 5.3% 
   India 4.1% 
   Other 23.1% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks 96.7 
Short-Term Investments and Net Other Assets (Liabilities) 3.3 

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 3.3 
Nestle SA (Reg. S) (Switzerland, Food Products) 3.1 
ASML Holding NV (Netherlands, Semiconductors & Semiconductor Equipment) 2.5 
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) 1.9 
Hoya Corp. (Japan, Health Care Equipment & Supplies) 1.7 
AIA Group Ltd. (Hong Kong, Insurance) 1.7 
Canadian Natural Resources Ltd. (Canada, Oil, Gas & Consumable Fuels) 1.6 
RELX PLC (Euronext N.V.) (United Kingdom, Professional Services) 1.5 
Linde PLC (Germany, Chemicals) 1.4 
Reliance Industries Ltd. (India, Oil, Gas & Consumable Fuels) 1.4 
 20.1 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Industrials 19.4 
Financials 17.2 
Information Technology 16.2 
Health Care 13.1 
Consumer Discretionary 9.3 
Consumer Staples 6.5 
Materials 6.4 
Energy 5.0 
Communication Services 3.1 
Real Estate 0.5 

Fidelity® Diversified International Fund

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.2%   
 Shares Value 
Australia - 0.7%   
Aristocrat Leisure Ltd. 2,330,288 $54,068,135 
Lynas Rare Earths Ltd. (a) 4,206,051 26,393,670 
TOTAL AUSTRALIA  80,461,805 
Austria - 0.2%   
Erste Group Bank AG 819,628 25,519,750 
Bailiwick of Jersey - 2.7%   
Experian PLC 1,783,261 61,583,765 
Ferguson PLC 797,246 100,013,863 
Glencore Xstrata PLC 12,976,021 79,953,917 
WPP PLC 4,839,648 60,325,576 
TOTAL BAILIWICK OF JERSEY  301,877,121 
Belgium - 1.7%   
KBC Group NV 1,771,083 120,490,088 
UCB SA 572,619 65,091,138 
TOTAL BELGIUM  185,581,226 
Bermuda - 0.5%   
Hiscox Ltd. 4,414,065 52,413,831 
Canada - 5.3%   
Canadian Natural Resources Ltd. 2,815,031 174,228,868 
Constellation Software, Inc. 54,900 86,405,373 
Fairfax India Holdings Corp. (a)(b) 1,593,042 19,148,365 
First Quantum Minerals Ltd. 1,932,535 55,404,401 
Franco-Nevada Corp. 411,020 62,159,316 
GFL Environmental, Inc. (c) 1,385,363 41,740,987 
Imperial Oil Ltd. 493,835 24,863,774 
Thomson Reuters Corp. 348,286 34,821,822 
Tourmaline Oil Corp. 1,521,697 78,368,017 
TOTAL CANADA  577,140,923 
Cayman Islands - 1.2%   
Anta Sports Products Ltd. 2,912,649 33,473,604 
GlobalFoundries, Inc. 637,992 33,360,602 
Li Ning Co. Ltd. 5,585,846 43,537,029 
Tencent Holdings Ltd. 339,332 15,990,982 
Zai Lab Ltd. ADR (a) 169,784 6,784,569 
TOTAL CAYMAN ISLANDS  133,146,786 
China - 0.5%   
Kweichow Moutai Co. Ltd. (A Shares) 194,255 53,609,892 
Curacao - 0.7%   
Schlumberger Ltd. 1,850,119 72,173,142 
Denmark - 1.3%   
DSV A/S 718,868 117,859,661 
GN Store Nord A/S 557,497 20,922,607 
TOTAL DENMARK  138,782,268 
France - 8.9%   
Air Liquide SA 71,856 12,431,690 
AXA SA (c) 1,159,947 30,686,442 
BNP Paribas SA 2,197,188 113,927,250 
Capgemini SA 712,807 145,112,571 
Dassault Systemes SA 1,183,681 52,347,535 
EssilorLuxottica SA 349,975 59,582,480 
Hermes International SCA 15,529 19,148,148 
Legrand SA 785,759 69,629,390 
LVMH Moet Hennessy Louis Vuitton SE 327,097 211,676,021 
Pernod Ricard SA 590,219 121,811,890 
Sartorius Stedim Biotech 117,314 38,388,540 
Teleperformance 298,086 106,986,351 
TOTAL FRANCE  981,728,308 
Germany - 7.4%   
adidas AG 262,836 53,003,299 
Allianz SE 649,257 146,494,533 
Bayer AG 247,530 16,305,060 
Brenntag SE 399,138 30,798,868 
Deutsche Post AG 2,589,881 110,646,163 
Hannover Reuck SE 356,950 55,480,966 
Linde PLC 506,186 158,758,924 
Merck KGaA 367,946 68,264,063 
SAP SE 386,933 39,214,114 
Siemens Healthineers AG (b) 1,539,113 82,296,291 
Symrise AG 334,849 39,845,127 
Synlab AG 779,861 11,638,219 
TOTAL GERMANY  812,745,627 
Greece - 0.1%   
Piraeus Financial Holdings SA (a) 5,216,200 7,530,436 
Hong Kong - 2.4%   
AIA Group Ltd. 18,999,401 186,645,547 
Chervon Holdings Ltd. 1,216,055 7,599,654 
Hong Kong Exchanges and Clearing Ltd. 424,298 17,998,287 
Techtronic Industries Co. Ltd. 3,927,335 52,422,483 
TOTAL HONG KONG  264,665,971 
India - 4.1%   
Axis Bank Ltd. (a) 2,831,100 26,655,246 
HDFC Bank Ltd. 6,195,394 110,935,765 
Housing Development Finance Corp. Ltd. 2,793,247 80,493,210 
Kotak Mahindra Bank Ltd. (a) 3,745,905 86,763,083 
Reliance Industries Ltd. 4,133,246 149,576,658 
TOTAL INDIA  454,423,962 
Indonesia - 1.0%   
PT Bank Central Asia Tbk 94,805,381 53,173,646 
PT Bank Rakyat Indonesia (Persero) Tbk 156,527,635 52,152,996 
TOTAL INDONESIA  105,326,642 
Ireland - 2.0%   
Aon PLC 269,224 77,533,820 
ICON PLC (a) 154,353 34,916,192 
Kingspan Group PLC (Ireland) 761,283 70,865,601 
Ryanair Holdings PLC sponsored ADR (a) 406,262 35,474,798 
TOTAL IRELAND  218,790,411 
Isle of Man - 0.1%   
Entain PLC (a) 861,774 16,193,012 
Italy - 0.7%   
FinecoBank SpA 2,895,165 40,246,737 
Reply SpA 148,705 21,891,925 
UniCredit SpA 1,028,097 9,515,119 
TOTAL ITALY  71,653,781 
Japan - 17.2%   
Advantest Corp. 259,588 17,716,389 
Daikin Industries Ltd. 255,570 39,055,621 
FUJIFILM Holdings Corp. 1,447,977 79,597,117 
Fujitsu Ltd. 322,736 48,781,275 
Hitachi Ltd. 2,634,836 124,960,965 
Hoya Corp. 1,916,500 190,197,559 
Itochu Corp. 3,060,900 92,380,964 
Keyence Corp. 292,847 117,725,736 
Minebea Mitsumi, Inc. 5,482,485 105,187,880 
Misumi Group, Inc. 1,808,746 45,353,084 
Money Forward, Inc. (a) 170,783 5,806,905 
Murata Manufacturing Co. Ltd. 292,521 17,436,445 
Nitori Holdings Co. Ltd. 46,894 4,824,424 
NOF Corp. 254,128 9,538,563 
Nomura Research Institute Ltd. 1,275,604 36,069,519 
Olympus Corp. 1,732,487 30,493,725 
ORIX Corp. 5,150,613 93,941,883 
Persol Holdings Co. Ltd. 2,764,511 54,846,891 
Recruit Holdings Co. Ltd. 2,411,389 87,489,084 
Relo Group, Inc. 1,857,594 26,534,972 
Seven & i Holdings Co. Ltd. 1,246,267 55,106,089 
Shin-Etsu Chemical Co. Ltd. 897,067 123,287,957 
SMC Corp. 178,139 86,258,539 
Sony Group Corp. 1,613,356 139,234,372 
TIS, Inc. 2,378,121 53,411,092 
Tokyo Electron Ltd. 271,670 114,630,260 
Tsuruha Holdings, Inc. 268,567 13,725,930 
Welcia Holdings Co. Ltd. 391,464 8,024,646 
Z Holdings Corp. 10,878,049 42,705,466 
ZOZO, Inc. 1,045,282 21,885,587 
TOTAL JAPAN  1,886,208,939 
Korea (South) - 1.1%   
NAVER Corp. 117,110 25,948,582 
Samsung Electronics Co. Ltd. 1,713,260 90,820,198 
TOTAL KOREA (SOUTH)  116,768,780 
Luxembourg - 1.0%   
B&M European Value Retail SA 10,379,157 63,594,010 
Eurofins Scientific SA 531,081 49,357,504 
TOTAL LUXEMBOURG  112,951,514 
Netherlands - 6.6%   
Adyen BV (a)(b) 25,796 43,267,458 
Airbus Group NV 846,260 92,641,694 
Argenx SE (a) 67,002 19,303,847 
ASML Holding NV 493,162 278,029,941 
IMCD NV 518,872 82,616,106 
NXP Semiconductors NV 465,705 79,588,985 
Wolters Kluwer NV 1,231,129 124,322,858 
Wolters Kluwer NV rights (a)(d) 1,231,129 1,337,743 
TOTAL NETHERLANDS  721,108,632 
New Zealand - 0.0%   
EBOS Group Ltd. 149,910 4,088,842 
Norway - 0.2%   
Schibsted ASA (A Shares) 1,285,254 26,783,258 
Spain - 1.5%   
Cellnex Telecom SA (b) 2,041,641 95,161,512 
Industria de Diseno Textil SA (c) 3,052,540 64,003,436 
TOTAL SPAIN  159,164,948 
Sweden - 2.3%   
Hexagon AB (B Shares) 5,594,986 72,191,720 
Indutrade AB 3,860,263 91,055,227 
Investor AB (B Shares) (c) 3,736,283 71,896,935 
Kry International AB (e)(f) 2,651 934,089 
Nibe Industrier AB (B Shares) 621,038 6,088,908 
Nordnet AB 836,009 14,500,372 
TOTAL SWEDEN  256,667,251 
Switzerland - 10.0%   
Compagnie Financiere Richemont SA Series A 48,677 5,655,816 
Julius Baer Group Ltd. 545,244 26,056,035 
Lonza Group AG 187,486 110,548,178 
Nestle SA (Reg. S) 2,642,366 341,113,830 
Roche Holding AG (participation certificate) 983,283 364,615,153 
Sika AG 482,051 147,246,462 
Sonova Holding AG 201,208 72,560,863 
Zurich Insurance Group Ltd. 73,525 33,473,721 
TOTAL SWITZERLAND  1,101,270,058 
Taiwan - 1.0%   
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 1,172,008 108,914,703 
United Kingdom - 8.0%   
AstraZeneca PLC (United Kingdom) 712,622 95,093,161 
Big Yellow Group PLC 1,795,149 32,441,881 
Bridgepoint Group Holdings Ltd. (b) 5,312,245 20,269,716 
Compass Group PLC 3,546,756 74,843,115 
Diageo PLC 2,497,716 124,608,151 
Harbour Energy PLC 6,959,687 43,644,215 
JD Sports Fashion PLC 20,149,072 33,199,136 
Lloyds Banking Group PLC 114,774,895 65,187,976 
Prudential PLC 3,316,111 41,280,442 
Prudential PLC (Hong Kong) 831,975 10,344,132 
RELX PLC:   
rights (a)(d) 5,678,663 2,530,264 
(Euronext N.V.) 5,678,663 169,269,754 
Rentokil Initial PLC 10,629,124 73,003,723 
S4 Capital PLC (a) 3,992,974 15,102,838 
Smith & Nephew PLC 3,531,005 57,232,514 
Starling Bank Ltd. Series D (a)(e)(f) 8,636,400 25,607,505 
TOTAL UNITED KINGDOM  883,658,523 
United States of America - 5.8%   
Alphabet, Inc. Class C (a) 30,597 70,352,600 
Booking Holdings, Inc. (a) 16,694 36,898,915 
IQVIA Holdings, Inc. (a) 380,257 82,892,223 
Marsh & McLennan Companies, Inc. 516,432 83,507,054 
Marvell Technology, Inc. 1,323,878 76,890,834 
MasterCard, Inc. Class A 202,455 73,568,098 
NICE Ltd. sponsored ADR (a) 272,728 56,293,786 
ResMed, Inc. 95,562 19,109,533 
Rivian Automotive, Inc. 1,530,142 45,808,779 
S&P Global, Inc. 253,248 95,347,872 
TOTAL UNITED STATES OF AMERICA  640,669,694 
TOTAL COMMON STOCKS   
(Cost $7,426,844,590)  10,572,020,036 
Preferred Stocks - 0.5%   
Convertible Preferred Stocks - 0.5%   
Estonia - 0.2%   
Bolt Technology OU Series E (e)(f) 79,275 19,235,167 
United States of America - 0.3%   
Wasabi Holdings, Inc. Series C (a)(e)(f) 2,976,172 32,202,181 
TOTAL CONVERTIBLE PREFERRED STOCKS  51,437,348 
Nonconvertible Preferred Stocks - 0.0%   
Sweden - 0.0%   
Kry International AB Series E (e)(f) 15,316 5,396,643 
TOTAL PREFERRED STOCKS   
(Cost $59,932,348)  56,833,991 
Money Market Funds - 4.3%   
Fidelity Cash Central Fund 0.32% (g) 336,924,761 336,992,145 
Fidelity Securities Lending Cash Central Fund 0.32% (g)(h) 134,803,048 134,816,528 
TOTAL MONEY MARKET FUNDS   
(Cost $471,807,717)  471,808,673 
TOTAL INVESTMENT IN SECURITIES - 101.0%   
(Cost $7,958,584,655)  11,100,662,700 
NET OTHER ASSETS (LIABILITIES) - (1.0)%  (109,999,673) 
NET ASSETS - 100%  $10,990,663,027 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

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 $260,143,342 or 2.4% of net assets.

 (c) Security or a portion of the security is on loan at period end.

 (d) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $83,375,585 or 0.8% of net assets.

 (f) Level 3 security

 (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 1/3/22 $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.

Fund 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 0.32% $329,160,542 $1,043,765,311 $1,035,933,707 $178,464 $17,328 $(17,329) $336,992,145 0.7% 
Fidelity Securities Lending Cash Central Fund 0.32% 119,807,250 386,336,271 371,326,993 54,544 -- -- 134,816,528 0.4% 
Total $448,967,792 $1,430,101,582 $1,407,260,700 $233,008 $17,328 $(17,329) $471,808,673  

Amounts in the 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. Amount 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $352,370,814 $70,352,600 $282,018,214 $-- 
Consumer Discretionary 1,020,431,153 36,898,915 951,330,057 32,202,181 
Consumer Staples 718,000,428 -- 718,000,428 -- 
Energy 542,854,674 349,633,801 193,220,873 -- 
Financials 1,895,218,760 275,537,111 1,594,074,144 25,607,505 
Health Care 1,440,099,781 143,702,517 1,296,397,264 -- 
Industrials 2,111,243,057 112,037,607 1,999,205,450 -- 
Information Technology 1,774,638,480 793,052,322 956,020,259 25,565,899 
Materials 715,020,027 117,563,717 597,456,310 -- 
Real Estate 58,976,853 -- 58,976,853 -- 
Money Market Funds 471,808,673 471,808,673 -- -- 
Total Investments in Securities: $11,100,662,700 $2,370,587,263 $8,646,699,852 $83,375,585 

See accompanying notes which are an integral part of the financial statements.


Fidelity® Diversified International Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $128,075,406) — See accompanying schedule:
Unaffiliated issuers (cost $7,486,776,938) 		$10,628,854,027  
Fidelity Central Funds (cost $471,807,717) 471,808,673  
Total Investment in Securities (cost $7,958,584,655)  $11,100,662,700 
Foreign currency held at value (cost $2,775,149)  2,782,300 
Receivable for investments sold  7,082,670 
Receivable for fund shares sold  10,025,021 
Dividends receivable  28,215,113 
Reclaims receivable  26,680,390 
Distributions receivable from Fidelity Central Funds  95,345 
Prepaid expenses  4,829 
Other receivables  1,617,882 
Total assets  11,177,166,250 
Liabilities   
Payable for investments purchased on a delayed delivery basis $3,868,007  
Payable for fund shares redeemed 15,333,606  
Accrued management fee 8,534,978  
Other affiliated payables 1,434,610  
Deferred taxes 20,807,236  
Other payables and accrued expenses 1,708,258  
Collateral on securities loaned 134,816,528  
Total liabilities  186,503,223 
Net Assets  $10,990,663,027 
Net Assets consist of:   
Paid in capital  $7,480,384,560 
Total accumulated earnings (loss)  3,510,278,467 
Net Assets  $10,990,663,027 
Net Asset Value and Maximum Offering Price   
Diversified International:   
Net Asset Value, offering price and redemption price per share ($8,930,965,681 ÷ 228,365,739 shares)  $39.11 
Class K:   
Net Asset Value, offering price and redemption price per share ($2,059,697,346 ÷ 52,764,505 shares)  $39.04 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $101,865,968 
Foreign tax reclaims  8,667,139 
Income from Fidelity Central Funds (including $54,544 from security lending)  233,008 
Income before foreign taxes withheld  110,766,115 
Less foreign taxes withheld  (19,076,082) 
Total income  91,690,033 
Expenses   
Management fee   
Basic fee $42,351,313  
Performance adjustment 13,646,890  
Transfer agent fees 7,963,961  
Accounting fees 948,098  
Custodian fees and expenses 711,632  
Independent trustees' fees and expenses 23,297  
Registration fees 120,844  
Audit 89,113  
Legal 10,659  
Miscellaneous 25,931  
Total expenses before reductions 65,891,738  
Expense reductions (194,336)  
Total expenses after reductions  65,697,402 
Net investment income (loss)  25,992,631 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $62,724) 502,436,403  
Fidelity Central Funds 17,328  
Forward foreign currency contracts (116,540)  
Foreign currency transactions (499,347)  
Total net realized gain (loss)  501,837,844 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $6,791,780) (3,109,296,626)  
Fidelity Central Funds (17,329)  
Assets and liabilities in foreign currencies (3,058,263)  
Total change in net unrealized appreciation (depreciation)  (3,112,372,218) 
Net gain (loss)  (2,610,534,374) 
Net increase (decrease) in net assets resulting from operations  $(2,584,541,743) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $25,992,631 $51,343,548 
Net realized gain (loss) 501,837,844 1,760,068,284 
Change in net unrealized appreciation (depreciation) (3,112,372,218) 1,940,356,322 
Net increase (decrease) in net assets resulting from operations (2,584,541,743) 3,751,768,154 
Distributions to shareholders (1,395,065,915) (149,529,825) 
Share transactions - net increase (decrease) 133,774,683 (1,946,201,266) 
Total increase (decrease) in net assets (3,845,832,975) 1,656,037,063 
Net Assets   
Beginning of period 14,836,496,002 13,180,458,939 
End of period $10,990,663,027 $14,836,496,002 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Diversified International Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $53.38 $41.61 $38.67 $35.72 $41.39 $34.28 
Income from Investment Operations       
Net investment income (loss)A,B .09 .16 .10 .50 .50 .41 
Net realized and unrealized gain (loss) (9.22) 12.07 3.37 4.77 (4.05) 7.15 
Total from investment operations (9.13) 12.23 3.47 5.27 (3.55) 7.56 
Distributions from net investment income (.57) (.02) (.53) (.43) (.43) (.38) 
Distributions from net realized gain (4.57) (.45) – (1.89) (1.69) (.07) 
Total distributions (5.14) (.46)C (.53) (2.32) (2.12) (.45) 
Redemption fees added to paid in capitalA – – – – – –D 
Net asset value, end of period $39.11 $53.38 $41.61 $38.67 $35.72 $41.39 
Total ReturnE,F (18.72)% 29.58% 9.07% 16.02% (9.05)% 22.38% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions 1.03%I 1.01% 1.05% .75% .81% .94% 
Expenses net of fee waivers, if any 1.03%I 1.01% 1.05% .75% .80% .94% 
Expenses net of all reductions 1.03%I 1.01% 1.04% .75% .79% .93% 
Net investment income (loss) .38%I .32% .26% 1.42% 1.27% 1.10% 
Supplemental Data       
Net assets, end of period (000 omitted) $8,930,966 $11,529,722 $9,419,192 $8,734,682 $9,275,299 $11,349,633 
Portfolio turnover rateJ,K 19%I 29% 29% 37% 30% 37% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Portfolio turnover rate excludes securities received or delivered in-kind.

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Diversified International Fund Class K

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $53.32 $41.56 $38.61 $35.68 $41.35 $34.25 
Income from Investment Operations       
Net investment income (loss)A,B .11 .21 .15 .55 .55 .45 
Net realized and unrealized gain (loss) (9.21) 12.06 3.37 4.74 (4.05) 7.15 
Total from investment operations (9.10) 12.27 3.52 5.29 (3.50) 7.60 
Distributions from net investment income (.62) (.06) (.57) (.47) (.48) (.43) 
Distributions from net realized gain (4.57) (.45) – (1.89) (1.69) (.07) 
Total distributions (5.18)C (.51) (.57) (2.36) (2.17) (.50) 
Redemption fees added to paid in capitalA – – – – – –D 
Net asset value, end of period $39.04 $53.32 $41.56 $38.61 $35.68 $41.35 
Total ReturnE,F (18.69)% 29.71% 9.22% 16.14% (8.95)% 22.55% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions .93%I .91% .94% .63% .69% .82% 
Expenses net of fee waivers, if any .92%I .91% .94% .63% .69% .81% 
Expenses net of all reductions .92%I .91% .93% .63% .67% .81% 
Net investment income (loss) .48%I .42% .38% 1.54% 1.39% 1.22% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,059,697 $3,306,774 $3,761,267 $4,246,651 $4,998,889 $8,498,740 
Portfolio turnover rateJ,K 19%I 29% 29% 37% 30% 37% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Portfolio turnover rate excludes securities received or delivered in-kind.

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

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. 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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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.

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, 2022 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 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. 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.

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 $1,371,168 

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 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 $3,494,166,416 
Gross unrealized depreciation (486,704,325) 
Net unrealized appreciation (depreciation) $3,007,462,091 
Tax cost $8,093,200,609 

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 objective allows the Fund to enter into various types of derivative contracts, including forward foreign currency 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.

The Fund used derivatives to increase returns, to facilitate transactions in foreign-denominated securities 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 Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Foreign Exchange Risk Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in currency exchange rates.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the 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 the Fund. Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain OTC derivatives such as forward foreign currency contracts, the Fund attempts to reduce its exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement with each of its counterparties. The ISDA Master Agreement gives the Fund the right to terminate all transactions traded under such agreement upon the deterioration in the credit quality of the counterparty beyond specified levels. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net payable by one party to the other.

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.

Forward Foreign Currency Contracts. Forward foreign currency contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. The Fund used forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to manage exposure to certain foreign currencies.

Forward foreign currency contracts are valued daily and fluctuations in exchange rates on open contracts are recorded as unrealized appreciation or (depreciation) and reflected in the Statement of Assets and Liabilities. When the contract is closed, the Fund realize a gain or loss equal to the difference between the closing value and the value at the time it was opened. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on forward foreign currency contracts during the period is presented in the Statement of Operations.

Any open forward foreign currency contracts at period end are presented in the Schedule of Investments under the caption "Forward Foreign Currency Contracts." The contract amount and unrealized appreciation (depreciation) reflects each contract's exposure to the underlying currency at period end.

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 Diversified International Fund 1,237,121,890 1,970,583,170 

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 accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

 Shares Total net realized gain or loss
($) 		Total Proceeds
($) 		Participating classes 
Fidelity Diversified International Fund 12,299,436 277,168,660 583,486,089 Diversified International and Class K 

Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

 Shares Total net realized gain or loss
($) 		Total Proceeds
($) 		Participating classes 
Fidelity Diversified International Fund 12,120,689 302,712,975 611,863,014 Diversified International and Class K 

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .424% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Diversified International as compared to its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .86% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Diversified International, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Diversified International $7,435,603 .14 
Class K 528,358 .04 
 $7,963,961  

 (a) Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Fidelity Diversified International Fund .01 

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 $4,241 

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 25,878,228 60,504,204 7,769,687 

Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:

 Amount ($) 
Fidelity Diversified International Fund 4,196 

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 Diversified International Fund $11,333 

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 Diversified International Fund $6,994 $– $– 

9. 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 $174.

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 $194,162.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2022 		Year ended
October 31, 2021 
Fidelity Diversified International Fund   
Distributions to shareholders   
Diversified International $1,090,192,506 $104,309,903 
Class K 304,873,409 45,219,922 
Total $1,395,065,915 $149,529,825 

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, 2022 Year ended October 31, 2021 Six months ended April 30, 2022 Year ended October 31, 2021 
Fidelity Diversified International Fund     
Diversified International     
Shares sold 19,731,990 22,494,237 $856,392,059 $1,111,665,577 
Reinvestment of distributions 20,838,853 2,044,541 979,217,736 94,191,973 
Shares redeemed (28,180,649) (34,915,913) (1,272,430,572) (1,720,243,591) 
Net increase (decrease) 12,390,194 (10,377,135) $563,179,223 $(514,386,041) 
Class K     
Shares sold 5,037,361 13,530,019 $234,690,113 $662,274,443 
Reinvestment of distributions 6,500,350 983,393 304,736,401 45,206,563 
Shares redeemed (20,791,926) (42,999,587) (968,831,054) (2,139,296,231) 
Net increase (decrease) (9,254,215) (28,486,175) $(429,404,540) $(1,431,815,225) 

12. Other.

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

 Strategic Advisers Fidelity International Fund 
Fidelity Diversified International Fund 17% 

Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.

Fund % of shares held 
Fidelity Diversified International Fund 22% 

13. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Fidelity® International Capital Appreciation Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   United States of America* 18.8% 
   France 17.2% 
   Canada 9.6% 
   Switzerland 9.3% 
   Netherlands 7.0% 
   Japan 6.7% 
   Ireland 6.0% 
   Sweden 5.2% 
   United Kingdom 5.1% 
   Other 15.1% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks 98.4 
Short-Term Investments and Net Other Assets (Liabilities) 1.6 

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 3.3 
Nestle SA (Reg. S) (Switzerland, Food Products) 3.1 
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) 2.5 
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) 2.4 
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) 2.3 
Diageo PLC (United Kingdom, Beverages) 1.9 
L'Oreal SA (France, Personal Products) 1.8 
DSV A/S (Denmark, Air Freight & Logistics) 1.8 
Schneider Electric SA (France, Electrical Equipment) 1.8 
Air Liquide SA (France, Chemicals) 1.7 
 22.6 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Industrials 25.6 
Information Technology 22.7 
Health Care 14.2 
Financials 10.5 
Consumer Discretionary 9.1 
Consumer Staples 8.4 
Materials 6.5 
Communication Services 1.4 

Fidelity® International Capital Appreciation Fund

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%   
 Shares Value 
Bailiwick of Jersey - 1.6%   
Experian PLC 2,130,758 $73,584,349 
Canada - 9.6%   
Brookfield Asset Management, Inc. Class A 1,548,144 77,190,460 
Canadian National Railway Co. 689,912 81,136,422 
Canadian Pacific Railway Ltd. 1,090,988 79,803,948 
Constellation Software, Inc. 45,419 71,483,527 
Thomson Reuters Corp. 678,547 67,841,495 
Waste Connections, Inc. (Canada) 516,515 71,258,283 
TOTAL CANADA  448,714,135 
Denmark - 4.2%   
DSV A/S 498,832 81,784,375 
Novo Nordisk A/S Series B 980,512 112,000,247 
TOTAL DENMARK  193,784,622 
France - 17.2%   
Air Liquide SA 471,110 81,505,980 
Dassault Systemes SA 1,752,444 77,500,715 
EssilorLuxottica SA 468,589 79,776,254 
Hermes International SCA 60,071 74,070,990 
L'Oreal SA 229,800 83,603,530 
LVMH Moet Hennessy Louis Vuitton SE 168,165 108,825,511 
Pernod Ricard SA 368,111 75,972,303 
Sartorius Stedim Biotech 203,628 66,632,981 
Schneider Electric SA 568,659 81,584,987 
Teleperformance 206,479 74,107,589 
TOTAL FRANCE  803,580,840 
Germany - 1.5%   
Merck KGaA 376,887 69,922,864 
Hong Kong - 1.4%   
Techtronic Industries Co. Ltd. 5,051,927 67,433,656 
India - 3.1%   
HDFC Bank Ltd. 3,929,664 70,365,223 
Kotak Mahindra Bank Ltd. (a) 3,155,654 73,091,622 
TOTAL INDIA  143,456,845 
Ireland - 6.0%   
Accenture PLC Class A 218,961 65,767,126 
ICON PLC (a) 288,114 65,174,268 
Kingspan Group PLC (Ireland) 787,571 73,312,674 
Linde PLC 241,521 75,344,891 
TOTAL IRELAND  279,598,959 
Japan - 6.7%   
Hoya Corp. 773,358 76,749,702 
Keyence Corp. 201,067 80,829,787 
Recruit Holdings Co. Ltd. 1,980,354 71,850,438 
Tokyo Electron Ltd. 193,098 81,477,064 
TOTAL JAPAN  310,906,991 
Netherlands - 7.0%   
ASM International NV (Netherlands) 232,444 69,847,588 
ASML Holding NV (Netherlands) 203,154 115,297,720 
Ferrari NV (Italy) 344,363 72,507,261 
Wolters Kluwer NV 697,142 70,399,353 
Wolters Kluwer NV rights (a)(b) 701,842 762,620 
TOTAL NETHERLANDS  328,814,542 
Sweden - 5.2%   
ASSA ABLOY AB (B Shares) 2,808,969 70,988,669 
Atlas Copco AB (A Shares) (c) 1,781,910 80,786,232 
Evolution AB (d) 177,608 18,222,281 
Hexagon AB (B Shares) (c) 5,797,505 74,804,809 
TOTAL SWEDEN  244,801,991 
Switzerland - 9.3%   
Compagnie Financiere Richemont SA Series A 652,410 75,803,996 
Lonza Group AG 119,729 70,596,326 
Nestle SA (Reg. S) 1,132,098 146,147,159 
Partners Group Holding AG 62,740 66,472,870 
Sika AG 249,835 76,314,166 
TOTAL SWITZERLAND  435,334,517 
Taiwan - 3.3%   
Taiwan Semiconductor Manufacturing Co. Ltd. 8,590,000 155,417,045 
United Kingdom - 5.1%   
Diageo PLC 1,811,381 90,367,695 
RELX PLC (London Stock Exchange) 2,582,609 76,937,166 
Rentokil Initial PLC 10,633,097 73,031,010 
TOTAL UNITED KINGDOM  240,335,871 
United States of America - 17.2%   
Adobe, Inc. (a) 165,400 65,490,130 
Alphabet, Inc. Class A (a) 28,360 64,722,908 
Danaher Corp. 257,294 64,614,242 
Domino's Pizza, Inc. 2,496 843,648 
Marsh & McLennan Companies, Inc. 403,499 65,245,788 
MasterCard, Inc. Class A 191,500 69,587,270 
Moody's Corp. 211,767 67,020,020 
NICE Ltd. sponsored ADR (a) 332,030 68,534,312 
NVIDIA Corp. 328,776 60,978,085 
S&P Global, Inc. 179,719 67,664,204 
Sherwin-Williams Co. 259,000 71,214,640 
Thermo Fisher Scientific, Inc. 126,254 69,808,362 
Zoetis, Inc. Class A 376,715 66,772,734 
TOTAL UNITED STATES OF AMERICA  802,496,343 
TOTAL COMMON STOCKS   
(Cost $4,024,761,706)  4,598,183,570 
Money Market Funds - 2.6%   
Fidelity Cash Central Fund 0.32% (e) 20,102,272 20,106,292 
Fidelity Securities Lending Cash Central Fund 0.32% (e)(f) 102,188,902 102,199,121 
TOTAL MONEY MARKET FUNDS   
(Cost $122,305,413)  122,305,413 
TOTAL INVESTMENT IN SECURITIES - 101.0%   
(Cost $4,147,067,119)  4,720,488,983 
NET OTHER ASSETS (LIABILITIES) - (1.0)%  (46,036,353) 
NET ASSETS - 100%  $4,674,452,630 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (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 $18,222,281 or 0.4% 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.

 (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.

Fund 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 0.32% $115,699,173 $1,146,729,435 $1,242,322,316 $29,604 $-- $-- $20,106,292 0.0% 
Fidelity Securities Lending Cash Central Fund 0.32% -- 264,834,523 162,635,402 19,485 -- -- 102,199,121 0.3% 
Total $115,699,173 $ 1,411,563,958 $ 1,404,957,718 $49,089 $-- $-- $122,305,413  

Amounts in the 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. Amount 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $64,722,908 $64,722,908 $-- $-- 
Consumer Discretionary 430,049,941 843,648 429,206,293 -- 
Consumer Staples 396,090,687 -- 396,090,687 -- 
Financials 487,050,187 277,120,472 209,929,715 -- 
Health Care 662,271,726 266,369,606 395,902,120 -- 
Industrials 1,196,603,266 300,040,148 896,563,118 -- 
Information Technology 1,057,015,178 401,840,450 655,174,728 -- 
Materials 304,379,677 146,559,531 157,820,146 -- 
Money Market Funds 122,305,413 122,305,413 -- -- 
Total Investments in Securities: $4,720,488,983 $1,579,802,176 $3,140,686,807 $-- 

See accompanying notes which are an integral part of the financial statements.


Fidelity® International Capital Appreciation Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $98,904,809) — See accompanying schedule:
Unaffiliated issuers (cost $4,024,761,706) 		$4,598,183,570  
Fidelity Central Funds (cost $122,305,413) 122,305,413  
Total Investment in Securities (cost $4,147,067,119)  $4,720,488,983 
Cash  1 
Foreign currency held at value (cost $1,361,132)  1,361,132 
Receivable for investments sold  138,019,890 
Receivable for fund shares sold  6,761,756 
Dividends receivable  6,592,039 
Reclaims receivable  5,452,643 
Distributions receivable from Fidelity Central Funds  22,826 
Prepaid expenses  1,761 
Other receivables  2,034,759 
Total assets  4,880,735,790 
Liabilities   
Payable for investments purchased   
Regular delivery $88,400,280  
Delayed delivery 762,620  
Payable for fund shares redeemed 9,715,136  
Accrued management fee 3,564,696  
Other affiliated payables 776,946  
Other payables and accrued expenses 864,361  
Collateral on securities loaned 102,199,121  
Total liabilities  206,283,160 
Net Assets  $4,674,452,630 
Net Assets consist of:   
Paid in capital  $4,223,344,270 
Total accumulated earnings (loss)  451,108,360 
Net Assets  $4,674,452,630 
Net Asset Value, offering price and redemption price per share ($4,674,452,630 ÷ 208,467,897 shares)  $22.42 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $27,812,251 
Foreign tax reclaims  2,211,411 
Income from Fidelity Central Funds (including $19,485 from security lending)  49,089 
Income before foreign taxes withheld  30,072,751 
Less foreign taxes withheld  (4,795,210) 
Total income  25,277,541 
Expenses   
Management fee   
Basic fee $18,172,798  
Performance adjustment 4,332,849  
Transfer agent fees 4,010,827  
Accounting fees 790,748  
Custodian fees and expenses 270,536  
Independent trustees' fees and expenses 9,333  
Registration fees 182,043  
Audit 57,915  
Legal 5,807  
Interest 4,051  
Miscellaneous 9,941  
Total expenses before reductions 27,846,848  
Expense reductions (79,646)  
Total expenses after reductions  27,767,202 
Net investment income (loss)  (2,489,661) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $1,656,834) (113,070,714)  
Foreign currency transactions 299,912  
Total net realized gain (loss)  (112,770,802) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $6,751,955) (1,110,814,087)  
Assets and liabilities in foreign currencies (671,883)  
Total change in net unrealized appreciation (depreciation)  (1,111,485,970) 
Net gain (loss)  (1,224,256,772) 
Net increase (decrease) in net assets resulting from operations  $(1,226,746,433) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(2,489,661) $(4,589,070) 
Net realized gain (loss) (112,770,802) 558,318,284 
Change in net unrealized appreciation (depreciation) (1,111,485,970) 692,652,495 
Net increase (decrease) in net assets resulting from operations (1,226,746,433) 1,246,381,709 
Distributions to shareholders (482,951,298) (66,059,567) 
Share transactions   
Proceeds from sales of shares 1,152,561,119 1,217,696,177 
Reinvestment of distributions 405,305,190 56,261,510 
Cost of shares redeemed (1,025,472,479) (1,116,865,992) 
Net increase (decrease) in net assets resulting from share transactions 532,393,830 157,091,695 
Total increase (decrease) in net assets (1,177,303,901) 1,337,413,837 
Net Assets   
Beginning of period 5,851,756,531 4,514,342,694 
End of period $4,674,452,630 $5,851,756,531 
Other Information   
Shares   
Sold 45,437,724 42,651,879 
Issued in reinvestment of distributions 14,830,047 2,109,542 
Redeemed (41,012,579) (39,288,434) 
Net increase (decrease) 19,255,192 5,472,987 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity International Capital Appreciation Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $30.93 $24.57 $22.41 $18.84 $21.06 $16.81 
Income from Investment Operations       
Net investment income (loss)A,B (.01) (.02) .06 .17C .11 .09 
Net realized and unrealized gain (loss) (5.92) 6.74 2.86 3.93 (1.63) 4.27 
Total from investment operations (5.93) 6.72 2.92 4.10 (1.52) 4.36 
Distributions from net investment income – (.05) (.13) (.08) (.07) (.11) 
Distributions from net realized gain (2.58) (.31) (.62) (.45) (.63) – 
Total distributions (2.58) (.36) (.76)D (.53) (.70) (.11) 
Redemption fees added to paid in capitalA – – – – – –E 
Net asset value, end of period $22.42 $30.93 $24.57 $22.41 $18.84 $21.06 
Total ReturnF,G (20.67)% 27.56% 13.35% 22.45% (7.51)% 26.13% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 1.03%J 1.00% 1.03% 1.01% 1.06% 1.12% 
Expenses net of fee waivers, if any 1.03%J 1.00% 1.03% 1.01% 1.06% 1.12% 
Expenses net of all reductions 1.03%J 1.00% .99% 1.00% 1.01% 1.10% 
Net investment income (loss) (.09)%J (.08)% .25% .81%C .54% .50% 
Supplemental Data       
Net assets, end of period (000 omitted) $4,674,453 $5,851,757 $4,514,343 $3,480,765 $2,165,082 $2,112,031 
Portfolio turnover rateK 112%J,L 141% 135% 131%L 157%L 178%L 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net 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%.

 D Total distributions per share do not sum due to rounding.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 L Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

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.

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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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, 2022 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.

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, passive foreign investment companies (PFIC), net operating losses 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 $844,349,398 
Gross unrealized depreciation (284,535,788) 
Net unrealized appreciation (depreciation) $559,813,610 
Tax cost $4,160,675,373 

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 Capital Appreciation Fund 3,017,103,430 2,988,682,904 

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 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 Capital Appreciation Fund 237,890 2,446,488 6,501,540 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the MSCI All Country World ex USA Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .84% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an 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. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following 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 $6,959 

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity International Capital Appreciation Fund Borrower $16,004,842 .34% $2,898 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity International Capital Appreciation Fund 353,834,687 262,833,099 (17,503,506) 

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 $4,564 

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 $2,203 $– $– 

8. Bank Borrowings.

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:

 Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity International Capital Appreciation Fund $13,584,250 .76% $1,153 

9. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $79,646.

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 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 35% 

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 39% 

11. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Fidelity® Overseas Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   France 16.1% 
   Switzerland 12.7% 
   Japan 11.4% 
   United States of America* 10.9% 
   United Kingdom 8.7% 
   Netherlands 7.6% 
   Germany 6.4% 
   Sweden 6.4% 
   Ireland 3.0% 
   Other 16.8% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks 96.2 
Short-Term Investments and Net Other Assets (Liabilities) 3.8 

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Nestle SA (Reg. S) (Switzerland, Food Products) 3.3 
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) 2.7 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 2.5 
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) 2.2 
Diageo PLC (United Kingdom, Beverages) 2.0 
AIA Group Ltd. (Hong Kong, Insurance) 1.6 
TotalEnergies SE (France, Oil, Gas & Consumable Fuels) 1.6 
Sony Group Corp. (Japan, Household Durables) 1.4 
Sika AG (Switzerland, Chemicals) 1.4 
RELX PLC (London Stock Exchange) (United Kingdom, Professional Services) 1.4 
 20.1 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Industrials 21.2 
Financials 19.2 
Information Technology 16.4 
Health Care 13.1 
Consumer Discretionary 8.8 
Consumer Staples 6.6 
Materials 5.2 
Energy 2.5 
Communication Services 2.1 
Real Estate 1.1 

Fidelity® Overseas Fund

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.1%   
 Shares Value 
Bailiwick of Jersey - 1.3%   
Ferguson PLC 729,400 $91,502,638 
JTC PLC (a) 2,649,000 25,722,122 
TOTAL BAILIWICK OF JERSEY  117,224,760 
Belgium - 1.0%   
Azelis Group NV 519,000 12,782,131 
KBC Group NV 1,087,454 73,981,529 
TOTAL BELGIUM  86,763,660 
Bermuda - 0.7%   
Genpact Ltd. 613,230 24,694,772 
Hiscox Ltd. 2,862,313 33,987,898 
TOTAL BERMUDA  58,682,670 
Canada - 1.3%   
Constellation Software, Inc. 69,700 109,698,625 
Topicus.Com, Inc. 122,288 7,605,816 
TOTAL CANADA  117,304,441 
Cayman Islands - 0.6%   
Parade Technologies Ltd. 1,080,000 51,389,914 
Denmark - 1.6%   
DSV A/S 733,600 120,274,998 
GN Store Nord A/S 685,800 25,737,760 
TOTAL DENMARK  146,012,758 
Finland - 0.8%   
Nordea Bank ABP 7,419,600 73,974,040 
France - 16.1%   
Air Liquide SA 620,800 107,403,605 
ALTEN 524,556 70,399,447 
Antin Infrastructure Partners SA 198,900 5,167,131 
BNP Paribas SA 1,856,100 96,241,364 
Capgemini SA 612,033 124,597,096 
Dassault Systemes SA 1,318,800 58,323,086 
Edenred SA 2,032,979 102,100,596 
EssilorLuxottica SA 520,881 88,678,853 
Legrand SA 1,209,600 107,187,714 
LVMH Moet Hennessy Louis Vuitton SE 306,163 198,128,890 
Pernod Ricard SA 558,000 115,162,397 
Safran SA 793,300 85,199,189 
Teleperformance 342,066 122,771,258 
TotalEnergies SE 2,836,344 139,272,927 
TOTAL FRANCE  1,420,633,553 
Germany - 6.4%   
Allianz SE 518,900 117,081,546 
Auto1 Group SE (a)(b) 100,600 1,053,298 
Brenntag SE 858,200 66,221,679 
Deutsche Borse AG 523,400 91,121,093 
Hannover Reuck SE 492,200 76,502,959 
Merck KGaA 600,500 111,409,202 
SAP SE 286,945 29,080,730 
Siemens Healthineers AG (a) 1,342,900 71,804,793 
TOTAL GERMANY  564,275,300 
Hong Kong - 1.6%   
AIA Group Ltd. 14,431,800 141,774,533 
Chervon Holdings Ltd. 699,700 4,372,728 
TOTAL HONG KONG  146,147,261 
India - 1.7%   
HDFC Bank Ltd. 3,919,800 70,188,597 
Reliance Industries Ltd. 2,117,853 76,642,274 
TOTAL INDIA  146,830,871 
Ireland - 3.0%   
Flutter Entertainment PLC (b) 248,774 25,127,817 
ICON PLC (b) 311,000 70,351,310 
Kingspan Group PLC (Ireland) 894,400 83,257,072 
Linde PLC 265,000 82,669,400 
TOTAL IRELAND  261,405,599 
Italy - 2.2%   
FinecoBank SpA 4,373,700 60,800,388 
GVS SpA (a) 528,100 4,398,636 
Moncler SpA 1,078,800 56,198,689 
Recordati SpA 1,604,930 77,338,952 
TOTAL ITALY  198,736,665 
Japan - 11.4%   
Advantest Corp. 648,200 44,238,421 
Capcom Co. Ltd. 997,300 26,315,873 
FUJIFILM Holdings Corp. 1,132,300 62,243,955 
Hoya Corp. 1,059,700 105,166,894 
Iriso Electronics Co. Ltd. 501,900 11,727,933 
Misumi Group, Inc. 1,737,300 43,561,624 
Nitori Holdings Co. Ltd. 227,100 23,363,901 
NOF Corp. 941,400 35,334,961 
Olympus Corp. 3,289,200 57,893,629 
Persol Holdings Co. Ltd. 2,388,800 47,392,921 
Recruit Holdings Co. Ltd. 1,967,600 71,387,703 
Relo Group, Inc. 1,789,700 25,565,134 
Shin-Etsu Chemical Co. Ltd. 466,300 64,085,709 
SMC Corp. 146,700 71,035,133 
Sony Group Corp. 1,488,000 128,416,013 
Suzuki Motor Corp. 1,035,500 31,215,267 
TIS, Inc. 1,566,000 35,171,369 
Tokyo Electron Ltd. 296,500 125,107,197 
TOTAL JAPAN  1,009,223,637 
Kenya - 0.3%   
Safaricom Ltd. 99,329,800 28,906,859 
Luxembourg - 0.8%   
Eurofins Scientific SA 788,200 73,253,580 
Netherlands - 7.6%   
Akzo Nobel NV 642,100 55,699,915 
ASM International NV (Netherlands) 231,600 69,593,973 
ASML Holding NV (Netherlands) 413,800 234,847,439 
Euronext NV (a) 648,180 51,933,574 
IMCD NV 632,924 100,775,753 
Koninklijke Philips Electronics NV 1,202,098 31,412,160 
Wolters Kluwer NV 1,232,700 124,481,502 
TOTAL NETHERLANDS  668,744,316 
Spain - 1.9%   
Amadeus IT Holding SA Class A (b) 1,448,557 90,770,813 
Cellnex Telecom SA (a) 1,644,529 76,652,000 
TOTAL SPAIN  167,422,813 
Sweden - 6.3%   
Addlife AB 2,778,272 61,386,099 
AddTech AB (B Shares) 3,841,696 67,769,020 
ASSA ABLOY AB (B Shares) 3,801,616 96,074,987 
Atlas Copco AB (A Shares) (c) 1,857,686 84,221,679 
Hexagon AB (B Shares) 8,309,642 107,218,740 
Indutrade AB 4,506,101 106,289,144 
Kry International AB (d)(e) 2,787 982,009 
Nordnet AB 1,778,863 30,853,944 
TOTAL SWEDEN  554,795,622 
Switzerland - 12.7%   
Compagnie Financiere Richemont SA Series A 751,050 87,265,049 
Julius Baer Group Ltd. 1,285,694 61,440,544 
Lonza Group AG 114,932 67,767,850 
Nestle SA (Reg. S) 2,254,120 290,993,560 
Partners Group Holding AG 62,250 65,953,716 
Roche Holding AG (participation certificate) 596,948 221,356,706 
Sika AG 411,292 125,632,541 
Sonova Holding AG 250,061 90,178,532 
Zurich Insurance Group Ltd. 244,450 111,290,734 
TOTAL SWITZERLAND  1,121,879,232 
Taiwan - 1.0%   
Taiwan Semiconductor Manufacturing Co. Ltd. 4,669,000 84,475,223 
United Kingdom - 8.7%   
Beazley PLC 4,358,100 23,475,329 
Bridgepoint Group Holdings Ltd. (a) 4,007,057 15,289,563 
Compass Group PLC 5,215,198 110,050,329 
Dechra Pharmaceuticals PLC 991,795 44,943,547 
Diageo PLC 3,609,400 180,068,774 
Diploma PLC 1,567,295 53,756,319 
Dr. Martens Ltd. 788,600 2,061,891 
Future PLC 396,500 10,859,425 
RELX PLC (London Stock Exchange) 4,213,100 125,510,278 
Rentokil Initial PLC 12,769,615 87,705,199 
Smith & Nephew PLC 1,497,600 24,273,943 
St. James's Place PLC 3,139,200 50,445,655 
Volution Group PLC 7,215,267 36,751,845 
TOTAL UNITED KINGDOM  765,192,097 
United States of America - 7.1%   
Alphabet, Inc. Class C (b) 18,400 42,307,672 
Ares Management Corp. 1,075,600 71,226,232 
Boston Scientific Corp. (b) 159,000 6,695,490 
CBRE Group, Inc. 817,100 67,851,984 
Equifax, Inc. 330,900 67,344,768 
Intercontinental Exchange, Inc. 585,100 67,760,431 
Marsh & McLennan Companies, Inc. 678,900 109,778,130 
Moody's Corp. 217,900 68,960,992 
Pool Corp. 72,500 29,378,450 
S&P Global, Inc. 259,705 97,778,933 
TOTAL UNITED STATES OF AMERICA  629,083,082 
TOTAL COMMON STOCKS   
(Cost $6,776,538,487)  8,492,357,953 
Nonconvertible Preferred Stocks - 0.1%   
Sweden - 0.1%   
Kry International AB Series E (d)(e)   
(Cost $7,360,943) 16,101 5,673,241 
Money Market Funds - 4.0%   
Fidelity Cash Central Fund 0.32% (f) 294,116,941 294,175,765 
Fidelity Securities Lending Cash Central Fund 0.32% (f)(g) 63,593,641 63,600,000 
TOTAL MONEY MARKET FUNDS   
(Cost $357,775,765)  357,775,765 
TOTAL INVESTMENT IN SECURITIES - 100.2%   
(Cost $7,141,675,195)  8,855,806,959 
NET OTHER ASSETS (LIABILITIES) - (0.2)%  (15,688,031) 
NET ASSETS - 100%  $8,840,118,928 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

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 $246,853,986 or 2.8% 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) 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 $6,655,250 or 0.1% of net assets.

 (f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements 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 $1,210,410 
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.

Fund 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 0.32% $322,300,071 $978,355,854 $1,006,480,160 $142,441 $-- $-- $294,175,765 0.6% 
Fidelity Securities Lending Cash Central Fund 0.32% -- 240,278,352 176,678,352 31,990 -- -- 63,600,000 0.2% 
Total $322,300,071 $1,218,634,206 $1,183,158,512 $174,431 $-- $-- $357,775,765  

Amounts in the 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. Amount 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $185,041,829 $71,214,531 $113,827,298 $-- 
Consumer Discretionary 785,311,175 29,378,450 755,932,725 -- 
Consumer Staples 586,224,731 -- 586,224,731 -- 
Energy 215,915,201 -- 215,915,201 -- 
Financials 1,692,730,977 415,504,718 1,277,226,259 -- 
Health Care 1,140,970,447 77,046,800 1,063,923,647 -- 
Industrials 1,877,653,190 67,344,768 1,810,308,422 -- 
Information Technology 1,449,940,395 141,999,213 1,301,285,932 6,655,250 
Materials 470,826,131 82,669,400 388,156,731 -- 
Real Estate 93,417,118 67,851,984 25,565,134 -- 
Money Market Funds 357,775,765 357,775,765 -- -- 
Total Investments in Securities: $8,855,806,959 $1,310,785,629 $7,538,366,080 $6,655,250 

See accompanying notes which are an integral part of the financial statements.


Fidelity® Overseas Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $55,372,268) — See accompanying schedule:
Unaffiliated issuers (cost $6,783,899,430) 		$8,498,031,194  
Fidelity Central Funds (cost $357,775,765) 357,775,765  
Total Investment in Securities (cost $7,141,675,195)  $8,855,806,959 
Receivable for investments sold  73,264,161 
Receivable for fund shares sold  13,986,585 
Dividends receivable  17,797,851 
Reclaims receivable  17,068,396 
Distributions receivable from Fidelity Central Funds  66,263 
Prepaid expenses  3,091 
Other receivables  284,176 
Total assets  8,978,277,482 
Liabilities   
Payable to custodian bank $53,052  
Payable for investments purchased 51,849,110  
Payable for fund shares redeemed 9,691,824  
Accrued management fee 6,376,553  
Other affiliated payables 1,158,479  
Other payables and accrued expenses 5,429,536  
Collateral on securities loaned 63,600,000  
Total liabilities  138,158,554 
Net Assets  $8,840,118,928 
Net Assets consist of:   
Paid in capital  $7,120,011,911 
Total accumulated earnings (loss)  1,720,107,017 
Net Assets  $8,840,118,928 
Net Asset Value and Maximum Offering Price   
Overseas:   
Net Asset Value, offering price and redemption price per share ($7,508,987,595 ÷ 138,935,949 shares)  $54.05 
Class K:   
Net Asset Value, offering price and redemption price per share ($1,331,131,333 ÷ 24,681,945 shares)  $53.93 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $83,403,809 
Foreign tax reclaims  8,333,870 
Income from Fidelity Central Funds (including $31,990 from security lending)  174,431 
Income before foreign taxes withheld  91,912,110 
Less foreign taxes withheld  (17,382,395) 
Total income  74,529,715 
Expenses   
Management fee   
Basic fee $32,524,591  
Performance adjustment 8,139,685  
Transfer agent fees 6,229,400  
Accounting fees 885,943  
Custodian fees and expenses 196,236  
Independent trustees' fees and expenses 17,153  
Registration fees 123,679  
Audit 70,592  
Legal 7,259  
Miscellaneous 17,775  
Total expenses before reductions 48,212,313  
Expense reductions (148,364)  
Total expenses after reductions  48,063,949 
Net investment income (loss)  26,465,766 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 7,052,465  
Foreign currency transactions (700,451)  
Futures contracts 235,443  
Total net realized gain (loss)  6,587,457 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $601,240) (2,086,789,626)  
Assets and liabilities in foreign currencies (1,361,258)  
Total change in net unrealized appreciation (depreciation)  (2,088,150,884) 
Net gain (loss)  (2,081,563,427) 
Net increase (decrease) in net assets resulting from operations  $(2,055,097,661) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $26,465,766 $31,780,291 
Net realized gain (loss) 6,587,457 475,517,138 
Change in net unrealized appreciation (depreciation) (2,088,150,884) 2,241,484,861 
Net increase (decrease) in net assets resulting from operations (2,055,097,661) 2,748,782,290 
Distributions to shareholders (471,071,468) (45,118,729) 
Share transactions - net increase (decrease) 793,282,626 686,322,636 
Total increase (decrease) in net assets (1,732,886,503) 3,389,986,197 
Net Assets   
Beginning of period 10,573,005,431 7,183,019,234 
End of period $8,840,118,928 $10,573,005,431 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Overseas Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $69.79 $50.91 $49.51 $46.04 $50.18 $40.73 
Income from Investment Operations       
Net investment income (loss)A,B .16 .21 .13 .77 .68 .58 
Net realized and unrealized gain (loss) (12.83) 18.98 1.97 5.12 (4.27) 9.65 
Total from investment operations (12.67) 19.19 2.10 5.89 (3.59) 10.23 
Distributions from net investment income (.20) (.11) (.70) (.68) (.52) (.72) 
Distributions from net realized gain (2.87) (.21) – (1.74) (.03) (.05) 
Total distributions (3.07) (.31)C (.70) (2.42) (.55) (.78)C 
Redemption fees added to paid in capitalA – – – – – –D 
Net asset value, end of period $54.05 $69.79 $50.91 $49.51 $46.04 $50.18 
Total ReturnE,F (18.86)% 37.83% 4.25% 13.78% (7.23)% 25.63% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions .98%I .99% 1.04% .90% .97% 1.00% 
Expenses net of fee waivers, if any .97%I .98% 1.04% .90% .97% 1.00% 
Expenses net of all reductions .97%I .98% 1.03% .89% .96% 1.00% 
Net investment income (loss) .51%I .33% .27% 1.68% 1.35% 1.30% 
Supplemental Data       
Net assets, end of period (000 omitted) $7,508,988 $8,981,609 $6,160,617 $6,182,831 $5,825,757 $6,828,078 
Portfolio turnover rateJ 24%I 30%K 41% 46%K 33% 26%K 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 K Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Overseas Fund Class K

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $69.68 $50.83 $49.43 $45.98 $50.11 $40.67 
Income from Investment Operations       
Net investment income (loss)A,B .19 .27 .19 .82 .73 .64 
Net realized and unrealized gain (loss) (12.80) 18.95 1.96 5.11 (4.26) 9.62 
Total from investment operations (12.61) 19.22 2.15 5.93 (3.53) 10.26 
Distributions from net investment income (.26) (.16) (.75) (.73) (.57) (.77) 
Distributions from net realized gain (2.87) (.21) – (1.74) (.03) (.05) 
Total distributions (3.14)C (.37) (.75) (2.48)C (.60) (.82) 
Redemption fees added to paid in capitalA – – – – – –D 
Net asset value, end of period $53.93 $69.68 $50.83 $49.43 $45.98 $50.11 
Total ReturnE,F (18.83)% 37.97% 4.36% 13.90% (7.13)% 25.80% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions .88%I .89% .94% .78% .86% .89% 
Expenses net of fee waivers, if any .87%I .88% .93% .78% .86% .89% 
Expenses net of all reductions .87%I .88% .93% .77% .85% .88% 
Net investment income (loss) .61%I .43% .38% 1.79% 1.46% 1.42% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,331,131 $1,591,397 $1,022,402 $1,040,002 $1,026,091 $1,157,882 
Portfolio turnover rateJ 24%I 30%K 41% 46%K 33% 26%K 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 K Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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, 2022 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.

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. 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.

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 $282,814 

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 futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), deferred trustees compensation and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $2,247,854,158 
Gross unrealized depreciation (553,637,220) 
Net unrealized appreciation (depreciation) $1,694,216,938 
Tax cost $7,162,929,471 

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 objective allows the Fund to enter into various types of derivative contracts, 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.

The Fund used derivatives 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 Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

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.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the 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 the Fund. Counterparty credit risk related to exchange-traded futures 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. The Fund used futures contracts to manage its 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 (variation margin) 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.

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 Overseas Fund 1,494,102,482 1,168,455,288 

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .424% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Overseas as compared to its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .81% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Overseas, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Overseas $5,927,061 .14 
Class K 302,339 .04 
 $6,229,400  

 (a) Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following 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 $1,470 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Overseas Fund 96,302,629 21,700,313 (1,754,354) 

Prior Fiscal Year Affiliated 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
($) 		Participating classes 
Fidelity Overseas Fund 1,544,949 98,196,961 Overseas 

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 Overseas Fund $8,398 

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 Overseas Fund $3,498 $– $– 

9. 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 $63.

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 $148,301.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2022 		Year ended
October 31, 2021 
Fidelity Overseas Fund   
Distributions to shareholders   
Overseas $398,074,690 $37,598,959 
Class K 72,996,778 7,519,770 
Total $471,071,468 $45,118,729 

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, 2022 Year ended October 31, 2021 Six months ended April 30, 2022 Year ended October 31, 2021 
Fidelity Overseas Fund     
Overseas     
Shares sold 18,967,640 22,257,713 $1,158,078,373 $1,441,872,978 
Reinvestment of distributions 5,519,644 591,381 355,685,839 34,075,384 
Shares redeemed (14,238,910) (15,174,982) (842,495,980) (956,264,272) 
Net increase (decrease) 10,248,374 7,674,112 $671,268,232 $519,684,090 
Class K     
Shares sold 3,484,680 11,014,981 $220,030,274 $703,185,104 
Reinvestment of distributions 1,135,606 130,824 72,996,778 7,519,770 
Shares redeemed (2,776,063) (8,423,101) (171,012,658) (544,066,328) 
Net increase (decrease) 1,844,223 2,722,704 $122,014,394 $166,638,546 

12. Other.

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

 Strategic Advisers Fidelity International Fund 
Fidelity Overseas Fund 26% 

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 45% 

13. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Fidelity® Worldwide Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   United States of America* 67.7% 
   Japan 4.4% 
   United Kingdom 4.2% 
   Sweden 3.3% 
   France 2.4% 
   Ireland 2.1% 
   Switzerland 1.9% 
   Netherlands 1.5% 
   Canada 1.4% 
   Other 11.1% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks 98.1 
Short-Term Investments and Net Other Assets (Liabilities) 1.9 

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Microsoft Corp. (United States of America, Software) 4.2 
UnitedHealth Group, Inc. (United States of America, Health Care Providers & Services) 3.9 
MasterCard, Inc. Class A (United States of America, IT Services) 3.8 
Visa, Inc. Class A (United States of America, IT Services) 3.7 
Apple, Inc. (United States of America, Technology Hardware, Storage & Peripherals) 3.5 
Alphabet, Inc. Class A (United States of America, Interactive Media & Services) 3.3 
Pioneer Natural Resources Co. (United States of America, Oil, Gas & Consumable Fuels) 3.1 
Cognizant Technology Solutions Corp. Class A (United States of America, IT Services) 2.6 
S&P Global, Inc. (United States of America, Capital Markets) 2.5 
The Coca-Cola Co. (United States of America, Beverages) 2.0 
 32.6 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Information Technology 25.8 
Health Care 13.7 
Financials 12.7 
Energy 8.4 
Consumer Staples 7.7 
Consumer Discretionary 7.4 
Industrials 7.2 
Communication Services 5.5 
Materials 5.0 
Real Estate 2.7 
Utilities 2.0 

Fidelity® Worldwide Fund

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%   
 Shares Value 
Australia - 0.4%   
Bapcor Ltd. 543,673 $2,577,157 
National Storage REIT unit 3,925,764 7,110,541 
Rio Tinto Ltd. 25 1,978 
TOTAL AUSTRALIA  9,689,676 
Austria - 0.2%   
Wienerberger AG 144,500 4,078,923 
Bailiwick of Jersey - 0.7%   
Experian PLC 106,224 3,668,377 
Glencore Xstrata PLC 1,600,000 9,858,667 
JTC PLC (a) 285,100 2,768,357 
TOTAL BAILIWICK OF JERSEY  16,295,401 
Belgium - 0.6%   
Fagron NV 185,330 3,476,382 
KBC Group NV 84,854 5,772,776 
UCB SA 60,600 6,888,565 
TOTAL BELGIUM  16,137,723 
Bermuda - 0.1%   
Hiscox Ltd. 6,100 72,433 
Lancashire Holdings Ltd. 686,683 3,639,347 
TOTAL BERMUDA  3,711,780 
British Virgin Islands - 0.0%   
Fix Price Group Ltd. GDR (Reg. S) (b) 139,553 51,541 
Canada - 1.4%   
Canada Goose Holdings, Inc. (c) 338 7,358 
Constellation Software, Inc. 3,700 5,823,313 
Definity Financial Corp. 144,900 3,780,834 
PrairieSky Royalty Ltd. 837,040 11,487,187 
Wheaton Precious Metals Corp. 306,000 13,715,393 
TOTAL CANADA  34,814,085 
China - 0.6%   
Kweichow Moutai Co. Ltd. (A Shares) 18,100 4,995,182 
PICC Property & Casualty Co. Ltd. (H Shares) 5,706,946 5,837,175 
Yunnan Baiyao Group Co. Ltd. (A Shares) 265,800 3,052,854 
TOTAL CHINA  13,885,211 
Curacao - 0.2%   
Schlumberger Ltd. 153,000 5,968,530 
Denmark - 0.7%   
DSV A/S 38,284 6,276,729 
GN Store Nord A/S 111,775 4,194,865 
ORSTED A/S (a) 38,100 4,215,022 
Tryg A/S 155,932 3,707,615 
TOTAL DENMARK  18,394,231 
Finland - 0.8%   
Nanoform Finland PLC (c) 754,800 3,424,733 
Olvi Oyj (A Shares) 86,661 2,888,998 
Sampo Oyj (A Shares) 184,251 8,946,761 
UPM-Kymmene Corp. 131,930 4,563,761 
TOTAL FINLAND  19,824,253 
France - 2.4%   
Capgemini SA 32,600 6,636,677 
Edenred SA 115,291 5,790,163 
Exclusive Networks SA 151,000 2,854,177 
Hydrogen Refueling Solutions (c) 13,307 293,599 
L'Oreal SA 20,800 7,567,247 
LVMH Moet Hennessy Louis Vuitton SE 20,927 13,542,601 
Sanofi SA 87,000 9,195,459 
Teleperformance 2,819 1,011,770 
TotalEnergies SE 176,941 8,688,329 
Worldline SA (a)(c) 113,900 4,481,304 
TOTAL FRANCE  60,061,326 
Germany - 0.9%   
Delivery Hero AG (a)(c) 41,647 1,464,016 
Deutsche Post AG 166,311 7,105,220 
Instone Real Estate Group BV (a) 182,488 2,801,564 
Merck KGaA 14,400 2,671,595 
Nexus AG 46,000 2,243,281 
Patrizia Immobilien AG 177,421 3,034,807 
Siemens Healthineers AG (a) 63,100 3,373,954 
TOTAL GERMANY  22,694,437 
Hong Kong - 0.7%   
AIA Group Ltd. 1,018,327 10,003,800 
Hong Kong Exchanges and Clearing Ltd. 170,174 7,218,607 
TOTAL HONG KONG  17,222,407 
Hungary - 0.1%   
Richter Gedeon PLC 86,900 1,733,219 
India - 0.7%   
Delhivery Private Ltd. (b)(d) 203,700 1,166,547 
FSN E-Commerce Ventures Private Ltd. 1,650 36,083 
HDFC Bank Ltd. 212,324 3,801,909 
HDFC Bank Ltd. sponsored ADR 40,335 2,226,895 
Pine Labs Private Ltd. (b)(d) 792 443,203 
Reliance Industries Ltd. 117,047 4,235,775 
Reliance Industries Ltd. sponsored GDR (a) 36,700 2,624,415 
V-Mart Retail Ltd. (c) 36,393 1,524,776 
Zomato Ltd. (c)(d) 2,358,400 2,100,404 
TOTAL INDIA  18,160,007 
Indonesia - 1.0%   
PT Astra International Tbk 12,455,900 6,503,742 
PT Bank Central Asia Tbk 15,372,800 8,622,167 
PT Bank Rakyat Indonesia (Persero) Tbk 15,503,600 5,165,600 
PT United Tractors Tbk (e) 2,284,600 4,767,274 
TOTAL INDONESIA  25,058,783 
Ireland - 2.1%   
Accenture PLC Class A 107,000 32,138,520 
Cairn Homes PLC 1,363,024 1,642,458 
CRH PLC 196,900 7,782,446 
Dalata Hotel Group PLC (c) 773,053 3,531,034 
ICON PLC (c) 9,900 2,239,479 
Irish Residential Properties REIT PLC 2,591,367 3,981,011 
TOTAL IRELAND  51,314,948 
Israel - 0.1%   
NICE Ltd. (c) 14,700 3,025,849 
Italy - 0.2%   
BFF Bank SpA (a) 403,100 2,513,574 
Prada SpA 527,094 3,279,653 
TOTAL ITALY  5,793,227 
Japan - 4.4%   
Capcom Co. Ltd. 141,934 3,745,229 
Daiichi Sankyo Kabushiki Kaisha 142,200 3,580,442 
Daiichikosho Co. Ltd. 116,080 3,166,099 
FUJIFILM Holdings Corp. 87,992 4,837,031 
Fujitsu Ltd. 43,136 6,519,970 
GMO Internet, Inc. 217,766 4,352,094 
Hitachi Ltd. 219,300 10,400,624 
Hoya Corp. 63,443 6,296,219 
Iriso Electronics Co. Ltd. 91,385 2,135,400 
JEOL Ltd. 93,600 4,203,443 
Keyence Corp. 15,840 6,367,747 
Minebea Mitsumi, Inc. 352,600 6,765,043 
Misumi Group, Inc. 60,900 1,527,026 
NSD Co. Ltd. 215,600 3,827,192 
PALTAC Corp. 93,491 3,407,561 
Recruit Holdings Co. Ltd. 191,300 6,940,673 
Renesas Electronics Corp. (c) 226,031 2,413,552 
Roland Corp. 73,065 2,521,466 
Shin-Etsu Chemical Co. Ltd. 52,403 7,201,980 
Sony Group Corp. 116,703 10,071,595 
TIS, Inc. 136,000 3,054,474 
Z Holdings Corp. 924,128 3,627,977 
ZOZO, Inc. 129,400 2,709,312 
TOTAL JAPAN  109,672,149 
Kenya - 0.1%   
Safaricom Ltd. 5,920,700 1,723,036 
Luxembourg - 0.6%   
Eurofins Scientific SA 49,810 4,629,232 
Stabilus Se 118,586 5,585,564 
Subsea 7 SA 445,284 3,649,680 
TOTAL LUXEMBOURG  13,864,476 
Netherlands - 1.5%   
Airbus Group NV 74,800 8,188,498 
ASML Holding NV (Netherlands) 17,300 9,818,416 
Heineken NV (Bearer) 41,119 4,013,668 
IMCD NV 42,351 6,743,233 
Prosus NV 151,271 7,295,598 
RHI Magnesita NV 45,322 1,348,374 
TOTAL NETHERLANDS  37,407,787 
New Zealand - 0.1%   
EBOS Group Ltd. 92,792 2,530,930 
Norway - 1.1%   
Equinor ASA 97,526 3,296,338 
Kongsberg Gruppen ASA 223,400 9,595,607 
Schibsted ASA:   
(A Shares) 71,700 1,494,148 
(B Shares) 90,097 1,731,877 
TGS ASA 606,049 9,349,379 
Volue A/S (c) 325,800 1,389,453 
TOTAL NORWAY  26,856,802 
Spain - 0.6%   
Aena SME SA (a)(c) 13,500 1,915,779 
Amadeus IT Holding SA Class A (c) 75,496 4,730,800 
Cellnex Telecom SA (a) 89,256 4,160,249 
Cie Automotive SA 200,000 4,360,370 
TOTAL SPAIN  15,167,198 
Sweden - 3.3%   
Addlife AB 112,940 2,495,417 
Alfa Laval AB (f) 264,697 7,368,178 
ASSA ABLOY AB (B Shares) 237,200 5,994,553 
Dustin Group AB (a) 842,798 6,055,761 
Ericsson (B Shares) 498,635 3,977,724 
Haypp Group (c) 525,000 1,738,745 
Hemnet Group AB 417,030 5,202,421 
HEXPOL AB (B Shares) 962,959 8,268,126 
Indutrade AB 98,425 2,321,632 
Instalco AB 441,771 2,726,555 
INVISIO AB 57,312 1,015,812 
Kry International AB (b)(d) 489 172,301 
Lagercrantz Group AB (B Shares) 274,300 2,792,325 
Sandvik AB (f) 373,157 7,063,233 
Stillfront Group AB (c) 604,994 1,221,847 
Swedbank AB (A Shares) 727,850 11,514,035 
Swedish Match Co. AB 1,496,187 11,916,802 
TOTAL SWEDEN  81,845,467 
Switzerland - 1.9%   
Lonza Group AG 11,532 6,799,663 
Nestle SA (Reg. S) 133,350 17,214,697 
Roche Holding AG (participation certificate) 48,651 18,040,474 
Sika AG 20,609 6,295,189 
TOTAL SWITZERLAND  48,350,023 
Taiwan - 0.3%   
MediaTek, Inc. 124,000 3,420,346 
Taiwan Semiconductor Manufacturing Co. Ltd. 159,465 2,885,166 
TOTAL TAIWAN  6,305,512 
United Kingdom - 4.2%   
Anglo American PLC (United Kingdom) 8,011 354,815 
AstraZeneca PLC (United Kingdom) 104,843 13,990,380 
Bytes Technology Group PLC 404,700 2,249,729 
Clarkson PLC 109,762 5,053,705 
Close Brothers Group PLC 269,273 3,733,717 
Compass Group PLC 344,435 7,268,216 
Dechra Pharmaceuticals PLC 33,600 1,522,596 
Diageo PLC 229,252 11,437,116 
Diageo PLC sponsored ADR 11,000 2,185,480 
Electrocomponents PLC 303,095 3,956,142 
FDM Group Holdings PLC 234,806 2,963,283 
Future PLC 74,448 2,038,997 
Harbour Energy PLC 806,871 5,059,890 
Impax Asset Management Group PLC 189,249 2,046,675 
Jet2 PLC (c) 219,373 3,368,908 
Lloyds Banking Group PLC 5,649,151 3,208,513 
M&G PLC 985,474 2,616,381 
Mondi PLC 196,151 3,684,886 
Prudential PLC 1,004,586 12,505,539 
Rightmove PLC 393,130 3,022,029 
Sabre Insurance Group PLC (a) 3,150,812 8,254,860 
WH Smith PLC (c) 269,610 4,850,627 
Zegona Communications PLC 30,559 33,192 
TOTAL UNITED KINGDOM  105,405,676 
United States of America - 65.8%   
Alphabet, Inc. Class A (c) 35,500 81,017,745 
Amazon.com, Inc. (c) 16,500 41,012,895 
American Express Co. 179,000 31,273,090 
American Tower Corp. 72,000 17,353,440 
Amgen, Inc. 29,000 6,762,510 
Apple, Inc. 548,000 86,392,200 
Autoliv, Inc. (depositary receipt) 43,977 3,239,441 
Block, Inc. Class A (c) 66,000 6,569,640 
Caterpillar, Inc. 29,000 6,105,660 
Cheniere Energy, Inc. 33,000 4,481,730 
CME Group, Inc. 34,000 7,457,560 
Cognizant Technology Solutions Corp. Class A 797,000 64,477,300 
Constellation Energy Corp. 501,999 29,723,361 
Crown Holdings, Inc. 326,000 35,873,040 
Deckers Outdoor Corp. (c) 80,355 21,354,341 
Deere & Co. 84,000 31,714,200 
Edwards Lifesciences Corp. (c) 38,000 4,019,640 
Eli Lilly & Co. 130,000 37,976,900 
Estee Lauder Companies, Inc. Class A 108,000 28,518,480 
Exelon Corp. 226,897 10,614,242 
Extra Space Storage, Inc. 47,000 8,930,000 
FMC Corp. 36,000 4,771,440 
Freeport-McMoRan, Inc. 581,000 23,559,550 
Humana, Inc. 67,000 29,785,520 
Intercontinental Exchange, Inc. 188,000 21,772,280 
Johnson & Johnson 185,000 33,385,100 
L3Harris Technologies, Inc. 11,000 2,554,860 
Lockheed Martin Corp. 12,000 5,185,440 
lululemon athletica, Inc. (c) 11,800 4,184,634 
MasterCard, Inc. Class A 262,000 95,205,560 
Meta Platforms, Inc. Class A (c) 109,000 21,851,230 
Microsoft Corp. 378,000 104,902,560 
Moody's Corp. 102,000 32,280,960 
NICE Ltd. sponsored ADR (c) 7,300 1,506,793 
Norfolk Southern Corp. 25,000 6,447,000 
Northrop Grumman Corp. 28,000 12,303,200 
NVIDIA Corp. 116,000 21,514,520 
Oracle Corp. 268,000 19,671,200 
PayPal Holdings, Inc. (c) 110,000 9,672,300 
Pioneer Natural Resources Co. 336,000 78,109,920 
Procter & Gamble Co. 128,000 20,550,400 
Progressive Corp. 95,000 10,199,200 
Range Resources Corp. (c) 1,621,000 48,532,740 
ResMed, Inc. 20,596 4,118,582 
Royalty Pharma PLC 420,000 17,883,600 
S&P Global, Inc. 166,628 62,735,442 
Sempra Energy 36,000 5,808,960 
Stripe, Inc. Class B (b)(c)(d) 10,000 320,500 
Tesla, Inc. (c) 30,500 26,558,180 
The Coca-Cola Co. 787,000 50,848,070 
The Travelers Companies, Inc. 195,000 33,356,700 
U.S. Silica Holdings, Inc. (c) 147,000 2,731,260 
UnitedHealth Group, Inc. 193,000 98,150,150 
Valero Energy Corp. 103,000 11,482,440 
Visa, Inc. Class A 427,000 91,006,510 
Walmart, Inc. 189,000 28,915,110 
Warner Music Group Corp. Class A 81,000 2,411,370 
Wells Fargo & Co. 62,000 2,705,060 
Welltower, Inc. 253,000 22,974,930 
TOTAL UNITED STATES OF AMERICA  1,634,820,686 
TOTAL COMMON STOCKS   
(Cost $2,129,089,284)  2,431,865,299 
Preferred Stocks - 0.3%   
Convertible Preferred Stocks - 0.2%   
China - 0.2%   
ByteDance Ltd. Series E1 (b)(c)(d) 14,425 1,847,410 
dMed Biopharmaceutical Co. Ltd. Series C (b)(c)(d) 138,905 1,377,938 
  3,225,348 
United States of America - 0.0%   
Instacart, Inc. Series I (b)(c)(d) 8,000 518,800 
Stripe, Inc. Series H (b)(c)(d) 4,200 134,610 
  653,410 
TOTAL CONVERTIBLE PREFERRED STOCKS  3,878,758 
Nonconvertible Preferred Stocks - 0.1%   
India - 0.1%   
Pine Labs Private Ltd.:   
Series 1 (b)(d) 1,892 1,058,763 
Series A (b)(d) 473 264,691 
Series B (b)(d) 514 287,634 
Series B2 (b)(d) 416 232,794 
Series C (b)(d) 774 433,130 
Series C1 (b)(d) 163 91,215 
Series D (b)(d) 174 97,370 
  2,465,597 
Sweden - 0.0%   
Kry International AB Series E (b)(d) 2,824 995,046 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  3,460,643 
TOTAL PREFERRED STOCKS   
(Cost $7,655,900)  7,339,401 
Money Market Funds - 2.4%   
Fidelity Cash Central Fund 0.32% (g) 45,027,600 45,036,605 
Fidelity Securities Lending Cash Central Fund 0.32% (g)(h) 14,275,972 14,277,400 
TOTAL MONEY MARKET FUNDS   
(Cost $59,310,461)  59,314,005 
TOTAL INVESTMENT IN SECURITIES - 100.5%   
(Cost $2,196,055,645)  2,498,518,705 
NET OTHER ASSETS (LIABILITIES) - (0.5)%  (12,464,851) 
NET ASSETS - 100%  $2,486,053,854 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

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 $44,628,855 or 1.8% of net assets.

 (b) Level 3 security

 (c) Non-income producing

 (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 $11,542,356 or 0.5% of net assets.

 (e) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (f) Security or a portion of the security is on loan at period end.

 (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 
Delhivery Private Ltd. 5/20/21 $994,308 
dMed Biopharmaceutical Co. Ltd. Series C 12/1/20 $1,972,888 
Instacart, Inc. Series I 2/26/21 $1,000,000 
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 $168,525 
Zomato Ltd. 12/9/20 - 2/10/21 $1,583,813 

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund 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 0.32% $32,092,646 $830,285,865 $817,341,906 $27,731 $-- $-- $45,036,605 0.1% 
Fidelity Securities Lending Cash Central Fund 0.32% 13,243,601 76,726,279 75,692,480 142,722 -- -- 14,277,400 0.0% 
Total $45,336,247 $907,012,144 $893,034,386 $170,453 $-- $-- $59,314,005  

Amounts in the 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. Amount 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $136,447,446 $107,003,381 $29,444,065 $-- 
Consumer Discretionary 183,408,365 93,117,408 89,720,616 570,341 
Consumer Staples 191,051,250 131,017,540 60,033,710 -- 
Energy 204,464,887 162,793,807 41,671,080 -- 
Financials 319,737,862 207,788,021 111,949,841 -- 
Health Care 340,043,122 236,054,700 102,610,484 1,377,938 
Industrials 180,363,367 64,310,360 114,886,460 1,166,547 
Information Technology 635,781,955 541,906,265 87,497,023 6,378,667 
Materials 131,358,568 77,919,423 53,439,145 -- 
Real Estate 66,186,293 49,258,370 16,927,923 -- 
Utilities 50,361,585 46,146,563 4,215,022 -- 
Money Market Funds 59,314,005 59,314,005 -- -- 
Total Investments in Securities: $2,498,518,705 $1,776,629,843 $712,395,369 $9,493,493 

See accompanying notes which are an integral part of the financial statements.


Fidelity® Worldwide Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $12,822,345) — See accompanying schedule:
Unaffiliated issuers (cost $2,136,745,184) 		$2,439,204,700  
Fidelity Central Funds (cost $59,310,461) 59,314,005  
Total Investment in Securities (cost $2,196,055,645)  $2,498,518,705 
Cash  1,626 
Foreign currency held at value (cost $1,812,725)  1,814,056 
Receivable for investments sold  29,231,625 
Receivable for fund shares sold  1,238,450 
Dividends receivable  3,217,663 
Reclaims receivable  2,708,307 
Distributions receivable from Fidelity Central Funds  12,370 
Prepaid expenses  997 
Other receivables  49,144 
Total assets  2,536,792,943 
Liabilities   
Payable for investments purchased   
Regular delivery $30,059,371  
Delayed delivery 2,383,727  
Payable for fund shares redeemed 1,600,277  
Distributions payable 7  
Accrued management fee 1,538,051  
Distribution and service plan fees payable 33,996  
Other affiliated payables 387,827  
Other payables and accrued expenses 458,433  
Collateral on securities loaned 14,277,400  
Total liabilities  50,739,089 
Net Assets  $2,486,053,854 
Net Assets consist of:   
Paid in capital  $1,926,628,604 
Total accumulated earnings (loss)  559,425,250 
Net Assets  $2,486,053,854 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($77,352,465 ÷ 2,684,761 shares)(a)  $28.81 
Maximum offering price per share (100/94.25 of $28.81)  $30.57 
Class M:   
Net Asset Value and redemption price per share ($17,536,664 ÷ 615,120 shares)(a)  $28.51 
Maximum offering price per share (100/96.50 of $28.51)  $29.54 
Class C:   
Net Asset Value and offering price per share ($10,335,154 ÷ 378,139 shares)(a)  $27.33 
Worldwide:   
Net Asset Value, offering price and redemption price per share ($2,238,339,851 ÷ 76,286,685 shares)  $29.34 
Class I:   
Net Asset Value, offering price and redemption price per share ($59,199,507 ÷ 2,034,222 shares)  $29.10 
Class Z:   
Net Asset Value, offering price and redemption price per share ($83,290,213 ÷ 2,862,575 shares)  $29.10 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $17,925,721 
Non-Cash dividends  2,872,735 
Income from Fidelity Central Funds (including $142,722 from security lending)  170,453 
Income before foreign taxes withheld  20,968,909 
Less foreign taxes withheld  (1,049,166) 
Total income  19,919,743 
Expenses   
Management fee   
Basic fee $9,430,709  
Performance adjustment 1,753,046  
Transfer agent fees 2,013,911  
Distribution and service plan fees 224,248  
Accounting fees 428,547  
Custodian fees and expenses 55,883  
Independent trustees' fees and expenses 5,093  
Registration fees 102,793  
Audit 46,572  
Legal 7,815  
Miscellaneous 5,566  
Total expenses before reductions 14,074,183  
Expense reductions (43,318)  
Total expenses after reductions  14,030,865 
Net investment income (loss)  5,888,878 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $176,140) 268,882,969  
Foreign currency transactions (97,763)  
Total net realized gain (loss)  268,785,206 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $742,402) (856,830,863)  
Assets and liabilities in foreign currencies (261,114)  
Total change in net unrealized appreciation (depreciation)  (857,091,977) 
Net gain (loss)  (588,306,771) 
Net increase (decrease) in net assets resulting from operations  $(582,417,893) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $5,888,878 $(2,163,208) 
Net realized gain (loss) 268,785,206 389,411,062 
Change in net unrealized appreciation (depreciation) (857,091,977) 532,577,145 
Net increase (decrease) in net assets resulting from operations (582,417,893) 919,824,999 
Distributions to shareholders (362,130,547) (212,769,678) 
Share transactions - net increase (decrease) 194,999,128 82,772,537 
Total increase (decrease) in net assets (749,549,312) 789,827,858 
Net Assets   
Beginning of period 3,235,603,166 2,445,775,308 
End of period $2,486,053,854 $3,235,603,166 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Worldwide Fund Class A

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $40.06 $31.49 $27.36 $26.57 $27.28 $21.83 
Income from Investment Operations       
Net investment income (loss)A,B .02 (.13) (.05) .11 .03 .11 
Net realized and unrealized gain (loss) (6.77) 11.40 5.50 2.84 1.00 5.53 
Total from investment operations (6.75) 11.27 5.45 2.95 1.03 5.64 
Distributions from net investment income (.07) – (.12) (.02) (.09) (.12) 
Distributions from net realized gain (4.43) (2.70) (1.20) (2.14) (1.65) (.07) 
Total distributions (4.50) (2.70) (1.32) (2.16) (1.74) (.19) 
Redemption fees added to paid in capitalA – – – – – –C 
Net asset value, end of period $28.81 $40.06 $31.49 $27.36 $26.57 $27.28 
Total ReturnD,E,F (18.67)% 37.72% 20.72% 12.35% 3.96% 26.06% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions 1.24%I 1.29% 1.34% 1.26% 1.23% 1.12% 
Expenses net of fee waivers, if any 1.24%I 1.28% 1.34% 1.26% 1.23% 1.12% 
Expenses net of all reductions 1.24%I 1.28% 1.33% 1.25% 1.22% 1.11% 
Net investment income (loss) .13%I (.34)% (.18)% .41% .12% .47% 
Supplemental Data       
Net assets, end of period (000 omitted) $77,352 $99,731 $63,690 $52,516 $42,947 $32,823 
Portfolio turnover rateJ 160%I 96% 112% 147% 117% 111% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Worldwide Fund Class M

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $39.62 $31.19 $27.10 $26.39 $27.11 $21.67 
Income from Investment Operations       
Net investment income (loss)A,B (.02) (.22) (.13) .03 (.05) .04 
Net realized and unrealized gain (loss) (6.71) 11.29 5.46 2.82 1.00 5.50 
Total from investment operations (6.73) 11.07 5.33 2.85 .95 5.54 
Distributions from net investment income – – (.04) – (.02) (.03) 
Distributions from net realized gain (4.38) (2.64) (1.20) (2.14) (1.65) (.07) 
Total distributions (4.38) (2.64) (1.24) (2.14) (1.67) (.10) 
Redemption fees added to paid in capitalA – – – – – –C 
Net asset value, end of period $28.51 $39.62 $31.19 $27.10 $26.39 $27.11 
Total ReturnD,E,F (18.78)% 37.37% 20.40% 12.05% 3.65% 25.68% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions 1.51%I 1.55% 1.61% 1.55% 1.52% 1.42% 
Expenses net of fee waivers, if any 1.50%I 1.55% 1.61% 1.54% 1.52% 1.42% 
Expenses net of all reductions 1.50%I 1.55% 1.61% 1.54% 1.51% 1.41% 
Net investment income (loss) (.13)%I (.61)% (.45)% .13% (.17)% .17% 
Supplemental Data       
Net assets, end of period (000 omitted) $17,537 $22,771 $17,387 $13,066 $12,746 $10,634 
Portfolio turnover rateJ 160%I 96% 112% 147% 117% 111% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Worldwide Fund Class C

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $38.05 $30.14 $26.33 $25.82 $26.67 $21.33 
Income from Investment Operations       
Net investment income (loss)A,B (.11) (.39) (.27) (.10) (.18) (.07) 
Net realized and unrealized gain (loss) (6.43) 10.88 5.28 2.75 .98 5.42 
Total from investment operations (6.54) 10.49 5.01 2.65 .80 5.35 
Distributions from net investment income – – – – – – 
Distributions from net realized gain (4.18) (2.58) (1.20) (2.14) (1.65) (.01) 
Total distributions (4.18) (2.58) (1.20) (2.14) (1.65) (.01) 
Redemption fees added to paid in capitalA – – – – – –C 
Net asset value, end of period $27.33 $38.05 $30.14 $26.33 $25.82 $26.67 
Total ReturnD,E,F (18.99)% 36.63% 19.76% 11.49% 3.12% 25.10% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions 2.03%I 2.08% 2.14% 2.06% 2.01% 1.89% 
Expenses net of fee waivers, if any 2.03%I 2.08% 2.14% 2.06% 2.01% 1.89% 
Expenses net of all reductions 2.03%I 2.08% 2.13% 2.06% 2.00% 1.88% 
Net investment income (loss) (.66)%I (1.14)% (.98)% (.39)% (.66)% (.30)% 
Supplemental Data       
Net assets, end of period (000 omitted) $10,335 $13,602 $11,677 $10,618 $12,744 $10,264 
Portfolio turnover rateJ 160%I 96% 112% 147% 117% 111% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the contingent deferred sales charge.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Worldwide Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $40.76 $31.97 $27.74 $26.90 $27.61 $22.09 
Income from Investment Operations       
Net investment income (loss)A,B .07 (.02) .03 .18 .11 .19 
Net realized and unrealized gain (loss) (6.90) 11.58 5.58 2.89 1.00 5.60 
Total from investment operations (6.83) 11.56 5.61 3.07 1.11 5.79 
Distributions from net investment income (.16) (.02) (.18) (.09) (.17) (.20) 
Distributions from net realized gain (4.43) (2.75) (1.20) (2.14) (1.65) (.07) 
Total distributions (4.59) (2.77) (1.38) (2.23) (1.82) (.27) 
Redemption fees added to paid in capitalA – – – – – –C 
Net asset value, end of period $29.34 $40.76 $31.97 $27.74 $26.90 $27.61 
Total ReturnD,E (18.57)% 38.11% 21.07% 12.71% 4.23% 26.49% 
Ratios to Average Net AssetsB,F,G       
Expenses before reductions .95%H 1.00% 1.05% .99% .94% .81% 
Expenses net of fee waivers, if any .95%H 1.00% 1.05% .99% .94% .81% 
Expenses net of all reductions .95%H 1.00% 1.05% .98% .93% .80% 
Net investment income (loss) .42%H (.06)% .11% .69% .41% .79% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,238,340 $2,896,684 $2,217,129 $2,020,487 $2,112,988 $1,656,173 
Portfolio turnover rateI 160%H 96% 112% 147% 117% 111% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Worldwide Fund Class I

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $40.46 $31.77 $27.58 $26.77 $27.49 $21.99 
Income from Investment Operations       
Net investment income (loss)A,B .07 (.03) .03 .18 .11 .19 
Net realized and unrealized gain (loss) (6.85) 11.49 5.55 2.86 .99 5.56 
Total from investment operations (6.78) 11.46 5.58 3.04 1.10 5.75 
Distributions from net investment income (.16) (.02) (.19) (.09) (.18) (.18) 
Distributions from net realized gain (4.43) (2.75) (1.20) (2.14) (1.65) (.07) 
Total distributions (4.58)C (2.77) (1.39) (2.23) (1.82)C (.25) 
Redemption fees added to paid in capitalA – – – – – –D 
Net asset value, end of period $29.10 $40.46 $31.77 $27.58 $26.77 $27.49 
Total ReturnE,F (18.57)% 38.06% 21.08% 12.70% 4.22% 26.45% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions .97%I 1.02% 1.06% .99% .96% .83% 
Expenses net of fee waivers, if any .97%I 1.02% 1.06% .99% .95% .83% 
Expenses net of all reductions .97%I 1.02% 1.05% .98% .94% .82% 
Net investment income (loss) .40%I (.08)% .10% .69% .40% .77% 
Supplemental Data       
Net assets, end of period (000 omitted) $59,200 $86,852 $64,615 $44,754 $50,956 $21,711 
Portfolio turnover rateJ 160%I 96% 112% 147% 117% 111% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Worldwide Fund Class Z

 Six months ended (Unaudited) April 30, Years endedOctober 31,    
 2022 2021 2020 2019 2018 A 
Selected Per–Share Data      
Net asset value, beginning of period $40.48 $31.76 $27.59 $26.78 $29.54 
Income from Investment Operations      
Net investment income (loss)B,C .09 .02 .07 .22 (.01) 
Net realized and unrealized gain (loss) (6.84) 11.50 5.53 2.86 (2.75) 
Total from investment operations (6.75) 11.52 5.60 3.08 (2.76) 
Distributions from net investment income (.20) (.05) (.23) (.13) – 
Distributions from net realized gain (4.43) (2.75) (1.20) (2.14) – 
Total distributions (4.63) (2.80) (1.43) (2.27) – 
Net asset value, end of period $29.10 $40.48 $31.76 $27.59 $26.78 
Total ReturnD,E (18.51)% 38.27% 21.19% 12.85% (9.34)% 
Ratios to Average Net AssetsC,F,G      
Expenses before reductions .85%H .90% .93% .85% .88%H 
Expenses net of fee waivers, if any .85%H .90% .93% .84% .88%H 
Expenses net of all reductions .85%H .90% .93% .84% .87%H 
Net investment income (loss) .52%H .04% .23% .83% (.27)%H 
Supplemental Data      
Net assets, end of period (000 omitted) $83,290 $115,963 $71,278 $205,197 $294 
Portfolio turnover rateI 160%H 96% 112% 147% 117% 

 A For the period October 2, 2018 (commencement of sale of shares) through October 31, 2018.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

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. 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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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, 2022 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.

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. 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 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 $417,355,398 
Gross unrealized depreciation (117,580,799) 
Net unrealized appreciation (depreciation) $299,774,599 
Tax cost $2,198,744,106 

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 2,290,067,631 2,467,567,476 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .424% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Fund as compared to its benchmark index, the MSCI World Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .77% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $112,190 $6,272 
Class M .25% .25% 50,962 404 
Class C .75% .25% 61,096 8,358 
   $224,248 $15,034 

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 $17,021 
Class M 634 
Class C(a) 758 
 $18,413 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Class A $80,661 .18 
Class M 19,733 .19 
Class C 13,389 .22 
Worldwide 1,821,228 .14 
Class I 58,205 .16 
Class Z 20,695 .04 
 $2,013,911  

 (a) Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following 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 $22,855 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Worldwide Fund 174,876,569 266,023,468 26,832,965 

Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:

 Amount ($) 
Fidelity Worldwide Fund 3,353 

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 $2,483 

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 $15,363 $– $– 

8. Expense Reductions.

During the period, the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $43,318.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2022 		Year ended
October 31, 2021 
Fidelity Worldwide Fund   
Distributions to shareholders   
Class A $11,246,917 $5,558,931 
Class M 2,460,774 1,453,529 
Class C 1,484,213 982,551 
Worldwide 323,847,724 192,474,658 
Class I 9,721,033 5,902,121 
Class Z 13,369,886 6,397,888 
Total $362,130,547 $212,769,678 

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, 2022 Year ended October 31, 2021 Six months ended April 30, 2022 Year ended October 31, 2021 
Fidelity Worldwide Fund     
Class A     
Shares sold 221,232 687,168 $7,605,628 $24,638,768 
Reinvestment of distributions 323,572 167,703 11,111,454 5,488,908 
Shares redeemed (349,432) (387,967) (11,887,594) (14,002,191) 
Net increase (decrease) 195,372 466,904 $6,829,488 $16,125,485 
Class M     
Shares sold 22,918 86,854 $751,858 $3,031,424 
Reinvestment of distributions 71,924 44,443 2,446,862 1,442,165 
Shares redeemed (54,487) (113,937) (1,861,079) (4,049,636) 
Net increase (decrease) 40,355 17,360 $1,337,641 $423,953 
Class C     
Shares sold 30,631 70,402 $958,367 $2,403,125 
Reinvestment of distributions 45,376 31,369 1,482,892 982,175 
Shares redeemed (55,319) (131,707) (1,721,188) (4,545,518) 
Net increase (decrease) 20,688 (29,936) $720,071 $(1,160,218) 
Worldwide     
Shares sold 3,313,882 8,509,868 $114,197,742 $306,520,502 
Reinvestment of distributions 8,857,534 5,570,483 309,393,660 184,995,722 
Shares redeemed (6,959,109) (12,365,391) (235,280,942) (449,935,236) 
Net increase (decrease) 5,212,307 1,714,960 $188,310,460 $41,580,988 
Class I     
Shares sold 180,251 670,926 $6,064,828 $24,272,391 
Reinvestment of distributions 274,142 174,445 9,499,030 5,753,187 
Shares redeemed (566,731) (732,928) (19,007,096) (25,932,444) 
Net increase (decrease) (112,338) 112,443 $(3,443,238) $4,093,134 
Class Z     
Shares sold 322,821 823,146 $11,090,547 $29,837,475 
Reinvestment of distributions 358,516 185,769 12,415,394 6,122,936 
Shares redeemed (683,524) (388,243) (22,261,235) (14,251,216) 
Net increase (decrease) (2,187) 620,672 $1,244,706 $21,709,195 

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. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

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, 2021 to April 30, 2022).

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, 2021 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity Diversified International Fund     
Diversified International 1.03%    
Actual  $1,000.00 $812.80 $4.63 
Hypothetical-C  $1,000.00 $1,019.69 $5.16 
Class K .92%    
Actual  $1,000.00 $813.10 $4.14 
Hypothetical-C  $1,000.00 $1,020.23 $4.61 
Fidelity International Capital Appreciation Fund 1.03%    
Actual  $1,000.00 $793.30 $4.58 
Hypothetical-C  $1,000.00 $1,019.69 $5.16 
Fidelity Overseas Fund     
Overseas .97%    
Actual  $1,000.00 $811.40 $4.36 
Hypothetical-C  $1,000.00 $1,019.98 $4.86 
Class K .87%    
Actual  $1,000.00 $811.70 $3.91 
Hypothetical-C  $1,000.00 $1,020.48 $4.36 
Fidelity Worldwide Fund     
Class A 1.24%    
Actual  $1,000.00 $813.30 $5.58 
Hypothetical-C  $1,000.00 $1,018.65 $6.21 
Class M 1.50%    
Actual  $1,000.00 $812.20 $6.74 
Hypothetical-C  $1,000.00 $1,017.36 $7.50 
Class C 2.03%    
Actual  $1,000.00 $810.10 $9.11 
Hypothetical-C  $1,000.00 $1,014.73 $10.14 
Worldwide .95%    
Actual  $1,000.00 $814.30 $4.27 
Hypothetical-C  $1,000.00 $1,020.08 $4.76 
Class I .97%    
Actual  $1,000.00 $814.30 $4.36 
Hypothetical-C  $1,000.00 $1,019.98 $4.86 
Class Z .85%    
Actual  $1,000.00 $814.90 $3.82 
Hypothetical-C  $1,000.00 $1,020.58 $4.26 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Liquidity Risk Management Program

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 pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is 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) in the case of exchange-traded funds, certain additional factors 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 liquidity categories described below 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 implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

IBD-SANN-0622
1.703569.124



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, 2022

Includes Fidelity and Fidelity Advisor share classes

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

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

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.

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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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Fidelity® Canada Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   Canada 98.5% 
   United States of America* 1.5% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks 98.2 
Bonds 0.3 
Short-Term Investments and Net Other Assets (Liabilities) 1.5 

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Royal Bank of Canada (Banks) 9.2 
The Toronto-Dominion Bank (Banks) 8.9 
Canadian Pacific Railway Ltd. (Road & Rail) 6.5 
Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels) 5.5 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) (Food & Staples Retailing) 5.3 
Suncor Energy, Inc. (Oil, Gas & Consumable Fuels) 4.6 
Franco-Nevada Corp. (Metals & Mining) 4.4 
Nutrien Ltd. (Chemicals) 3.9 
Brookfield Asset Management, Inc. (Canada) Class A (Capital Markets) 3.9 
Canadian National Railway Co. (Road & Rail) 2.9 
 55.1 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Financials 28.9 
Energy 16.9 
Industrials 13.2 
Materials 12.9 
Consumer Staples 8.7 
Information Technology 6.9 
Consumer Discretionary 5.0 
Communication Services 4.6 
Health Care 0.7 
Real Estate 0.7 

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, 2022, the Fund did not have more than 25% of its total assets invested in any one industry.

Fidelity® Canada Fund

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%   
 Shares Value 
COMMUNICATION SERVICES - 4.3%   
Diversified Telecommunication Services - 2.4%   
TELUS Corp. 884,300 $22,123,849 
Interactive Media & Services - 0.2%   
VerticalScope Holdings, Inc. 80,400 1,230,424 
Wireless Telecommunication Services - 1.7%   
Rogers Communications, Inc. Class B (non-vtg.) 283,900 15,465,163 
TOTAL COMMUNICATION SERVICES  38,819,436 
CONSUMER DISCRETIONARY - 5.0%   
Auto Components - 0.7%   
Magna International, Inc. Class A (sub. vtg.) 98,400 5,930,119 
Hotels, Restaurants & Leisure - 1.7%   
Restaurant Brands International, Inc. 261,900 14,961,928 
Multiline Retail - 2.4%   
Dollarama, Inc. 392,400 21,815,442 
Specialty Retail - 0.0%   
Diversified Royalty Corp. (a) 184,600 415,284 
Textiles, Apparel & Luxury Goods - 0.2%   
Canada Goose Holdings, Inc. (b) 97,300 2,120,733 
TOTAL CONSUMER DISCRETIONARY  45,243,506 
CONSUMER STAPLES - 8.7%   
Beverages - 0.3%   
GURU Organic Energy Corp. (a)(b) 324,600 2,994,209 
Food & Staples Retailing - 8.2%   
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) 1,082,300 48,181,790 
Metro, Inc. 342,595 18,830,524 
Neighbourly Pharmacy, Inc. (a) 39,378 743,328 
Neighbourly Pharmacy, Inc. (b) 22,100 409,951 
North West Co., Inc. (a) 214,900 5,993,747 
  74,159,340 
Personal Products - 0.2%   
Jamieson Wellness, Inc. (c) 73,100 1,837,956 
TOTAL CONSUMER STAPLES  78,991,505 
ENERGY - 16.9%   
Energy Equipment & Services - 0.7%   
Computer Modelling Group Ltd. 480,800 1,785,246 
Pason Systems, Inc. 345,400 4,358,334 
  6,143,580 
Oil, Gas & Consumable Fuels - 16.2%   
Canadian Natural Resources Ltd. 803,098 49,705,618 
Enbridge, Inc. 573,800 25,039,682 
Parkland Corp. (a) 354,600 10,072,280 
PrairieSky Royalty Ltd. (a) 1,479,018 20,297,425 
Suncor Energy, Inc. 1,168,200 41,993,910 
  147,108,915 
TOTAL ENERGY  153,252,495 
FINANCIALS - 28.9%   
Banks - 18.1%   
Royal Bank of Canada (a) 827,000 83,527,225 
The Toronto-Dominion Bank 1,120,200 80,911,811 
  164,439,036 
Capital Markets - 4.8%   
Brookfield Asset Management, Inc. (Canada) Class A 707,706 35,301,289 
TMX Group Ltd. 86,500 8,806,550 
  44,107,839 
Insurance - 6.0%   
Definity Financial Corp. 388,713 10,142,576 
Intact Financial Corp. 134,525 18,819,782 
Sun Life Financial, Inc. 506,500 25,197,848 
  54,160,206 
TOTAL FINANCIALS  262,707,081 
HEALTH CARE - 0.7%   
Health Care Providers & Services - 0.7%   
Andlauer Healthcare Group, Inc. 137,800 4,799,106 
dentalcorp Holdings Ltd. (b) 165,300 1,854,181 
  6,653,287 
INDUSTRIALS - 13.2%   
Commercial Services & Supplies - 1.9%   
GFL Environmental, Inc. (a) 581,400 17,514,638 
Professional Services - 1.9%   
Thomson Reuters Corp. (a) 172,300 17,226,647 
Road & Rail - 9.4%   
Canadian National Railway Co. 223,650 26,302,138 
Canadian Pacific Railway Ltd. 800,562 58,559,772 
  84,861,910 
TOTAL INDUSTRIALS  119,603,195 
INFORMATION TECHNOLOGY - 6.8%   
IT Services - 2.5%   
CGI, Inc. Class A (sub. vtg.) (b) 188,800 15,055,207 
Shopify, Inc. Class A (b) 17,600 7,528,687 
  22,583,894 
Software - 4.3%   
ApplyBoard, Inc. (d)(e) 1,677 166,057 
ApplyBoard, Inc. (non-vtg.) (d)(e) 414 40,994 
Constellation Software, Inc. 13,900 21,876,770 
Dye & Durham Ltd. 377,500 6,232,651 
Open Text Corp. 278,528 11,154,996 
  39,471,468 
TOTAL INFORMATION TECHNOLOGY  62,055,362 
MATERIALS - 12.9%   
Chemicals - 3.9%   
Nutrien Ltd. 363,581 35,728,382 
Containers & Packaging - 1.1%   
CCL Industries, Inc. Class B 227,700 9,927,589 
Metals & Mining - 7.3%   
Franco-Nevada Corp. 268,900 40,666,245 
Lundin Mining Corp. 679,300 6,202,615 
Wheaton Precious Metals Corp. 443,100 19,860,427 
  66,729,287 
Paper & Forest Products - 0.6%   
Stella-Jones, Inc. 102,923 2,844,173 
Western Forest Products, Inc. 1,487,783 2,385,734 
  5,229,907 
TOTAL MATERIALS  117,615,165 
REAL ESTATE - 0.7%   
Equity Real Estate Investment Trusts (REITs) - 0.7%   
Allied Properties (REIT) (a) 187,800 6,100,412 
Real Estate Management & Development - 0.0%   
Information Services Corp. 15,300 257,551 
TOTAL REAL ESTATE  6,357,963 
TOTAL COMMON STOCKS   
(Cost $461,103,772)  891,298,995 
Nonconvertible Preferred Stocks - 0.1%   
INFORMATION TECHNOLOGY - 0.1%   
Software - 0.1%   
ApplyBoard, Inc.:   
Series A1(d)(e) 2,063 204,278 
Series A2 (d)(e) 1,615 159,917 
Series A3 (d)(e) 92 9,110 
Series D (d)(e) 4,504 445,986 
Series Seed (d)(e) 617 61,095 
TOTAL NONCONVERTIBLE PERFERRED STOCKS   
(Cost $770,130)  880,386 
 Principal Amount Value 
Convertible Bonds - 0.3%   
COMMUNICATION SERVICES - 0.3%   
Entertainment - 0.3%   
Cineplex, Inc. 5.75% 9/30/25
(Cost $1,817,875)(c) 		CAD2,715,000 2,691,097 
 Shares Value 
Money Market Funds - 15.1%   
Fidelity Cash Central Fund 0.32% (f) 1,379,620 1,379,896 
Fidelity Securities Lending Cash Central Fund 0.32% (f)(g) 136,217,098 136,230,719 
TOTAL MONEY MARKET FUNDS   
(Cost $137,610,615)  137,610,615 
TOTAL INVESTMENT IN SECURITIES - 113.6%   
(Cost $601,302,392)  1,032,481,093 
NET OTHER ASSETS (LIABILITIES) - (13.6)%  (123,971,914) 
NET ASSETS - 100%  $908,509,179 

Currency Abbreviations

CAD – Canadian dollar

Legend

 (a) Security or a portion of the security is on loan at period end.

 (b) Non-income producing

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,529,053 or 0.5% 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 $1,087,437 or 0.1% 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.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
ApplyBoard, Inc. 6/4/21 - 6/30/21 $85,688 
ApplyBoard, Inc. (non-vtg.) 6/30/21 $44,290 
ApplyBoard, Inc. Series A1 6/4/21 $133,582 
ApplyBoard, Inc. Series A2 6/4/21 $104,573 
ApplyBoard, Inc. Series A3 6/4/21 $5,957 
ApplyBoard, Inc. Series D 6/4/21 $486,066 
ApplyBoard, Inc. Series Seed 6/4/21 $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.

Fund 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 0.32% $479,852 $23,848,016 $22,947,972 $1,104 $-- $-- $1,379,896 0.0% 
Fidelity Securities Lending Cash Central Fund 0.32% 82,977,032 764,243,635 710,989,948 81,885 -- -- 136,230,719 0.4% 
Total $83,456,884 $788,091,651 $733,937,920 $82,989 $-- $-- $137,610,615  

Amounts in the 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. Amount 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $38,819,436 $38,819,436 $-- $-- 
Consumer Discretionary 45,243,506 45,243,506 -- -- 
Consumer Staples 78,991,505 78,991,505 -- -- 
Energy 153,252,495 153,252,495 -- -- 
Financials 262,707,081 262,707,081 -- -- 
Health Care 6,653,287 6,653,287 -- -- 
Industrials 119,603,195 119,603,195 -- -- 
Information Technology 62,935,748 61,848,311 -- 1,087,437 
Materials 117,615,165 117,615,165 -- -- 
Real Estate 6,357,963 6,357,963 -- -- 
Corporate Bonds 2,691,097 -- 2,691,097 -- 
Money Market Funds 137,610,615 137,610,615 -- -- 
Total Investments in Securities: $1,032,481,093 $1,028,702,559 $2,691,097 $1,087,437 

See accompanying notes which are an integral part of the financial statements.


Fidelity® Canada Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $127,690,869) — See accompanying schedule:
Unaffiliated issuers (cost $463,691,777) 		$894,870,478  
Fidelity Central Funds (cost $137,610,615) 137,610,615  
Total Investment in Securities (cost $601,302,392)  $1,032,481,093 
Foreign currency held at value (cost $11,867,552)  11,675,112 
Receivable for fund shares sold  425,254 
Dividends receivable  1,675,894 
Interest receivable  10,654 
Distributions receivable from Fidelity Central Funds  20,678 
Prepaid expenses  292 
Other receivables  13,514 
Total assets  1,046,302,491 
Liabilities   
Payable for investments purchased $67,119  
Payable for fund shares redeemed 753,979  
Accrued management fee 533,524  
Distribution and service plan fees payable 11,577  
Other affiliated payables 165,305  
Other payables and accrued expenses 34,663  
Collateral on securities loaned 136,227,145  
Total liabilities  137,793,312 
Net Assets  $908,509,179 
Net Assets consist of:   
Paid in capital  $458,435,449 
Total accumulated earnings (loss)  450,073,730 
Net Assets  $908,509,179 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($32,040,521 ÷ 496,180 shares)(a)  $64.57 
Maximum offering price per share (100/94.25 of $64.57)  $68.51 
Class M:   
Net Asset Value and redemption price per share ($7,450,662 ÷ 115,904 shares)(a)  $64.28 
Maximum offering price per share (100/96.50 of $64.28)  $66.61 
Class C:   
Net Asset Value and offering price per share ($1,520,193 ÷ 23,871 shares)(a)  $63.68 
Canada:   
Net Asset Value, offering price and redemption price per share ($820,103,850 ÷ 12,645,779 shares)  $64.85 
Class I:   
Net Asset Value, offering price and redemption price per share ($20,385,070 ÷ 314,120 shares)  $64.90 
Class Z:   
Net Asset Value, offering price and redemption price per share ($27,008,883 ÷ 418,395 shares)  $64.55 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $10,482,794 
Interest  91,570 
Income from Fidelity Central Funds (including $81,885 from security lending)  82,989 
Income before foreign taxes withheld  10,657,353 
Less foreign taxes withheld  (1,572,204) 
Total income  9,085,149 
Expenses   
Management fee   
Basic fee $3,056,149  
Performance adjustment (352,111)  
Transfer agent fees 749,767  
Distribution and service plan fees 68,244  
Accounting fees 213,828  
Custodian fees and expenses 6,472  
Independent trustees' fees and expenses 1,509  
Registration fees 66,190  
Audit 30,297  
Legal 539  
Miscellaneous 1,709  
Total expenses before reductions 3,842,593  
Expense reductions (13,191)  
Total expenses after reductions  3,829,402 
Net investment income (loss)  5,255,747 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 17,037,745  
Foreign currency transactions (175,047)  
Total net realized gain (loss)  16,862,698 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (13,321,848)  
Assets and liabilities in foreign currencies (203,808)  
Total change in net unrealized appreciation (depreciation)  (13,525,656) 
Net gain (loss)  3,337,042 
Net increase (decrease) in net assets resulting from operations  $8,592,789 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $5,255,747 $10,152,770 
Net realized gain (loss) 16,862,698 36,420,496 
Change in net unrealized appreciation (depreciation) (13,525,656) 271,065,320 
Net increase (decrease) in net assets resulting from operations 8,592,789 317,638,586 
Distributions to shareholders (44,124,388) (19,441,097) 
Share transactions - net increase (decrease) 44,091,795 (67,034,603) 
Total increase (decrease) in net assets 8,560,196 231,162,886 
Net Assets   
Beginning of period 899,948,983 668,786,097 
End of period $908,509,179 $899,948,983 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Canada Fund Class A

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $67.23 $46.01 $51.95 $49.75 $54.11 $48.09 
Income from Investment Operations       
Net investment income (loss)A,B .28 .55 .61 .66 .60 .50 
Net realized and unrealized gain (loss) .18 21.89 (4.38) 4.56 (3.88) 6.16 
Total from investment operations .46 22.44 (3.77) 5.22 (3.28) 6.66 
Distributions from net investment income (.61) (.63) (.77) (.39) (.59) (.45) 
Distributions from net realized gain (2.51) (.59) (1.40) (2.63) (.49) (.19) 
Total distributions (3.12) (1.22) (2.17) (3.02) (1.08) (.64) 
Redemption fees added to paid in capitalA – – – – –C –C 
Net asset value, end of period $64.57 $67.23 $46.01 $51.95 $49.75 $54.11 
Total ReturnD,E,F .96% 49.45% (7.70)% 11.34% (6.19)% 13.98% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions 1.15%I 1.12% 1.20% 1.20% 1.21% 1.34% 
Expenses net of fee waivers, if any 1.15%I 1.12% 1.20% 1.20% 1.21% 1.34% 
Expenses net of all reductions 1.15%I 1.12% 1.19% 1.19% 1.20% 1.34% 
Net investment income (loss) .86%I .92% 1.27% 1.32% 1.13% .98% 
Supplemental Data       
Net assets, end of period (000 omitted) $32,041 $33,087 $23,395 $30,598 $29,420 $37,557 
Portfolio turnover rateJ 14%I 7% 11% 8%K 29% 26% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 K Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Canada Fund Class M

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $66.84 $45.74 $51.67 $49.46 $53.77 $47.82 
Income from Investment Operations       
Net investment income (loss)A,B .19 .38 .47 .51 .44 .35 
Net realized and unrealized gain (loss) .19 21.78 (4.36) 4.55 (3.86) 6.13 
Total from investment operations .38 22.16 (3.89) 5.06 (3.42) 6.48 
Distributions from net investment income (.42) (.47) (.64) (.22) (.40) (.34) 
Distributions from net realized gain (2.51) (.59) (1.40) (2.63) (.49) (.19) 
Total distributions (2.94)C (1.06) (2.04) (2.85) (.89) (.53) 
Redemption fees added to paid in capitalA – – – – –D –D 
Net asset value, end of period $64.28 $66.84 $45.74 $51.67 $49.46 $53.77 
Total ReturnE,F,G .82% 49.04% (7.95)% 11.02% (6.47)% 13.64% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 1.44%J 1.40% 1.47% 1.49% 1.51% 1.63% 
Expenses net of fee waivers, if any 1.44%J 1.39% 1.47% 1.48% 1.51% 1.63% 
Expenses net of all reductions 1.44%J 1.39% 1.47% 1.48% 1.51% 1.63% 
Net investment income (loss) .57%J .64% .99% 1.03% .83% .69% 
Supplemental Data       
Net assets, end of period (000 omitted) $7,451 $7,829 $5,911 $8,589 $7,844 $10,356 
Portfolio turnover rateK 14%J 7% 11% 8%L 29% 26% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 L Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Canada Fund Class C

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $65.76 $44.96 $50.61 $48.48 $52.72 $46.87 
Income from Investment Operations       
Net investment income (loss)A,B .02 .08 .24 .29 .21 .13 
Net realized and unrealized gain (loss) .22 21.46 (4.31) 4.47 (3.78) 6.01 
Total from investment operations .24 21.54 (4.07) 4.76 (3.57) 6.14 
Distributions from net investment income – (.15) (.18) – (.18) (.11) 
Distributions from net realized gain (2.32) (.59) (1.40) (2.63) (.49) (.19) 
Total distributions (2.32) (.74) (1.58) (2.63) (.67) (.29)C 
Redemption fees added to paid in capitalA – – – – –D –D 
Net asset value, end of period $63.68 $65.76 $44.96 $50.61 $48.48 $52.72 
Total ReturnE,F,G .57% 48.31% (8.39)% 10.53% (6.85)% 13.16% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 1.94%J 1.90% 1.95% 1.92% 1.94% 2.06% 
Expenses net of fee waivers, if any 1.94%J 1.90% 1.95% 1.92% 1.93% 2.06% 
Expenses net of all reductions 1.94%J 1.90% 1.95% 1.91% 1.93% 2.06% 
Net investment income (loss) .07%J .14% .51% .60% .40% .26% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,520 $1,683 $3,151 $6,226 $11,196 $15,938 
Portfolio turnover rateK 14%J 7% 11% 8%L 29% 26% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the contingent deferred sales charge.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 L Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Canada Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $67.62 $46.26 $52.21 $50.02 $54.41 $48.35 
Income from Investment Operations       
Net investment income (loss)A,B .39 .74 .76 .82 .77 .66 
Net realized and unrealized gain (loss) .17 21.99 (4.38) 4.58 (3.90) 6.20 
Total from investment operations .56 22.73 (3.62) 5.40 (3.13) 6.86 
Distributions from net investment income (.82) (.78) (.92) (.58) (.77) (.61) 
Distributions from net realized gain (2.51) (.59) (1.40) (2.63) (.49) (.19) 
Total distributions (3.33) (1.37) (2.33)C (3.21) (1.26) (.80) 
Redemption fees added to paid in capitalA – – – – –D –D 
Net asset value, end of period $64.85 $67.62 $46.26 $52.21 $50.02 $54.41 
Total ReturnE,F 1.12% 49.91% (7.40)% 11.70% (5.89)% 14.35% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions .83%I .80% .88% .88% .89% 1.02% 
Expenses net of fee waivers, if any .83%I .80% .88% .88% .89% 1.02% 
Expenses net of all reductions .83%I .80% .88% .87% .88% 1.02% 
Net investment income (loss) 1.18%I 1.24% 1.58% 1.64% 1.45% 1.30% 
Supplemental Data       
Net assets, end of period (000 omitted) $820,104 $821,617 $612,716 $803,629 $903,662 $1,130,803 
Portfolio turnover rateJ 14%I 7% 11% 8%K 29% 26% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 K Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Canada Fund Class I

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $67.70 $46.24 $52.11 $49.93 $54.29 $48.28 
Income from Investment Operations       
Net investment income (loss)A,B .40 .78 .79 .85 .79 .67 
Net realized and unrealized gain (loss) .17 22.00 (4.39) 4.55 (3.90) 6.19 
Total from investment operations .57 22.78 (3.60) 5.40 (3.11) 6.86 
Distributions from net investment income (.86) (.73) (.87) (.59) (.77) (.66) 
Distributions from net realized gain (2.51) (.59) (1.40) (2.63) (.49) (.19) 
Total distributions (3.37) (1.32) (2.27) (3.22) (1.25)C (.85) 
Redemption fees added to paid in capitalA – – – – –D –D 
Net asset value, end of period $64.90 $67.70 $46.24 $52.11 $49.93 $54.29 
Total ReturnE,F 1.14% 50.02% (7.35)% 11.74% (5.86)% 14.38% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions .81%I .74% .81% .84% .86% 1.00% 
Expenses net of fee waivers, if any .80%I .74% .81% .84% .85% .99% 
Expenses net of all reductions .80%I .74% .81% .83% .85% .99% 
Net investment income (loss) 1.20%I 1.29% 1.65% 1.68% 1.49% 1.33% 
Supplemental Data       
Net assets, end of period (000 omitted) $20,385 $13,724 $8,392 $14,507 $26,923 $30,581 
Portfolio turnover rateJ 14%I 7% 11% 8%K 29% 26% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 K Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Canada Fund Class Z

 Six months ended (Unaudited) April 30, Years endedOctober 31,    
 2022 2021 2020 2019 2018 A 
Selected Per–Share Data      
Net asset value, beginning of period $67.38 $46.11 $52.07 $49.94 $53.92 
Income from Investment Operations      
Net investment income (loss)B,C .43 .82 .84 .92 .06 
Net realized and unrealized gain (loss) .16 21.91 (4.37) 4.53 (4.04) 
Total from investment operations .59 22.73 (3.53) 5.45 (3.98) 
Distributions from net investment income (.91) (.87) (1.03) (.69) – 
Distributions from net realized gain (2.51) (.59) (1.40) (2.63) – 
Total distributions (3.42) (1.46) (2.43) (3.32) – 
Net asset value, end of period $64.55 $67.38 $46.11 $52.07 $49.94 
Total ReturnD,E 1.18% 50.13% (7.24)% 11.87% (7.38)% 
Ratios to Average Net AssetsC,F,G      
Expenses before reductions .71%H .66% .72% .72% .80%H 
Expenses net of fee waivers, if any .70%H .66% .72% .72% .80%H 
Expenses net of all reductions .70%H .66% .72% .71% .79%H 
Net investment income (loss) 1.30%H 1.38% 1.74% 1.80% 1.48%H 
Supplemental Data      
Net assets, end of period (000 omitted) $27,009 $22,010 $15,221 $20,496 $128 
Portfolio turnover rateI 14%H 7% 11% 8%J 29% 

 A For the period October 2, 2018 (commencement of sale of shares) through October 31, 2018.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 J Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

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. 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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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 vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors 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 vendors. 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, 2022 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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. 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 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 $452,659,787 
Gross unrealized depreciation (22,211,192) 
Net unrealized appreciation (depreciation) $430,448,595 
Tax cost $602,032,498 

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 63,034,403 64,618,392 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Canada as compared to its benchmark index, the S&P/TSX Composite Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .60% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $41,020 $532 
Class M .25% .25% 19,276 177 
Class C .75% .25% 7,948 628 
   $68,244 $1,337 

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 $2,843 
Class M 289 
Class C(a) 439 
 $3,571 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Class A $38,036 .23 
Class M 10,537 .27 
Class C 2,170 .27 
Canada 682,156 .17 
Class I 12,083 .14 
Class Z 4,785 .04 
 $749,767  

 (a) Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following 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 2,442,701 923,033 85,613 

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 $745 

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 $8,868 $– $– 

8. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $13,191.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2022 		Year ended
October 31, 2021 
Fidelity Canada Fund   
Distributions to shareholders   
Class A $1,521,087 $618,232 
Class M 339,044 133,891 
Class C 58,947 49,983 
Canada 40,254,541 17,909,638 
Class I 818,871 258,425 
Class Z 1,131,898 470,928 
Total $44,124,388 $19,441,097 

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, 2022 Year ended October 31, 2021 Six months ended April 30, 2022 Year ended October 31, 2021 
Fidelity Canada Fund     
Class A     
Shares sold 22,124 57,546 $1,469,365 $3,411,614 
Reinvestment of distributions 23,772 11,025 1,449,851 589,714 
Shares redeemed (41,832) (84,917) (2,761,892) (5,008,946) 
Net increase (decrease) 4,064 (16,346) $157,324 $(1,007,618) 
Class M     
Shares sold 3,474 5,995 $229,291 $361,311 
Reinvestment of distributions 5,557 2,501 337,743 133,344 
Shares redeemed (10,246) (20,590) (677,529) (1,194,828) 
Net increase (decrease) (1,215) (12,094) $(110,495) $(700,173) 
Class C     
Shares sold 2,574 3,093 $167,852 $176,271 
Reinvestment of distributions 977 943 58,947 49,676 
Shares redeemed (5,268) (48,530) (335,957) (2,827,895) 
Net increase (decrease) (1,717) (44,494) $(109,158) $(2,601,948) 
Canada     
Shares sold 666,466 688,197 $43,901,451 $42,135,723 
Reinvestment of distributions 619,960 312,199 37,922,967 16,749,465 
Shares redeemed (790,957) (2,096,008) (51,000,275) (123,048,904) 
Net increase (decrease) 495,469 (1,095,612) $30,824,143 $(64,163,716) 
Class I     
Shares sold 183,720 125,979 $12,173,360 $7,822,995 
Reinvestment of distributions 12,737 4,470 779,507 239,960 
Shares redeemed (85,058) (109,208) (5,583,031) (6,469,644) 
Net increase (decrease) 111,399 21,241 $7,369,836 $1,593,311 
Class Z     
Shares sold 104,767 48,490 $6,890,182 $2,951,806 
Reinvestment of distributions 18,285 8,746 1,112,618 466,957 
Shares redeemed (31,308) (60,703) (2,042,655) (3,573,222) 
Net increase (decrease) 91,744 (3,467) $5,960,145 $(154,459) 

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. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Fidelity® China Region Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   Cayman Islands 34.3% 
   Taiwan 24.7% 
   China 23.3% 
   Hong Kong 11.3% 
   United States of America* 3.6% 
   Korea (South) 1.4% 
   France 1.1% 
   Bailiwick of Jersey 0.3% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks 97.2 
Bonds 0.2 
Short-Term Investments and Net Other Assets (Liabilities) 2.6 

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) 18.3 
Tencent Holdings Ltd. (Interactive Media & Services) 9.5 
Alibaba Group Holding Ltd. (Internet & Direct Marketing Retail) 5.8 
AIA Group Ltd. (Insurance) 5.2 
Meituan Class B (Internet & Direct Marketing Retail) 3.7 
Industrial & Commercial Bank of China Ltd. (H Shares) (Banks) 3.0 
MediaTek, Inc. (Semiconductors & Semiconductor Equipment) 2.6 
China Construction Bank Corp. (H Shares) (Banks) 2.5 
Zijin Mining Group Co. Ltd. (H Shares) (Metals & Mining) 2.2 
Kweichow Moutai Co. Ltd. (A Shares) (Beverages) 1.7 
 54.5 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Information Technology 27.6 
Consumer Discretionary 20.8 
Financials 16.4 
Communication Services 11.7 
Health Care 4.4 
Materials 4.3 
Consumer Staples 4.2 
Real Estate 3.7 
Industrials 3.5 
Energy 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 Hong Kong, Taiwanese and Chinese markets. As of April 30, 2022, the Fund did not have more than 25% of its total assets invested in any one industry.

Fidelity® China Region Fund

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.9%   
 Shares Value 
COMMUNICATION SERVICES - 11.7%   
Entertainment - 2.2%   
Bilibili, Inc. ADR (a)(b) 606,500 $14,762,210 
NetEase, Inc. 621,200 11,899,260 
  26,661,470 
Interactive Media & Services - 9.5%   
Tencent Holdings Ltd. 2,387,700 112,520,088 
TOTAL COMMUNICATION SERVICES  139,181,558 
CONSUMER DISCRETIONARY - 20.8%   
Automobiles - 3.8%   
Great Wall Motor Co. Ltd. (H Shares) 4,248,500 5,949,713 
Guangzhou Automobile Group Co. Ltd. (H Shares) 9,646,000 8,178,807 
Li Auto, Inc.:   
ADR (b) 527,700 11,836,311 
Class A (b) 249,800 2,919,449 
XPeng, Inc. ADR (b) 658,300 16,200,763 
  45,085,043 
Hotels, Restaurants & Leisure - 2.2%   
Galaxy Entertainment Group Ltd. 1,578,000 9,004,336 
Sands China Ltd. (b) 2,905,600 6,404,453 
Trip.com Group Ltd. 144,000 3,400,364 
Trip.com Group Ltd. ADR (b) 330,400 7,813,960 
  26,623,113 
Internet & Direct Marketing Retail - 11.8%   
Alibaba Group Holding Ltd. (b) 5,675,200 69,224,327 
JD.com, Inc. Class A 341,300 10,641,241 
Meituan Class B (b)(c) 2,088,988 44,759,506 
Pinduoduo, Inc. ADR (b) 375,705 16,189,128 
  140,814,202 
Leisure Products - 0.3%   
Bafang Electric Suzhou Co. Ltd. (A Shares) 150,700 3,499,341 
Specialty Retail - 0.3%   
China International Travel Service Corp. Ltd. (A Shares) 140,300 3,805,934 
Textiles, Apparel & Luxury Goods - 2.4%   
Li Ning Co. Ltd. 1,914,000 14,918,040 
LVMH Moet Hennessy Louis Vuitton SE 21,000 13,589,842 
  28,507,882 
TOTAL CONSUMER DISCRETIONARY  248,335,515 
CONSUMER STAPLES - 4.2%   
Beverages - 2.4%   
Kweichow Moutai Co. Ltd. (A Shares) 75,345 20,793,479 
Wuliangye Yibin Co. Ltd. (A Shares) 332,560 8,100,987 
  28,894,466 
Food Products - 0.9%   
Unified-President Enterprises Corp. 4,539,000 10,507,403 
Household Products - 0.4%   
C&S Paper Co. Ltd. (A Shares) 2,962,002 4,682,547 
Personal Products - 0.5%   
Proya Cosmetics Co. Ltd. (A Shares) 190,900 5,807,859 
TOTAL CONSUMER STAPLES  49,892,275 
ENERGY - 0.8%   
Energy Equipment & Services - 0.8%   
China Oilfield Services Ltd. (H Shares) 9,464,000 9,688,865 
FINANCIALS - 16.2%   
Banks - 7.7%   
China Construction Bank Corp. (H Shares) 42,791,610 30,484,710 
E.SUN Financial Holdings Co. Ltd. 9,709,225 11,095,343 
Hang Seng Bank Ltd. 866,200 15,336,476 
Industrial & Commercial Bank of China Ltd. (H Shares) 58,546,000 35,291,921 
  92,208,450 
Capital Markets - 1.2%   
Hong Kong Exchanges and Clearing Ltd. 327,900 13,909,182 
Diversified Financial Services - 0.7%   
Far East Horizon Ltd. 10,248,500 8,359,485 
Insurance - 6.6%   
AIA Group Ltd. 6,271,400 61,608,726 
Ping An Insurance Group Co. of China Ltd. (H Shares) 2,639,500 16,683,538 
  78,292,264 
TOTAL FINANCIALS  192,769,381 
HEALTH CARE - 4.2%   
Biotechnology - 1.2%   
Akeso, Inc. (a)(b)(c) 1,003,000 1,871,171 
Innovent Biologics, Inc. (b)(c) 1,021,000 3,166,571 
Zai Lab Ltd. (b) 986,000 4,017,862 
Zai Lab Ltd. ADR (b) 136,100 5,438,556 
  14,494,160 
Health Care Equipment & Supplies - 0.8%   
MicroTech Medical (Hangzhou) Co. Ltd. (H Shares) (b)(c) 1,091,500 1,567,914 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) 167,315 7,885,249 
  9,453,163 
Health Care Technology - 0.0%   
Medlive Technology Co. Ltd. (c) 420,500 490,807 
Life Sciences Tools & Services - 1.3%   
Pharmaron Beijing Co. Ltd. (H Shares) (c) 265,800 3,339,100 
Wuxi Biologics (Cayman), Inc. (b)(c) 1,622,500 11,975,375 
  15,314,475 
Pharmaceuticals - 0.9%   
Antengene Corp. (b)(c) 1,424,873 1,120,815 
Asymchem Laboratories Tianjin Co. Ltd. (H Shares) (c) 107,600 2,317,786 
Hansoh Pharmaceutical Group Co. Ltd. (c) 4,450,000 7,329,729 
  10,768,330 
TOTAL HEALTH CARE  50,520,935 
INDUSTRIALS - 3.5%   
Aerospace & Defense - 0.0%   
Space Exploration Technologies Corp. Class A (b)(d)(e) 10,000 560,000 
Air Freight & Logistics - 0.5%   
Milkyway Chemical Supply Chain Service Co. Ltd. (A Shares) 339,529 5,583,826 
Electrical Equipment - 0.3%   
Sungrow Power Supply Co. Ltd. (A Shares) 323,534 3,050,506 
Machinery - 2.2%   
Shenzhen Inovance Technology Co. Ltd. (A Shares) 1,301,713 11,245,279 
Weichai Power Co. Ltd. (H Shares) 3,298,000 4,606,999 
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) 4,089,584 10,259,260 
  26,111,538 
Transportation Infrastructure - 0.5%   
Hainan Meilan International Airport Co. Ltd. (b) 3,159,000 5,972,775 
TOTAL INDUSTRIALS  41,278,645 
INFORMATION TECHNOLOGY - 26.5%   
Communications Equipment - 0.4%   
ZTE Corp. (H Shares) 1,986,000 4,169,820 
Electronic Equipment & Components - 1.2%   
Hon Hai Precision Industry Co. Ltd. (Foxconn) 3,313,000 11,356,963 
Unimicron Technology Corp. 457,000 3,207,253 
  14,564,216 
IT Services - 0.9%   
TravelSky Technology Ltd. (H Shares) 7,260,000 10,963,874 
Semiconductors & Semiconductor Equipment - 23.3%   
eMemory Technology, Inc. 230,481 9,691,833 
Hua Hong Semiconductor Ltd. (b)(c) 1,728,000 6,710,291 
MediaTek, Inc. 1,138,000 31,389,954 
Parade Technologies Ltd. 255,000 12,133,730 
Taiwan Semiconductor Manufacturing Co. Ltd. 12,056,000 218,126,644 
  278,052,452 
Technology Hardware, Storage & Peripherals - 0.7%   
Samsung Electronics Co. Ltd. 150,970 8,002,945 
TOTAL INFORMATION TECHNOLOGY  315,753,307 
MATERIALS - 4.3%   
Chemicals - 0.2%   
Weihai Guangwei Composites Co. Ltd. (A Shares) 341,358 2,557,785 
Construction Materials - 0.3%   
West China Cement Ltd. 24,944,000 3,922,315 
Containers & Packaging - 1.2%   
Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares) 3,860,071 14,345,777 
Metals & Mining - 2.6%   
Ganfeng Lithium Co. Ltd. (H Shares) (c) 343,600 4,112,624 
Zijin Mining Group Co. Ltd. (H Shares) 17,976,000 26,175,014 
  30,287,638 
TOTAL MATERIALS  51,113,515 
REAL ESTATE - 3.7%   
Equity Real Estate Investment Trusts (REITs) - 0.6%   
Link (REIT) 879,811 7,599,618 
Real Estate Management & Development - 3.1%   
China Overseas Land and Investment Ltd. 2,431,000 7,510,039 
China Resources Mixc Lifestyle Services Ltd. (c) 1,142,000 5,486,528 
Jinke Smart Services Group Co. Ltd. 818,200 2,664,019 
KE Holdings, Inc. ADR (b) 580,131 8,226,258 
Longfor Properties Co. Ltd. (c) 1,855,500 9,189,525 
Sunac Services Holdings Ltd. (c) 7,190,000 3,918,490 
  36,994,859 
TOTAL REAL ESTATE  44,594,477 
TOTAL COMMON STOCKS   
(Cost $1,028,515,597)  1,143,128,473 
Preferred Stocks - 1.3%   
Convertible Preferred Stocks - 0.6%   
HEALTH CARE - 0.2%   
Health Care Providers & Services - 0.2%   
dMed Biopharmaceutical Co. Ltd. Series C (b)(d)(e) 275,211 2,730,093 
INFORMATION TECHNOLOGY - 0.4%   
IT Services - 0.4%   
ByteDance Ltd. Series E1 (b)(d)(e) 38,752 4,962,969 
TOTAL CONVERTIBLE PREFERRED STOCKS  7,693,062 
Nonconvertible Preferred Stocks - 0.7%   
INFORMATION TECHNOLOGY - 0.7%   
Technology Hardware, Storage & Peripherals - 0.7%   
Samsung Electronics Co. Ltd. 169,130 7,887,262 
TOTAL PREFERRED STOCKS   
(Cost $13,702,334)  15,580,324 
 Principal Amount Value 
Convertible Bonds - 0.2%   
FINANCIALS - 0.2%   
Diversified Financial Services - 0.2%   
ZKH Group Ltd. 8% 12/23/22
(Cost $1,771,978)(d)(e) 		1,771,978 1,771,978 
 Shares Value 
Money Market Funds - 4.3%   
Fidelity Cash Central Fund 0.32% (f) 39,352,445 39,360,316 
Fidelity Securities Lending Cash Central Fund 0.32% (f)(g) 12,201,187 12,202,408 
TOTAL MONEY MARKET FUNDS   
(Cost $51,562,724)  51,562,724 
TOTAL INVESTMENT IN SECURITIES - 101.7%   
(Cost $1,095,552,633)  1,212,043,499 
NET OTHER ASSETS (LIABILITIES) - (1.7)%  (20,069,139) 
NET ASSETS - 100%  $1,191,974,360 

Legend

 (a) Security or a portion of the security is on loan at period end.

 (b) Non-income producing

 (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 $107,356,232 or 9.0% 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 $10,025,040 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 
ByteDance Ltd. Series E1 11/18/20 $4,246,219 
dMed Biopharmaceutical Co. Ltd. Series C 12/1/20 $3,908,863 
Space Exploration Technologies Corp. Class A 2/16/21 $419,990 
ZKH Group Ltd. 8% 12/23/22 2/24/22 $1,771,978 

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund 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 0.32% $-- $173,683,406 $134,323,090 $10,955 $-- $-- $39,360,316 0.1% 
Fidelity Securities Lending Cash Central Fund 0.32% 38,808,345 67,356,759 93,962,696 34,194 -- -- 12,202,408 0.0% 
Total $38,808,345 $241,040,165 $228,285,786 $45,149 $-- $-- $51,562,724  

Amounts in the 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. Amount 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $139,181,558 $14,762,210 $124,419,348 $-- 
Consumer Discretionary 248,335,515 52,040,162 196,295,353 -- 
Consumer Staples 49,892,275 -- 49,892,275 -- 
Energy 9,688,865 -- 9,688,865 -- 
Financials 192,769,381 -- 192,769,381 -- 
Health Care 53,251,028 5,438,556 45,082,379 2,730,093 
Industrials 41,278,645 -- 40,718,645 560,000 
Information Technology 328,603,538 -- 323,640,569 4,962,969 
Materials 51,113,515 -- 51,113,515 -- 
Real Estate 44,594,477 8,226,258 36,368,219 -- 
Corporate Bonds 1,771,978 -- -- 1,771,978 
Money Market Funds 51,562,724 51,562,724 -- -- 
Total Investments in Securities: $1,212,043,499 $132,029,910 $1,069,988,549 $10,025,040 

See accompanying notes which are an integral part of the financial statements.


Fidelity® China Region Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $12,828,385) — See accompanying schedule:
Unaffiliated issuers (cost $1,043,989,909) 		$1,160,480,775  
Fidelity Central Funds (cost $51,562,724) 51,562,724  
Total Investment in Securities (cost $1,095,552,633)  $1,212,043,499 
Receivable for fund shares sold  1,438,517 
Dividends receivable  247,730 
Interest receivable  26,383 
Distributions receivable from Fidelity Central Funds  11,716 
Prepaid expenses  775 
Other receivables  18,412 
Total assets  1,213,787,032 
Liabilities   
Payable for investments purchased $6,277,150  
Payable for fund shares redeemed 1,721,625  
Accrued management fee 695,052  
Distribution and service plan fees payable 17,473  
Other affiliated payables 235,133  
Other payables and accrued expenses 665,289  
Collateral on securities loaned 12,200,950  
Total liabilities  21,812,672 
Net Assets  $1,191,974,360 
Net Assets consist of:   
Paid in capital  $1,176,477,387 
Total accumulated earnings (loss)  15,496,973 
Net Assets  $1,191,974,360 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($32,387,973 ÷ 959,107 shares)(a)  $33.77 
Maximum offering price per share (100/94.25 of $33.77)  $35.83 
Class M:   
Net Asset Value and redemption price per share ($8,141,864 ÷ 243,104 shares)(a)  $33.49 
Maximum offering price per share (100/96.50 of $33.49)  $34.70 
Class C:   
Net Asset Value and offering price per share ($8,281,582 ÷ 257,460 shares)(a)  $32.17 
China Region:   
Net Asset Value, offering price and redemption price per share ($1,058,911,688 ÷ 30,872,416 shares)  $34.30 
Class I:   
Net Asset Value, offering price and redemption price per share ($33,270,847 ÷ 977,938 shares)  $34.02 
Class Z:   
Net Asset Value, offering price and redemption price per share ($50,980,406 ÷ 1,502,797 shares)  $33.92 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $3,985,290 
Non-Cash dividends  4,147,476 
Interest  26,511 
Income from Fidelity Central Funds (including $34,194 from security lending)  45,149 
Income before foreign taxes withheld  8,204,426 
Less foreign taxes withheld  (620,638) 
Total income  7,583,788 
Expenses   
Management fee $5,095,048  
Transfer agent fees 1,223,588  
Distribution and service plan fees 127,498  
Accounting fees 339,345  
Custodian fees and expenses 144,752  
Independent trustees' fees and expenses 2,855  
Registration fees 88,553  
Audit 42,305  
Legal 3,646  
Interest 526  
Miscellaneous 3,779  
Total expenses before reductions 7,071,895  
Expense reductions (22,060)  
Total expenses after reductions  7,049,835 
Net investment income (loss)  533,953 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (94,914,275)  
Foreign currency transactions (124,210)  
Total net realized gain (loss)  (95,038,485) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (331,606,173)  
Assets and liabilities in foreign currencies (560,513)  
Total change in net unrealized appreciation (depreciation)  (332,166,686) 
Net gain (loss)  (427,205,171) 
Net increase (decrease) in net assets resulting from operations  $(426,671,218) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $533,953 $8,623,201 
Net realized gain (loss) (95,038,485) 215,813,605 
Change in net unrealized appreciation (depreciation) (332,166,686) (207,138,507) 
Net increase (decrease) in net assets resulting from operations (426,671,218) 17,298,299 
Distributions to shareholders (163,021,571) (94,181,422) 
Share transactions - net increase (decrease) (38,787,964) 197,486,715 
Total increase (decrease) in net assets (628,480,753) 120,603,592 
Net Assets   
Beginning of period 1,820,455,113 1,699,851,521 
End of period $1,191,974,360 $1,820,455,113 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity China Region Fund Class A

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $50.32 $50.90 $35.86 $28.73 $34.22 $25.46 
Income from Investment Operations       
Net investment income (loss)A,B (.04)C .06 .08 .15 .15 .08 
Net realized and unrealized gain (loss) (11.89) 1.95 15.11 7.10 (5.56) 8.90 
Total from investment operations (11.93) 2.01 15.19 7.25 (5.41) 8.98 
Distributions from net investment income – (.44) (.15) (.12) (.08) (.18) 
Distributions from net realized gain (4.62) (2.16) – – – (.05) 
Total distributions (4.62) (2.59)D (.15) (.12) (.08) (.23) 
Redemption fees added to paid in capitalA – – – – –E .01 
Net asset value, end of period $33.77 $50.32 $50.90 $35.86 $28.73 $34.22 
Total ReturnF,G,H (25.53)% 3.65% 42.52% 25.30% (15.86)% 35.67% 
Ratios to Average Net AssetsB,I,J       
Expenses before reductions 1.21%K 1.21% 1.24% 1.27% 1.27% 1.30% 
Expenses net of fee waivers, if any 1.21%K 1.21% 1.24% 1.26% 1.27% 1.30% 
Expenses net of all reductions 1.21%K 1.21% 1.22% 1.26% 1.24% 1.29% 
Net investment income (loss) (.48)%C,K .11% .18% .44% .43% .28% 
Supplemental Data       
Net assets, end of period (000 omitted) $32,388 $45,301 $39,303 $29,963 $23,424 $35,539 
Portfolio turnover rateL 22%K 60% 60% 80% 60% 68% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 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 (.76) %.

 D Total distributions per share do not sum due to rounding.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Total returns do not include the effect of the sales charges.

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity China Region Fund Class M

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $50.02 $50.64 $35.66 $28.55 $34.05 $25.34 
Income from Investment Operations       
Net investment income (loss)A,B (.11)C (.10) (.05) .04 .03 (.02) 
Net realized and unrealized gain (loss) (11.80) 1.96 15.04 7.07 (5.53) 8.88 
Total from investment operations (11.91) 1.86 14.99 7.11 (5.50) 8.86 
Distributions from net investment income – (.32) (.01) – – (.11) 
Distributions from net realized gain (4.62) (2.16) – – – (.05) 
Total distributions (4.62) (2.48) (.01) – – (.16) 
Redemption fees added to paid in capitalA – – – – –D .01 
Net asset value, end of period $33.49 $50.02 $50.64 $35.66 $28.55 $34.05 
Total ReturnE,F,G (25.66)% 3.36% 42.04% 24.90% (16.15)% 35.25% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 1.53%J 1.50% 1.56% 1.59% 1.62% 1.65% 
Expenses net of fee waivers, if any 1.53%J 1.50% 1.56% 1.59% 1.62% 1.65% 
Expenses net of all reductions 1.53%J 1.50% 1.53% 1.58% 1.58% 1.64% 
Net investment income (loss) (.80)%C,J (.18)% (.13)% .12% .08% (.07)% 
Supplemental Data       
Net assets, end of period (000 omitted) $8,142 $12,623 $12,028 $9,251 $8,132 $9,763 
Portfolio turnover rateK 22%J 60% 60% 80% 60% 68% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 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 (1.07) %.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity China Region Fund Class C

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $48.34 $49.10 $34.71 $27.90 $33.41 $24.82 
Income from Investment Operations       
Net investment income (loss)A,B (.19)C (.35) (.22) (.09) (.11) (.13) 
Net realized and unrealized gain (loss) (11.36) 1.92 14.61 6.90 (5.40) 8.73 
Total from investment operations (11.55) 1.57 14.39 6.81 (5.51) 8.60 
Distributions from net investment income – (.17) – – – – 
Distributions from net realized gain (4.62) (2.16) – – – (.02) 
Total distributions (4.62) (2.33) – – – (.02) 
Redemption fees added to paid in capitalA – – – – –D .01 
Net asset value, end of period $32.17 $48.34 $49.10 $34.71 $27.90 $33.41 
Total ReturnE,F,G (25.81)% 2.89% 41.46% 24.41% (16.49)% 34.71% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 1.96%J 1.96% 1.98% 2.00% 2.01% 2.05% 
Expenses net of fee waivers, if any 1.96%J 1.96% 1.98% 2.00% 2.01% 2.05% 
Expenses net of all reductions 1.96%J 1.96% 1.96% 1.99% 1.98% 2.03% 
Net investment income (loss) (1.23)%C,J (.65)% (.55)% (.29)% (.31)% (.46)% 
Supplemental Data       
Net assets, end of period (000 omitted) $8,282 $13,168 $11,308 $9,437 $10,138 $12,952 
Portfolio turnover rateK 22%J 60% 60% 80% 60% 68% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 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 (1.50) %.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the contingent deferred sales charge.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity China Region Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $51.03 $51.53 $36.30 $29.11 $34.64 $25.78 
Income from Investment Operations       
Net investment income (loss)A,B .02C .23 .21 .25 .26 .17 
Net realized and unrealized gain (loss) (12.07) 1.97 15.28 7.19 (5.65) 9.00 
Total from investment operations (12.05) 2.20 15.49 7.44 (5.39) 9.17 
Distributions from net investment income (.06) (.54) (.26) (.25) (.14) (.27) 
Distributions from net realized gain (4.62) (2.16) – – – (.05) 
Total distributions (4.68) (2.70) (.26) (.25) (.14) (.32) 
Redemption fees added to paid in capitalA – – – – –D .01 
Net asset value, end of period $34.30 $51.03 $51.53 $36.30 $29.11 $34.64 
Total ReturnE,F (25.43)% 3.97% 42.95% 25.72% (15.62)% 36.10% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions .92%I .91% .93% .95% .96% 1.00% 
Expenses net of fee waivers, if any .92%I .91% .93% .95% .96% 1.00% 
Expenses net of all reductions .92%I .91% .91% .95% .93% .99% 
Net investment income (loss) (.19)%C,I .41% .49% .76% .74% .58% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,058,912 $1,609,326 $1,518,404 $1,093,827 $969,679 $1,294,775 
Portfolio turnover rateJ 22%I 60% 60% 80% 60% 68% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.12 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 (.46) %.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity China Region Fund Class I

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $50.63 $51.16 $36.05 $28.90 $34.41 $25.62 
Income from Investment Operations       
Net investment income (loss)A,B .02C .22 .20 .25 .26 .16 
Net realized and unrealized gain (loss) (11.97) 1.96 15.17 7.13 (5.61) 8.95 
Total from investment operations (11.95) 2.18 15.37 7.38 (5.35) 9.11 
Distributions from net investment income (.04) (.55) (.26) (.23) (.16) (.28) 
Distributions from net realized gain (4.62) (2.16) – – – (.05) 
Total distributions (4.66) (2.71) (.26) (.23) (.16) (.33) 
Redemption fees added to paid in capitalA – – – – –D .01 
Net asset value, end of period $34.02 $50.63 $51.16 $36.05 $28.90 $34.41 
Total ReturnE,F (25.43)% 3.96% 42.91% 25.71% (15.63)% 36.11% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions .92%I .93% .95% .97% .98% 1.01% 
Expenses net of fee waivers, if any .92%I .93% .95% .96% .98% 1.01% 
Expenses net of all reductions .92%I .93% .93% .96% .95% .99% 
Net investment income (loss) (.19)%C,I .39% .48% .74% .72% .57% 
Supplemental Data       
Net assets, end of period (000 omitted) $33,271 $68,464 $47,688 $27,410 $20,854 $27,880 
Portfolio turnover rateJ 22%I 60% 60% 80% 60% 68% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.12 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 (.46) %.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity China Region Fund Class Z

 Six months ended (Unaudited) April 30, Years endedOctober 31,    
 2022 2021 2020 2019 2018 A 
Selected Per–Share Data      
Net asset value, beginning of period $50.57 $51.07 $36.00 $28.91 $32.63 
Income from Investment Operations      
Net investment income (loss)B,C .04D .29 .26 .30 .01 
Net realized and unrealized gain (loss) (11.94) 1.95 15.14 7.11 (3.73) 
Total from investment operations (11.90) 2.24 15.40 7.41 (3.72) 
Distributions from net investment income (.12) (.59) (.33) (.32) – 
Distributions from net realized gain (4.62) (2.16) – – – 
Total distributions (4.75)E (2.74)E (.33) (.32) – 
Net asset value, end of period $33.92 $50.57 $51.07 $36.00 $28.91 
Total ReturnF,G (25.40)% 4.09% 43.13% 25.86% (11.40)% 
Ratios to Average Net AssetsC,H,I      
Expenses before reductions .80%J .80% .81% .82% .91%J 
Expenses net of fee waivers, if any .79%J .80% .81% .82% .90%J 
Expenses net of all reductions .79%J .80% .79% .81% .87%J 
Net investment income (loss) (.06)%D,J .52% .61% .89% .57%J 
Supplemental Data      
Net assets, end of period (000 omitted) $50,980 $71,573 $71,121 $46,861 $323 
Portfolio turnover rateK 22%J 60% 60% 80% 60% 

 A For the period October 2, 2018 (commencement of sale of shares) through October 31, 2018.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.11 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 (.34) %.

 E Total distributions per share do not sum due to rounding.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

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. 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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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 vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors 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 vendors. 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, 2022 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations in "Non-cash dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. 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 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 $287,685,834 
Gross unrealized depreciation (183,734,582) 
Net unrealized appreciation (depreciation) $103,951,252 
Tax cost $1,108,092,247 

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 165,463,738 399,142,660 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .67% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $49,049 $1,567 
Class M .25% .25% 26,156 241 
Class C .75% .25% 52,293 13,953 
   $127,498 $15,761 

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 $3,679 
Class M 595 
Class C(a) 47 
 $4,321 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Class A $40,460 .21 
Class M 14,219 .27 
Class C 10,479 .20 
China Region 1,107,765 .17 
Class I 38,543 .16 
Class Z 12,122 .04 
 $1,223,588  

 (a) Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following 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 $1,226 

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 China Region Fund Borrower $4,906,818 .31% $464 

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 5,553,873 1,231,414 (1,963,123) 

Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:

 Amount ($) 
Fidelity China Region Fund 3,205 

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity China Region Fund $1,365 

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 $3,617 $– $– 

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 China Region Fund $967,750 .58% $62 

9. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $22,060.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2022 		Year ended
October 31, 2021 
Fidelity China Region Fund   
Distributions to shareholders   
Class A $4,134,709 $2,089,736 
Class M 1,142,842 603,440 
Class C 1,227,041 569,251 
China Region 144,410,750 83,672,749 
Class I 5,718,145 2,974,817 
Class Z 6,388,084 4,271,429 
Total $163,021,571 $94,181,422 

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, 2022 Year ended October 31, 2021 Six months ended April 30, 2022 Year ended October 31, 2021 
Fidelity China Region Fund     
Class A     
Shares sold 121,496 412,947 $4,800,083 $23,655,622 
Reinvestment of distributions 93,787 37,370 3,954,050 1,998,564 
Shares redeemed (156,463) (322,190) (6,409,533) (17,301,503) 
Net increase (decrease) 58,820 128,127 $2,344,600 $8,352,683 
Class M     
Shares sold 6,462 85,266 $258,686 $5,026,895 
Reinvestment of distributions 27,154 11,219 1,136,944 597,960 
Shares redeemed (42,875) (81,626) (1,790,044) (4,472,103) 
Net increase (decrease) (9,259) 14,859 $(394,414) $1,152,752 
Class C     
Shares sold 32,316 130,300 $1,208,491 $7,093,045 
Reinvestment of distributions 28,637 10,599 1,153,507 548,200 
Shares redeemed (75,930) (98,762) (3,081,681) (5,268,045) 
Net increase (decrease) (14,977) 42,137 $(719,683) $2,373,200 
China Region     
Shares sold 2,470,340 13,958,356 $102,263,289 $817,280,904 
Reinvestment of distributions 3,187,084 1,469,668 136,311,566 79,494,358 
Shares redeemed (6,323,444) (13,356,838) (265,270,685) (741,842,711) 
Net increase (decrease) (666,020) 2,071,186 $(26,695,830) $154,932,551 
Class I     
Shares sold 209,399 1,514,190 $8,578,669 $87,084,728 
Reinvestment of distributions 117,730 47,711 4,994,105 2,560,644 
Shares redeemed (701,432) (1,141,702) (30,238,219) (61,526,332) 
Net increase (decrease) (374,303) 420,199 $(16,665,445) $28,119,040 
Class Z     
Shares sold 289,761 985,463 $11,985,696 $56,944,564 
Reinvestment of distributions 148,353 78,962 6,272,360 4,227,602 
Shares redeemed (350,740) (1,041,575) (14,915,248) (58,615,677) 
Net increase (decrease) 87,374 22,850 $3,342,808 $2,556,489 

12. Other.

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

13. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Fidelity® Emerging Asia Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   Cayman Islands 30.0% 
   India 16.7% 
   China 14.9% 
   Taiwan 10.9% 
   Japan 6.7% 
   Korea (South) 6.6% 
   United States of America* 4.8% 
   Hong Kong 2.3% 
   Germany 1.5% 
   Other 5.6% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks 96.6 
Bonds 0.5 
Short-Term Investments and Net Other Assets (Liabilities) 2.9 

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 10.0 
Alibaba Group Holding Ltd. (Cayman Islands, Internet & Direct Marketing Retail) 9.6 
Meituan Class B (Cayman Islands, Internet & Direct Marketing Retail) 5.1 
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) 4.1 
Reliance Industries Ltd. (India, Oil, Gas & Consumable Fuels) 3.9 
Pinduoduo, Inc. ADR (Cayman Islands, Internet & Direct Marketing Retail) 3.8 
Bilibili, Inc. ADR (Cayman Islands, Entertainment) 1.9 
Z Holdings Corp. (Japan, Interactive Media & Services) 1.8 
AIA Group Ltd. (Hong Kong, Insurance) 1.7 
KE Holdings, Inc. ADR (Cayman Islands, Real Estate Management & Development) 1.4 
 43.3 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Information Technology 30.3 
Consumer Discretionary 26.7 
Health Care 10.6 
Financials 8.9 
Industrials 5.8 
Communication Services 5.3 
Energy 3.9 
Consumer Staples 2.4 
Materials 1.6 
Real Estate 1.6 

Fidelity® Emerging Asia Fund

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.2%   
 Shares Value 
Bermuda - 0.3%   
Huanxi Media Group Ltd. (a) 21,609,015 $3,747,832 
Cayman Islands - 29.5%   
Akeso, Inc. (a)(b)(c) 1,438,379 2,683,403 
Alibaba Group Holding Ltd. (a) 2,809,143 34,265,054 
Alibaba Group Holding Ltd. sponsored ADR (a) 712,808 69,206,529 
Antengene Corp. (a)(c) 3,408,163 2,680,886 
Archosaur Games, Inc. (c) 4,159,989 3,937,042 
Bairong, Inc. (a)(c) 1,995,726 2,700,642 
BC Technology Group Ltd. (a) 3,282,217 2,050,969 
Bilibili, Inc. ADR (a)(b) 829,973 20,201,543 
Boqii Holding Ltd. ADR (a) 860,900 316,811 
Frontage Holdings Corp. (a)(c) 11,054,260 3,264,843 
GDS Holdings Ltd. ADR (a)(b) 64,205 2,017,321 
Innovent Biologics, Inc. (a)(c) 792,820 2,458,885 
iQIYI, Inc. ADR (a)(b) 788,729 2,807,875 
Jacobio Pharmaceuticals Group Co. Ltd. (a)(c) 1,258,030 1,269,375 
Kangji Medical Holdings Ltd. (b) 1,511,945 1,391,591 
KE Holdings, Inc. ADR (a) 1,040,236 14,750,546 
Kindstar Globalgene Technology, Inc. (a)(c) 3,126,265 838,985 
Li Auto, Inc. Class A (a) 679,909 7,946,196 
Medlive Technology Co. Ltd. (c) 912,600 1,065,184 
Meituan Class B (a)(c) 2,569,485 55,054,830 
Microport Cardioflow Medtech Corp. (a)(c) 13,399,464 4,677,077 
Ming Yuan Cloud Group Holdings Ltd. (b) 5,955,793 7,735,503 
New Horizon Health Ltd. (a)(c) 2,072,618 4,450,155 
Pinduoduo, Inc. ADR (a) 962,320 41,466,369 
RLX Technology, Inc. ADR (a) 746,592 1,515,582 
Sea Ltd. ADR (a) 60,551 5,011,201 
Smoore International Holdings Ltd. (b)(c) 1,635,218 3,419,762 
Sunac China Holdings Ltd. (d) 4,892,796 2,427,381 
Wuxi Biologics (Cayman), Inc. (a)(c) 1,468,046 10,835,378 
Zai Lab Ltd. (a) 493,310 2,010,194 
Zai Lab Ltd. ADR (a) 103,820 4,148,647 
TOTAL CAYMAN ISLANDS  318,605,759 
China - 14.5%   
Anhui Korrun Co. Ltd. (A Shares) 1,410,561 3,053,855 
Asymchem Laboratories Tianjin Co. Ltd. (H Shares) (c) 25,980 559,629 
Beijing Shiji Information Technology Co. Ltd. (A Shares) 4,303,875 11,630,447 
Beijing Sinohytec Co. Ltd. (A Shares) (a) 335,343 5,363,512 
DBAPPSecurity Ltd. (A Shares) 74,300 1,370,179 
Estun Automation Co. Ltd.:   
(A Shares) 3,303,300 7,311,797 
(A Shares) 2,768,128 6,127,203 
Great Wall Motor Co. Ltd. (H Shares) 859,593 1,203,797 
Guangzhou GRG Metrology & Test Co. Ltd. (A Shares) 1,107,390 2,564,396 
Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares) 594,832 7,292,237 
Hangzhou Tigermed Consulting Co. Ltd. (A Shares) 516,497 6,918,752 
Hundsun Technologies, Inc. (A Shares) 959,836 5,500,253 
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) 1,255,500 5,575,100 
Joinn Laboratories China Co. Ltd. (A Shares) 482,490 7,199,896 
MicroTech Medical (Hangzhou) Co. Ltd. (H Shares) (a)(c) 1,296,269 1,862,060 
Milkyway Chemical Supply Chain Service Co. Ltd. (A Shares) 355,206 5,841,647 
Pharmaron Beijing Co. Ltd. (A Shares) 401,679 7,575,127 
Shanghai Milkground Food Tech Co. Ltd. (A Shares) (a) 930,700 4,303,961 
Shenzhen Inovance Technology Co. Ltd. (A Shares) 1,218,432 10,525,829 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) 214,789 10,122,612 
Shenzhen Transsion Holdings Co. Ltd. (A Shares) 215,100 2,731,444 
Shijiazhuang Yiling Pharmaceutical Co. Ltd. (A Shares) 1,372,100 5,087,182 
Sungrow Power Supply Co. Ltd. (A Shares) 783,342 7,385,900 
Venus MedTech Hangzhou, Inc. (H Shares) (a)(b)(c) 2,142,876 3,933,905 
Weihai Guangwei Composites Co. Ltd. (A Shares) 748,860 5,611,185 
WuXi AppTec Co. Ltd. (H Shares) (c) 938,923 12,771,040 
Yunnan Energy New Material Co. Ltd. 224,041 6,801,530 
TOTAL CHINA  156,224,475 
Germany - 1.5%   
Delivery Hero AG (a)(c) 328,407 11,544,481 
Shop Apotheke Europe NV (a)(c) 58,578 4,830,864 
TOTAL GERMANY  16,375,345 
Hong Kong - 2.3%   
AIA Group Ltd. 1,866,471 18,335,762 
Hong Kong Exchanges and Clearing Ltd. 154,631 6,559,289 
TOTAL HONG KONG  24,895,051 
India - 16.7%   
Amber Enterprises India Ltd. (a) 95,829 4,616,964 
Asian Paints Ltd. 137,011 5,768,333 
Aster DM Healthcare Ltd. (a)(c) 833,457 2,075,612 
Bajaj Finance Ltd. 50,900 4,382,377 
Computer Age Management Services Private Ltd. 358,542 11,499,289 
Devyani International Ltd. 2,056,368 4,580,814 
Dixon Technologies India Ltd. 174,696 9,951,079 
HDFC Asset Management Co. Ltd. (c) 194,005 5,130,770 
HDFC Bank Ltd. 320,345 5,736,151 
Hindustan Aeronautics Ltd. 398,300 8,244,847 
Housing Development Finance Corp. Ltd. 373,100 10,751,651 
Indian Energy Exchange Ltd. (c) 2,704,876 7,489,871 
Infosys Ltd. 650,586 13,169,618 
Kotak Mahindra Bank Ltd. (a) 261,923 6,066,691 
Page Industries Ltd. 13,723 8,127,620 
Reliance Industries Ltd. 1,154,939 41,795,701 
Sapphire Foods India Ltd. 294,907 5,078,058 
Tata Consultancy Services Ltd. 190,635 8,775,433 
Tata Motors Ltd. (a) 807,742 4,565,446 
Vijaya Diagnostic Centre Pvt Ltd. 227,672 1,353,164 
Voltas Ltd. 672,640 11,010,688 
Zomato Ltd. (a) 272,749 252,627 
TOTAL INDIA  180,422,804 
Indonesia - 0.5%   
PT Bank Central Asia Tbk 8,719,999 4,890,800 
Japan - 6.7%   
BASE, Inc. (a)(b) 1,321,177 3,592,745 
Demae-Can Co. Ltd. (a) 911,628 3,751,921 
Freee KK (a)(b) 506,029 14,600,606 
Hennge K.K. (a)(b) 589,332 4,624,116 
Lifenet Insurance Co. (a) 443,933 1,797,114 
Money Forward, Inc. (a) 419,751 14,272,229 
SHIFT, Inc. (a) 41,138 7,795,652 
Uzabase, Inc. (a) 487,309 2,836,133 
Z Holdings Corp. 4,835,441 18,983,161 
TOTAL JAPAN  72,253,677 
Korea (South) - 5.6%   
Gabia, Inc. 128,155 1,397,228 
ILJIN Hysolus Co. Ltd. (a) 4,000 125,644 
Kakao Pay Corp. (a) 153,425 13,498,794 
LG Energy Solution 3,400 1,104,854 
Samsung Electronics Co. Ltd. 837,270 44,383,822 
TOTAL KOREA (SOUTH)  60,510,342 
Mauritius - 1.2%   
MakeMyTrip Ltd. (a)(b) 488,295 12,436,874 
Netherlands - 1.2%   
ASML Holding NV (Netherlands) 8,402 4,768,459 
NXP Semiconductors NV 42,417 7,249,065 
Yandex NV Series A (a)(b)(d) 153,309 525,825 
TOTAL NETHERLANDS  12,543,349 
Singapore - 0.9%   
United Overseas Bank Ltd. 468,400 10,026,690 
Taiwan - 10.9%   
GlobalWafers Co. Ltd. 278,000 4,847,581 
MediaTek, Inc. 172,000 4,744,352 
Taiwan Semiconductor Manufacturing Co. Ltd. 5,230,892 94,641,417 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 141,218 13,123,389 
TOTAL TAIWAN  117,356,739 
United Kingdom - 1.2%   
Yunnan Botanee Bio-Technology Group Co. Ltd. ELS (UBS AG London Branch Bank Warrant Programme) Class A warrants 3/23/23 (a)(c) 331,225 9,710,934 
ZWSOFT Co. Ltd. (Guangzhou) ELS (UBS AG London Branch Bank Warrant Programme) Class A warrants 10/12/23 (a)(c) 107,800 3,157,297 
TOTAL UNITED KINGDOM  12,868,231 
United States of America - 1.9%   
Array Technologies, Inc. (a)(b) 341,642 2,230,922 
ATRenew, Inc. ADR (b) 176,025 499,911 
Li Auto, Inc. ADR (a) 226,897 5,089,300 
NVIDIA Corp. 32,986 6,117,913 
onsemi (a) 105,773 5,511,831 
Smart Share Global Ltd. ADR (a)(b) 726,500 871,800 
Space Exploration Technologies Corp. Class A (a)(d)(e) 11,000 616,000 
TOTAL UNITED STATES OF AMERICA  20,937,677 
Vietnam - 0.3%   
Vietnam Dairy Products Corp. 1,043,400 3,363,991 
TOTAL COMMON STOCKS   
(Cost $1,280,989,322)  1,027,459,636 
Preferred Stocks - 1.4%   
Convertible Preferred Stocks - 0.4%   
China - 0.4%   
ByteDance Ltd. Series E1 (a)(d)(e) 23,366 2,992,484 
dMed Biopharmaceutical Co. Ltd. Series C (a)(d)(e) 128,423 1,273,956 
  4,266,440 
Nonconvertible Preferred Stocks - 1.0%   
Korea (South) - 1.0%   
Samsung Electronics Co. Ltd. 220,609 10,287,950 
TOTAL PREFERRED STOCKS   
(Cost $11,932,240)  14,554,390 
 Principal Amount Value 
Convertible Bonds - 0.5%   
Cayman Islands - 0.5%   
ZKH Group Ltd. 8% 12/23/22
(Cost $4,868,356)(d)(e) 		4,868,356 4,868,356 
 Shares Value 
Money Market Funds - 7.7%   
Fidelity Cash Central Fund 0.32% (f) 37,966,939 37,974,532 
Fidelity Securities Lending Cash Central Fund 0.32% (f)(g) 45,607,560 45,612,121 
TOTAL MONEY MARKET FUNDS   
(Cost $83,586,653)  83,586,653 
TOTAL INVESTMENT IN SECURITIES - 104.8%   
(Cost $1,381,376,571)  1,130,469,035 
NET OTHER ASSETS (LIABILITIES) - (4.8)%  (51,545,449) 
NET ASSETS - 100%  $1,078,923,586 

Security Type Abbreviations

ELS – Equity-Linked Security

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

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 $162,402,910 or 15.1% 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 $9,750,796 or 0.9% of net assets.

 (f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements 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 $2,560,310 
dMed Biopharmaceutical Co. Ltd. Series C 12/1/20 $1,824,011 
Space Exploration Technologies Corp. Class A 2/16/21 $461,989 
ZKH Group Ltd. 8% 12/23/22 2/24/22 $4,868,356 

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund 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 0.32% $169 $258,220,255 $220,245,892 $6,856 $-- $-- $37,974,532 0.1% 
Fidelity Securities Lending Cash Central Fund 0.32% 124,530,059 205,690,181 284,608,119 211,698 -- -- 45,612,121 0.1% 
Total $124,530,228 $463,910,436 $504,854,011 $218,554 $-- $-- $83,586,653  

Amounts in the 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. Amount 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $55,214,479 $28,020,619 $26,668,035 $525,825 
Consumer Discretionary 289,369,492 129,887,594 159,481,898 -- 
Consumer Staples 27,145,094 1,515,582 25,629,512 -- 
Energy 41,795,701 -- 41,795,701 -- 
Financials 88,754,910 -- 88,754,910 -- 
Health Care 115,374,875 4,148,647 109,952,272 1,273,956 
Industrials 62,964,083 2,230,922 60,117,161 616,000 
Information Technology 326,036,417 34,019,519 289,024,414 2,992,484 
Materials 18,181,048 -- 18,181,048 -- 
Real Estate 17,177,927 14,750,546 -- 2,427,381 
Corporate Bonds 4,868,356 -- -- 4,868,356 
Money Market Funds 83,586,653 83,586,653 -- -- 
Total Investments in Securities: $1,130,469,035 $298,160,082 $819,604,951 $12,704,002 

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:  
Equities - Communication Services  
Beginning Balance $-- 
Net Realized Gain (Loss) on Investment Securities (71,115) 
Net Unrealized Gain (Loss) on Investment Securities (12,525,293) 
Cost of Purchases -- 
Proceeds of Sales (1,373,359) 
Amortization/Accretion -- 
Transfers into Level 3 14,495,592 
Transfers out of Level 3 -- 
Ending Balance $525,825 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2022 $(12,525,293) 
Other Investments in Securities  
Beginning Balance $5,142,940 
Net Realized Gain (Loss) on Investment Securities (463,819) 
Net Unrealized Gain (Loss) on Investment Securities (8,000,462) 
Cost of Purchases 10,105,353 
Proceeds of Sales (1,055,364) 
Amortization/Accretion -- 
Transfers into Level 3 6,449,529 
Transfers out of Level 3 -- 
Ending Balance $12,178,177 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2022 $(8,000,462) 

The information used in the above reconciliations 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. 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.

See accompanying notes which are an integral part of the financial statements.


Fidelity® Emerging Asia Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $43,364,054) — See accompanying schedule:
Unaffiliated issuers (cost $1,297,789,918) 		$1,046,882,382  
Fidelity Central Funds (cost $83,586,653) 83,586,653  
Total Investment in Securities (cost $1,381,376,571)  $1,130,469,035 
Receivable for fund shares sold  433,417 
Dividends receivable  703,744 
Interest receivable  72,484 
Distributions receivable from Fidelity Central Funds  47,247 
Prepaid expenses  870 
Other receivables  390,853 
Total assets  1,132,117,650 
Liabilities   
Payable to custodian bank $179  
Payable for investments purchased 73,921  
Payable for fund shares redeemed 696,845  
Accrued management fee 864,506  
Other affiliated payables 230,200  
Deferred taxes 4,980,429  
Other payables and accrued expenses 734,633  
Collateral on securities loaned 45,613,351  
Total liabilities  53,194,064 
Net Assets  $1,078,923,586 
Net Assets consist of:   
Paid in capital  $1,361,026,404 
Total accumulated earnings (loss)  (282,102,818) 
Net Assets  $1,078,923,586 
Net Asset Value, offering price and redemption price per share ($1,078,923,586 ÷ 29,417,662 shares)  $36.68 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $3,265,994 
Interest  71,634 
Income from Fidelity Central Funds (including $211,698 from security lending)  218,554 
Income before foreign taxes withheld  3,556,182 
Less foreign taxes withheld  (599,165) 
Total income  2,957,017 
Expenses   
Management fee   
Basic fee $5,026,166  
Performance adjustment 1,559,812  
Transfer agent fees 1,245,765  
Accounting fees 335,127  
Custodian fees and expenses 223,696  
Independent trustees' fees and expenses 2,981  
Registration fees 34,679  
Audit 50,673  
Legal 3,220  
Interest 6,274  
Miscellaneous 4,103  
Total expenses before reductions 8,492,496  
Expense reductions (22,127)  
Total expenses after reductions  8,470,369 
Net investment income (loss)  (5,513,352) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $4,188,585) (13,896,336)  
Foreign currency transactions (21,545)  
Total net realized gain (loss)  (13,917,881) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $7,520,996) (613,700,895)  
Assets and liabilities in foreign currencies (653,386)  
Total change in net unrealized appreciation (depreciation)  (614,354,281) 
Net gain (loss)  (628,272,162) 
Net increase (decrease) in net assets resulting from operations  $(633,785,514) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(5,513,352) $(10,990,626) 
Net realized gain (loss) (13,917,881) 292,606,086 
Change in net unrealized appreciation (depreciation) (614,354,281) (83,457,208) 
Net increase (decrease) in net assets resulting from operations (633,785,514) 198,158,252 
Distributions to shareholders (218,312,620) (263,140,424) 
Share transactions   
Proceeds from sales of shares 82,065,502 1,491,669,517 
Reinvestment of distributions 202,673,713 244,049,572 
Cost of shares redeemed (353,837,856) (1,249,398,074) 
Net increase (decrease) in net assets resulting from share transactions (69,098,641) 486,321,015 
Total increase (decrease) in net assets (921,196,775) 421,338,843 
Net Assets   
Beginning of period 2,000,120,361 1,578,781,518 
End of period $1,078,923,586 $2,000,120,361 
Other Information   
Shares   
Sold 1,741,433 20,776,389 
Issued in reinvestment of distributions 3,879,665 3,825,228 
Redeemed (7,137,542) (18,489,539) 
Net increase (decrease) (1,516,444) 6,112,078 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Emerging Asia Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $64.66 $63.60 $45.03 $36.69 $43.94 $33.37 
Income from Investment Operations       
Net investment income (loss)A,B (.18) (.31)C (.12) .34 .41 .40 
Net realized and unrealized gain (loss) (20.56) 11.00 21.49 9.27 (7.27) 10.56 
Total from investment operations (20.74) 10.69 21.37 9.61 (6.86) 10.96 
Distributions from net investment income (.09) – (.29)D (.39) (.37) (.34) 
Distributions from net realized gain (7.15) (9.63) (2.51)D (.88) (.02) (.05) 
Total distributions (7.24) (9.63) (2.80) (1.27) (.39) (.39) 
Redemption fees added to paid in capitalA – – – – –E –E 
Net asset value, end of period $36.68 $64.66 $63.60 $45.03 $36.69 $43.94 
Total ReturnF,G (35.41)% 17.02% 50.46% 26.95% (15.75)% 33.28% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 1.14%J 1.02% 1.13% 1.11% 1.02% 1.10% 
Expenses net of fee waivers, if any 1.13%J 1.02% 1.13% 1.11% 1.02% 1.10% 
Expenses net of all reductions 1.13%J 1.02% 1.10% 1.11% 1.00% 1.08% 
Net investment income (loss) (.74)%J (.45)%C (.24)% .82% .93% 1.07% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,078,924 $2,000,120 $1,578,782 $993,620 $913,940 $1,286,331 
Portfolio turnover rateK 48%J 85% 114% 61%L 36% 40% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net 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) %.

 D The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 L Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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 vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors 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 vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type Fair Value Valuation Technique(s) Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities $7,835,646 Market approach Transaction price $17.75 - $56.00 / $30.22 Increase 
   Discount rate 15.0% - 50.0% / 28.1% Decrease 
  Market comparable Enterprise value/Revenue multiple (EV/R) 3.4 Increase 
Corporate Bonds $4,868,356 Market approach Transaction price $100.00 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, 2022, 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) 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 $233,229,650 
Gross unrealized depreciation (515,059,844) 
Net unrealized appreciation (depreciation) $(281,830,194) 
Tax cost $1,412,299,229 

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 358,307,150 667,985,100 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the MSCI All Country Asia ex Japan Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .88% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .17% of average net assets.

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following 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 $1,876 

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 $15,584,114 .33% $6,274 

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 8,201,744 19,429,814 989,452 

Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:

 Amount ($) 
Fidelity Emerging Asia Fund 1,907 

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity Emerging Asia Fund $1,405 

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 $22,863 $79 $– 

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 $22,127.

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. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Fidelity® Emerging Markets Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   Cayman Islands 18.7% 
   India 17.3% 
   Taiwan 11.9% 
   United States of America* 10.1% 
   China 9.1% 
   Korea (South) 6.7% 
   Hong Kong 3.1% 
   Saudi Arabia 2.9% 
   Indonesia 2.6% 
   Other 17.6% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks 94.7 
Bonds 0.3 
Short-Term Investments and Net Other Assets (Liabilities) 5.0 

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 8.9 
Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) 6.6 
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) 4.4 
Reliance Industries Ltd. (India, Oil, Gas & Consumable Fuels) 3.9 
PT Bank Central Asia Tbk (Indonesia, Banks) 2.6 
Kweichow Moutai Co. Ltd. (A Shares) (China, Beverages) 2.3 
Tata Consultancy Services Ltd. (India, IT Services) 2.3 
Meituan Class B (Cayman Islands, Internet & Direct Marketing Retail) 2.0 
Al Rajhi Bank (Saudi Arabia, Banks) 1.9 
NVIDIA Corp. (United States of America, Semiconductors & Semiconductor Equipment) 1.9 
 36.8 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Information Technology 25.4 
Financials 16.4 
Communication Services 12.4 
Consumer Discretionary 9.6 
Health Care 7.9 
Industrials 6.7 
Consumer Staples 6.0 
Energy 5.8 
Materials 2.4 
Utilities 1.7 
Real Estate 0.7 

Fidelity® Emerging Markets Fund

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.2%   
 Shares Value 
Australia - 0.9%   
Lynas Rare Earths Ltd. (a) 10,135,142 $63,599,703 
Brazil - 2.1%   
Atacadao SA 10,677,400 44,424,826 
Hapvida Participacoes e Investimentos SA (b) 22,759,700 40,373,096 
Localiza Rent A Car SA 5,310,145 56,861,230 
TOTAL BRAZIL  141,659,152 
Canada - 1.0%   
First Quantum Minerals Ltd. 2,262,500 64,864,263 
Cayman Islands - 18.1%   
Alibaba Group Holding Ltd. (a) 5,341,032 65,148,249 
Bilibili, Inc. ADR (a)(c) 1,761,100 42,865,174 
Chailease Holding Co. Ltd. 5,131,250 40,799,904 
Hansoh Pharmaceutical Group Co. Ltd. (b) 26,470,000 43,599,532 
JD.com, Inc. Class A 440,947 13,748,091 
Meituan Class B (a)(b) 6,194,600 132,728,016 
NetEase, Inc. ADR 652,400 62,193,292 
Pinduoduo, Inc. ADR (a) 2,033,700 87,632,133 
Sea Ltd. ADR (a) 366,300 30,314,988 
Silergy Corp. 509,000 45,342,906 
Tencent Holdings Ltd. 9,484,400 446,951,261 
Wuxi Biologics (Cayman), Inc. (a)(b) 9,980,500 73,664,240 
XP, Inc. Class A (a)(c) 1,946,500 47,903,365 
XPeng, Inc. Class A 2,537,100 31,525,476 
Zai Lab Ltd. ADR (a) 1,297,600 51,852,096 
TOTAL CAYMAN ISLANDS  1,216,268,723 
Chile - 0.5%   
Banco de Chile 374,680,156 37,412,655 
China - 8.9%   
Chongqing Fuling Zhacai Group Co. Ltd. Group (A Shares) 11,611,771 60,947,014 
Kweichow Moutai Co. Ltd. (A Shares) 557,233 153,783,434 
Midea Group Co. Ltd. (A Shares) 5,339,948 45,683,247 
Shandong Sinocera Functional Material Co. Ltd. (A Shares) 6,044,599 29,636,246 
Shanghai Baosight Software Co. Ltd. (A Shares) 7,039,023 50,270,157 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) 1,563,356 73,678,105 
Sinopharm Group Co. Ltd. (H Shares) 21,017,200 48,364,356 
Sungrow Power Supply Co. Ltd. (A Shares) 2,853,985 26,909,379 
Wuliangye Yibin Co. Ltd. (A Shares) 2,445,533 59,571,900 
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) 20,934,313 52,516,483 
TOTAL CHINA  601,360,321 
France - 2.2%   
Hermes International SCA 41,619 51,318,615 
LVMH Moet Hennessy Louis Vuitton SE 72,099 46,657,809 
Sartorius Stedim Biotech 147,800 48,364,442 
TOTAL FRANCE  146,340,866 
Hong Kong - 3.1%   
AIA Group Ltd. 7,616,600 74,823,647 
Chervon Holdings Ltd. 5,274,178 32,960,620 
Hong Kong Exchanges and Clearing Ltd. 1,409,374 59,784,201 
Techtronic Industries Co. Ltd. 3,032,000 40,471,457 
TOTAL HONG KONG  208,039,925 
Hungary - 0.7%   
Richter Gedeon PLC 2,264,100 45,157,422 
India - 17.3%   
Adani Ports & Special Economic Zone Ltd. 7,058,300 78,318,012 
FSN E-Commerce Ventures Private Ltd. (a)(d) 1,693,920 31,872,521 
HDFC Bank Ltd. 5,243,694 93,894,465 
HDFC Standard Life Insurance Co. Ltd. (b) 989,900 7,496,756 
Housing Development Finance Corp. Ltd. 4,275,046 123,194,324 
Kotak Mahindra Bank Ltd. (a) 4,281,948 99,178,973 
Larsen & Toubro Ltd. 4,348,200 95,447,324 
Petronet LNG Ltd. 22,707,400 60,116,797 
Power Grid Corp. of India Ltd. 39,853,800 117,958,310 
Reliance Industries Ltd. 7,278,518 263,399,855 
Restaurant Brands Asia Ltd. (a)(e) 25,205,436 33,073,774 
Tata Consultancy Services Ltd. 3,322,100 152,925,047 
Zomato Ltd. (a)(d) 7,510,700 6,689,072 
TOTAL INDIA  1,163,565,230 
Indonesia - 2.6%   
PT Bank Central Asia Tbk 316,183,570 177,338,386 
Japan - 1.2%   
Hoya Corp. 512,400 50,851,672 
Tokyo Electron Ltd. 68,000 28,692,376 
TOTAL JAPAN  79,544,048 
Kenya - 1.5%   
Safaricom Ltd. 340,321,000 99,039,877 
Korea (South) - 6.7%   
Hyundai Fire & Marine Insurance Co. Ltd. 382,689 9,810,802 
Kakao Corp. 1,004,450 69,791,280 
NAVER Corp. 352,050 78,005,278 
Samsung Electronics Co. Ltd. 5,559,487 294,709,334 
TOTAL KOREA (SOUTH)  452,316,694 
Luxembourg - 0.9%   
Globant SA (a) 285,900 61,751,541 
Malaysia - 0.1%   
Press Metal Bhd 7,625,600 10,454,080 
Mexico - 1.7%   
Banco del Bajio SA (b) 24,192,956 59,739,938 
Grupo Aeroportuario Norte S.A.B. de CV 7,555,387 53,018,961 
TOTAL MEXICO  112,758,899 
Netherlands - 2.4%   
ASML Holding NV (Netherlands) 180,700 102,554,210 
Ferrari NV (c) 252,400 52,938,376 
Yandex NV Series A (a)(f) 1,084,187 3,718,588 
TOTAL NETHERLANDS  159,211,174 
Philippines - 0.7%   
Ayala Land, Inc. 72,960,400 44,460,392 
Russia - 0.0%   
LUKOIL PJSC sponsored ADR (f) 802,595 227,046 
Sberbank of Russia (f) 25,741,060 206,397 
TOTAL RUSSIA  433,443 
Saudi Arabia - 2.9%   
Al Rajhi Bank 2,749,700 129,464,919 
Saudi Arabian Oil Co. (b) 5,470,000 65,480,164 
TOTAL SAUDI ARABIA  194,945,083 
South Africa - 1.2%   
Clicks Group Ltd. 4,148,583 80,997,111 
Sweden - 0.5%   
VEF AB (a)(e) 81,129,072 32,312,642 
Taiwan - 11.9%   
E.SUN Financial Holdings Co. Ltd. 72,567,912 82,927,923 
eMemory Technology, Inc. 1,814,000 76,279,545 
Taiwan Semiconductor Manufacturing Co. Ltd. 32,896,000 595,180,323 
Voltronic Power Technology Corp. 975,868 42,719,002 
TOTAL TAIWAN  797,106,793 
United States of America - 5.1%   
Adobe, Inc. (a) 123,078 48,732,734 
Dlocal Ltd. (c) 2,267,772 51,410,391 
Lam Research Corp. 76,108 35,448,062 
Maravai LifeSciences Holdings, Inc. (a) 1,795,898 55,187,946 
NVIDIA Corp. 693,908 128,699,117 
TaskUs, Inc. (c) 823,716 23,797,155 
TOTAL UNITED STATES OF AMERICA  343,275,405 
TOTAL COMMON STOCKS   
(Cost $5,345,012,600)  6,334,213,828 
Convertible Preferred Stocks - 0.5%   
Cayman Islands - 0.3%   
Creditas Financial Solutions Ltd. Series F (d)(f) 64,604 20,349,123 
China - 0.2%   
ByteDance Ltd. Series E1 (a)(d)(f) 85,253 10,918,352 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $29,690,651)  31,267,475 
 Principal Amount Value 
Convertible Bonds - 0.3%   
Cayman Islands - 0.3%   
ZKH Group Ltd. 8% 12/23/22
(Cost $21,461,870)(d)(f) 		21,461,870 21,461,870 
 Shares Value 
Money Market Funds - 6.4%   
Fidelity Cash Central Fund 0.32% (g) 343,209,303 343,277,945 
Fidelity Securities Lending Cash Central Fund 0.32% (g)(h) 84,282,052 84,290,480 
TOTAL MONEY MARKET FUNDS   
(Cost $427,568,425)  427,568,425 
TOTAL INVESTMENT IN SECURITIES - 101.4%   
(Cost $5,823,733,546)  6,814,511,598 
NET OTHER ASSETS (LIABILITIES) - (1.4)%  (92,975,857) 
NET ASSETS - 100%  $6,721,535,741 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

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 $423,081,742 or 6.3% 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 $91,290,938 or 1.4% of net assets.

 (e) Affiliated company

 (f) Level 3 security

 (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 $9,341,528 
Creditas Financial Solutions Ltd. Series F 1/28/22 $20,349,123 
FSN E-Commerce Ventures Private Ltd. 10/7/20 - 10/26/20 $4,649,356 
ZKH Group Ltd. 8% 12/23/22 2/24/22 $21,461,870 
Zomato Ltd. 12/9/20 - 2/10/21 $5,294,724 

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund 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 0.32% $104,837,920 $1,407,941,910 $1,169,501,885 $116,106 $-- $-- $343,277,945 0.7% 
Fidelity Securities Lending Cash Central Fund 0.32% 38,984,400 561,193,097 515,887,017 58,357 -- -- 84,290,480 0.2% 
Total $143,822,320 $1,969,135,007 $1,685,388,902 $174,463 $-- $-- $427,568,425  

Amounts in the 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. Amount 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.

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.

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. $28,304,933 $19,443,809 $-- $-- $-- $(14,674,968) $33,073,774 
VEF AB 58,759,062 -- -- -- -- (26,446,420) 32,312,642 
Total $87,063,995 $19,443,809 $-- $-- $-- $(41,121,388) $65,386,416 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $832,879,738 $234,413,331 $594,747,819 $3,718,588 
Consumer Discretionary 631,975,999 140,570,509 491,405,490 -- 
Consumer Staples 399,724,285 44,424,826 355,299,459 -- 
Energy 389,223,862 65,480,164 323,516,652 227,046 
Financials 1,096,638,420 274,520,877 801,562,023 20,555,520 
Health Care 531,092,907 192,570,560 338,522,347 -- 
Industrials 446,261,848 109,880,191 336,381,657 -- 
Information Technology 1,706,711,250 349,839,000 1,345,953,898 10,918,352 
Materials 168,554,292 64,864,263 103,690,029 -- 
Real Estate 44,460,392 -- 44,460,392 -- 
Utilities 117,958,310 -- 117,958,310 -- 
Corporate Bonds 21,461,870 -- -- 21,461,870 
Money Market Funds 427,568,425 427,568,425 -- -- 
Total Investments in Securities: $6,814,511,598 $1,904,132,146 $4,853,498,076 $56,881,376 

See accompanying notes which are an integral part of the financial statements.


Fidelity® Emerging Markets Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $83,942,873) — See accompanying schedule:
Unaffiliated issuers (cost $5,319,575,360) 		$6,321,556,757  
Fidelity Central Funds (cost $427,568,425) 427,568,425  
Other affiliated issuers (cost $76,589,761) 65,386,416  
Total Investment in Securities (cost $5,823,733,546)  $6,814,511,598 
Foreign currency held at value (cost $8,595,285)  8,568,464 
Receivable for investments sold  25,350,449 
Receivable for fund shares sold  18,517,107 
Dividends receivable  3,183,357 
Interest receivable  319,543 
Distributions receivable from Fidelity Central Funds  73,921 
Prepaid expenses  2,819 
Other receivables  1,493,840 
Total assets  6,872,021,098 
Liabilities   
Payable for investments purchased $13,212,398  
Payable for fund shares redeemed 9,774,734  
Distributions payable 181  
Accrued management fee 3,886,588  
Distribution and service plan fees payable 5,106  
Other affiliated payables 806,781  
Deferred taxes 35,087,709  
Other payables and accrued expenses 3,421,380  
Collateral on securities loaned 84,290,480  
Total liabilities  150,485,357 
Net Assets  $6,721,535,741 
Net Assets consist of:   
Paid in capital  $5,966,240,154 
Total accumulated earnings (loss)  755,295,587 
Net Assets  $6,721,535,741 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($13,298,190 ÷ 385,112 shares)(a)  $34.53 
Maximum offering price per share (100/94.25 of $34.53)  $36.64 
Class M:   
Net Asset Value and redemption price per share ($1,766,481 ÷ 51,113 shares)(a)  $34.56 
Maximum offering price per share (100/96.50 of $34.56)  $35.81 
Class C:   
Net Asset Value and offering price per share ($1,459,483 ÷ 42,310 shares)(a)  $34.49 
Emerging Markets:   
Net Asset Value, offering price and redemption price per share ($3,776,670,900 ÷ 108,972,322 shares)  $34.66 
Class K:   
Net Asset Value, offering price and redemption price per share ($1,301,974,389 ÷ 37,558,362 shares)  $34.67 
Class I:   
Net Asset Value, offering price and redemption price per share ($33,037,496 ÷ 954,879 shares)  $34.60 
Class Z:   
Net Asset Value, offering price and redemption price per share ($1,593,328,802 ÷ 46,015,490 shares)  $34.63 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $46,129,592 
Non-Cash dividends  16,084,585 
Interest  320,944 
Income from Fidelity Central Funds (including $58,357 from security lending)  174,463 
Income before foreign taxes withheld  62,709,584 
Less foreign taxes withheld  (7,584,148) 
Total income  55,125,436 
Expenses   
Management fee $26,297,644  
Transfer agent fees 4,251,862  
Distribution and service plan fees 29,376  
Accounting fees 840,152  
Custodian fees and expenses 970,425  
Independent trustees' fees and expenses 13,732  
Registration fees 259,864  
Audit 76,950  
Legal 8,316  
Miscellaneous 15,262  
Total expenses before reductions 32,763,583  
Expense reductions (114,901)  
Total expenses after reductions  32,648,682 
Net investment income (loss)  22,476,754 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $1,625) (130,635,058)  
Foreign currency transactions (1,168,694)  
Total net realized gain (loss)  (131,803,752) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $8,489,360) (1,797,474,914)  
Affiliated issuers (41,121,388)  
Assets and liabilities in foreign currencies (3,134,586)  
Total change in net unrealized appreciation (depreciation)  (1,841,730,888) 
Net gain (loss)  (1,973,534,640) 
Net increase (decrease) in net assets resulting from operations  $(1,951,057,886) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $22,476,754 $20,062,728 
Net realized gain (loss) (131,803,752) 431,612,536 
Change in net unrealized appreciation (depreciation) (1,841,730,888) 711,143,631 
Net increase (decrease) in net assets resulting from operations (1,951,057,886) 1,162,818,895 
Distributions to shareholders (481,791,038) (94,102,390) 
Share transactions - net increase (decrease) 615,112,413 1,716,927,864 
Total increase (decrease) in net assets (1,817,736,511) 2,785,644,369 
Net Assets   
Beginning of period 8,539,272,252 5,753,627,883 
End of period $6,721,535,741 $8,539,272,252 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Emerging Markets Fund Class A

 Six months ended (Unaudited) April 30, Years endedOctober 31, 
 2022 2021 A 
Selected Per–Share Data   
Net asset value, beginning of period $47.48 $46.83 
Income from Investment Operations   
Net investment income (loss)B,C .04D (.04) 
Net realized and unrealized gain (loss) (10.35) .69 
Total from investment operations (10.31) .65 
Distributions from net investment income (.48) – 
Distributions from net realized gain (2.16) – 
Total distributions (2.64) – 
Net asset value, end of period $34.53 $47.48 
Total ReturnE,F,G (22.80)% 1.39% 
Ratios to Average Net AssetsC,H,I   
Expenses before reductions 1.20%J 1.25%J 
Expenses net of fee waivers, if any 1.20%J 1.25%J 
Expenses net of all reductions 1.20%J 1.25%J 
Net investment income (loss) .01%D,J (.17)%J 
Supplemental Data   
Net assets, end of period (000 omitted) $13,298 $6,248 
Portfolio turnover rateK 36%J 38%J,L 

 A For the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 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 (.19) %.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 L The portfolio turnover rate does not include the assets acquired in the merger.

See accompanying notes which are an integral part of the financial statements.


Fidelity Emerging Markets Fund Class M

 Six months ended (Unaudited) April 30, Years endedOctober 31, 
 2022 2021 A 
Selected Per–Share Data   
Net asset value, beginning of period $47.42 $46.83 
Income from Investment Operations   
Net investment income (loss)B,C (.02)D (.09) 
Net realized and unrealized gain (loss) (10.37) .68 
Total from investment operations (10.39) .59 
Distributions from net investment income (.32) – 
Distributions from net realized gain (2.16) – 
Total distributions (2.47)E – 
Net asset value, end of period $34.56 $47.42 
Total ReturnF,G,H (22.92)% 1.26% 
Ratios to Average Net AssetsC,I,J   
Expenses before reductions 1.51%K 1.52%K 
Expenses net of fee waivers, if any 1.51%K 1.51%K 
Expenses net of all reductions 1.51%K 1.51%K 
Net investment income (loss) (.30)%D,K (.39)%K 
Supplemental Data   
Net assets, end of period (000 omitted) $1,766 $2,234 
Portfolio turnover rateL 36%K 38%K,M 

 A For the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 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 (.50) %.

 E Total distributions per share do not sum due to rounding.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Total returns do not include the effect of the sales charges.

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 M The portfolio turnover rate does not include the assets acquired in the merger.

See accompanying notes which are an integral part of the financial statements.


Fidelity Emerging Markets Fund Class C

 Six months ended (Unaudited) April 30, Years endedOctober 31, 
 2022 2021 A 
Selected Per–Share Data   
Net asset value, beginning of period $47.31 $46.83 
Income from Investment Operations   
Net investment income (loss)B,C (.12)D (.19) 
Net realized and unrealized gain (loss) (10.36) .67 
Total from investment operations (10.48) .48 
Distributions from net investment income (.18) – 
Distributions from net realized gain (2.16) – 
Total distributions (2.34) – 
Net asset value, end of period $34.49 $47.31 
Total ReturnE,F,G (23.12)% 1.02% 
Ratios to Average Net AssetsC,H,I   
Expenses before reductions 2.00%J 2.01%J 
Expenses net of fee waivers, if any 2.00%J 2.01%J 
Expenses net of all reductions 2.00%J 2.01%J 
Net investment income (loss) (.79)%D,J (.86)%J 
Supplemental Data   
Net assets, end of period (000 omitted) $1,459 $1,587 
Portfolio turnover rateK 36%J 38%J,L 

 A For the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 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 (1.00) %.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the contingent deferred sales charge.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 L The portfolio turnover rate does not include the assets acquired in the merger.

See accompanying notes which are an integral part of the financial statements.


Fidelity Emerging Markets Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $47.56 $40.26 $33.03 $26.66 $31.37 $24.25 
Income from Investment Operations       
Net investment income (loss)A,B .11C .12 .15 .61D .24 .22 
Net realized and unrealized gain (loss) (10.39) 7.81 7.68 5.98 (4.76) 7.05 
Total from investment operations (10.28) 7.93 7.83 6.59 (4.52) 7.27 
Distributions from net investment income (.46) (.09) (.60) (.22) (.16) (.15) 
Distributions from net realized gain (2.16) (.54) – –E (.03) – 
Total distributions (2.62) (.63) (.60) (.22) (.19) (.15) 
Redemption fees added to paid in capitalA – – – – –E –E 
Net asset value, end of period $34.66 $47.56 $40.26 $33.03 $26.66 $31.37 
Total ReturnF,G (22.68)% 19.83% 24.09% 24.91% (14.51)% 30.21% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions .89%J .88% .92% .94% .96% .97% 
Expenses net of fee waivers, if any .89%J .88% .92% .94% .96% .97% 
Expenses net of all reductions .89%J .88% .91% .92% .92% .96% 
Net investment income (loss) .32%C,J .26% .43% 2.02%D .75% .83% 
Supplemental Data       
Net assets, end of period (000 omitted) $3,776,671 $5,016,159 $4,526,531 $3,104,887 $3,493,583 $3,933,401 
Portfolio turnover rateK 36%J 38%L 34% 85%M 86% 81% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 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 .11%.

 D Net 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%.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 L The portfolio turnover rate does not include the assets acquired in the merger.

 M Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Emerging Markets Fund Class K

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $47.62 $40.30 $33.07 $26.70 $31.41 $24.28 
Income from Investment Operations       
Net investment income (loss)A,B .13C .16 .19 .65D .28 .26 
Net realized and unrealized gain (loss) (10.38) 7.83 7.69 5.99 (4.76) 7.06 
Total from investment operations (10.25) 7.99 7.88 6.64 (4.48) 7.32 
Distributions from net investment income (.54) (.12) (.65) (.26) (.20) (.19) 
Distributions from net realized gain (2.16) (.54) – –E (.03) – 
Total distributions (2.70) (.67)F (.65) (.27)F (.23) (.19) 
Redemption fees added to paid in capitalA – – – – –E –E 
Net asset value, end of period $34.67 $47.62 $40.30 $33.07 $26.70 $31.41 
Total ReturnG,H (22.63)% 19.94% 24.24% 25.08% (14.39)% 30.44% 
Ratios to Average Net AssetsB,I,J       
Expenses before reductions .77%K .77% .80% .80% .82% .83% 
Expenses net of fee waivers, if any .77%K .77% .80% .80% .82% .82% 
Expenses net of all reductions .77%K .77% .79% .79% .78% .81% 
Net investment income (loss) .44%C,K .34% .55% 2.15%D .89% .98% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,301,974 $1,689,454 $1,227,097 $1,018,765 $870,859 $924,783 
Portfolio turnover rateL 36%K 38%M 34% 85%N 86% 81% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 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 .23%.

 D Net 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%.

 E Amount represents less than $.005 per share.

 F Total distributions per share do not sum due to rounding.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 M The portfolio turnover rate does not include the assets acquired in the merger.

 N Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Emerging Markets Fund Class I

 Six months ended (Unaudited) April 30, Years endedOctober 31, 
 2022 2021 A 
Selected Per–Share Data   
Net asset value, beginning of period $47.55 $46.83 
Income from Investment Operations   
Net investment income (loss)B,C .11D .04 
Net realized and unrealized gain (loss) (10.37) .68 
Total from investment operations (10.26) .72 
Distributions from net investment income (.53) – 
Distributions from net realized gain (2.16) – 
Total distributions (2.69) – 
Net asset value, end of period $34.60 $47.55 
Total ReturnE,F (22.68)% 1.54% 
Ratios to Average Net AssetsC,G,H   
Expenses before reductions .90%I .94%I 
Expenses net of fee waivers, if any .89%I .93%I 
Expenses net of all reductions .89%I .93%I 
Net investment income (loss) .31%D,I .17%I 
Supplemental Data   
Net assets, end of period (000 omitted) $33,037 $25,824 
Portfolio turnover rateJ 36%I 38%I,K 

 A For the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 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 .11%.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 K The portfolio turnover rate does not include the assets acquired in the merger.

See accompanying notes which are an integral part of the financial statements.


Fidelity Emerging Markets Fund Class Z

 Six months ended (Unaudited) April 30, Years endedOctober 31, 
 2022 2021 A 
Selected Per–Share Data   
Net asset value, beginning of period $47.59 $46.83 
Income from Investment Operations   
Net investment income (loss)B,C .13D (.03) 
Net realized and unrealized gain (loss) (10.38) .79 
Total from investment operations (10.25) .76 
Distributions from net investment income (.55) – 
Distributions from net realized gain (2.16) – 
Total distributions (2.71) – 
Net asset value, end of period $34.63 $47.59 
Total ReturnE,F (22.64)% 1.62% 
Ratios to Average Net AssetsC,G,H   
Expenses before reductions .77%I .78%I 
Expenses net of fee waivers, if any .77%I .78%I 
Expenses net of all reductions .77%I .78%I 
Net investment income (loss) .44%D,I (.13)%I 
Supplemental Data   
Net assets, end of period (000 omitted) $1,593,329 $1,797,766 
Portfolio turnover rateJ 36%I 38%I,K 

 A For the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 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 .23%.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 K The portfolio turnover rate does not include the assets acquired in the merger.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

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. 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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors 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 vendors. 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, 2022 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations in "Non-cash dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable. 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. 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 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) 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 $1,819,785,395 
Gross unrealized depreciation (921,726,076) 
Net unrealized appreciation (depreciation) $898,059,319 
Tax cost $5,916,452,279 

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 1,358,183,234 1,510,784,152 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .67% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $16,067 $346 
Class M .25% .25% 5,081 45 
Class C .75% .25% 8,228 2,392 
   $29,376 $2,783 

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 $1,942 
Class M 304 
Class C(a) 155 
 $2,401 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class K and Class Z. FIIOC receives an asset-based fee of Class K's and Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Class A $13,837 .22 
Class M 2,821 .28 
Class C 2,192 .27 
Emerging Markets 3,553,956 .16 
Class K 303,343 .04 
Class I 26,199 .17 
Class Z 349,514 .04 
 $4,251,862  

 (a) Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following 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 $7,848 

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 12,275,392 50,610,601 (11,577,187) 

Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:

 Amount ($) 
Fidelity Emerging Markets Fund 2,920 

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 $6,706 

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 $6,490 $– $– 

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 $558.

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 $114,343.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2022 		Year ended
October 31, 2021(a) 
Fidelity Emerging Markets Fund   
Distributions to shareholders   
Class A $625,889 $– 
Class M 114,309 – 
Class C 82,608 – 
Emerging Markets 277,952,891 73,337,964 
Class K 95,062,813 20,764,426 
Class I 1,596,371 – 
Class Z 106,356,157 – 
Total $481,791,038 $94,102,390 

 (a) Distributions for Class A, Class M, Class C, Class I and Class Z are for the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.

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, 2022 Year ended October 31, 2021(a) Six months ended April 30, 2022 Year ended October 31, 2021(a) 
Fidelity Emerging Markets Fund     
Class A     
Shares sold 286,174 33,473 $12,524,484 $1,591,260 
Issued in exchange for the shares of the Target Fund(s) – 108,045 – 4,995,991 
Reinvestment of distributions 14,213 – 609,464 – 
Shares redeemed (46,872) (9,921) (1,722,904) (469,831) 
Net increase (decrease) 253,515 131,597 $11,411,044 $6,117,420 
Class M     
Shares sold 5,187 5,398 $212,664 $256,234 
Issued in exchange for the shares of the Target Fund(s) – 47,393 – 2,190,992 
Reinvestment of distributions 2,657 – 114,195 – 
Shares redeemed (3,841) (5,681) (164,453) (268,777) 
Net increase (decrease) 4,003 47,110 $162,406 $2,178,449 
Class C     
Shares sold 11,737 5,656 $508,440 $268,640 
Issued in exchange for the shares of the Target Fund(s) – 37,074 – 1,713,931 
Reinvestment of distributions 1,916 – 82,366 – 
Shares redeemed (4,878) (9,195) (201,147) (437,335) 
Net increase (decrease) 8,775 33,535 $389,659 $1,545,236 
Emerging Markets     
Shares sold 34,494,755 51,262,366 $1,363,614,023 $2,407,337,547 
Issued in exchange for the shares of the Target Fund(s) – 1,053,093 – 48,684,329 
Reinvestment of distributions 4,752,431 1,357,618 204,307,012 60,020,270 
Shares redeemed (35,745,432) (60,624,133) (1,413,401,809) (2,847,240,636) 
Net increase (decrease) 3,501,754 (6,951,056) $154,519,226 $(331,198,490) 
Class K     
Shares sold 3,976,051 13,228,413 $160,927,797 $621,422,438 
Reinvestment of distributions 2,211,734 469,461 95,060,337 20,764,260 
Shares redeemed (4,105,399) (8,670,886) (168,667,191) (406,215,879) 
Net increase (decrease) 2,082,386 5,026,988 $87,320,943 $235,970,819 
Class I     
Shares sold 742,670 187,665 $29,631,806 $8,912,073 
Issued in exchange for the shares of the Target Fund(s) – 456,278 – 21,098,248 
Reinvestment of distributions 35,220 – 1,511,652 – 
Shares redeemed (366,083) (100,871) (13,874,106) (4,648,575) 
Net increase (decrease) 411,807 543,072 $17,269,352 $25,361,746 
Class Z     
Shares sold 6,130,040 37,800,433 $252,877,853 $1,778,004,149 
Reinvestment of distributions 2,468,777 – 105,984,590 – 
Shares redeemed (361,700) (22,060) (14,822,660) (1,051,465) 
Net increase (decrease) 8,237,117 37,778,373 $344,039,783 $1,776,952,684 

 (a) Share transactions for Class A, Class M, Class C, Class I and Class Z are for the period May 11, 2021 (commencement of sale of shares) through October 31, 2021.

11. Other.

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

 Strategic Advisers Fidelity Emerging Markets Fund 
Fidelity Emerging Markets Fund 14% 

Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.

Fund % of shares held 
Fidelity Emerging Markets Fund 26% 

12. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

13. Prior Fiscal Year Merger Information.

On May 14, 2021, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees ("The Board"). The securities held by the Target Fund were the primary assets acquired by the Fund. In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on May 11, 2021. The acquisition was accomplished by an exchange of shares of each class of the Fund for corresponding shares then outstanding of the Target Fund at its respective net asset value on the acquisition date. The reorganization provides shareholders of the Target Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of the Target Fund and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Target Fund were carried forward and will be utilized for purposes of the Fund's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.

Target Fund Investments $ Unrealized appreciation (depreciation) $ Net Assets $ Shares Exchanged Shares Exchanged Ratio 
Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund 56,236,270 7,237,677    
Class A   4,995,991 108,045 .2212608131 
Class M   2,190,992 47,393 .2206510924 
Class C   1,713,931 37,074 .2226022064 
Emerging Europe, Middle East, Africa (EMEA)   48,684,329 1,053,093 .2212329656 
Class I   21,098,248 456,278 .2203676471 

Surviving Fund Net Assets $ Total net assets after the acquisition $ 
Fidelity Emerging Markets Fund 7,934,554,249 8,013,237,740 

Pro forma results of operations of the combined entity for the entire period ended October 31, 2021, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

Net investment income (loss) $21,004,334 
Total net realized gain (loss) 450,169,192 
Total change in net unrealized appreciation (depreciation) 714,676,169 
Net increase (decrease) in net assets resulting from operations $1,185,849,695 

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the acquired fund that has been included in the Fidelity Emerging Market Fund's Statement of Operations since May 14, 2021.

Fidelity® Europe Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   United Kingdom 23.2% 
   Sweden 13.9% 
   Switzerland 11.4% 
   France 9.2% 
   Norway 7.6% 
   Netherlands 7.3% 
   Italy 4.2% 
   Denmark 4.1% 
   Germany 3.9% 
   Other* 15.2% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks 98.9 
Short-Term Investments and Net Other Assets (Liabilities) 1.1 

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Nestle SA (Reg. S) (Switzerland, Food Products) 5.4 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 5.1 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals) 4.7 
Kongsberg Gruppen ASA (Norway, Aerospace & Defense) 3.4 
TGS ASA (Norway, Energy Equipment & Services) 3.1 
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) 2.9 
Diageo PLC (United Kingdom, Beverages) 2.8 
Prudential PLC (United Kingdom, Insurance) 2.5 
Clarkson PLC (United Kingdom, Marine) 2.5 
Swedbank AB (A Shares) (Sweden, Banks) 2.5 
 34.9 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Financials 16.3 
Health Care 15.4 
Industrials 13.9 
Consumer Discretionary 13.0 
Consumer Staples 12.6 
Information Technology 7.2 
Energy 7.1 
Materials 5.7 
Communication Services 3.9 
Real Estate 2.1 
Utilities 1.7 

Fidelity® Europe Fund

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%   
 Shares Value 
Belgium - 3.4%   
Fagron NV 319,308 $5,989,515 
KBC Group NV 120,300 8,184,234 
UCB SA 82,000 9,321,160 
TOTAL BELGIUM  23,494,909 
Bermuda - 1.7%   
Hiscox Ltd. 664,214 7,887,061 
Lancashire Holdings Ltd. 699,758 3,708,643 
TOTAL BERMUDA  11,595,704 
Denmark - 4.1%   
GN Store Nord A/S 203,900 7,652,274 
ORSTED A/S (a) 108,000 11,948,094 
Tryg A/S 382,400 9,092,373 
TOTAL DENMARK  28,692,741 
Finland - 2.3%   
Sampo Oyj (A Shares) 192,300 9,337,600 
UPM-Kymmene Corp. 196,500 6,797,385 
TOTAL FINLAND  16,134,985 
France - 9.2%   
Edenred SA 90,000 4,519,994 
Hermes International SCA 3,700 4,562,312 
LVMH Moet Hennessy Louis Vuitton SE 31,400 20,320,049 
Orpea 27,700 990,616 
Sanofi SA 143,700 15,188,362 
TotalEnergies SE 283,207 13,906,306 
Worldline SA (a)(b) 114,200 4,493,107 
TOTAL FRANCE  63,980,746 
Germany - 3.9%   
Auto1 Group SE (a)(b) 127,875 1,338,871 
Delivery Hero AG (a)(b) 99,100 3,483,659 
Deutsche Post AG 223,000 9,527,115 
Instone Real Estate Group BV (a) 367,155 5,636,580 
Novem Group SA 356,797 2,921,846 
Patrizia Immobilien AG 245,000 4,190,753 
TOTAL GERMANY  27,098,824 
Ireland - 1.4%   
Dalata Hotel Group PLC (b) 1,123,271 5,130,706 
Irish Residential Properties REIT PLC 3,067,847 4,713,008 
TOTAL IRELAND  9,843,714 
Israel - 0.9%   
NICE Ltd. (b) 30,000 6,175,202 
Italy - 4.2%   
BFF Bank SpA (a) 2,001,700 12,481,818 
MARR SpA 278,382 4,508,222 
Prada SpA 1,919,600 11,944,020 
TOTAL ITALY  28,934,060 
Luxembourg - 2.1%   
Stabilus Se 79,700 3,753,980 
Subsea 7 SA 1,320,000 10,819,114 
TOTAL LUXEMBOURG  14,573,094 
Netherlands - 7.3%   
ASM International NV (Netherlands) 23,500 7,061,565 
ASML Holding NV (Netherlands) 27,900 15,834,325 
Heineken NV (Bearer) 87,700 8,560,488 
Prosus NV 205,912 9,930,861 
RHI Magnesita NV 308,942 9,191,325 
TOTAL NETHERLANDS  50,578,564 
Norway - 7.6%   
Kongsberg Gruppen ASA 549,100 23,585,263 
Schibsted ASA:   
(A Shares) 114,799 2,392,283 
(B Shares) 245,500 4,719,090 
TGS ASA 1,410,283 21,756,113 
Volue A/S (b) 114,300 487,460 
TOTAL NORWAY  52,940,209 
Spain - 1.0%   
Aena SME SA (a)(b) 51,500 7,308,340 
Sweden - 13.8%   
Alfa Laval AB (c) 443,700 12,350,955 
ASSA ABLOY AB (B Shares) 500,000 12,636,072 
Ericsson (B Shares) 815,200 6,503,034 
Haypp Group (b) 491,497 1,627,787 
HEXPOL AB (B Shares) (c) 1,405,300 12,066,140 
Kry International AB (d)(e) 406 143,055 
Sandvik AB (c) 257,600 4,875,933 
Stillfront Group AB (b)(c) 3,316,430 6,697,870 
Swedbank AB (A Shares) 1,098,700 17,380,601 
Swedish Match Co. AB (c) 2,132,000 16,980,913 
VNV Global AB (b) 1,239,513 5,169,255 
VNV Global AB warrants 8/10/23 (b) 338,136 52,553 
TOTAL SWEDEN  96,484,168 
Switzerland - 11.4%   
Compagnie Financiere Richemont SA Series A 53,050 6,163,918 
Nestle SA (Reg. S) 293,750 37,921,389 
Roche Holding AG (participation certificate) 94,940 35,205,086 
TOTAL SWITZERLAND  79,290,393 
United Kingdom - 23.2%   
AstraZeneca PLC (United Kingdom) 243,300 32,466,253 
Baltic Classifieds Group PLC 2,506,179 4,106,706 
Clarkson PLC 382,900 17,629,633 
Close Brothers Group PLC 400,531 5,553,729 
Compass Group PLC 150,000 3,165,278 
Diageo PLC 393,500 19,631,258 
Electrocomponents PLC 160,000 2,088,397 
FDM Group Holdings PLC 275,189 3,472,922 
Future PLC 85,000 2,327,998 
Harbour Energy PLC 407,400 2,554,806 
Impax Asset Management Group PLC 500,000 5,407,360 
JD Sports Fashion PLC 755,500 1,244,819 
Jet2 PLC (b) 226,200 3,473,750 
Mondi PLC 632,639 11,884,734 
Prudential PLC 1,416,774 17,636,640 
Prudential PLC (Hong Kong) 101,100 1,256,999 
Rightmove PLC 952,200 7,319,655 
Sabre Insurance Group PLC (a) 3,691,822 9,672,260 
WH Smith PLC (b) 610,700 10,987,269 
TOTAL UNITED KINGDOM  161,880,466 
United States of America - 1.2%   
Autoliv, Inc. (depositary receipt) (c) 116,900 8,611,106 
TOTAL COMMON STOCKS   
(Cost $705,622,102)  687,617,225 
Preferred Stocks - 0.2%   
Convertible Preferred Stocks - 0.1%   
Estonia - 0.1%   
Bolt Technology OU Series E (d)(e) 3,852 934,644 
Nonconvertible Preferred Stocks - 0.1%   
Sweden - 0.1%   
Kry International AB Series E (d)(e) 2,345 826,268 
TOTAL PREFERRED STOCKS   
(Cost $2,072,807)  1,760,912 
Money Market Funds - 8.5%   
Fidelity Cash Central Fund 0.32% (f) 2,834,514 2,835,081 
Fidelity Securities Lending Cash Central Fund 0.32% (f)(g) 56,098,899 56,104,509 
TOTAL MONEY MARKET FUNDS   
(Cost $58,939,590)  58,939,590 
TOTAL INVESTMENT IN SECURITIES - 107.4%   
(Cost $766,634,499)  748,317,727 
NET OTHER ASSETS (LIABILITIES) - (7.4)%  (51,692,496) 
NET ASSETS - 100%  $696,625,231 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

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 $56,362,729 or 8.1% 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) 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 $1,903,967 or 0.3% 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 1/3/22 $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.

Fund 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 0.32% $8,041,251 $109,314,597 $114,520,767 $3,232 $-- $-- $2,835,081 0.0% 
Fidelity Securities Lending Cash Central Fund 0.32% 34,103,332 119,722,461 97,721,284 110,408 -- -- 56,104,509 0.1% 
Total $42,144,583 $229,037,058 $212,242,051 $113,640 $-- $-- $58,939,590  

Amounts in the 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. Amount 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $27,563,602 $-- $27,563,602 $-- 
Consumer Discretionary 91,432,501 -- 91,432,501 -- 
Consumer Staples 87,602,270 -- 87,602,270 -- 
Energy 49,036,339 -- 49,036,339 -- 
Financials 112,821,126 -- 112,821,126 -- 
Health Care 106,813,266 -- 106,813,266 -- 
Industrials 97,229,438 -- 97,229,438 -- 
Information Technology 50,451,576 6,175,202 42,372,407 1,903,967 
Materials 39,939,584 -- 39,939,584 -- 
Real Estate 14,540,341 -- 14,540,341 -- 
Utilities 11,948,094 -- 11,948,094 -- 
Money Market Funds 58,939,590 58,939,590 -- -- 
Total Investments in Securities: $748,317,727 $65,114,792 $681,298,968 $1,903,967 

See accompanying notes which are an integral part of the financial statements.


Fidelity® Europe Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $52,159,198) — See accompanying schedule:
Unaffiliated issuers (cost $707,694,909) 		$689,378,137  
Fidelity Central Funds (cost $58,939,590) 58,939,590  
Total Investment in Securities (cost $766,634,499)  $748,317,727 
Foreign currency held at value (cost $61,363)  61,363 
Receivable for fund shares sold  73,593 
Dividends receivable  2,750,512 
Reclaims receivable  3,173,672 
Distributions receivable from Fidelity Central Funds  34,891 
Prepaid expenses  361 
Other receivables  16,898 
Total assets  754,429,017 
Liabilities   
Payable for fund shares redeemed $1,144,344  
Accrued management fee 364,080  
Distribution and service plan fees payable 10,523  
Other affiliated payables 129,632  
Other payables and accrued expenses 50,698  
Collateral on securities loaned 56,104,509  
Total liabilities  57,803,786 
Net Assets  $696,625,231 
Net Assets consist of:   
Paid in capital  $732,486,262 
Total accumulated earnings (loss)  (35,861,031) 
Net Assets  $696,625,231 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($23,355,127 ÷ 733,770 shares)(a)  $31.83 
Maximum offering price per share (100/94.25 of $31.83)  $33.77 
Class M:   
Net Asset Value and redemption price per share ($5,218,605 ÷ 163,314 shares)(a)  $31.95 
Maximum offering price per share (100/96.50 of $31.95)  $33.11 
Class C:   
Net Asset Value and offering price per share ($3,429,739 ÷ 108,198 shares)(a)  $31.70 
Europe:   
Net Asset Value, offering price and redemption price per share ($638,462,502 ÷ 20,102,354 shares)  $31.76 
Class I:   
Net Asset Value, offering price and redemption price per share ($5,889,695 ÷ 185,476 shares)  $31.75 
Class Z:   
Net Asset Value, offering price and redemption price per share ($20,269,563 ÷ 640,547 shares)  $31.64 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $12,437,083 
Foreign tax reclaims  1,079,264 
Income from Fidelity Central Funds (including $110,408 from security lending)  113,640 
Income before foreign taxes withheld  13,629,987 
Less foreign taxes withheld  (2,198,581) 
Total income  11,431,406 
Expenses   
Management fee   
Basic fee $2,823,821  
Performance adjustment (51,360)  
Transfer agent fees 638,917  
Distribution and service plan fees 71,930  
Accounting fees 199,551  
Custodian fees and expenses 37,013  
Independent trustees' fees and expenses 1,555  
Registration fees 69,309  
Audit 37,982  
Legal 562  
Interest 106  
Miscellaneous 1,922  
Total expenses before reductions 3,831,308  
Expense reductions (12,137)  
Total expenses after reductions  3,819,171 
Net investment income (loss)  7,612,235 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (9,241,421)  
Foreign currency transactions (21,385)  
Total net realized gain (loss)  (9,262,806) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (176,287,984)  
Assets and liabilities in foreign currencies (311,405)  
Total change in net unrealized appreciation (depreciation)  (176,599,389) 
Net gain (loss)  (185,862,195) 
Net increase (decrease) in net assets resulting from operations  $(178,249,960) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $7,612,235 $12,420,980 
Net realized gain (loss) (9,262,806) 117,610,008 
Change in net unrealized appreciation (depreciation) (176,599,389) 130,739,875 
Net increase (decrease) in net assets resulting from operations (178,249,960) 260,770,863 
Distributions to shareholders (133,487,366) (11,168,809) 
Share transactions - net increase (decrease) 8,075,096 (72,286,730) 
Total increase (decrease) in net assets (303,662,230) 177,315,324 
Net Assets   
Beginning of period 1,000,287,461 822,972,137 
End of period $696,625,231 $1,000,287,461 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Europe Fund Class A

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $46.12 $35.37 $36.30 $37.61 $42.47 $34.17 
Income from Investment Operations       
Net investment income (loss)A,B .28 .41 .19 1.41C .34 .26 
Net realized and unrealized gain (loss) (8.47) 10.72 1.46 .82 (4.21)D 8.39 
Total from investment operations (8.19) 11.13 1.65 2.23 (3.87) 8.65 
Distributions from net investment income (.99) (.38) (1.50) (.11) (.33) (.22) 
Distributions from net realized gain (5.12) – (1.08) (3.43) (.66) (.13) 
Total distributions (6.10)E (.38) (2.58) (3.54) (.99) (.35) 
Redemption fees added to paid in capitalA – – – – – –F 
Net asset value, end of period $31.83 $46.12 $35.37 $36.30 $37.61 $42.47 
Total ReturnG,H,I (19.55)% 31.60% 4.62% 7.21% (9.31)%D 25.61% 
Ratios to Average Net AssetsB,J,K       
Expenses before reductions 1.20%L 1.36% 1.34% 1.09% 1.28% 1.32% 
Expenses net of fee waivers, if any 1.20%L 1.36% 1.34% 1.09% 1.28% 1.32% 
Expenses net of all reductions 1.20%L 1.36% 1.33% 1.07% 1.28% 1.28% 
Net investment income (loss) 1.53%L .92% .56% 4.02%C .82% .70% 
Supplemental Data       
Net assets, end of period (000 omitted) $23,355 $32,148 $23,189 $20,819 $19,531 $20,925 
Portfolio turnover rateM 13%L 52% 39% 45% 57% 73% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net 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%.

 D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.18 per share. Excluding these litigation proceeds, the total return would have been (9.74)%.

 E Total distributions per share do not sum due to rounding.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I Total returns do not include the effect of the sales charges.

 J Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 K Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 L Annualized

 M Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Europe Fund Class M

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $46.18 $35.42 $36.32 $37.57 $42.47 $34.13 
Income from Investment Operations       
Net investment income (loss)A,B .23 .27 .09 1.30C .21 .15 
Net realized and unrealized gain (loss) (8.51) 10.75 1.45 .83 (4.23)D 8.41 
Total from investment operations (8.28) 11.02 1.54 2.13 (4.02) 8.56 
Distributions from net investment income (.83) (.26) (1.36) – (.23) (.09) 
Distributions from net realized gain (5.12) – (1.08) (3.38) (.66) (.13) 
Total distributions (5.95) (.26) (2.44) (3.38) (.88)E (.22) 
Redemption fees added to paid in capitalA – – – – – –F 
Net asset value, end of period $31.95 $46.18 $35.42 $36.32 $37.57 $42.47 
Total ReturnG,H,I (19.70)% 31.20% 4.30% 6.88% (9.63)%D 25.25% 
Ratios to Average Net AssetsB,J,K       
Expenses before reductions 1.52%L 1.68% 1.65% 1.41% 1.61% 1.63% 
Expenses net of fee waivers, if any 1.51%L 1.68% 1.65% 1.40% 1.61% 1.63% 
Expenses net of all reductions 1.51%L 1.68% 1.64% 1.38% 1.61% 1.59% 
Net investment income (loss) 1.22%L .59% .25% 3.70%C .50% .39% 
Supplemental Data       
Net assets, end of period (000 omitted) $5,219 $6,937 $5,204 $5,782 $7,257 $8,874 
Portfolio turnover rateM 13%L 52% 39% 45% 57% 73% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net 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%.

 D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.18 per share. Excluding these litigation proceeds, the total return would have been (10.06)%.

 E Total distributions per share do not sum due to rounding.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I Total returns do not include the effect of the sales charges.

 J Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 K Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 L Annualized

 M Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Europe Fund Class C

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $45.63 $35.01 $35.87 $37.23 $42.15 $33.82 
Income from Investment Operations       
Net investment income (loss)A,B .13 .04 (.09) 1.12C .02 (.03) 
Net realized and unrealized gain (loss) (8.42) 10.64 1.45 .82 (4.18)D 8.36 
Total from investment operations (8.29) 10.68 1.36 1.94 (4.16) 8.33 
Distributions from net investment income (.52) (.06) (1.14) – (.10) – 
Distributions from net realized gain (5.12) – (1.08) (3.30) (.66) – 
Total distributions (5.64) (.06) (2.22) (3.30) (.76) – 
Redemption fees added to paid in capitalA – – – – – –E 
Net asset value, end of period $31.70 $45.63 $35.01 $35.87 $37.23 $42.15 
Total ReturnF,G,H (19.88)% 30.53% 3.81% 6.35% (10.04)%D 24.63% 
Ratios to Average Net AssetsB,I,J       
Expenses before reductions 2.01%K 2.19% 2.15% 1.90% 2.06% 2.11% 
Expenses net of fee waivers, if any 2.01%K 2.18% 2.15% 1.90% 2.06% 2.11% 
Expenses net of all reductions 2.01%K 2.18% 2.14% 1.87% 2.06% 2.07% 
Net investment income (loss) .72%K .09% (.25)% 3.21%C .04% (.09)% 
Supplemental Data       
Net assets, end of period (000 omitted) $3,430 $5,255 $5,242 $6,145 $10,060 $10,721 
Portfolio turnover rateL 13%K 52% 39% 45% 57% 73% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net 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%.

 D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.18 per share. Excluding these litigation proceeds, the total return would have been (10.47)%.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Total returns do not include the effect of the contingent deferred sales charge.

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Europe Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $46.11 $35.35 $36.28 $37.70 $42.53 $34.26 
Income from Investment Operations       
Net investment income (loss)A,B .34 .54 .30 1.52C .48 .38 
Net realized and unrealized gain (loss) (8.46) 10.71 1.46 .81 (4.24)D 8.40 
Total from investment operations (8.12) 11.25 1.76 2.33 (3.76) 8.78 
Distributions from net investment income (1.11) (.49) (1.61) (.32) (.41) (.38) 
Distributions from net realized gain (5.12) – (1.08) (3.43) (.66) (.13) 
Total distributions (6.23) (.49) (2.69) (3.75) (1.07) (.51) 
Redemption fees added to paid in capitalA – – – – – –E 
Net asset value, end of period $31.76 $46.11 $35.35 $36.28 $37.70 $42.53 
Total ReturnF,G (19.44)% 31.99% 4.95% 7.56% (9.05)%D 26.05% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions .90%J 1.06% 1.03% .78% .96% 1.00% 
Expenses net of fee waivers, if any .90%J 1.06% 1.03% .77% .96% 1.00% 
Expenses net of all reductions .90%J 1.06% 1.02% .75% .96% .96% 
Net investment income (loss) 1.83%J 1.21% .86% 4.33%C 1.14% 1.02% 
Supplemental Data       
Net assets, end of period (000 omitted) $638,462 $913,296 $755,125 $836,373 $941,670 $1,343,213 
Portfolio turnover rateK 13%J 52% 39% 45% 57% 73% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net 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%.

 D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.18 per share. Excluding these litigation proceeds, the total return would have been (9.48)%.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Europe Fund Class I

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $46.07 $35.34 $36.27 $37.69 $42.53 $34.29 
Income from Investment Operations       
Net investment income (loss)A,B .35 .54 .31 1.53C .48 .39 
Net realized and unrealized gain (loss) (8.47) 10.70 1.46 .80 (4.23)D 8.38 
Total from investment operations (8.12) 11.24 1.77 2.33 (3.75) 8.77 
Distributions from net investment income (1.08) (.51) (1.62) (.32) (.43) (.41) 
Distributions from net realized gain (5.12) – (1.08) (3.43) (.66) (.13) 
Total distributions (6.20) (.51) (2.70) (3.75) (1.09) (.53)E 
Redemption fees added to paid in capitalA – – – – – –F 
Net asset value, end of period $31.75 $46.07 $35.34 $36.27 $37.69 $42.53 
Total ReturnG,H (19.45)% 31.99% 4.99% 7.58% (9.02)%D 26.04% 
Ratios to Average Net AssetsB,I,J       
Expenses before reductions .88%K 1.06% 1.00% .75% .95% .98% 
Expenses net of fee waivers, if any .88%K 1.06% 1.00% .74% .95% .98% 
Expenses net of all reductions .88%K 1.06% .99% .72% .95% .94% 
Net investment income (loss) 1.85%K 1.22% .90% 4.36%C 1.16% 1.04% 
Supplemental Data       
Net assets, end of period (000 omitted) $5,890 $14,401 $14,733 $6,686 $7,318 $8,469 
Portfolio turnover rateL 13%K 52% 39% 45% 57% 73% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net 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%.

 D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.18 per share. Excluding these litigation proceeds, the total return would have been (9.45)%.

 E Total distributions per share do not sum due to rounding.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Europe Fund Class Z

 Six months ended (Unaudited) April 30, Years endedOctober 31,    
 2022 2021 2020 2019 2018 A 
Selected Per–Share Data      
Net asset value, beginning of period $46.00 $35.27 $36.21 $37.69 $41.00 
Income from Investment Operations      
Net investment income (loss)B,C .36 .59 .34 1.53D .06 
Net realized and unrealized gain (loss) (8.44) 10.67 1.47 .82 (3.37)E 
Total from investment operations (8.08) 11.26 1.81 2.35 (3.31) 
Distributions from net investment income (1.17) (.53) (1.67) (.41) – 
Distributions from net realized gain (5.12) – (1.08) (3.43) – 
Total distributions (6.28)F (.53) (2.75) (3.83)F – 
Net asset value, end of period $31.64 $46.00 $35.27 $36.21 $37.69 
Total ReturnG,H (19.40)% 32.13% 5.11% 7.71% (8.07)%E 
Ratios to Average Net AssetsC,I,J      
Expenses before reductions .78%K .95% .91% .65% .91%K 
Expenses net of fee waivers, if any .78%K .95% .90% .64% .90%K 
Expenses net of all reductions .78%K .95% .90% .62% .90%K 
Net investment income (loss) 1.95%K 1.33% .99% 4.46%D 2.04%K 
Supplemental Data      
Net assets, end of period (000 omitted) $20,270 $28,249 $19,479 $21,838 $104 
Portfolio turnover rateL 13%K 52% 39% 45% 57% 

 A For the period October 2, 2018 (commencement of sale of shares) through October 31, 2018.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Net 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%.

 E Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.16 per share. Excluding these litigation proceeds, the total return would have been (8.50)%.

 F Total distributions per share do not sum due to rounding.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

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. 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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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, 2022 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign 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. 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 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 $95,273,781 
Gross unrealized depreciation (124,157,558) 
Net unrealized appreciation (depreciation) $(28,883,777) 
Tax cost $777,201,504 

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 53,699,065 172,498,502 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Europe as compared to its benchmark index, the MSCI Europe Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .66% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $35,041 $626 
Class M .25% .25% 15,570 202 
Class C .75% .25% 21,319 2,638 
   $71,930 $3,466 

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 $528 
Class M 134 
Class C(a) 10 
 $672 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Class A $28,665 .20 
Class M 8,452 .27 
Class C 5,747 .27 
Europe 584,219 .15 
Class I 6,982 .14 
Class Z 4,852 .04 
 $638,917  

 (a) Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Fidelity Europe 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 Europe Fund Borrower $12,097,000 .32% $106 

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 – 20,482,130 (3,299,495) 

Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:

 Amount ($) 
Fidelity Europe Fund 33,953 

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 $753 

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 $11,592 $– $– 

8. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $12,137.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2022 		Year ended
October 31, 2021 
Fidelity Europe Fund   
Distributions to shareholders   
Class A $4,275,681 $241,388 
Class M 898,902 38,916 
Class C 639,208 9,133 
Europe 122,299,625 10,371,239 
Class I 1,583,837 209,546 
Class Z 3,790,113 298,587 
Total $133,487,366 $11,168,809 

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, 2022 Year ended October 31, 2021 Six months ended April 30, 2022 Year ended October 31, 2021 
Fidelity Europe Fund     
Class A     
Shares sold 79,705 129,162 $3,019,768 $5,858,048 
Reinvestment of distributions 114,063 5,827 4,203,218 239,071 
Shares redeemed (156,995) (93,596) (5,594,520) (4,072,920) 
Net increase (decrease) 36,773 41,393 $1,628,466 $2,024,199 
Class M     
Shares sold 6,646 20,932 $237,087 $948,034 
Reinvestment of distributions 23,449 939 868,563 38,692 
Shares redeemed (17,009) (18,538) (585,287) (834,046) 
Net increase (decrease) 13,086 3,333 $520,363 $152,680 
Class C     
Shares sold 3,216 24,151 $112,372 $1,075,965 
Reinvestment of distributions 17,238 222 634,712 9,092 
Shares redeemed (27,424) (58,936) (1,026,970) (2,674,765) 
Net increase (decrease) (6,970) (34,563) $(279,886) $(1,589,708) 
Europe     
Shares sold 800,341 2,702,281 $29,031,018 $121,751,029 
Reinvestment of distributions 3,093,089 237,710 113,578,213 9,724,714 
Shares redeemed (3,597,164) (4,496,170) (132,782,872) (202,195,601) 
Net increase (decrease) 296,266 (1,556,179) $9,826,359 $(70,719,858) 
Class I     
Shares sold 38,989 194,151 $1,585,135 $8,782,703 
Reinvestment of distributions 41,688 4,920 1,530,795 201,081 
Shares redeemed (207,803) (303,416) (7,750,950) (13,867,304) 
Net increase (decrease) (127,126) (104,345) $(4,635,020) $(4,883,520) 
Class Z     
Shares sold 72,415 176,120 $2,625,972 $7,943,844 
Reinvestment of distributions 99,611 7,125 3,642,775 290,498 
Shares redeemed (145,569) (121,503) (5,253,933) (5,504,865) 
Net increase (decrease) 26,457 61,742 $1,014,814 $2,729,477 

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. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Fidelity® Japan Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   Japan 98.5% 
   United States of America* 1.1% 
   Cayman Islands 0.4% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks 99.0 
Short-Term Investments and Net Other Assets (Liabilities) 1.0 

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Sony Group Corp. (Household Durables) 4.6 
Mitsubishi UFJ Financial Group, Inc. (Banks) 4.5 
Hoya Corp. (Health Care Equipment & Supplies) 3.8 
ORIX Corp. (Diversified Financial Services) 3.7 
Hitachi Ltd. (Industrial Conglomerates) 3.2 
Toyota Motor Corp. (Automobiles) 3.0 
DENSO Corp. (Auto Components) 2.8 
Renesas Electronics Corp. (Semiconductors & Semiconductor Equipment) 2.8 
SoftBank Group Corp. (Wireless Telecommunication Services) 2.7 
INPEX Corp. (Oil, Gas & Consumable Fuels) 2.6 
 33.7 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Information Technology 18.6 
Industrials 18.5 
Consumer Discretionary 17.5 
Financials 11.4 
Health Care 9.9 
Communication Services 6.7 
Materials 6.4 
Consumer Staples 5.9 
Energy 2.6 
Real Estate 1.5 

Fidelity® Japan Fund

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%   
 Shares Value 
COMMUNICATION SERVICES - 6.7%   
Entertainment - 1.6%   
Capcom Co. Ltd. 220,000 $5,805,166 
Daiichikosho Co. Ltd. 152,800 4,167,642 
  9,972,808 
Interactive Media & Services - 1.9%   
Dip Corp. 81,700 2,663,652 
Hypebeast Ltd. (a) 16,722,500 2,109,255 
Z Holdings Corp. 1,944,000 7,631,830 
  12,404,737 
Media - 0.5%   
ValueCommerce Co. Ltd. 116,800 3,413,071 
Wireless Telecommunication Services - 2.7%   
SoftBank Group Corp. 416,500 17,130,746 
TOTAL COMMUNICATION SERVICES  42,921,362 
CONSUMER DISCRETIONARY - 17.5%   
Auto Components - 2.8%   
DENSO Corp. 292,500 17,826,489 
Automobiles - 4.9%   
Isuzu Motors Ltd. 446,400 5,207,606 
Suzuki Motor Corp. 225,900 6,809,781 
Toyota Motor Corp. 1,108,700 18,996,145 
  31,013,532 
Distributors - 0.0%   
Arata Corp. 12,800 353,665 
Hotels, Restaurants & Leisure - 1.1%   
Curves Holdings Co. Ltd. 576,700 3,380,342 
Koshidaka Holdings Co. Ltd. 580,500 3,464,339 
  6,844,681 
Household Durables - 5.7%   
Open House Group Co. Ltd. 172,000 6,655,481 
Sony Group Corp. 341,000 29,428,671 
  36,084,152 
Internet & Direct Marketing Retail - 0.9%   
ZOZO, Inc. 271,200 5,678,249 
Leisure Products - 0.8%   
Roland Corp. 147,700 5,097,113 
Multiline Retail - 0.7%   
Pan Pacific International Holdings Ltd. 293,200 4,489,879 
Specialty Retail - 0.6%   
Hikari Tsushin, Inc. 17,900 2,095,969 
Nitori Holdings Co. Ltd. 20,100 2,067,875 
  4,163,844 
TOTAL CONSUMER DISCRETIONARY  111,551,604 
CONSUMER STAPLES - 5.9%   
Food & Staples Retailing - 3.9%   
Nishimoto Co. Ltd. 137,900 2,961,787 
Seven & i Holdings Co. Ltd. 327,100 14,463,355 
Sugi Holdings Co. Ltd. 50,700 2,173,027 
Tsuruha Holdings, Inc. 49,900 2,550,291 
Welcia Holdings Co. Ltd. 142,300 2,917,017 
  25,065,477 
Food Products - 0.7%   
S Foods, Inc. 180,700 4,203,956 
Personal Products - 1.3%   
Kose Corp. 30,000 3,079,831 
Shiseido Co. Ltd. 104,200 4,925,685 
  8,005,516 
TOTAL CONSUMER STAPLES  37,274,949 
ENERGY - 2.6%   
Oil, Gas & Consumable Fuels - 2.6%   
INPEX Corp. 1,402,500 16,687,189 
FINANCIALS - 11.4%   
Banks - 4.5%   
Mitsubishi UFJ Financial Group, Inc. 4,896,400 28,464,617 
Capital Markets - 0.5%   
SBI Holdings, Inc. Japan 155,200 3,471,377 
Diversified Financial Services - 3.7%   
ORIX Corp. 1,295,900 23,635,883 
Insurance - 2.7%   
Lifenet Insurance Co. (a) 454,100 1,838,272 
Tokio Marine Holdings, Inc. 281,400 15,214,933 
  17,053,205 
TOTAL FINANCIALS  72,625,082 
HEALTH CARE - 9.9%   
Biotechnology - 0.3%   
PeptiDream, Inc. (a) 110,100 1,775,788 
Health Care Equipment & Supplies - 6.0%   
Hoya Corp. 242,400 24,056,294 
Olympus Corp. 812,400 14,299,156 
  38,355,450 
Health Care Technology - 0.1%   
Medlive Technology Co. Ltd. (b) 637,500 744,088 
Pharmaceuticals - 3.5%   
Astellas Pharma, Inc. 596,300 9,079,095 
Daiichi Sankyo Kabushiki Kaisha 520,100 13,095,554 
  22,174,649 
TOTAL HEALTH CARE  63,049,975 
INDUSTRIALS - 18.5%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp. Class A (a)(c)(d) 4,000 224,000 
Building Products - 1.7%   
Daikin Industries Ltd. 50,400 7,702,012 
Toto Ltd. 97,800 3,295,743 
  10,997,755 
Commercial Services & Supplies - 0.0%   
Photosynth, Inc. (a) 63,300 158,720 
Construction & Engineering - 0.5%   
JTOWER, Inc. (a)(e) 69,600 3,270,752 
Electrical Equipment - 1.4%   
Nidec Corp. 134,900 8,721,165 
Industrial Conglomerates - 3.2%   
Hitachi Ltd. 433,700 20,568,859 
Machinery - 3.7%   
Kitz Corp. 491,200 2,496,926 
Minebea Mitsumi, Inc. 372,100 7,139,173 
Misumi Group, Inc. 390,960 9,803,058 
Nabtesco Corp. 189,900 4,331,165 
  23,770,322 
Professional Services - 6.6%   
Funai Soken Holdings, Inc. 272,000 4,561,498 
Outsourcing, Inc. 424,900 4,213,952 
Persol Holdings Co. Ltd. 735,400 14,590,068 
Recruit Holdings Co. Ltd. 251,200 9,113,941 
SMS Co., Ltd. 241,900 5,677,081 
TechnoPro Holdings, Inc. 146,200 3,723,435 
  41,879,975 
Trading Companies & Distributors - 1.3%   
Itochu Corp. 280,000 8,450,675 
TOTAL INDUSTRIALS  118,042,223 
INFORMATION TECHNOLOGY - 18.6%   
Electronic Equipment & Components - 4.0%   
Dexerials Corp. 323,300 7,089,113 
Iriso Electronics Co. Ltd. (e) 106,200 2,481,583 
Murata Manufacturing Co. Ltd. 180,300 10,747,232 
TDK Corp. 160,200 4,948,854 
  25,266,782 
IT Services - 7.9%   
Digital Hearts Holdings Co. Ltd. 307,692 4,010,414 
DTS Corp. 168,300 3,692,730 
ExaWizards, Inc. (a) 102,600 528,959 
Finatext Holdings Ltd. (a) 36,700 169,351 
Fujitsu Ltd. 106,000 16,021,811 
GMO Internet, Inc. 270,900 5,413,987 
Nomura Research Institute Ltd. 113,700 3,215,029 
NSD Co. Ltd. 316,700 5,621,854 
Pole To Win Holdings, Inc. 359,000 2,739,645 
Techmatrix Corp. 289,600 4,468,445 
TIS, Inc. 209,400 4,702,991 
  50,585,216 
Semiconductors & Semiconductor Equipment - 4.8%   
Furuya Metal Co. Ltd. 5,200 370,247 
Renesas Electronics Corp. (a) 1,645,500 17,570,597 
ROHM Co. Ltd. 71,700 5,009,024 
Sumco Corp. 549,700 7,916,597 
  30,866,465 
Software - 0.9%   
Appier Group, Inc. (a)(e) 76,600 506,116 
Money Forward, Inc. (a) 118,800 4,039,397 
WingArc1st, Inc. 92,000 901,638 
  5,447,151 
Technology Hardware, Storage & Peripherals - 1.0%   
FUJIFILM Holdings Corp. 114,400 6,288,712 
TOTAL INFORMATION TECHNOLOGY  118,454,326 
MATERIALS - 6.4%   
Chemicals - 6.4%   
JSR Corp. 219,200 5,952,403 
Kansai Paint Co. Ltd. 282,200 3,886,438 
Nippon Sanso Holdings Corp. 238,000 4,282,928 
Nissan Chemical Corp. 64,500 3,407,059 
NOF Corp. 90,400 3,393,117 
Shin-Etsu Chemical Co. Ltd. 108,500 14,911,644 
Tokyo Ohka Kogyo Co. Ltd. 87,300 4,743,558 
  40,577,147 
REAL ESTATE - 1.5%   
Real Estate Management & Development - 1.5%   
Relo Group, Inc. 428,400 6,119,519 
SRE Holdings Corp. (a) 161,100 3,323,358 
  9,442,877 
TOTAL COMMON STOCKS   
(Cost $548,651,695)  630,626,734 
Money Market Funds - 0.3%   
Fidelity Cash Central Fund 0.32% (f) 206,905 206,946 
Fidelity Securities Lending Cash Central Fund 0.32% (f)(g) 1,431,257 1,431,400 
TOTAL MONEY MARKET FUNDS   
(Cost $1,638,346)  1,638,346 
TOTAL INVESTMENT IN SECURITIES - 99.3%   
(Cost $550,290,041)  632,265,080 
NET OTHER ASSETS (LIABILITIES) - 0.7%  4,764,624 
NET ASSETS - 100%  $637,029,704 

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 $744,088 or 0.1% of net assets.

 (c) Level 3 security

 (d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $224,000 or 0.0% of net assets.

 (e) Security or a portion of the security is on loan at period end.

 (f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements 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 $167,996 

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund 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 0.32% $864,828 $16,217,082 $16,874,964 $315 $-- $-- $206,946 0.0% 
Fidelity Securities Lending Cash Central Fund 0.32% 388,125 53,999,270 52,955,995 12,889 -- -- 1,431,400 0.0% 
Total $1,252,953 $70,216,352 $69,830,959 $13,204 $-- $-- $1,638,346  

Amounts in the 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. Amount 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $42,921,362 $-- $42,921,362 $-- 
Consumer Discretionary 111,551,604 -- 111,551,604 -- 
Consumer Staples 37,274,949 -- 37,274,949 -- 
Energy 16,687,189 -- 16,687,189 -- 
Financials 72,625,082 -- 72,625,082 -- 
Health Care 63,049,975 -- 63,049,975 -- 
Industrials 118,042,223 -- 117,818,223 224,000 
Information Technology 118,454,326 -- 118,454,326 -- 
Materials 40,577,147 -- 40,577,147 -- 
Real Estate 9,442,877 -- 9,442,877 -- 
Money Market Funds 1,638,346 1,638,346 -- -- 
Total Investments in Securities: $632,265,080 $1,638,346 $630,402,734 $224,000 

See accompanying notes which are an integral part of the financial statements.


Fidelity® Japan Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $1,353,578) — See accompanying schedule:
Unaffiliated issuers (cost $548,651,695) 		$630,626,734  
Fidelity Central Funds (cost $1,638,346) 1,638,346  
Total Investment in Securities (cost $550,290,041)  $632,265,080 
Foreign currency held at value (cost $1,553,622)  1,538,030 
Receivable for investments sold  664,849 
Receivable for fund shares sold  33,606 
Dividends receivable  4,825,669 
Distributions receivable from Fidelity Central Funds  2,634 
Prepaid expenses  252 
Other receivables  21,388 
Total assets  639,351,508 
Liabilities   
Payable to custodian bank $21,175  
Payable for fund shares redeemed 260,340  
Accrued management fee 481,269  
Distribution and service plan fees payable 6,982  
Other affiliated payables 76,932  
Other payables and accrued expenses 43,706  
Collateral on securities loaned 1,431,400  
Total liabilities  2,321,804 
Net Assets  $637,029,704 
Net Assets consist of:   
Paid in capital  $565,807,753 
Total accumulated earnings (loss)  71,221,951 
Net Assets  $637,029,704 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($14,719,152 ÷ 1,004,158 shares)(a)  $14.66 
Maximum offering price per share (100/94.25 of $14.66)  $15.55 
Class M:   
Net Asset Value and redemption price per share ($2,734,637 ÷ 187,375 shares)(a)  $14.59 
Maximum offering price per share (100/96.50 of $14.59)  $15.12 
Class C:   
Net Asset Value and offering price per share ($2,914,484 ÷ 202,134 shares)(a)  $14.42 
Japan:   
Net Asset Value, offering price and redemption price per share ($128,407,342 ÷ 8,715,525 shares)  $14.73 
Class I:   
Net Asset Value, offering price and redemption price per share ($33,413,811 ÷ 2,250,501 shares)  $14.85 
Class Z:   
Net Asset Value, offering price and redemption price per share ($454,840,278 ÷ 30,985,387 shares)  $14.68 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $7,090,777 
Income from Fidelity Central Funds (including $12,889 from security lending)  13,204 
Income before foreign taxes withheld  7,103,981 
Less foreign taxes withheld  (709,218) 
Total income  6,394,763 
Expenses   
Management fee   
Basic fee $2,551,511  
Performance adjustment 743,114  
Transfer agent fees 320,760  
Distribution and service plan fees 50,321  
Accounting fees 182,788  
Custodian fees and expenses 11,900  
Independent trustees' fees and expenses 1,332  
Registration fees 67,018  
Audit 31,511  
Legal 505  
Miscellaneous 1,498  
Total expenses before reductions 3,962,258  
Expense reductions (11,275)  
Total expenses after reductions  3,950,983 
Net investment income (loss)  2,443,780 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 3,333,161  
Foreign currency transactions (313,780)  
Total net realized gain (loss)  3,019,381 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (184,837,609)  
Assets and liabilities in foreign currencies (215,019)  
Total change in net unrealized appreciation (depreciation)  (185,052,628) 
Net gain (loss)  (182,033,247) 
Net increase (decrease) in net assets resulting from operations  $(179,589,467) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $2,443,780 $3,430,610 
Net realized gain (loss) 3,019,381 71,989,055 
Change in net unrealized appreciation (depreciation) (185,052,628) 93,205,875 
Net increase (decrease) in net assets resulting from operations (179,589,467) 168,625,540 
Distributions to shareholders (85,697,627) (16,940,687) 
Share transactions - net increase (decrease) 70,934,968 (103,038,998) 
Total increase (decrease) in net assets (194,352,126) 48,645,855 
Net Assets   
Beginning of period 831,381,830 782,735,975 
End of period $637,029,704 $831,381,830 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Japan Fund Class A

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $20.90 $17.50 $15.80 $14.15 $15.08 $12.59 
Income from Investment Operations       
Net investment income (loss)A,B .02 .02 .05 .07 .03 .06 
Net realized and unrealized gain (loss) (4.16) 3.71 1.81 1.58 (.85) 2.52 
Total from investment operations (4.14) 3.73 1.86 1.65 (.82) 2.58 
Distributions from net investment income (.55) (.07) (.07) – (.08) (.06) 
Distributions from net realized gain (1.55) (.25) (.09) – (.04) (.03) 
Total distributions (2.10) (.33)C (.16) – (.11)D (.09) 
Redemption fees added to paid in capitalA – – – – –D –D 
Net asset value, end of period $14.66 $20.90 $17.50 $15.80 $14.15 $15.08 
Total ReturnE,F,G (21.92)% 21.42% 11.85% 11.66% (5.48)% 20.70% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 1.41%J 1.38% 1.37% 1.33% 1.33% 1.11% 
Expenses net of fee waivers, if any 1.41%J 1.38% 1.37% 1.32% 1.33% 1.11% 
Expenses net of all reductions 1.41%J 1.38% 1.37% 1.32% 1.32% 1.11% 
Net investment income (loss) .28%J .08% .35% .51% .17% .45% 
Supplemental Data       
Net assets, end of period (000 omitted) $14,719 $20,357 $16,181 $16,069 $14,587 $16,155 
Portfolio turnover rateK 31%J 31% 22% 27% 40% 23% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Japan Fund Class M

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $20.76 $17.40 $15.71 $14.11 $15.06 $12.57 
Income from Investment Operations       
Net investment income (loss)A,B – (.05) .01 .03 (.03) .01 
Net realized and unrealized gain (loss) (4.16) 3.69 1.80 1.57 (.84) 2.52 
Total from investment operations (4.16) 3.64 1.81 1.60 (.87) 2.53 
Distributions from net investment income (.46) (.02) (.03) – (.05) (.01) 
Distributions from net realized gain (1.55) (.25) (.09) – (.04) (.03) 
Total distributions (2.01) (.28)C (.12) – (.08)C (.04) 
Redemption fees added to paid in capitalA – – – – –D –D 
Net asset value, end of period $14.59 $20.76 $17.40 $15.71 $14.11 $15.06 
Total ReturnE,F,G (22.07)% 21.00% 11.55% 11.34% (5.81)% 20.24% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 1.73%J 1.70% 1.67% 1.64% 1.67% 1.46% 
Expenses net of fee waivers, if any 1.72%J 1.70% 1.67% 1.64% 1.67% 1.46% 
Expenses net of all reductions 1.72%J 1.70% 1.67% 1.63% 1.66% 1.46% 
Net investment income (loss) (.03)%J (.23)% .04% .19% (.17)% .10% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,735 $3,919 $3,728 $3,945 $3,993 $4,464 
Portfolio turnover rateK 31%J 31% 22% 27% 40% 23% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Japan Fund Class C

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $20.43 $17.17 $15.49 $13.97 $14.92 $12.44 
Income from Investment Operations       
Net investment income (loss)A,B (.04) (.12) (.05) (.02) (.08) (.03) 
Net realized and unrealized gain (loss) (4.10) 3.63 1.77 1.54 (.83) 2.51 
Total from investment operations (4.14) 3.51 1.72 1.52 (.91) 2.48 
Distributions from net investment income (.33) (.01) – – –C – 
Distributions from net realized gain (1.55) (.25) (.04) – (.04) – 
Total distributions (1.87)D (.25)D (.04) – (.04) – 
Redemption fees added to paid in capitalA – – – – –C –C 
Net asset value, end of period $14.42 $20.43 $17.17 $15.49 $13.97 $14.92 
Total ReturnE,F,G (22.19)% 20.54% 11.09% 10.88% (6.13)% 19.94% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 2.13%J 2.09% 2.06% 2.01% 2.04% 1.81% 
Expenses net of fee waivers, if any 2.12%J 2.09% 2.05% 2.00% 2.03% 1.81% 
Expenses net of all reductions 2.12%J 2.09% 2.05% 2.00% 2.03% 1.81% 
Net investment income (loss) (.43)%J (.63)% (.34)% (.17)% (.53)% (.25)% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,914 $4,778 $6,167 $8,829 $12,586 $13,542 
Portfolio turnover rateK 31%J 31% 22% 27% 40% 23% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Amount represents less than $.005 per share.

 D Total distributions per share do not sum due to rounding.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the contingent deferred sales charge.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Japan Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $21.01 $17.58 $15.86 $14.20 $15.13 $12.64 
Income from Investment Operations       
Net investment income (loss)A,B .05 .08 .10 .12 .07 .10 
Net realized and unrealized gain (loss) (4.19) 3.72 1.81 1.59 (.86) 2.54 
Total from investment operations (4.14) 3.80 1.91 1.71 (.79) 2.64 
Distributions from net investment income (.59) (.11) (.11) (.05) (.11) (.11) 
Distributions from net realized gain (1.55) (.25) (.09) – (.04) (.03) 
Total distributions (2.14) (.37)C (.19)C (.05) (.14)C (.15)C 
Redemption fees added to paid in capitalA – – – – –D –D 
Net asset value, end of period $14.73 $21.01 $17.58 $15.86 $14.20 $15.13 
Total ReturnE,F (21.83)% 21.75% 12.16% 12.10% (5.28)% 21.13% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions 1.15%I 1.09% 1.06% 1.01% 1.05% .82% 
Expenses net of fee waivers, if any 1.14%I 1.09% 1.06% 1.01% 1.05% .82% 
Expenses net of all reductions 1.14%I 1.09% 1.06% 1.00% 1.04% .82% 
Net investment income (loss) .54%I .37% .65% .82% .45% .74% 
Supplemental Data       
Net assets, end of period (000 omitted) $128,407 $167,954 $274,433 $401,344 $297,644 $247,372 
Portfolio turnover rateJ 31%I 31% 22% 27% 40% 23% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Japan Fund Class I

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $20.97 $17.56 $15.85 $14.18 $15.12 $12.62 
Income from Investment Operations       
Net investment income (loss)A,B .05 .09 .11 .13 .08 .11 
Net realized and unrealized gain (loss) (4.21) 3.71 1.81 1.58 (.85) 2.53 
Total from investment operations (4.16) 3.80 1.92 1.71 (.77) 2.64 
Distributions from net investment income (.41) (.14) (.12) (.04) (.14) (.11) 
Distributions from net realized gain (1.55) (.25) (.09) – (.04) (.03) 
Total distributions (1.96) (.39) (.21) (.04) (.17)C (.14) 
Redemption fees added to paid in capitalA – – – – –D –D 
Net asset value, end of period $14.85 $20.97 $17.56 $15.85 $14.18 $15.12 
Total ReturnE,F (21.78)% 21.80% 12.20% 12.12% (5.18)% 21.22% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions 1.12%I 1.04% 1.01% .96% .98% .76% 
Expenses net of fee waivers, if any 1.11%I 1.04% 1.01% .96% .98% .76% 
Expenses net of all reductions 1.11%I 1.04% 1.00% .95% .97% .76% 
Net investment income (loss) .58%I .43% .71% .87% .52% .80% 
Supplemental Data       
Net assets, end of period (000 omitted) $33,414 $48,887 $473,859 $319,164 $192,555 $175,816 
Portfolio turnover rateJ 31%I 31% 22% 27% 40% 23% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Japan Fund Class Z

 Six months ended (Unaudited) April 30, Years endedOctober 31,    
 2022 2021 2020 2019 2018 A 
Selected Per–Share Data      
Net asset value, beginning of period $20.98 $17.56 $15.84 $14.19 $15.77 
Income from Investment Operations      
Net investment income (loss)B,C .06 .10 .13 .14 (.01) 
Net realized and unrealized gain (loss) (4.17) 3.72 1.81 1.57 (1.57) 
Total from investment operations (4.11) 3.82 1.94 1.71 (1.58) 
Distributions from net investment income (.64) (.15) (.13) (.06) – 
Distributions from net realized gain (1.55) (.25) (.09) – – 
Total distributions (2.19) (.40) (.22) (.06) – 
Net asset value, end of period $14.68 $20.98 $17.56 $15.84 $14.19 
Total ReturnD,E (21.77)% 21.93% 12.36% 12.14% (10.02)% 
Ratios to Average Net AssetsC,F,G      
Expenses before reductions .99%H .96% .92% .87% .96%H 
Expenses net of fee waivers, if any .99%H .96% .92% .87% .96%H 
Expenses net of all reductions .99%H .96% .92% .86% .95%H 
Net investment income (loss) .70%H .51% .79% .96% (.73)%H 
Supplemental Data      
Net assets, end of period (000 omitted) $454,840 $585,487 $8,368 $8,136 $90 
Portfolio turnover rateI 31%H 31% 22% 27% 40% 

 A For the period October 2, 2018 (commencement of sale of shares) through October 31, 2018.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

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. 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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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, 2022 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. 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 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 $124,533,113 
Gross unrealized depreciation (57,505,551) 
Net unrealized appreciation (depreciation) $67,027,562 
Tax cost $565,237,518 

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 115,356,284 125,618,706 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Japan as compared to its benchmark index, the TOPIX, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .87% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $22,147 $191 
Class M .25% .25% 8,438 93 
Class C .75% .25% 19,736 1,438 
   $50,321 $1,722 

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 $629 
Class M 125 
Class C(a) 12 
 $766 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Class A $18,762 .21 
Class M 4,678 .28 
Class C 3,518 .18 
Japan 152,942 .20 
Class I 34,758 .17 
Class Z 106,102 .04 
 $320,760  

 (a) Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Fidelity Japan 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 Japan Fund 1,484,433 – – 

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity Japan Fund $655 

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 $1,367 $– $– 

8. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived portion of fund-level operating expenses in the amount of $11,275.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2022 		Year ended
October 31, 2021 
Fidelity Japan Fund   
Distributions to shareholders   
Class A $2,019,337 $301,297 
Class M 368,577 59,666 
Class C 426,706 88,885 
Japan 17,143,088 5,699,772 
Class I 4,520,940 10,435,841 
Class Z 61,218,979 355,226 
Total $85,697,627 $16,940,687 

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, 2022 Year ended October 31, 2021 Six months ended April 30, 2022 Year ended October 31, 2021 
Fidelity Japan Fund     
Class A     
Shares sold 49,329 153,664 $838,265 $3,103,256 
Reinvestment of distributions 100,623 14,280 1,865,544 278,154 
Shares redeemed (119,911) (118,485) (2,143,930) (2,389,970) 
Net increase (decrease) 30,041 49,459 $559,879 $991,440 
Class M     
Shares sold 2,966 10,618 $50,625 $211,739 
Reinvestment of distributions 19,910 3,057 368,140 59,335 
Shares redeemed (24,263) (39,212) (437,452) (790,428) 
Net increase (decrease) (1,387) (25,537) $(18,687) $(519,354) 
Class C     
Shares sold 7,577 24,156 $124,679 $477,051 
Reinvestment of distributions 23,330 4,602 426,706 88,168 
Shares redeemed (62,629) (154,075) (1,061,475) (3,034,739) 
Net increase (decrease) (31,722) (125,317) $(510,090) $(2,469,520) 
Japan     
Shares sold 1,138,685 2,408,580 $20,629,375 $49,198,476 
Reinvestment of distributions 867,250 283,747 16,148,203 5,534,758 
Shares redeemed (1,283,618) (10,310,246) (22,577,909) (210,756,266) 
Net increase (decrease) 722,317 (7,617,919) $14,199,669 $(156,023,032) 
Class I     
Shares sold 306,503 2,369,303 $5,888,293 $47,361,499 
Reinvestment of distributions 176,445 525,949 3,310,112 10,230,732 
Shares redeemed (563,187) (27,546,527) (10,216,530) (558,674,882) 
Net increase (decrease) (80,239) (24,651,275) $(1,018,125) $(501,082,651) 
Class Z     
Shares sold 336,389 27,576,717 $6,459,240 $558,908,335 
Reinvestment of distributions 3,263,046 17,033 60,496,866 348,274 
Shares redeemed (525,826) (158,582) (9,233,784) (3,192,490) 
Net increase (decrease) 3,073,609 27,435,168 $57,722,322 $556,064,119 

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 Japan Fund 60% 

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 69% 

12. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Fidelity® Japan Smaller Companies Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   Japan 91.8% 
   United States of America* 8.2% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks 91.8 
Short-Term Investments and Net Other Assets (Liabilities) 8.2 

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
T&D Holdings, Inc. (Insurance) 2.6 
Tokio Marine Holdings, Inc. (Insurance) 2.5 
Mitsubishi UFJ Financial Group, Inc. (Banks) 2.4 
ORIX Corp. (Diversified Financial Services) 2.3 
Renesas Electronics Corp. (Semiconductors & Semiconductor Equipment) 2.1 
Amano Corp. (Electronic Equipment & Components) 2.1 
AIT Corp. (Air Freight & Logistics) 2.1 
Central Automotive Products Ltd. (Distributors) 2.0 
Roland Corp. (Leisure Products) 2.0 
Dip Corp. (Interactive Media & Services) 1.8 
 21.9 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Industrials 21.7 
Consumer Discretionary 18.7 
Information Technology 17.1 
Financials 10.1 
Materials 6.4 
Communication Services 5.9 
Health Care 3.4 
Consumer Staples 3.3 
Utilities 2.7 
Energy 2.5 

Fidelity® Japan Smaller Companies Fund

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.8%   
 Shares Value 
COMMUNICATION SERVICES - 5.9%   
Entertainment - 2.6%   
Capcom Co. Ltd. 197,600 $5,214,095 
Daiichikosho Co. Ltd. 197,500 5,386,841 
  10,600,936 
Interactive Media & Services - 3.3%   
Dip Corp. 227,000 7,400,844 
Z Holdings Corp. 1,477,200 5,799,249 
  13,200,093 
TOTAL COMMUNICATION SERVICES  23,801,029 
CONSUMER DISCRETIONARY - 18.7%   
Auto Components - 2.7%   
DENSO Corp. 109,600 6,679,601 
Shoei Co. Ltd. 114,200 4,236,746 
  10,916,347 
Automobiles - 3.1%   
Isuzu Motors Ltd. 608,700 7,100,962 
Suzuki Motor Corp. 180,300 5,435,164 
  12,536,126 
Distributors - 2.8%   
Central Automotive Products Ltd. 502,600 8,090,085 
PALTAC Corp. 86,700 3,160,043 
  11,250,128 
Hotels, Restaurants & Leisure - 2.7%   
Curves Holdings Co. Ltd. 882,000 5,169,866 
Fast Fitness Japan, Inc. 76,416 1,072,491 
Koshidaka Holdings Co. Ltd. 817,000 4,875,736 
  11,118,093 
Household Durables - 1.0%   
Open House Group Co. Ltd. 103,500 4,004,897 
Leisure Products - 2.0%   
Roland Corp. 229,000 7,902,768 
Specialty Retail - 4.4%   
Arcland Sakamoto Co. Ltd. 506,600 6,064,038 
Fuji Corp. 681,200 5,869,255 
Nitori Holdings Co. Ltd. 32,300 3,323,003 
Workman Co. Ltd. 73,000 2,492,598 
  17,748,894 
TOTAL CONSUMER DISCRETIONARY  75,477,253 
CONSUMER STAPLES - 3.3%   
Food & Staples Retailing - 0.7%   
Jm Holdings Co. Ltd. 227,100 2,841,913 
Food Products - 2.6%   
Kotobuki Spirits Co. Ltd. 112,300 5,911,146 
S Foods, Inc. 202,700 4,715,782 
  10,626,928 
TOTAL CONSUMER STAPLES  13,468,841 
ENERGY - 2.5%   
Oil, Gas & Consumable Fuels - 2.5%   
INPEX Corp. 425,700 5,065,053 
San-Ai Obbli Co. Ltd. 654,200 4,802,521 
  9,867,574 
FINANCIALS - 10.1%   
Banks - 2.4%   
Mitsubishi UFJ Financial Group, Inc. 1,642,700 9,549,634 
Diversified Financial Services - 2.3%   
ORIX Corp. 520,900 9,500,680 
Insurance - 5.4%   
Lifenet Insurance Co. (a) 322,000 1,303,509 
T&D Holdings, Inc. 805,600 10,352,316 
Tokio Marine Holdings, Inc. 187,600 10,143,289 
  21,799,114 
TOTAL FINANCIALS  40,849,428 
HEALTH CARE - 3.4%   
Health Care Equipment & Supplies - 2.0%   
JEOL Ltd. 95,800 4,302,242 
Medikit Co. Ltd. 203,800 3,623,906 
  7,926,148 
Health Care Providers & Services - 1.4%   
As One Corp. 107,000 5,680,951 
TOTAL HEALTH CARE  13,607,099 
INDUSTRIALS - 21.7%   
Air Freight & Logistics - 3.0%   
AIT Corp. 703,220 8,553,710 
SG Holdings Co. Ltd. 204,500 3,603,838 
  12,157,548 
Commercial Services & Supplies - 1.0%   
Aeon Delight Co. Ltd. 95,500 2,041,210 
Park24 Co. Ltd. (a) 144,700 2,060,602 
  4,101,812 
Electrical Equipment - 1.0%   
Mitsubishi Electric Corp. 366,000 3,833,591 
Machinery - 3.6%   
CKD Corp. 231,400 2,996,564 
Kito Corp. 360,100 4,677,142 
Minebea Mitsumi, Inc. 224,100 4,299,620 
Nitto Kohki Co. Ltd. 204,400 2,367,838 
  14,341,164 
Marine - 1.7%   
Nippon Concept Corp. 637,700 6,693,941 
Professional Services - 4.5%   
Funai Soken Holdings, Inc. 371,480 6,229,799 
Persol Holdings Co. Ltd. 354,500 7,033,151 
Yamada Consulting Group Co. Ltd. 543,900 4,991,689 
  18,254,639 
Trading Companies & Distributors - 6.1%   
Hanwa Co. Ltd. 159,950 3,909,752 
Inaba Denki Sangyo Co. Ltd. 325,791 6,389,555 
Itochu Corp. 167,800 5,064,369 
Mitani Shoji Co. Ltd. 373,325 4,744,740 
Tsubakimoto Kogyo Co. Ltd. 18,300 498,959 
Yuasa Trading Co. Ltd. 182,300 4,067,392 
  24,674,767 
Transportation Infrastructure - 0.8%   
Kamigumi Co. Ltd. 197,000 3,344,844 
TOTAL INDUSTRIALS  87,402,306 
INFORMATION TECHNOLOGY - 17.1%   
Electronic Equipment & Components - 4.5%   
Amano Corp. 447,900 8,622,609 
Dexerials Corp. 252,500 5,536,656 
Maruwa Ceramic Co. Ltd. 35,000 4,080,861 
  18,240,126 
IT Services - 7.7%   
Argo Graphics, Inc. 200,000 4,747,389 
GMO Internet, Inc. 253,400 5,064,247 
Nomura Research Institute Ltd. 206,600 5,841,909 
NSD Co. Ltd. 244,700 4,343,757 
TIS, Inc. 267,800 6,014,618 
TKC Corp. 193,000 5,069,535 
  31,081,455 
Semiconductors & Semiconductor Equipment - 3.1%   
Renesas Electronics Corp. (a) 811,600 8,666,239 
Sumco Corp. 274,057 3,946,878 
  12,613,117 
Software - 0.8%   
Money Forward, Inc. (a) 92,400 3,141,753 
Technology Hardware, Storage & Peripherals - 1.0%   
Elecom Co. Ltd. 331,000 3,969,122 
TOTAL INFORMATION TECHNOLOGY  69,045,573 
MATERIALS - 6.4%   
Chemicals - 2.6%   
C. Uyemura & Co. Ltd. 140,300 6,485,036 
Showa Denko K.K. 150,000 2,918,755 
SK Kaken Co. Ltd. 4,100 1,099,584 
  10,503,375 
Construction Materials - 0.3%   
Maeda Kosen Co. Ltd. 57,400 1,312,356 
Metals & Mining - 3.5%   
Dowa Holdings Co. Ltd. 166,000 7,061,747 
Yamato Kogyo Co. Ltd. 217,800 7,029,107 
  14,090,854 
TOTAL MATERIALS  25,906,585 
UTILITIES - 2.7%   
Electric Utilities - 1.4%   
Kansai Electric Power Co., Inc. 643,400 5,640,045 
Gas Utilities - 1.3%   
Nippon Gas Co. Ltd. 359,000 5,094,339 
TOTAL UTILITIES  10,734,384 
TOTAL COMMON STOCKS   
(Cost $307,537,738)  370,160,072 
Money Market Funds - 3.8%   
Fidelity Cash Central Fund 0.32% (b)   
(Cost $15,158,639) 15,155,608 15,158,639 
TOTAL INVESTMENT IN SECURITIES - 95.6%   
(Cost $322,696,377)  385,318,711 
NET OTHER ASSETS (LIABILITIES) - 4.4%  17,658,077 
NET ASSETS - 100%  $402,976,788 

Legend

 (a) Non-income producing

 (b) 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.

Fund 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 0.32% $8,479,088 $33,971,141 $27,291,590 $10,901 $-- $-- $15,158,639 0.0% 
Fidelity Securities Lending Cash Central Fund 0.32% -- 24,811,929 24,811,929 6,721 -- -- -- 0.0% 
Total $8,479,088 $58,783,070 $52,103,519 $17,622 $-- $-- $15,158,639  

Amounts in the 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. Amount 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $23,801,029 $-- $23,801,029 $-- 
Consumer Discretionary 75,477,253 -- 75,477,253 -- 
Consumer Staples 13,468,841 -- 13,468,841 -- 
Energy 9,867,574 -- 9,867,574 -- 
Financials 40,849,428 -- 40,849,428 -- 
Health Care 13,607,099 -- 13,607,099 -- 
Industrials 87,402,306 -- 87,402,306 -- 
Information Technology 69,045,573 -- 69,045,573 -- 
Materials 25,906,585 -- 25,906,585 -- 
Utilities 10,734,384 -- 10,734,384 -- 
Money Market Funds 15,158,639 15,158,639 -- -- 
Total Investments in Securities: $385,318,711 $15,158,639 $370,160,072 $-- 

See accompanying notes which are an integral part of the financial statements.


Fidelity® Japan Smaller Companies Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $307,537,738) 		$370,160,072  
Fidelity Central Funds (cost $15,158,639) 15,158,639  
Total Investment in Securities (cost $322,696,377)  $385,318,711 
Foreign currency held at value (cost $15,547)  15,680 
Receivable for investments sold  14,953,611 
Receivable for fund shares sold  54,463 
Dividends receivable  4,648,790 
Distributions receivable from Fidelity Central Funds  5,963 
Prepaid expenses  166 
Total assets  404,997,384 
Liabilities   
Payable for investments purchased $1,430,146  
Payable for fund shares redeemed 246,634  
Accrued management fee 232,276  
Other affiliated payables 74,441  
Other payables and accrued expenses 37,099  
Total liabilities  2,020,596 
Net Assets  $402,976,788 
Net Assets consist of:   
Paid in capital  $377,122,403 
Total accumulated earnings (loss)  25,854,385 
Net Assets  $402,976,788 
Net Asset Value, offering price and redemption price per share ($402,976,788 ÷ 30,466,279 shares)  $13.23 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $6,331,842 
Income from Fidelity Central Funds (including $6,721 from security lending)  17,622 
Income before foreign taxes withheld  6,349,464 
Less foreign taxes withheld  (633,184) 
Total income  5,716,280 
Expenses   
Management fee $1,557,525  
Transfer agent fees 347,757  
Accounting fees 119,634  
Custodian fees and expenses 17,206  
Independent trustees' fees and expenses 816  
Registration fees 12,048  
Audit 27,175  
Legal 302  
Miscellaneous 986  
Total expenses before reductions 2,083,449  
Expense reductions (6,881)  
Total expenses after reductions  2,076,568 
Net investment income (loss)  3,639,712 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (12,194,592)  
Foreign currency transactions (23,166)  
Total net realized gain (loss)  (12,217,758) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (75,894,175)  
Assets and liabilities in foreign currencies (219,420)  
Total change in net unrealized appreciation (depreciation)  (76,113,595) 
Net gain (loss)  (88,331,353) 
Net increase (decrease) in net assets resulting from operations  $(84,691,641) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $3,639,712 $5,886,477 
Net realized gain (loss) (12,217,758) 47,202,531 
Change in net unrealized appreciation (depreciation) (76,113,595) (4,677,746) 
Net increase (decrease) in net assets resulting from operations (84,691,641) 48,411,262 
Distributions to shareholders (52,717,138) (8,873,375) 
Share transactions   
Proceeds from sales of shares 6,131,157 21,598,620 
Reinvestment of distributions 51,177,635 8,615,238 
Cost of shares redeemed (18,137,276) (92,311,202) 
Net increase (decrease) in net assets resulting from share transactions 39,171,516 (62,097,344) 
Total increase (decrease) in net assets (98,237,263) (22,559,457) 
Net Assets   
Beginning of period 501,214,051 523,773,508 
End of period $402,976,788 $501,214,051 
Other Information   
Shares   
Sold 415,530 1,209,402 
Issued in reinvestment of distributions 3,289,051 494,277 
Redeemed (1,208,939) (5,203,304) 
Net increase (decrease) 2,495,642 (3,499,625) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Japan Smaller Companies Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $17.92 $16.64 $17.60 $17.12 $18.84 $15.66 
Income from Investment Operations       
Net investment income (loss)A,B .12 .20 .16 .22 .18 .17 
Net realized and unrealized gain (loss) (2.92) 1.36 .11 1.10 (1.00) 3.42 
Total from investment operations (2.80) 1.56 .27 1.32 (.82) 3.59 
Distributions from net investment income (.51) (.19) (.23) (.11) (.16) (.17) 
Distributions from net realized gain (1.38) (.10) (1.00) (.73) (.74) (.25) 
Total distributions (1.89) (.28)C (1.23) (.84) (.90) (.41)C 
Redemption fees added to paid in capitalA – – – – –D –D 
Net asset value, end of period $13.23 $17.92 $16.64 $17.60 $17.12 $18.84 
Total ReturnE,F (17.19)% 9.44% 1.31% 8.22% (4.71)% 23.68% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions .90%I .91% .92% .93% .94% .95% 
Expenses net of fee waivers, if any .90%I .91% .92% .93% .93% .95% 
Expenses net of all reductions .90%I .91% .92% .93% .93% .94% 
Net investment income (loss) 1.58%I 1.13% 1.02% 1.31% .95% 1.04% 
Supplemental Data       
Net assets, end of period (000 omitted) $402,977 $501,214 $523,774 $685,651 $715,402 $764,052 
Portfolio turnover rateJ 27%I 23% 20% 16% 17% 20% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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, 2022 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.

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) 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 $69,794,985 
Gross unrealized depreciation (26,383,420) 
Net unrealized appreciation (depreciation) $43,411,565 
Tax cost $341,907,146 

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 60,498,973 92,729,682 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .67% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an 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. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Fidelity Japan Smaller Companies 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 Japan Smaller Companies Fund 2,243,743 16,281,432 (1,806,976) 

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 $401 

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 $726 $– $– 

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 $1.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $6,880.

9. Other.

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

 Strategic Advisers International Fund 
Fidelity Japan Smaller Companies Fund 26% 

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 59% 

10. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Fidelity® Latin America Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   Brazil 45.8% 
   Mexico 23.6% 
   United States of America* 11.3% 
   Chile 5.2% 
   Panama 3.9% 
   Canada 3.4% 
   United Kingdom 2.7% 
   Cayman Islands 2.3% 
   Sweden 1.8% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks 99.6 
Short-Term Investments and Net Other Assets (Liabilities) 0.4 

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels) 10.3 
Genomma Lab Internacional SA de CV (Mexico, Pharmaceuticals) 9.2 
Hypera SA (Brazil, Pharmaceuticals) 6.6 
Qualitas Controladora S.A.B. de CV (Mexico, Insurance) 5.4 
Afya Ltd. (United States of America, Diversified Consumer Services) 5.2 
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR (Chile, Chemicals) 5.2 
Atacadao SA (Brazil, Food & Staples Retailing) 5.0 
Grupo Mexico SA de CV Series B (Mexico, Metals & Mining) 4.9 
Suzano Papel e Celulose SA (Brazil, Paper & Forest Products) 4.8 
Intercorp Financial Services, Inc. (Panama, Banks) 3.9 
 60.5 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Financials 24.1 
Health Care 22.0 
Materials 18.3 
Energy 10.3 
Consumer Discretionary 8.1 
Consumer Staples 7.7 
Industrials 5.5 
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, 2022, the Fund did not have more than 25% of its total assets invested in any one industry.

Fidelity® Latin America Fund

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 85.5%   
 Shares Value 
Brazil - 31.7%   
Atacadao SA 3,812,702 $15,863,283 
Blau Farmaceutica SA 1,446,609 7,285,786 
CM Hospitalar SA 1,549,891 4,608,339 
Compania de Locacao das Americas 1,415,324 6,744,614 
Equatorial Energia SA 2,187,063 11,342,407 
Hapvida Participacoes e Investimentos SA (a) 4,207,407 7,463,457 
Hypera SA 2,721,735 20,600,395 
Suzano Papel e Celulose SA 1,501,349 15,065,266 
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA 3,918,885 10,827,773 
TOTAL BRAZIL  99,801,320 
Canada - 3.4%   
First Quantum Minerals Ltd. 370,675 10,626,988 
Cayman Islands - 2.3%   
XP, Inc. Class A (b) 299,586 7,372,811 
Chile - 5.2%   
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR (c) 220,413 16,266,479 
Mexico - 23.6%   
Banco del Bajio SA (a) 4,221,353 10,423,834 
Genomma Lab Internacional SA de CV 27,398,469 28,853,213 
Grupo Mexico SA de CV Series B 3,306,880 15,479,047 
Qualitas Controladora S.A.B. de CV 3,144,648 16,951,034 
Unifin Financiera S.A.B. de CV 2,740,831 2,422,982 
TOTAL MEXICO  74,130,110 
Panama - 3.9%   
Intercorp Financial Services, Inc. (c) 448,354 12,253,515 
Sweden - 1.8%   
VEF AB (b) 14,010,796 5,580,316 
United Kingdom - 2.7%   
British American Tobacco PLC (United Kingdom) 204,691 8,579,079 
United States of America - 10.9%   
Afya Ltd. (b)(c) 1,086,198 16,412,452 
FirstCash Holdings, Inc. 107,755 8,596,694 
Vasta Platform Ltd. (b)(c) 1,725,714 9,163,541 
TOTAL UNITED STATES OF AMERICA  34,172,687 
TOTAL COMMON STOCKS   
(Cost $250,344,990)  268,783,305 
Nonconvertible Preferred Stocks - 14.1%   
Brazil - 14.1%   
Itausa-Investimentos Itau SA (PN) 6,441,333 11,999,449 
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) 5,271,703 32,287,380 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $31,670,209)  44,286,829 
Money Market Funds - 0.9%   
Fidelity Securities Lending Cash Central Fund 0.32% (d)(e)   
(Cost $2,776,246) 2,775,968 2,776,246 
TOTAL INVESTMENT IN SECURITIES - 100.5%   
(Cost $284,791,445)  315,846,380 
NET OTHER ASSETS (LIABILITIES) - (0.5)%  (1,588,734) 
NET ASSETS - 100%  $314,257,646 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

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 $17,887,291 or 5.7% of net assets.

 (b) Non-income producing

 (c) Security or a portion of the security is on loan at period end.

 (d) Investment made with cash collateral received from securities on loan.

 (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.

Fund 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 0.32% $-- $39,122,803 $39,122,803 $1,594 $-- $-- $-- 0.0% 
Fidelity Securities Lending Cash Central Fund 0.32% 2,950,155 41,617,029 41,790,938 18,557 -- -- 2,776,246 0.0% 
Total $2,950,155 $80,739,832 $80,913,741 $20,151 $-- $-- $2,776,246  

Amounts in the 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. Amount 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $25,575,993 $25,575,993 $-- $-- 
Consumer Staples 24,442,362 15,863,283 8,579,079 -- 
Energy 32,287,380 32,287,380 -- -- 
Financials 75,600,635 70,020,319 5,580,316 -- 
Health Care 68,811,190 68,811,190 -- -- 
Industrials 17,572,387 17,572,387 -- -- 
Materials 57,437,780 57,437,780 -- -- 
Utilities 11,342,407 11,342,407 -- -- 
Money Market Funds 2,776,246 2,776,246 -- -- 
Total Investments in Securities: $315,846,380 $301,686,985 $14,159,395 $-- 

See accompanying notes which are an integral part of the financial statements.


Fidelity® Latin America Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $2,689,225) — See accompanying schedule:
Unaffiliated issuers (cost $282,015,199) 		$313,070,134  
Fidelity Central Funds (cost $2,776,246) 2,776,246  
Total Investment in Securities (cost $284,791,445)  $315,846,380 
Receivable for investments sold  860,617 
Receivable for fund shares sold  242,262 
Dividends receivable  4,239,164 
Distributions receivable from Fidelity Central Funds  1,599 
Prepaid expenses  127 
Other receivables  4,637 
Total assets  321,194,786 
Liabilities   
Payable to custodian bank $2,147,556  
Payable for investments purchased 1,286,788  
Payable for fund shares redeemed 400,318  
Accrued management fee 191,241  
Distribution and service plan fees payable 5,084  
Other affiliated payables 75,074  
Other payables and accrued expenses 57,412  
Collateral on securities loaned 2,773,667  
Total liabilities  6,937,140 
Net Assets  $314,257,646 
Net Assets consist of:   
Paid in capital  $363,112,637 
Total accumulated earnings (loss)  (48,854,991) 
Net Assets  $314,257,646 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($12,623,075 ÷ 606,934 shares)(a)  $20.80 
Maximum offering price per share (100/94.25 of $20.80)  $22.07 
Class M:   
Net Asset Value and redemption price per share ($3,151,757 ÷ 151,273 shares)(a)  $20.83 
Maximum offering price per share (100/96.50 of $20.83)  $21.59 
Class C:   
Net Asset Value and offering price per share ($1,024,485 ÷ 48,723 shares)(a)  $21.03 
Latin America:   
Net Asset Value, offering price and redemption price per share ($274,239,153 ÷ 13,213,348 shares)  $20.75 
Class I:   
Net Asset Value, offering price and redemption price per share ($6,110,195 ÷ 294,689 shares)  $20.73 
Class Z:   
Net Asset Value, offering price and redemption price per share ($17,108,981 ÷ 826,167 shares)  $20.71 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $10,652,396 
Income from Fidelity Central Funds (including $18,557 from security lending)  20,151 
Income before foreign taxes withheld  10,672,547 
Less foreign taxes withheld  (507,940) 
Total income  10,164,607 
Expenses   
Management fee $1,013,985  
Transfer agent fees 350,137  
Distribution and service plan fees 25,067  
Accounting fees 77,887  
Custodian fees and expenses 41,823  
Independent trustees' fees and expenses 517  
Registration fees 42,361  
Audit 33,027  
Legal 179  
Interest 573  
Miscellaneous 717  
Total expenses before reductions 1,586,273  
Expense reductions (4,392)  
Total expenses after reductions  1,581,881 
Net investment income (loss)  8,582,726 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (14,563,903)  
Foreign currency transactions 32,591  
Total net realized gain (loss)  (14,531,312) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 32,550,016  
Assets and liabilities in foreign currencies (153,679)  
Total change in net unrealized appreciation (depreciation)  32,396,337 
Net gain (loss)  17,865,025 
Net increase (decrease) in net assets resulting from operations  $26,447,751 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $8,582,726 $3,590,554 
Net realized gain (loss) (14,531,312) (25,363,457) 
Change in net unrealized appreciation (depreciation) 32,396,337 65,409,096 
Net increase (decrease) in net assets resulting from operations 26,447,751 43,636,193 
Distributions to shareholders (7,964,894) (228,705) 
Share transactions - net increase (decrease) 2,610,619 (58,067,183) 
Total increase (decrease) in net assets 21,093,476 (14,659,695) 
Net Assets   
Beginning of period 293,164,170 307,823,865 
End of period $314,257,646 $293,164,170 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Latin America Fund Class A

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $19.37 $17.40 $28.36 $21.98 $24.93 $22.45 
Income from Investment Operations       
Net investment income (loss)A,B .55 .15 .04 .69 .50 .42 
Net realized and unrealized gain (loss) 1.35 1.82 (10.40) 6.11 (3.16) 2.48 
Total from investment operations 1.90 1.97 (10.36) 6.80 (2.66) 2.90 
Distributions from net investment income (.47) –C (.60) (.42) (.29) (.43) 
Total distributions (.47) –C (.60) (.42) (.29) (.43) 
Redemption fees added to paid in capitalA – – – – –C .01 
Net asset value, end of period $20.80 $19.37 $17.40 $28.36 $21.98 $24.93 
Total ReturnD,E,F 10.16% 11.34% (37.31)% 31.60% (10.78)% 13.55% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions 1.32%I 1.33% 1.36% 1.36% 1.38% 1.39% 
Expenses net of fee waivers, if any 1.32%I 1.33% 1.35% 1.36% 1.38% 1.39% 
Expenses net of all reductions 1.32%I 1.33% 1.33% 1.36% 1.36% 1.38% 
Net investment income (loss) 5.44%I .70% .18% 2.81% 2.08% 1.90% 
Supplemental Data       
Net assets, end of period (000 omitted) $12,623 $10,217 $9,131 $17,953 $14,157 $17,801 
Portfolio turnover rateJ 53%I 33% 54% 48% 53% 51% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Latin America Fund Class M

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $19.35 $17.44 $28.41 $22.00 $24.96 $22.47 
Income from Investment Operations       
Net investment income (loss)A,B .53 .10 (.02) .63 .43 .36 
Net realized and unrealized gain (loss) 1.35 1.81 (10.42) 6.13 (3.16) 2.49 
Total from investment operations 1.88 1.91 (10.44) 6.76 (2.73) 2.85 
Distributions from net investment income (.40) – (.53) (.35) (.23) (.37) 
Total distributions (.40) – (.53) (.35) (.23) (.37) 
Redemption fees added to paid in capitalA – – – – –C .01 
Net asset value, end of period $20.83 $19.35 $17.44 $28.41 $22.00 $24.96 
Total ReturnD,E,F 10.02% 10.95% (37.45)% 31.26% (11.04)% 13.24% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions 1.58%I 1.59% 1.62% 1.64% 1.66% 1.66% 
Expenses net of fee waivers, if any 1.58%I 1.59% 1.61% 1.63% 1.66% 1.66% 
Expenses net of all reductions 1.58%I 1.59% 1.59% 1.63% 1.63% 1.66% 
Net investment income (loss) 5.18%I .44% (.09)% 2.54% 1.80% 1.62% 
Supplemental Data       
Net assets, end of period (000 omitted) $3,152 $2,701 $2,912 $6,032 $5,098 $6,740 
Portfolio turnover rateJ 53%I 33% 54% 48% 53% 51% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Latin America Fund Class C

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $19.45 $17.61 $28.67 $22.16 $25.12 $22.61 
Income from Investment Operations       
Net investment income (loss)A,B .48 (.01) (.13) .51 .32 .26 
Net realized and unrealized gain (loss) 1.39 1.85 (10.56) 6.21 (3.18) 2.52 
Total from investment operations 1.87 1.84 (10.69) 6.72 (2.86) 2.78 
Distributions from net investment income (.29) – (.37) (.21) (.10) (.28) 
Total distributions (.29) – (.37) (.21) (.10) (.28) 
Redemption fees added to paid in capitalA – – – – –C .01 
Net asset value, end of period $21.03 $19.45 $17.61 $28.67 $22.16 $25.12 
Total ReturnD,E,F 9.79% 10.45% (37.78)% 30.62% (11.43)% 12.71% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions 2.06%I 2.08% 2.11% 2.12% 2.13% 2.14% 
Expenses net of fee waivers, if any 2.06%I 2.08% 2.11% 2.12% 2.13% 2.14% 
Expenses net of all reductions 2.06%I 2.08% 2.09% 2.12% 2.11% 2.14% 
Net investment income (loss) 4.70%I (.05)% (.58)% 2.06% 1.33% 1.15% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,024 $656 $810 $3,438 $3,498 $5,094 
Portfolio turnover rateJ 53%I 33% 54% 48% 53% 51% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the contingent deferred sales charge.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Latin America Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $19.36 $17.36 $28.30 $21.94 $24.89 $22.41 
Income from Investment Operations       
Net investment income (loss)A,B .58 .22 .10 .77 .57 .49 
Net realized and unrealized gain (loss) 1.34 1.79 (10.36) 6.09 (3.15) 2.46 
Total from investment operations 1.92 2.01 (10.26) 6.86 (2.58) 2.95 
Distributions from net investment income (.53) (.01) (.68) (.50) (.37) (.48) 
Total distributions (.53) (.01) (.68) (.50) (.37) (.48) 
Redemption fees added to paid in capitalA – – – – –C .01 
Net asset value, end of period $20.75 $19.36 $17.36 $28.30 $21.94 $24.89 
Total ReturnD,E 10.31% 11.58% (37.13)% 32.06% (10.50)% 13.87% 
Ratios to Average Net AssetsB,F,G       
Expenses before reductions 1.05%H 1.04% 1.05% 1.05% 1.07% 1.09% 
Expenses net of fee waivers, if any 1.05%H 1.04% 1.05% 1.04% 1.07% 1.09% 
Expenses net of all reductions 1.05%H 1.04% 1.03% 1.04% 1.05% 1.09% 
Net investment income (loss) 5.71%H .99% .48% 3.13% 2.39% 2.19% 
Supplemental Data       
Net assets, end of period (000 omitted) $274,239 $262,484 $277,942 $517,901 $445,845 $597,161 
Portfolio turnover rateI 53%H 33% 54% 48% 53% 51% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Latin America Fund Class I

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $19.34 $17.34 $28.28 $21.92 $24.88 $22.40 
Income from Investment Operations       
Net investment income (loss)A,B .59 .23 .12 .78 .59 .51 
Net realized and unrealized gain (loss) 1.33 1.78 (10.34) 6.08 (3.15) 2.45 
Total from investment operations 1.92 2.01 (10.22) 6.86 (2.56) 2.96 
Distributions from net investment income (.53) (.01) (.72) (.50) (.40) (.49) 
Total distributions (.53) (.01) (.72) (.50) (.40) (.49) 
Redemption fees added to paid in capitalA – – – – –C .01 
Net asset value, end of period $20.73 $19.34 $17.34 $28.28 $21.92 $24.88 
Total ReturnD,E 10.33% 11.60% (37.07)% 32.09% (10.44)% 13.94% 
Ratios to Average Net AssetsB,F,G       
Expenses before reductions 1.03%H 1.00% .99% 1.01% 1.01% 1.01% 
Expenses net of fee waivers, if any 1.03%H 1.00% .99% 1.00% 1.01% 1.01% 
Expenses net of all reductions 1.03%H 1.00% .97% 1.00% .98% 1.01% 
Net investment income (loss) 5.73%H 1.04% .54% 3.17% 2.45% 2.27% 
Supplemental Data       
Net assets, end of period (000 omitted) $6,110 $2,768 $3,508 $7,124 $4,546 $8,600 
Portfolio turnover rateI 53%H 33% 54% 48% 53% 51% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Latin America Fund Class Z

 Six months ended (Unaudited) April 30, Years endedOctober 31,    
 2022 2021 2020 2019 2018 A 
Selected Per–Share Data      
Net asset value, beginning of period $19.35 $17.32 $28.24 $21.92 $21.51 
Income from Investment Operations      
Net investment income (loss)B,C .60 .26 .14 .85 (.01) 
Net realized and unrealized gain (loss) 1.33 1.79 (10.32) 6.03 .42 
Total from investment operations 1.93 2.05 (10.18) 6.88 .41 
Distributions from net investment income (.57) (.02) (.74) (.56) – 
Total distributions (.57) (.02) (.74) (.56) – 
Net asset value, end of period $20.71 $19.35 $17.32 $28.24 $21.92 
Total ReturnD,E 10.44% 11.82% (37.00)% 32.28% 1.91% 
Ratios to Average Net AssetsC,F,G      
Expenses before reductions .85%H .85% .86% .86% .95%H 
Expenses net of fee waivers, if any .84%H .85% .86% .86% .95%H 
Expenses net of all reductions .84%H .85% .84% .86% .93%H 
Net investment income (loss) 5.92%H 1.19% .67% 3.31% (.37)%H 
Supplemental Data      
Net assets, end of period (000 omitted) $17,109 $14,338 $13,520 $26,605 $145 
Portfolio turnover rateI 53%H 33% 54% 48% 53% 

 A For the period October 2, 2018 (commencement of sale of shares) through October 31, 2018.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

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. 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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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, 2022 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. 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 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 $66,758,063 
Gross unrealized depreciation (37,083,357) 
Net unrealized appreciation (depreciation) $29,674,706 
Tax cost $286,171,674 

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.

No expiration  
Short-term $(33,670,551) 
Long-term (34,070,104) 
Total capital loss carryforward $(67,740,655) 

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 79,717,303 79,806,661 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .67% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $14,034 $388 
Class M .25% .25% 7,214 73 
Class C .75% .25% 3,819 1,192 
   $25,067 $1,653 

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 $4,028 
Class M 122 
Class C(a) 20 
 $4,170 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Class A $14,879 .27 
Class M 3,964 .27 
Class C 976 .26 
Latin America 323,362 .24 
Class I 3,557 .23 
Class Z 3,399 .04 
 $350,137  

 (a) Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following 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 $383 

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 Latin America Fund Borrower $3,242,750 .31% $567 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Latin America Fund – 1,482,898 (378,899) 

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 Latin America Fund $249 

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 $1,954 $– $– 

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 Latin America Fund $179,000 .58% $6 

9. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $4,392.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2022 		Year ended
October 31, 2021 
Fidelity Latin America Fund   
Distributions to shareholders   
Class A $246,821 $1,584 
Class M 55,713 – 
Class C 9,520 – 
Latin America 7,148,489 206,329 
Class I 63,267 2,224 
Class Z 441,084 18,568 
Total $7,964,894 $228,705 

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, 2022 Year ended October 31, 2021 Six months ended April 30, 2022 Year ended October 31, 2021 
Fidelity Latin America Fund     
Class A     
Shares sold 113,774 110,803 $2,428,886 $2,384,222 
Reinvestment of distributions 12,985 65 236,085 1,514 
Shares redeemed (47,426) (107,876) (985,570) (2,368,760) 
Net increase (decrease) 79,333 2,992 $1,679,401 $16,976 
Class M     
Shares sold 16,756 13,216 $360,022 $293,089 
Reinvestment of distributions 3,036 – 55,381 – 
Shares redeemed (8,103) (40,671) (161,768) (902,364) 
Net increase (decrease) 11,689 (27,455) $253,635 $(609,275) 
Class C     
Shares sold 20,137 11,722 $448,517 $266,527 
Reinvestment of distributions 515 – 9,515 – 
Shares redeemed (5,650) (24,019) (117,684) (539,967) 
Net increase (decrease) 15,002 (12,297) $340,348 $(273,440) 
Latin America     
Shares sold 1,839,056 1,866,181 $38,333,017 $40,971,358 
Reinvestment of distributions 354,926 7,805 6,428,926 181,543 
Shares redeemed (2,536,382) (4,328,777) (49,377,775) (95,189,209) 
Net increase (decrease) (342,400) (2,454,791) $(4,615,832) $(54,036,308) 
Class I     
Shares sold 188,053 44,698 $4,230,013 $976,766 
Reinvestment of distributions 3,427 94 61,999 2,192 
Shares redeemed (39,873) (104,070) (776,051) (2,256,112) 
Net increase (decrease) 151,607 (59,278) $3,515,961 $(1,277,154) 
Class Z     
Shares sold 457,192 714,550 $9,422,314 $14,704,788 
Reinvestment of distributions 24,364 800 440,031 18,559 
Shares redeemed (396,373) (755,012) (8,425,239) (16,611,329) 
Net increase (decrease) 85,183 (39,662) $1,437,106 $(1,887,982) 

12. Other.

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

13. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Fidelity® Nordic Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   Sweden 45.5% 
   Denmark 25.2% 
   Norway 10.9% 
   Finland 10.8% 
   United States of America* 6.5% 
   Luxembourg 1.1% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks 94.8 
Short-Term Investments and Net Other Assets (Liabilities) 5.2 

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) 12.8 
Swedbank AB (A Shares) (Sweden, Banks) 5.2 
Ericsson (B Shares) (Sweden, Communications Equipment) 4.9 
Sampo Oyj (A Shares) (Finland, Insurance) 4.6 
Investor AB (B Shares) (Sweden, Diversified Financial Services) 4.1 
ASSA ABLOY AB (B Shares) (Sweden, Building Products) 3.9 
DSV A/S (Denmark, Air Freight & Logistics) 3.8 
Kongsberg Gruppen ASA (Norway, Aerospace & Defense) 3.8 
Swedish Match Co. AB (Sweden, Tobacco) 3.3 
UPM-Kymmene Corp. (Finland, Paper & Forest Products) 3.3 
 49.7 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Industrials 26.1 
Health Care 16.9 
Financials 16.7 
Information Technology 6.4 
Energy 6.1 
Materials 6.0 
Consumer Staples 4.8 
Communication Services 4.8 
Utilities 3.2 
Consumer Discretionary 2.7 
Real Estate 1.1 

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 Nordic market. As of April 30, 2022, the Fund did not have more than 25% of its total assets invested in any one industry.

Fidelity® Nordic Fund

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.8%   
 Shares Value 
Denmark - 25.2%   
Carlsberg A/S Series B 36,900 $4,687,526 
DSV A/S 70,500 11,558,598 
GN Store Nord A/S 90,500 3,396,424 
Novo Nordisk A/S Series B 341,000 38,951,164 
ORSTED A/S (a) 88,888 9,833,724 
Tryg A/S 359,783 8,554,606 
TOTAL DENMARK  76,982,042 
Finland - 10.8%   
Elisa Corp. (A Shares) 110,000 6,448,354 
Nanoform Finland PLC (b) 510,191 2,314,875 
Olvi Oyj (A Shares) 882 29,403 
Sampo Oyj (A Shares) 288,500 14,008,828 
UPM-Kymmene Corp. 292,200 10,107,866 
TOTAL FINLAND  32,909,326 
Luxembourg - 1.1%   
Subsea 7 SA 400,000 3,278,519 
Norway - 10.9%   
Equinor ASA 272,400 9,207,007 
Kongsberg Gruppen ASA 267,200 11,476,930 
Schibsted ASA (B Shares) 239,850 4,610,484 
Selvaag Bolig ASA 350,000 1,653,505 
TGS ASA 392,200 6,050,380 
Volue A/S (b) 85,700 365,488 
TOTAL NORWAY  33,363,794 
Sweden - 45.5%   
Addlife AB 216,842 4,791,138 
Alfa Laval AB (c) 305,900 8,515,116 
Alligo AB (B Shares) 184,469 2,092,552 
ASSA ABLOY AB (B Shares) 475,300 12,011,850 
Atlas Copco AB (B Shares) 232,100 9,186,001 
Dustin Group AB (a) 407,966 2,931,360 
Eltel AB (a)(b) 1,477,623 1,722,392 
Ericsson (B Shares) 1,878,400 14,984,420 
Haypp Group (b) 385,600 1,277,067 
HEXPOL AB (B Shares) (c) 948,770 8,146,297 
Instalco AB 632,100 3,901,242 
Investor AB (B Shares) 644,500 12,402,052 
INVISIO AB 320,000 5,671,761 
John Mattson Fastighetsforetag (b) 120,731 1,880,928 
Lagercrantz Group AB (B Shares) 419,253 4,267,921 
Momentum Group Komponenter & Tjanster AB (b) 184,469 1,392,552 
Sandvik AB (c) 422,900 8,004,784 
Stillfront Group AB (b) 1,830,140 3,696,155 
Surgical Science Sweden AB (b) 96,100 1,829,036 
Sweco AB (B Shares) 310,000 4,375,071 
Swedbank AB (A Shares) 1,001,699 15,846,119 
Swedish Match Co. AB (c) 1,271,400 10,126,423 
VNV Global AB warrants 8/10/23 (b) 39,073 6,073 
TOTAL SWEDEN  139,058,310 
United States of America - 1.3%   
Autoliv, Inc. (depositary receipt) (c) 53,200 3,918,827 
TOTAL COMMON STOCKS   
(Cost $266,708,653)  289,510,818 
Money Market Funds - 16.5%   
Fidelity Cash Central Fund 0.32% (d) 13,240,954 13,243,602 
Fidelity Securities Lending Cash Central Fund 0.32% (d)(e) 37,246,275 37,250,000 
TOTAL MONEY MARKET FUNDS   
(Cost $50,493,602)  50,493,602 
TOTAL INVESTMENT IN SECURITIES - 111.3%   
(Cost $317,202,255)  340,004,420 
NET OTHER ASSETS (LIABILITIES) - (11.3)%  (34,599,313) 
NET ASSETS - 100%  $305,405,107 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

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 $14,487,476 or 4.7% 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.

Fund 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 0.32% $10,608,095 $34,098,702 $31,463,195 $4,467 $-- $-- $13,243,602 0.0% 
Fidelity Securities Lending Cash Central Fund 0.32% -- 101,830,431 64,580,431 80,848 -- -- 37,250,000 0.1% 
Total $10,608,095 $135,929,133 $96,043,626 $85,315 $-- $-- $50,493,602  

Amounts in the 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. Amount 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $14,754,993 $-- $14,754,993 $-- 
Consumer Discretionary 8,127,254 -- 8,127,254 -- 
Consumer Staples 14,843,352 -- 14,843,352 -- 
Energy 18,535,906 -- 18,535,906 -- 
Financials 50,817,678 -- 50,817,678 -- 
Health Care 51,282,637 -- 51,282,637 -- 
Industrials 79,908,849 -- 79,908,849 -- 
Information Technology 19,617,829 -- 19,617,829 -- 
Materials 18,254,163 -- 18,254,163 -- 
Real Estate 3,534,433 -- 3,534,433 -- 
Utilities 9,833,724 -- 9,833,724 -- 
Money Market Funds 50,493,602 50,493,602 -- -- 
Total Investments in Securities: $340,004,420 $50,493,602 $289,510,818 $-- 

See accompanying notes which are an integral part of the financial statements.


Fidelity® Nordic Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $32,852,114) — See accompanying schedule:
Unaffiliated issuers (cost $266,708,653) 		$289,510,818  
Fidelity Central Funds (cost $50,493,602) 50,493,602  
Total Investment in Securities (cost $317,202,255)  $340,004,420 
Foreign currency held at value (cost $407)  407 
Receivable for investments sold  59,558 
Receivable for fund shares sold  157,373 
Dividends receivable  1,666,502 
Reclaims receivable  1,053,795 
Distributions receivable from Fidelity Central Funds  39,560 
Prepaid expenses  133 
Other receivables  29,228 
Total assets  343,010,976 
Liabilities   
Payable for fund shares redeemed $80,887  
Accrued management fee 181,683  
Other affiliated payables 57,197  
Other payables and accrued expenses 36,102  
Collateral on securities loaned 37,250,000  
Total liabilities  37,605,869 
Net Assets  $305,405,107 
Net Assets consist of:   
Paid in capital  $286,858,512 
Total accumulated earnings (loss)  18,546,595 
Net Assets  $305,405,107 
Net Asset Value, offering price and redemption price per share ($305,405,107 ÷ 5,927,862 shares)  $51.52 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $5,246,894 
Foreign tax reclaims  622,266 
Interest  386 
Income from Fidelity Central Funds (including $80,848 from security lending)  85,315 
Income before foreign taxes withheld  5,954,861 
Less foreign taxes withheld  (1,048,316) 
Total income  4,906,545 
Expenses   
Management fee $1,223,275  
Transfer agent fees 280,366  
Accounting fees 93,977  
Custodian fees and expenses 14,775  
Independent trustees' fees and expenses 648  
Registration fees 14,244  
Audit 28,276  
Legal 245  
Interest 209  
Miscellaneous 800  
Total expenses before reductions 1,656,815  
Expense reductions (5,344)  
Total expenses after reductions  1,651,471 
Net investment income (loss)  3,255,074 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 9,799,425  
Foreign currency transactions (15,507)  
Total net realized gain (loss)  9,783,918 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (97,646,874)  
Assets and liabilities in foreign currencies (105,938)  
Total change in net unrealized appreciation (depreciation)  (97,752,812) 
Net gain (loss)  (87,968,894) 
Net increase (decrease) in net assets resulting from operations  $(84,713,820) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $3,255,074 $5,910,725 
Net realized gain (loss) 9,783,918 43,115,307 
Change in net unrealized appreciation (depreciation) (97,752,812) 67,218,282 
Net increase (decrease) in net assets resulting from operations (84,713,820) 116,244,314 
Distributions to shareholders (53,400,933) (11,742,235) 
Share transactions   
Proceeds from sales of shares 16,167,600 71,976,424 
Reinvestment of distributions 49,862,949 10,959,662 
Cost of shares redeemed (45,184,174) (66,188,320) 
Net increase (decrease) in net assets resulting from share transactions 20,846,375 16,747,766 
Total increase (decrease) in net assets (117,268,378) 121,249,845 
Net Assets   
Beginning of period 422,673,485 301,423,640 
End of period $305,405,107 $422,673,485 
Other Information   
Shares   
Sold 271,991 1,040,902 
Issued in reinvestment of distributions 819,642 175,805 
Redeemed (757,187) (957,162) 
Net increase (decrease) 334,446 259,545 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Nordic Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $75.57 $56.51 $46.69 $49.64 $54.34 $45.28 
Income from Investment Operations       
Net investment income (loss)A,B .54 1.06 .15 1.50C .47 .51 
Net realized and unrealized gain (loss) (15.02) 20.17 11.86 .15 (3.01) 9.32 
Total from investment operations (14.48) 21.23 12.01 1.65 (2.54) 9.83 
Distributions from net investment income (3.02) (.96) (1.60) (.05) (.50) (.65) 
Distributions from net realized gain (6.56) (1.21) (.59) (4.55) (1.67) (.12) 
Total distributions (9.57)D (2.17) (2.19) (4.60) (2.17) (.77) 
Redemption fees added to paid in capitalA – – – – .01 –E 
Net asset value, end of period $51.52 $75.57 $56.51 $46.69 $49.64 $54.34 
Total ReturnF,G (21.07)% 38.39% 26.73% 3.96% (4.80)% 22.14% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions .91%J .92% .96% .98% .98% .99% 
Expenses net of fee waivers, if any .91%J .92% .96% .98% .97% .99% 
Expenses net of all reductions .91%J .92% .96% .96% .97% .96% 
Net investment income (loss) 1.79%J 1.51% .31% 3.28%C .89% 1.04% 
Supplemental Data       
Net assets, end of period (000 omitted) $305,405 $422,673 $301,424 $261,896 $290,184 $376,747 
Portfolio turnover rateK 21%J 34% 29% 34% 56% 69% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net 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%.

 D Total distributions per share do not sum due to rounding.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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, 2022 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 tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. 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) 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 $57,504,735 
Gross unrealized depreciation (42,216,304) 
Net unrealized appreciation (depreciation) $15,288,431 
Tax cost $324,715,989 

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 37,522,242 69,797,530 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .67% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an 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. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Fidelity Nordic 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 Nordic Fund Borrower $3,334,143 .32% $204 

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 – 3,368,611 805,438 

Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:

 Amount ($) 
Fidelity Nordic Fund 59,620 

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 $315 

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 $9,037 $– $– 

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 Nordic Fund $306,000 .58% $5 

9. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $5,344.

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. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Fidelity® Pacific Basin Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   Japan 40.4% 
   Cayman Islands 12.8% 
   Taiwan 7.9% 
   Korea (South) 7.4% 
   Australia 6.0% 
   China 5.7% 
   Hong Kong 4.8% 
   India 4.3% 
   Indonesia 3.1% 
   Other* 7.6% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks 98.9 
Short-Term Investments and Net Other Assets (Liabilities) 1.1 

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 5.5 
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) 5.0 
Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) 4.3 
United Overseas Bank Ltd. (Singapore, Banks) 2.7 
AIA Group Ltd. (Hong Kong, Insurance) 2.6 
DENSO Corp. (Japan, Auto Components) 2.5 
Shin-Etsu Chemical Co. Ltd. (Japan, Chemicals) 2.5 
Macquarie Group Ltd. (Australia, Capital Markets) 2.3 
Sony Group Corp. (Japan, Household Durables) 2.3 
Hang Seng Bank Ltd. (Hong Kong, Banks) 2.2 
 31.9 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Information Technology 25.0 
Financials 19.4 
Health Care 13.6 
Consumer Discretionary 11.8 
Industrials 9.9 
Communication Services 9.7 
Materials 3.7 
Energy 2.6 
Consumer Staples 1.5 
Real Estate 1.1 
Utilities 0.6 

Fidelity® Pacific Basin Fund

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.8%   
 Shares Value 
Australia - 6.0%   
Aristocrat Leisure Ltd. 391,468 $9,082,974 
BWX Ltd. 2,655,271 3,493,004 
HUB24 Ltd. 369,316 6,168,127 
Lynas Rare Earths Ltd. (a) 652,511 4,094,615 
Macquarie Group Ltd. 130,520 18,790,062 
Technology One Ltd. 889,134 6,416,208 
TOTAL AUSTRALIA  48,044,990 
Cayman Islands - 12.8%   
Anta Sports Products Ltd. 296,000 3,401,779 
Bilibili, Inc. Class Z (a) 60,100 1,463,367 
China High Precision Automation Group Ltd. (a)(b) 1,875,000 2 
China Metal Recycling (Holdings) Ltd. (a)(b) 2,572,200 3 
Hansoh Pharmaceutical Group Co. Ltd. (c) 3,360,000 5,534,357 
Hypebeast Ltd.(a) 21,817,500 2,751,902 
JD.com, Inc. Class A 39,785 1,240,439 
Pinduoduo, Inc. ADR (a) 166,000 7,152,940 
Sea Ltd. ADR (a) 94,900 7,853,924 
Shenzhou International Group Holdings Ltd. 424,700 5,762,741 
Tencent Holdings Ltd. 738,900 34,820,578 
Vnet Group, Inc. ADR (a) 801,900 4,787,343 
Wuxi Biologics (Cayman), Inc. (a)(c) 2,077,000 15,329,956 
XPeng, Inc. Class A 438,100 5,443,739 
Zai Lab Ltd. (a) 1,995,500 8,131,484 
TOTAL CAYMAN ISLANDS  103,674,554 
China - 5.6%   
Centre Testing International Group Co. Ltd. (A Shares) 1,916,909 6,295,864 
Estun Automation Co. Ltd. (A Shares) 2,667,514 5,904,496 
Hangzhou Tigermed Consulting Co. Ltd. (A Shares) 358,900 4,807,656 
OPT Machine Vision Tech Co. Ltd. (A Shares) 115,700 2,578,962 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) 130,399 6,145,466 
Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares) 1,471,100 5,467,276 
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) 2,947,804 7,394,955 
ZTE Corp. (H Shares) 3,065,000 6,435,296 
TOTAL CHINA  45,029,971 
Hong Kong - 4.8%   
AIA Group Ltd. 2,155,400 21,174,131 
Hang Seng Bank Ltd. 983,800 17,418,639 
TOTAL HONG KONG  38,592,770 
India - 4.3%   
Embassy Office Parks (REIT) 1,801,900 9,034,397 
HDFC Bank Ltd. 337,032 6,034,952 
Housing Development Finance Corp. Ltd. 199,784 5,757,191 
Power Grid Corp. of India Ltd. 1,662,680 4,921,160 
Reliance Industries Ltd. 248,475 8,991,979 
TOTAL INDIA  34,739,679 
Indonesia - 3.1%   
PT Bank Central Asia Tbk 26,099,000 14,638,188 
PT Bank Rakyat Indonesia (Persero) Tbk 30,176,775 10,054,514 
TOTAL INDONESIA  24,692,702 
Japan - 40.4%   
Astellas Pharma, Inc. 415,800 6,330,853 
Capcom Co. Ltd. 244,900 6,462,205 
Daiichikosho Co. Ltd. 200,000 5,455,029 
DENSO Corp. 330,600 20,148,503 
Digital Hearts Holdings Co. Ltd. 193,000 2,515,534 
Fujitsu Ltd. 39,200 5,925,047 
Funai Soken Holdings, Inc. 257,200 4,313,299 
Hitachi Ltd. 306,000 14,512,499 
Hoya Corp. 148,500 14,737,458 
INPEX Corp. 1,008,300 11,996,929 
Iriso Electronics Co. Ltd. (d) 128,900 3,012,016 
JEOL Ltd. 65,700 2,950,494 
Lifenet Insurance Co. (a) 370,100 1,498,226 
Minebea Mitsumi, Inc. 401,500 7,703,247 
Misumi Group, Inc. 262,100 6,571,980 
Money Forward, Inc. (a) 122,200 4,155,002 
Murata Manufacturing Co. Ltd. 120,396 7,176,504 
Nihon M&A Center Holdings, Inc. 386,100 4,754,364 
Nitori Holdings Co. Ltd. 31,900 3,281,851 
NSD Co. Ltd. (d) 399,200 7,086,341 
Olympus Corp. 804,200 14,154,827 
Open House Group Co. Ltd. 194,500 7,526,111 
ORIX Corp. 917,700 16,737,904 
Outsourcing, Inc. 357,900 3,549,478 
Pan Pacific International Holdings Ltd. 299,500 4,586,353 
Recruit Holdings Co. Ltd. 259,400 9,411,451 
Renesas Electronics Corp. (a) 1,433,100 15,302,596 
Shin-Etsu Chemical Co. Ltd. 145,000 19,928,003 
SMS Co., Ltd. 272,600 6,397,570 
SoftBank Group Corp. 325,400 13,383,781 
Sony Group Corp. 213,400 18,416,651 
Sugi Holdings Co. Ltd. 72,300 3,098,813 
Sumco Corp. 704,300 10,143,095 
TechnoPro Holdings, Inc. 167,100 4,255,718 
TIS, Inc. 339,300 7,620,463 
Tokio Marine Holdings, Inc. 188,100 10,170,323 
Tsuruha Holdings, Inc. 101,900 5,207,908 
Z Holdings Corp. 1,547,700 6,076,021 
ZOZO, Inc. 450,400 9,430,248 
TOTAL JAPAN  325,984,695 
Korea (South) - 2.4%   
Db Insurance Co. Ltd. 76,960 4,088,305 
Hyundai Fire & Marine Insurance Co. Ltd. 44,312 1,136,004 
SK Hynix, Inc. 165,288 14,406,853 
TOTAL KOREA (SOUTH)  19,631,162 
New Zealand - 2.1%   
EBOS Group Ltd. 416,179 11,351,411 
Ryman Healthcare Group Ltd. 928,240 5,493,574 
TOTAL NEW ZEALAND  16,844,985 
Singapore - 2.7%   
United Overseas Bank Ltd. 1,013,100 21,686,677 
Taiwan - 7.9%   
eMemory Technology, Inc. 134,000 5,634,762 
MediaTek, Inc. 492,000 13,571,052 
Taiwan Semiconductor Manufacturing Co. Ltd. 2,454,000 44,399,697 
TOTAL TAIWAN  63,605,511 
United States of America - 1.7%   
GI Dynamics, Inc. (a)(b) 111,225 8,860 
ResMed, Inc. CDI 679,762 13,796,751 
Space Exploration Technologies Corp. Class A (a)(b)(e) 5,000 280,000 
TOTAL UNITED STATES OF AMERICA  14,085,611 
TOTAL COMMON STOCKS   
(Cost $655,936,164)  756,613,307 
Preferred Stocks - 5.1%   
Convertible Preferred Stocks - 0.1%   
China - 0.1%   
dMed Biopharmaceutical Co. Ltd. Series C (a)(b)(e) 87,773 870,708 
Nonconvertible Preferred Stocks - 5.0%   
Korea (South) - 5.0%   
Samsung Electronics Co. Ltd. 867,100 40,436,614 
TOTAL PREFERRED STOCKS   
(Cost $44,455,738)  41,307,322 
Money Market Funds - 1.4%   
Fidelity Cash Central Fund 0.32% (f) 8,818,001 8,819,764 
Fidelity Securities Lending Cash Central Fund 0.32% (f)(g) 2,005,321 2,005,522 
TOTAL MONEY MARKET FUNDS   
(Cost $10,825,286)  10,825,286 
TOTAL INVESTMENT IN SECURITIES - 100.3%   
(Cost $711,217,188)  808,745,915 
NET OTHER ASSETS (LIABILITIES) - (0.3)%  (2,425,741) 
NET ASSETS - 100%  $806,320,174 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

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 $20,864,313 or 2.6% 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 $1,150,708 or 0.1% of net assets.

 (f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements 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 
dMed Biopharmaceutical Co. Ltd. Series C 12/1/20 $1,246,653 
Space Exploration Technologies Corp. Class A 2/16/21 $209,995 

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund 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 0.32% $6,873,053 $143,486,546 $141,539,835 $3,425 $-- $-- $8,819,764 0.0% 
Fidelity Securities Lending Cash Central Fund 0.32% -- 37,749,999 35,744,477 4,288 -- -- 2,005,522 0.0% 
Total $6,873,053 $181,236,545 $177,284,312 $7,713 $-- $-- $10,825,286  

Amounts in the 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. Amount 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $78,266,807 $7,853,924 $70,412,883 $-- 
Consumer Discretionary 95,474,329 7,152,940 88,321,389 -- 
Consumer Staples 11,799,725 -- 11,799,725 -- 
Energy 20,988,908 -- 20,988,908 -- 
Financials 155,353,243 -- 155,353,243 -- 
Health Care 109,643,855 -- 108,764,287 879,568 
Industrials 81,344,921 -- 81,064,921 280,000 
Information Technology 201,603,387 4,787,343 196,816,042 2 
Materials 29,489,897 -- 29,489,894 3 
Real Estate 9,034,397 -- 9,034,397 -- 
Utilities 4,921,160 -- 4,921,160 -- 
Money Market Funds 10,825,286 10,825,286 -- -- 
Total Investments in Securities: $808,745,915 $30,619,493 $776,966,849 $1,159,573 

See accompanying notes which are an integral part of the financial statements.


Fidelity® Pacific Basin Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $1,898,609) — See accompanying schedule:
Unaffiliated issuers (cost $700,391,902) 		$797,920,629  
Fidelity Central Funds (cost $10,825,286) 10,825,286  
Total Investment in Securities (cost $711,217,188)  $808,745,915 
Foreign currency held at value (cost $24,585)  24,796 
Receivable for investments sold  903,975 
Receivable for fund shares sold  136,464 
Dividends receivable  3,096,136 
Distributions receivable from Fidelity Central Funds  2,769 
Prepaid expenses  435 
Other receivables  25,750 
Total assets  812,936,240 
Liabilities   
Payable for investments purchased $1,538,783  
Payable for fund shares redeemed 568,527  
Accrued management fee 657,241  
Other affiliated payables 142,903  
Deferred taxes 1,451,615  
Other payables and accrued expenses 251,475  
Collateral on securities loaned 2,005,522  
Total liabilities  6,616,066 
Net Assets  $806,320,174 
Net Assets consist of:   
Paid in capital  $653,449,189 
Total accumulated earnings (loss)  152,870,985 
Net Assets  $806,320,174 
Net Asset Value, offering price and redemption price per share ($806,320,174 ÷ 26,278,431 shares)  $30.68 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $8,048,438 
Non-Cash dividends  1,451,252 
Income from Fidelity Central Funds (including $4,288 from security lending)  7,713 
Income before foreign taxes withheld  9,507,403 
Less foreign taxes withheld  (902,955) 
Total income  8,604,448 
Expenses   
Management fee   
Basic fee $3,419,496  
Performance adjustment 1,048,121  
Transfer agent fees 697,877  
Accounting fees 236,216  
Custodian fees and expenses 38,924  
Independent trustees' fees and expenses 1,887  
Registration fees 23,697  
Audit 43,061  
Legal 948  
Interest 1,155  
Miscellaneous 2,310  
Total expenses before reductions 5,513,692  
Expense reductions (14,878)  
Total expenses after reductions  5,498,814 
Net investment income (loss)  3,105,634 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $1,251,084) 85,123,607  
Foreign currency transactions (456,944)  
Total net realized gain (loss)  84,666,663 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,678,406) (344,974,709)  
Assets and liabilities in foreign currencies (314,071)  
Total change in net unrealized appreciation (depreciation)  (345,288,780) 
Net gain (loss)  (260,622,117) 
Net increase (decrease) in net assets resulting from operations  $(257,516,483) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $3,105,634 $4,191,951 
Net realized gain (loss) 84,666,663 140,649,416 
Change in net unrealized appreciation (depreciation) (345,288,780) 73,462,090 
Net increase (decrease) in net assets resulting from operations (257,516,483) 218,303,457 
Distributions to shareholders (153,392,663) (53,433,366) 
Share transactions   
Proceeds from sales of shares 54,091,283 205,190,967 
Reinvestment of distributions 112,623,785 41,320,240 
Cost of shares redeemed (164,211,635) (281,328,787) 
Net increase (decrease) in net assets resulting from share transactions 2,503,433 (34,817,580) 
Total increase (decrease) in net assets (408,405,713) 130,052,511 
Net Assets   
Beginning of period 1,214,725,887 1,084,673,376 
End of period $806,320,174 $1,214,725,887 
Other Information   
Shares   
Sold 1,451,233 4,574,024 
Issued in reinvestment of distributions 2,912,433 976,607 
Redeemed (4,434,196) (6,211,375) 
Net increase (decrease) (70,530) (660,744) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Pacific Basin Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $46.10 $40.16 $32.65 $29.51 $35.53 $28.82 
Income from Investment Operations       
Net investment income (loss)A,B .11 .15 .16 .26 .22 .25 
Net realized and unrealized gain (loss) (9.69) 7.74 7.61 5.74 (4.69) 7.09 
Total from investment operations (9.58) 7.89 7.77 6.00 (4.47) 7.34 
Distributions from net investment income (1.19) (.10) (.26) (.20) (.23) (.17) 
Distributions from net realized gain (4.66) (1.85) – (2.67) (1.32) (.46) 
Total distributions (5.84)C (1.95) (.26) (2.86)C (1.55) (.63) 
Redemption fees added to paid in capitalA – – – – –D –D 
Net asset value, end of period $30.68 $46.10 $40.16 $32.65 $29.51 $35.53 
Total ReturnE,F (23.40)% 20.08% 23.95% 22.37% (13.24)% 26.22% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions 1.09%I 1.04% 1.11% .97% 1.07% 1.11% 
Expenses net of fee waivers, if any 1.08%I 1.04% 1.11% .97% 1.07% 1.11% 
Expenses net of all reductions 1.08%I 1.04% 1.10% .97% 1.06% 1.10% 
Net investment income (loss) .61%I .32% .47% .88% .62% .84% 
Supplemental Data       
Net assets, end of period (000 omitted) $806,320 $1,214,726 $1,084,673 $891,154 $807,632 $975,259 
Portfolio turnover rateJ 32%I 40% 27% 32% 37% 36% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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, 2022 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 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) 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 $188,429,048 
Gross unrealized depreciation (119,594,642) 
Net unrealized appreciation (depreciation) $68,834,406 
Tax cost $739,911,509 

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 161,832,167 318,464,678 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the MSCI All Country Pacific Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .88% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .14% of average net assets.

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following 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 $2,145 

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity Pacific Basin Fund Borrower $6,290,714 .31% $1,155 

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 7,301,979 4,762,262 1,428,535 

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 $917 

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 $455 $– $– 

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 $14,878.

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 19% 

10. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

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, 2021 to April 30, 2022).

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, 2021 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity Canada Fund     
Class A 1.15%    
Actual  $1,000.00 $1,009.60 $5.73 
Hypothetical-C  $1,000.00 $1,019.09 $5.76 
Class M 1.44%    
Actual  $1,000.00 $1,008.20 $7.17 
Hypothetical-C  $1,000.00 $1,017.65 $7.20 
Class C 1.94%    
Actual  $1,000.00 $1,005.70 $9.65 
Hypothetical-C  $1,000.00 $1,015.17 $9.69 
Canada .83%    
Actual  $1,000.00 $1,011.20 $4.14 
Hypothetical-C  $1,000.00 $1,020.68 $4.16 
Class I .80%    
Actual  $1,000.00 $1,011.40 $3.99 
Hypothetical-C  $1,000.00 $1,020.83 $4.01 
Class Z .70%    
Actual  $1,000.00 $1,011.80 $3.49 
Hypothetical-C  $1,000.00 $1,021.32 $3.51 
Fidelity China Region Fund     
Class A 1.21%    
Actual  $1,000.00 $744.70 $5.23 
Hypothetical-C  $1,000.00 $1,018.79 $6.06 
Class M 1.53%    
Actual  $1,000.00 $743.40 $6.61 
Hypothetical-C  $1,000.00 $1,017.21 $7.65 
Class C 1.96%    
Actual  $1,000.00 $741.90 $8.47 
Hypothetical-C  $1,000.00 $1,015.08 $9.79 
China Region .92%    
Actual  $1,000.00 $745.70 $3.98 
Hypothetical-C  $1,000.00 $1,020.23 $4.61 
Class I .92%    
Actual  $1,000.00 $745.70 $3.98 
Hypothetical-C  $1,000.00 $1,020.23 $4.61 
Class Z .79%    
Actual  $1,000.00 $746.00 $3.42 
Hypothetical-C  $1,000.00 $1,020.88 $3.96 
Fidelity Emerging Asia Fund 1.13%    
Actual  $1,000.00 $645.90 $4.61 
Hypothetical-C  $1,000.00 $1,019.19 $5.66 
Fidelity Emerging Markets Fund     
Class A 1.20%    
Actual  $1,000.00 $772.00 $5.27 
Hypothetical-C  $1,000.00 $1,018.84 $6.01 
Class M 1.51%    
Actual  $1,000.00 $770.80 $6.63 
Hypothetical-C  $1,000.00 $1,017.31 $7.55 
Class C 2.00%    
Actual  $1,000.00 $768.80 $8.77 
Hypothetical-C  $1,000.00 $1,014.88 $9.99 
Emerging Markets .89%    
Actual  $1,000.00 $773.20 $3.91 
Hypothetical-C  $1,000.00 $1,020.38 $4.46 
Class K .77%    
Actual  $1,000.00 $773.70 $3.39 
Hypothetical-C  $1,000.00 $1,020.98 $3.86 
Class I .89%    
Actual  $1,000.00 $773.20 $3.91 
Hypothetical-C  $1,000.00 $1,020.38 $4.46 
Class Z .77%    
Actual  $1,000.00 $773.60 $3.39 
Hypothetical-C  $1,000.00 $1,020.98 $3.86 
Fidelity Europe Fund     
Class A 1.20%    
Actual  $1,000.00 $804.50 $5.37 
Hypothetical-C  $1,000.00 $1,018.84 $6.01 
Class M 1.51%    
Actual  $1,000.00 $803.00 $6.75 
Hypothetical-C  $1,000.00 $1,017.31 $7.55 
Class C 2.01%    
Actual  $1,000.00 $801.20 $8.98 
Hypothetical-C  $1,000.00 $1,014.83 $10.04 
Europe .90%    
Actual  $1,000.00 $805.60 $4.03 
Hypothetical-C  $1,000.00 $1,020.33 $4.51 
Class I .88%    
Actual  $1,000.00 $805.50 $3.94 
Hypothetical-C  $1,000.00 $1,020.43 $4.41 
Class Z .78%    
Actual  $1,000.00 $806.00 $3.49 
Hypothetical-C  $1,000.00 $1,020.93 $3.91 
Fidelity Japan Fund     
Class A 1.41%    
Actual  $1,000.00 $780.80 $6.23 
Hypothetical-C  $1,000.00 $1,017.80 $7.05 
Class M 1.72%    
Actual  $1,000.00 $779.30 $7.59 
Hypothetical-C  $1,000.00 $1,016.27 $8.60 
Class C 2.12%    
Actual  $1,000.00 $778.10 $9.35 
Hypothetical-C  $1,000.00 $1,014.28 $10.59 
Japan 1.14%    
Actual  $1,000.00 $781.70 $5.04 
Hypothetical-C  $1,000.00 $1,019.14 $5.71 
Class I 1.11%    
Actual  $1,000.00 $782.20 $4.90 
Hypothetical-C  $1,000.00 $1,019.29 $5.56 
Class Z .99%    
Actual  $1,000.00 $782.30 $4.37 
Hypothetical-C  $1,000.00 $1,019.89 $4.96 
Fidelity Japan Smaller Companies Fund .90%    
Actual  $1,000.00 $828.10 $4.08 
Hypothetical-C  $1,000.00 $1,020.33 $4.51 
Fidelity Latin America Fund     
Class A 1.32%    
Actual  $1,000.00 $1,101.60 $6.88 
Hypothetical-C  $1,000.00 $1,018.25 $6.61 
Class M 1.58%    
Actual  $1,000.00 $1,100.20 $8.23 
Hypothetical-C  $1,000.00 $1,016.96 $7.90 
Class C 2.06%    
Actual  $1,000.00 $1,097.90 $10.72 
Hypothetical-C  $1,000.00 $1,014.58 $10.29 
Latin America 1.05%    
Actual  $1,000.00 $1,103.10 $5.48 
Hypothetical-C  $1,000.00 $1,019.59 $5.26 
Class I 1.03%    
Actual  $1,000.00 $1,103.30 $5.37 
Hypothetical-C  $1,000.00 $1,019.69 $5.16 
Class Z .84%    
Actual  $1,000.00 $1,104.40 $4.38 
Hypothetical-C  $1,000.00 $1,020.63 $4.21 
Fidelity Nordic Fund .91%    
Actual  $1,000.00 $789.30 $4.04 
Hypothetical-C  $1,000.00 $1,020.28 $4.56 
Fidelity Pacific Basin Fund 1.08%    
Actual  $1,000.00 $766.00 $4.73 
Hypothetical-C  $1,000.00 $1,019.44 $5.41 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Liquidity Risk Management Program

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 pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is 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) in the case of exchange-traded funds, certain additional factors 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 liquidity categories described below 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 implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

TIF-SANN-0622
1.703611.124

Fidelity® Total International Equity Fund



Semi-Annual Report

April 30, 2022

Includes Fidelity and Fidelity Advisor share classes

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

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. © 2022 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   Japan 11.7% 
   United States of America* 9.1% 
   Canada 7.7% 
   France 7.0% 
   United Kingdom 6.2% 
   Germany 5.8% 
   Cayman Islands 5.4% 
   Switzerland 5.0% 
   Korea (South) 4.7% 
   Other 37.4% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks 96.4 
Short-Term Investments and Net Other Assets (Liabilities) 3.6 

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 2.6 
Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) 2.6 
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) 2.4 
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) 1.6 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 1.6 
Nestle SA (Reg. S) (Switzerland, Food Products) 1.6 
Canadian Pacific Railway Ltd. (Canada, Road & Rail) 1.5 
Linde PLC (Germany, Chemicals) 1.3 
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) 1.3 
JD.com, Inc. sponsored ADR (Cayman Islands, Internet & Direct Marketing Retail) 1.3 
 17.8 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Financials 19.7 
Industrials 15.8 
Information Technology 15.8 
Materials 10.7 
Consumer Discretionary 10.3 
Health Care 7.2 
Energy 5.7 
Communication Services 4.8 
Consumer Staples 4.4 
Real Estate 1.3 
Utilities 0.7 

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.8%   
 Shares Value 
Australia - 2.2%   
Aub Group Ltd. 1,500 $24,286 
BHP Group Ltd. 47,309 1,580,851 
Evolution Mining Ltd. 29,401 83,193 
Imdex Ltd. 10,794 18,936 
Macquarie Group Ltd. 3,932 566,063 
National Australia Bank Ltd. 33,891 773,687 
Steadfast Group Ltd. 9,000 32,583 
TOTAL AUSTRALIA  3,079,599 
Austria - 0.2%   
Erste Group Bank AG 7,417 230,934 
Bailiwick of Jersey - 1.2%   
Experian PLC 18,128 626,039 
Ferguson PLC 1,598 200,468 
Glencore Xstrata PLC 128,558 792,132 
Integrated Diagnostics Holdings PLC (a) 30,786 33,815 
TOTAL BAILIWICK OF JERSEY  1,652,454 
Belgium - 1.1%   
Anheuser-Busch InBev SA NV 6,945 399,612 
Azelis Group NV 6,579 162,030 
KBC Ancora 1,461 59,110 
KBC Group NV 6,686 454,861 
UCB SA 3,821 434,343 
TOTAL BELGIUM  1,509,956 
Bermuda - 0.7%   
Credicorp Ltd. (United States) 4,218 585,838 
Shangri-La Asia Ltd. (b) 473,855 358,775 
TOTAL BERMUDA  944,613 
Canada - 7.7%   
Barrick Gold Corp. 48,883 1,090,580 
CAE, Inc. (b) 30,057 714,779 
Canadian Natural Resources Ltd. 4,535 280,682 
Canadian Pacific Railway Ltd. 28,207 2,063,295 
Constellation Software, Inc. 591 930,156 
Franco-Nevada Corp. 6,823 1,031,855 
McCoy Global, Inc. (b) 7,000 5,340 
Nutrien Ltd. 14,167 1,392,163 
Osisko Gold Royalties Ltd. 1,835 22,583 
Richelieu Hardware Ltd. 12,741 361,705 
Summit Industrial Income REIT 33,183 525,390 
Suncor Energy, Inc. 21,867 786,065 
The Toronto-Dominion Bank 21,532 1,555,252 
TOTAL CANADA  10,759,845 
Cayman Islands - 5.4%   
Alibaba Group Holding Ltd. sponsored ADR (b) 8,658 840,605 
Chlitina Holding Ltd. 5,200 32,619 
JD.com, Inc.:   
Class A 656 20,453 
sponsored ADR 28,904 1,782,221 
Li Ning Co. Ltd. 55,616 433,481 
Meituan Class B (a)(b) 42,082 901,666 
Tencent Holdings Ltd. 77,371 3,646,099 
TOTAL CAYMAN ISLANDS  7,657,144 
China - 4.3%   
China Life Insurance Co. Ltd. (H Shares) 631,869 918,215 
China Merchants Bank Co. Ltd. (H Shares) 127,487 768,396 
Guangzhou Automobile Group Co. Ltd. (H Shares) 744,102 630,921 
Haier Smart Home Co. Ltd. (A Shares) 366,100 1,419,748 
Industrial & Commercial Bank of China Ltd. (H Shares) 2,018,615 1,216,835 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) 13,200 622,092 
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) 184,500 462,843 
TOTAL CHINA  6,039,050 
Denmark - 0.5%   
Netcompany Group A/S (a)(b) 664 36,927 
ORSTED A/S (a) 1,388 153,555 
SimCorp A/S 643 45,014 
Spar Nord Bank A/S 3,351 42,546 
Vestas Wind Systems A/S 16,432 419,033 
TOTAL DENMARK  697,075 
Finland - 0.5%   
Kone OYJ (B Shares) 4,124 198,272 
Musti Group OYJ 1,762 41,457 
Sampo Oyj (A Shares) 10,615 515,437 
TOTAL FINLAND  755,166 
France - 7.0%   
Air Liquide SA 4,115 711,930 
ALTEN 635 85,222 
AXA SA 26,892 711,429 
BNP Paribas SA 14,277 740,282 
Capgemini SA 1,292 263,024 
Edenred SA 7,119 357,532 
Laurent-Perrier Group SA 406 38,440 
Lectra 5,280 218,896 
Legrand SA 7,003 620,565 
LISI 2,090 47,252 
LVMH Moet Hennessy Louis Vuitton SE 2,801 1,812,626 
Safran SA 5,422 582,314 
Sanofi SA 12,248 1,294,552 
Teleperformance 781 280,310 
TotalEnergies SE 27,922 1,371,053 
Vetoquinol SA 545 70,968 
VINCI SA 4,454 432,189 
Vivendi SA (c) 21,665 248,835 
TOTAL FRANCE  9,887,419 
Germany - 5.5%   
Bayer AG 7,578 499,171 
CompuGroup Medical AG 521 27,849 
CTS Eventim AG (b) 3,020 207,281 
Deutsche Borse AG 3,164 550,835 
Deutsche Post AG 9,634 411,588 
Hannover Reuck SE 2,565 398,680 
HeidelbergCement AG 2,906 167,407 
Linde PLC 5,844 1,832,898 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 957 227,901 
Nexus AG 1,420 69,249 
Rheinmetall AG 2,479 558,826 
RWE AG 10,555 438,237 
SAP SE 4,633 469,536 
Scout24 AG (a) 774 48,954 
Siemens AG 7,336 901,998 
Vonovia SE 21,679 863,713 
TOTAL GERMANY  7,674,123 
Greece - 0.5%   
National Bank of Greece SA (b) 190,178 754,337 
Hong Kong - 1.8%   
AIA Group Ltd. 129,428 1,271,470 
China Resources Beer Holdings Co. Ltd. 144,618 849,463 
Hong Kong Exchanges and Clearing Ltd. 11,400 483,576 
TOTAL HONG KONG  2,604,509 
Hungary - 0.6%   
Richter Gedeon PLC 40,703 811,820 
India - 3.5%   
Axis Bank Ltd. (b) 45,324 426,732 
Embassy Office Parks (REIT) 11,900 59,664 
Housing Development Finance Corp. Ltd. 27,454 791,144 
Indian Energy Exchange Ltd. (a) 14,019 38,819 
Infosys Ltd. sponsored ADR 28,815 572,554 
Kotak Mahindra Bank Ltd. (b) 7,771 179,993 
Larsen & Toubro Ltd. 27,276 598,735 
Reliance Industries Ltd. 1,800 65,140 
Reliance Industries Ltd. sponsored GDR (a) 8,391 600,040 
Shree Cement Ltd. 1,552 521,561 
Solar Industries India Ltd. 16,620 594,460 
Voltas Ltd. 25,787 422,117 
TOTAL INDIA  4,870,959 
Indonesia - 0.9%   
PT Bank Mandiri (Persero) Tbk 830,717 510,089 
PT Bank Rakyat Indonesia (Persero) Tbk 588,408 196,050 
PT United Tractors Tbk 300,107 626,233 
TOTAL INDONESIA  1,332,372 
Ireland - 1.0%   
Cairn Homes PLC 23,012 27,730 
CRH PLC 11,910 470,741 
CRH PLC sponsored ADR 16,363 647,648 
Irish Residential Properties REIT PLC 17,809 27,359 
Ryanair Holdings PLC sponsored ADR (b) 3,182 277,852 
TOTAL IRELAND  1,451,330 
Israel - 0.1%   
Ituran Location & Control Ltd. 2,926 65,659 
Maytronics Ltd. 2,128 38,048 
Strauss Group Ltd. 1,589 42,592 
Tel Aviv Stock Exchange Ltd. 8,200 38,925 
TOTAL ISRAEL  185,224 
Italy - 1.3%   
Assicurazioni Generali SpA 16,383 310,181 
Enel SpA 67,046 435,993 
Interpump Group SpA 7,048 284,949 
Mediobanca SpA 37,486 375,717 
Prada SpA 60,200 374,573 
TOTAL ITALY  1,781,413 
Japan - 11.7%   
Ai Holdings Corp. 1,400 18,380 
Aoki Super Co. Ltd. 1,000 22,008 
Artnature, Inc. 2,900 16,538 
Aucnet, Inc. 2,000 23,528 
Azbil Corp. 23,200 704,400 
Broadleaf Co. Ltd. 15,300 43,231 
Central Automotive Products Ltd. 1,000 16,096 
Curves Holdings Co. Ltd. 12,300 72,097 
Daiichikosho Co. Ltd. 2,500 68,188 
Daikokutenbussan Co. Ltd. 500 18,402 
DENSO Corp. 6,379 388,770 
Digital Hearts Holdings Co. Ltd. 3,200 41,708 
FANUC Corp. 3,300 505,653 
Fujitec Co. Ltd. 1,200 25,862 
Fujitsu Ltd. 2,031 306,984 
Funai Soken Holdings, Inc. 2,150 36,056 
Goldcrest Co. Ltd. 4,060 52,805 
Hitachi Ltd. 10,843 514,245 
Hoya Corp. 11,415 1,132,849 
Ibiden Co. Ltd. 3,414 127,588 
Idemitsu Kosan Co. Ltd. 7,716 203,356 
Itochu Corp. 16,063 484,797 
JEOL Ltd. 2,300 103,290 
Keyence Corp. 2,884 1,159,380 
Kobayashi Pharmaceutical Co. Ltd. 1,000 68,195 
Koshidaka Holdings Co. Ltd. 9,700 57,888 
Kusuri No Aoki Holdings Co. Ltd. 700 31,013 
Lasertec Corp. 4,150 554,446 
Medikit Co. Ltd. 1,700 30,229 
Minebea Mitsumi, Inc. 15,302 293,587 
Miroku Jyoho Service Co., Ltd. 2,100 21,324 
Misumi Group, Inc. 23,300 584,232 
Mitsubishi Estate Co. Ltd. 9,821 143,058 
Mitsubishi UFJ Financial Group, Inc. 112,889 656,266 
Mitsuboshi Belting Ltd. 1,700 26,040 
Mitsui Fudosan Co. Ltd. 7,046 149,331 
Nabtesco Corp. 2,000 45,615 
Nagaileben Co. Ltd. 4,100 61,047 
Nihon Parkerizing Co. Ltd. 11,900 84,170 
NS Tool Co. Ltd. 3,600 39,954 
NSD Co. Ltd. 2,800 49,704 
OBIC Co. Ltd. 2,659 392,839 
ORIX Corp. 25,108 457,944 
OSG Corp. 12,280 154,267 
Paramount Bed Holdings Co. Ltd. 1,800 29,979 
Pole To Win Holdings, Inc. 1,800 13,736 
ProNexus, Inc. 2,800 22,820 
Recruit Holdings Co. Ltd. 31,986 1,160,504 
Renesas Electronics Corp. (b) 20,990 224,131 
San-Ai Obbli Co. Ltd. 4,600 33,769 
Shin-Etsu Chemical Co. Ltd. 3,727 512,218 
Shiseido Co. Ltd. 3,069 145,076 
SHO-BOND Holdings Co. Ltd. 8,080 339,603 
Shoei Co. Ltd. 3,500 129,848 
SK Kaken Co. Ltd. 220 59,002 
SoftBank Group Corp. 6,988 287,418 
Software Service, Inc. 500 22,384 
Sony Group Corp. 4,207 363,069 
Sumitomo Mitsui Financial Group, Inc. 14,018 423,539 
Suzuki Motor Corp. 8,247 248,607 
Techno Medica Co. Ltd. 500 5,987 
The Monogatari Corp. 620 25,854 
TIS, Inc. 1,800 40,427 
Tocalo Co. Ltd. 2,800 27,957 
Tokio Marine Holdings, Inc. 9,242 499,703 
Tokyo Electron Ltd. 291 122,786 
Toyota Motor Corp. 75,115 1,286,999 
USS Co. Ltd. 19,700 327,967 
Welcia Holdings Co. Ltd. 1,400 28,699 
YAKUODO Holdings Co. Ltd. 1,400 19,416 
TOTAL JAPAN  16,388,858 
Kenya - 0.2%   
Safaricom Ltd. 807,839 235,097 
Korea (South) - 4.7%   
BGF Retail Co. Ltd. 271 38,558 
Hyundai Motor Co. 3,710 535,413 
Korea Aerospace Industries Ltd. 14,748 505,802 
Korea Zinc Co. Ltd. 921 418,236 
LG Innotek Co. Ltd. 2,387 644,240 
POSCO 2,764 627,739 
Samsung Electronics Co. Ltd. 63,454 3,363,707 
Shinhan Financial Group Co. Ltd. 14,129 466,934 
TOTAL KOREA (SOUTH)  6,600,629 
Luxembourg - 0.3%   
ArcelorMittal SA (Netherlands) 12,775 372,490 
Stabilus Se 542 25,529 
TOTAL LUXEMBOURG  398,019 
Mexico - 1.1%   
Fomento Economico Mexicano S.A.B. de CV unit 85,968 646,408 
Grupo Financiero Banorte S.A.B. de CV Series O 62,737 414,148 
Wal-Mart de Mexico SA de CV Series V 125,918 445,262 
TOTAL MEXICO  1,505,818 
Netherlands - 3.5%   
Aalberts Industries NV 6,979 339,126 
AerCap Holdings NV (b) 2,939 137,281 
Airbus Group NV 9,643 1,055,638 
ASML Holding NV (Netherlands) 4,075 2,312,719 
IMCD NV 2,279 362,868 
NN Group NV 9,153 448,329 
Universal Music Group NV 12,214 283,443 
Yandex NV Series A (b)(d) 15,421 52,892 
TOTAL NETHERLANDS  4,992,296 
New Zealand - 0.1%   
Auckland International Airport Ltd. (b) 26,494 133,080 
Norway - 0.3%   
Adevinta ASA Class B (b) 13,339 103,049 
Kongsberg Gruppen ASA 2,576 110,646 
Medistim ASA 1,067 28,691 
Schibsted ASA (B Shares) 7,553 145,187 
Volue A/S (b) 5,000 21,324 
TOTAL NORWAY  408,897 
Russia - 0.0%   
LUKOIL PJSC sponsored ADR (d) 15,040 4,255 
Sberbank of Russia sponsored ADR (d) 62,556 1,114 
TOTAL RUSSIA  5,369 
Singapore - 0.5%   
United Overseas Bank Ltd. 30,454 651,906 
South Africa - 0.5%   
Clicks Group Ltd. 8,313 162,303 
Impala Platinum Holdings Ltd. 36,925 477,640 
Thungela Resources Ltd. 2,059 34,920 
TOTAL SOUTH AFRICA  674,863 
Spain - 1.5%   
Amadeus IT Holding SA Class A (b) 15,323 960,184 
Banco Santander SA (Spain) 187,104 546,783 
Cellnex Telecom SA (a) 10,443 486,751 
Fluidra SA 2,496 67,552 
Unicaja Banco SA (a) 80,602 75,926 
TOTAL SPAIN  2,137,196 
Sweden - 2.7%   
Addlife AB 4,584 101,284 
AddTech AB (B Shares) 16,260 286,833 
ASSA ABLOY AB (B Shares) 38,334 968,782 
Atlas Copco AB (A Shares) 20,437 926,550 
Epiroc AB (A Shares) 23,785 482,195 
Hemnet Group AB 3,334 41,591 
Investor AB (B Shares) 23,271 447,802 
INVISIO AB 2,197 38,940 
John Mattson Fastighetsforetag (b) 2,449 38,154 
Lagercrantz Group AB (B Shares) 24,643 250,861 
Sandvik AB 11,978 226,723 
TOTAL SWEDEN  3,809,715 
Switzerland - 5.0%   
Nestle SA (Reg. S) 17,334 2,237,717 
Novartis AG 5,117 452,186 
Roche Holding AG (participation certificate) 6,152 2,281,248 
Schindler Holding AG:   
(participation certificate) 810 155,622 
(Reg.) 107 20,541 
Swiss Life Holding AG 514 300,544 
Tecan Group AG 224 67,316 
UBS Group AG 40,379 679,982 
Zurich Insurance Group Ltd. 1,763 802,641 
TOTAL SWITZERLAND  6,997,797 
Taiwan - 4.0%   
Addcn Technology Co. Ltd. 5,206 37,193 
ECLAT Textile Co. Ltd. 26,000 426,861 
HIWIN Technologies Corp. 80,510 596,526 
Taiwan Semiconductor Manufacturing Co. Ltd. 205,035 3,709,651 
Unimicron Technology Corp. 75,000 526,354 
Yageo Corp. 29,000 391,648 
TOTAL TAIWAN  5,688,233 
Thailand - 0.7%   
Kasikornbank PCL (For. Reg.) 99,200 439,515 
PTT PCL (For. Reg.) 546,700 594,689 
TOTAL THAILAND  1,034,204 
Turkey - 0.3%   
Turkiye Petrol Rafinerileri A/S (b) 26,000 410,095 
United Kingdom - 6.2%   
Alliance Pharma PLC 55,450 79,648 
Anglo American PLC (United Kingdom) 16,643 737,135 
AstraZeneca PLC (United Kingdom) 5,162 688,824 
Avon Protection PLC 3,795 50,223 
BAE Systems PLC 47,222 436,173 
Barratt Developments PLC 18,519 113,300 
Beazley PLC 22,468 121,026 
Bodycote PLC 9,246 71,711 
BP PLC 188,011 907,679 
Clarkson PLC 2,260 104,056 
Compass Group PLC 33,883 714,994 
Dechra Pharmaceuticals PLC 8,605 389,939 
DP Poland PLC (b) 95,157 8,953 
Helios Towers PLC (b) 13,796 19,272 
Howden Joinery Group PLC 8,353 79,082 
Imperial Brands PLC 10,434 217,189 
InterContinental Hotel Group PLC ADR 5,039 326,578 
Lloyds Banking Group PLC 773,462 439,298 
Rightmove PLC 53,306 409,768 
Shell PLC ADR 27,257 1,456,342 
Spectris PLC 15,810 578,233 
Spirax-Sarco Engineering PLC 1,674 252,599 
Standard Chartered PLC (United Kingdom) 67,319 460,214 
Ultra Electronics Holdings PLC 577 23,500 
TOTAL UNITED KINGDOM  8,685,736 
United States of America - 5.5%   
Alphabet, Inc. Class A (b) 176 401,665 
Autoliv, Inc. 3,726 274,532 
Lam Research Corp. 1,536 715,407 
Marsh & McLennan Companies, Inc. 6,967 1,126,564 
MasterCard, Inc. Class A 1,725 626,831 
Moody's Corp. 2,057 650,999 
Morningstar, Inc. 514 130,160 
MSCI, Inc. 1,443 607,864 
NICE Ltd. sponsored ADR (b) 2,558 527,997 
Otis Worldwide Corp. 2,809 204,608 
PriceSmart, Inc. 2,868 227,863 
ResMed, Inc. 3,833 766,485 
S&P Global, Inc. 1,670 628,755 
Sherwin-Williams Co. 1,849 508,401 
Visa, Inc. Class A 1,834 390,880 
TOTAL UNITED STATES OF AMERICA  7,789,011 
TOTAL COMMON STOCKS   
(Cost $122,500,148)  133,226,161 
Preferred Stocks - 1.6%   
Convertible Preferred Stocks - 0.1%   
China - 0.1%   
ByteDance Ltd. Series E1 (b)(d)(e) 577 73,896 
Nonconvertible Preferred Stocks - 1.5%   
Brazil - 1.2%   
Ambev SA sponsored ADR 163,058 474,499 
Itau Unibanco Holding SA 88,694 428,226 
Petroleo Brasileiro SA - Petrobras sponsored ADR 54,457 738,981 
  1,641,706 
Germany - 0.3%   
Porsche Automobil Holding SE (Germany) 5,435 448,278 
Sartorius AG (non-vtg.) 148 55,490 
  503,768 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  2,145,474 
TOTAL PREFERRED STOCKS   
(Cost $1,813,261)  2,219,370 
Money Market Funds - 3.0%   
Fidelity Cash Central Fund 0.32% (f) 4,057,473 4,058,285 
Fidelity Securities Lending Cash Central Fund 0.32% (f)(g) 120,038 120,050 
TOTAL MONEY MARKET FUNDS   
(Cost $4,178,331)  4,178,335 
TOTAL INVESTMENT IN SECURITIES - 99.4%   
(Cost $128,491,740)  139,623,866 
NET OTHER ASSETS (LIABILITIES) - 0.6%  823,617 
NET ASSETS - 100%  $140,447,483 

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 $2,376,453 or 1.7% 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) 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 $73,896 or 0.1% of net assets.

 (f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (g) Investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
ByteDance Ltd. Series E1 11/18/20 $63,224 

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund 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 0.32% $2,208,399 $75,072,554 $73,222,668 $2,396 $-- $-- $4,058,285 0.0% 
Fidelity Securities Lending Cash Central Fund 0.32% 134,750 406,160 420,860 1,257 -- -- 120,050 0.0% 
Total $2,343,149 $75,478,714 $73,643,528 $3,653 $-- $-- $4,178,335  

Amounts in the 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. Amount 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $6,722,683 $636,762 $6,033,029 $52,892 
Consumer Discretionary 14,471,936 3,261,984 11,209,952 -- 
Consumer Staples 6,161,872 1,836,624 4,325,248 -- 
Energy 8,118,639 3,677,505 4,436,879 4,255 
Financials 27,656,385 6,846,713 20,808,558 1,114 
Health Care 10,160,735 1,578,305 8,582,430 -- 
Industrials 22,550,537 3,759,520 18,791,017 -- 
Information Technology 21,959,516 3,829,484 18,056,136 73,896 
Materials 14,755,969 4,693,230 10,062,739 -- 
Real Estate 1,859,474 525,390 1,334,084 -- 
Utilities 1,027,785 -- 1,027,785 -- 
Money Market Funds 4,178,335 4,178,335 -- -- 
Total Investments in Securities: $139,623,866 $34,823,852 $104,667,857 $132,157 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $113,310) — See accompanying schedule:
Unaffiliated issuers (cost $124,313,409) 		$135,445,531  
Fidelity Central Funds (cost $4,178,331) 4,178,335  
Total Investment in Securities (cost $128,491,740)  $139,623,866 
Cash  88,227 
Foreign currency held at value (cost $477,640)  477,558 
Receivable for investments sold  233,084 
Receivable for fund shares sold  734,768 
Dividends receivable  413,333 
Reclaims receivable  218,892 
Distributions receivable from Fidelity Central Funds  2,165 
Prepaid expenses  37 
Receivable from investment adviser for expense reductions  23,294 
Other receivables  22,224 
Total assets  141,837,448 
Liabilities   
Payable for investments purchased $552,761  
Payable for fund shares redeemed 465,903  
Accrued management fee 97,735  
Distribution and service plan fees payable 8,333  
Other affiliated payables 25,139  
Other payables and accrued expenses 120,044  
Collateral on securities loaned 120,050  
Total liabilities  1,389,965 
Net Assets  $140,447,483 
Net Assets consist of:   
Paid in capital  $130,341,431 
Total accumulated earnings (loss)  10,106,052 
Net Assets  $140,447,483 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($8,744,964 ÷ 891,640 shares)(a)  $9.81 
Maximum offering price per share (100/94.25 of $9.81)  $10.41 
Class M:   
Net Asset Value and redemption price per share ($11,036,037 ÷ 1,117,871 shares)(a)  $9.87 
Maximum offering price per share (100/96.50 of $9.87)  $10.23 
Class C:   
Net Asset Value and offering price per share ($2,044,560 ÷ 208,385 shares)(a)  $9.81 
Total International Equity:   
Net Asset Value, offering price and redemption price per share ($92,648,089 ÷ 9,419,319 shares)  $9.84 
Class I:   
Net Asset Value, offering price and redemption price per share ($16,601,939 ÷ 1,694,851 shares)  $9.80 
Class Z:   
Net Asset Value, offering price and redemption price per share ($9,371,894 ÷ 952,592 shares)  $9.84 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $1,508,093 
Non-Cash dividends  96,993 
Income from Fidelity Central Funds (including $1,257 from security lending)  3,653 
Income before foreign taxes withheld  1,608,739 
Less foreign taxes withheld  (135,296) 
Total income  1,473,443 
Expenses   
Management fee   
Basic fee $445,724  
Performance adjustment 101,854  
Transfer agent fees 105,570  
Distribution and service plan fees 52,264  
Accounting fees 34,237  
Custodian fees and expenses 51,017  
Independent trustees' fees and expenses 212  
Registration fees 44,912  
Audit 42,084  
Legal 2,579  
Miscellaneous 302  
Total expenses before reductions 880,755  
Expense reductions (143,447)  
Total expenses after reductions  737,308 
Net investment income (loss)  736,135 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $42,643) (142,050)  
Foreign currency transactions (10,901)  
Total net realized gain (loss)  (152,951) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $113,451) (22,581,917)  
Fidelity Central Funds 1  
Assets and liabilities in foreign currencies (26,845)  
Total change in net unrealized appreciation (depreciation)  (22,608,761) 
Net gain (loss)  (22,761,712) 
Net increase (decrease) in net assets resulting from operations  $(22,025,577) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $736,135 $1,161,219 
Net realized gain (loss) (152,951) 8,462,796 
Change in net unrealized appreciation (depreciation) (22,608,761) 18,832,855 
Net increase (decrease) in net assets resulting from operations (22,025,577) 28,456,870 
Distributions to shareholders (9,629,532) (2,396,557) 
Share transactions - net increase (decrease) 54,473,273 6,173,375 
Total increase (decrease) in net assets 22,818,164 32,233,688 
Net Assets   
Beginning of period 117,629,319 85,395,631 
End of period $140,447,483 $117,629,319 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Total International Equity Fund Class A

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $12.48 $9.60 $9.34 $8.20 $9.39 $7.67 
Income from Investment Operations       
Net investment income (loss)A,B .05 .11C .05 .14 .08 .09 
Net realized and unrealized gain (loss) (1.75) 3.03 .35 1.05 (.89) 1.71 
Total from investment operations (1.70) 3.14 .40 1.19 (.81) 1.80 
Distributions from net investment income (.19) (.06) (.14) (.05) (.15) (.08) 
Distributions from net realized gain (.77) (.20) – – (.23) – 
Total distributions (.97)D (.26) (.14) (.05) (.38) (.08) 
Redemption fees added to paid in capitalA – – – – –E –E 
Net asset value, end of period $9.81 $12.48 $9.60 $9.34 $8.20 $9.39 
Total ReturnF,G,H (14.55)% 33.04% 4.31% 14.63% (9.04)% 23.78% 
Ratios to Average Net AssetsB,I,J       
Expenses before reductions 1.59%K 1.60% 1.66% 1.51% 1.60% 1.67% 
Expenses net of fee waivers, if any 1.30%K 1.34% 1.39% 1.45% 1.45% 1.45% 
Expenses net of all reductions 1.30%K 1.34% 1.37% 1.44% 1.44% 1.43% 
Net investment income (loss) .94%K .91%C .58% 1.55% .90% 1.02% 
Supplemental Data       
Net assets, end of period (000 omitted) $8,745 $8,642 $6,091 $7,249 $7,526 $9,292 
Portfolio turnover rateL 26%K 39% 37% 69% 52% 66%M 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net 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%.

 D Total distributions per share do not sum due to rounding.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Total returns do not include the effect of the sales charges.

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 M Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Total International Equity Fund Class M

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $12.53 $9.65 $9.38 $8.22 $9.42 $7.70 
Income from Investment Operations       
Net investment income (loss)A,B .04 .08C .03 .11 .06 .06 
Net realized and unrealized gain (loss) (1.77) 3.04 .36 1.07 (.90) 1.73 
Total from investment operations (1.73) 3.12 .39 1.18 (.84) 1.79 
Distributions from net investment income (.15) (.04) (.12) (.02) (.13) (.07) 
Distributions from net realized gain (.77) (.20) – – (.23) – 
Total distributions (.93)D (.24) (.12) (.02) (.36) (.07) 
Redemption fees added to paid in capitalA – – – – –E –E 
Net asset value, end of period $9.87 $12.53 $9.65 $9.38 $8.22 $9.42 
Total ReturnF,G,H (14.71)% 32.63% 4.13% 14.38% (9.30)% 23.41% 
Ratios to Average Net AssetsB,I,J       
Expenses before reductions 1.82%K 1.83% 1.90% 1.76% 1.85% 1.90% 
Expenses net of fee waivers, if any 1.55%K 1.59% 1.64% 1.70% 1.70% 1.70% 
Expenses net of all reductions 1.55%K 1.59% 1.62% 1.69% 1.69% 1.68% 
Net investment income (loss) .68%K .65%C .33% 1.30% .65% .77% 
Supplemental Data       
Net assets, end of period (000 omitted) $11,036 $12,936 $10,620 $11,733 $11,882 $15,894 
Portfolio turnover rateL 26%K 39% 37% 69% 52% 66%M 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net 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%.

 D Total distributions per share do not sum due to rounding.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Total returns do not include the effect of the sales charges.

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 M Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Total International Equity Fund Class C

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $12.41 $9.57 $9.30 $8.17 $9.37 $7.66 
Income from Investment Operations       
Net investment income (loss)A,B .01 .02C (.02) .07 .01 .02 
Net realized and unrealized gain (loss) (1.76) 3.02 .36 1.06 (.89) 1.71 
Total from investment operations (1.75) 3.04 .34 1.13 (.88) 1.73 
Distributions from net investment income (.07) – (.07) – (.10) (.02) 
Distributions from net realized gain (.77) (.20) – – (.23) – 
Total distributions (.85)D (.20) (.07) – (.32)D (.02) 
Redemption fees added to paid in capitalA – – – – –E –E 
Net asset value, end of period $9.81 $12.41 $9.57 $9.30 $8.17 $9.37 
Total ReturnF,G,H (14.94)% 32.00% 3.62% 13.83% (9.72)% 22.70% 
Ratios to Average Net AssetsB,I,J       
Expenses before reductions 2.37%K 2.40% 2.46% 2.33% 2.43% 2.48% 
Expenses net of fee waivers, if any 2.05%K 2.10% 2.14% 2.20% 2.20% 2.20% 
Expenses net of all reductions 2.05%K 2.10% 2.12% 2.19% 2.19% 2.18% 
Net investment income (loss) .19%K .15%C (.17)% .80% .14% .27% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,045 $1,982 $1,827 $2,203 $2,705 $3,211 
Portfolio turnover rateL 26%K 39% 37% 69% 52% 66%M 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net 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) %.

 D Total distributions per share do not sum due to rounding.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Total returns do not include the effect of the contingent deferred sales charge.

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 M Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Total International Equity Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $12.54 $9.64 $9.37 $8.23 $9.40 $7.70 
Income from Investment Operations       
Net investment income (loss)A,B .07 .14C .08 .16 .11 .11 
Net realized and unrealized gain (loss) (1.77) 3.04 .35 1.06 (.90) 1.70 
Total from investment operations (1.70) 3.18 .43 1.22 (.79) 1.81 
Distributions from net investment income (.23) (.08) (.16) (.08) (.15) (.11) 
Distributions from net realized gain (.77) (.20) – – (.23) – 
Total distributions (1.00) (.28) (.16) (.08) (.38) (.11) 
Redemption fees added to paid in capitalA – – – – –D –D 
Net asset value, end of period $9.84 $12.54 $9.64 $9.37 $8.23 $9.40 
Total ReturnE,F (14.48)% 33.37% 4.65% 14.97% (8.84)% 23.86% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions 1.25%I 1.27% 1.34% 1.20% 1.29% 1.15% 
Expenses net of fee waivers, if any 1.05%I 1.09% 1.14% 1.20% 1.20% 1.14% 
Expenses net of all reductions 1.05%I 1.09% 1.12% 1.19% 1.19% 1.13% 
Net investment income (loss) 1.19%I 1.16%C .83% 1.81% 1.15% 1.33% 
Supplemental Data       
Net assets, end of period (000 omitted) $92,648 $82,604 $61,362 $70,251 $71,170 $82,077 
Portfolio turnover rateJ 26%I 39% 37% 69% 52% 66%K 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net 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%.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 K Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Total International Equity Fund Class I

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $12.49 $9.60 $9.35 $8.19 $9.38 $7.66 
Income from Investment Operations       
Net investment income (loss)A,B .06 .14C .08 .16 .10 .11 
Net realized and unrealized gain (loss) (1.75) 3.03 .34 1.07 (.89) 1.71 
Total from investment operations (1.69) 3.17 .42 1.23 (.79) 1.82 
Distributions from net investment income (.23) (.08) (.17) (.07) (.17) (.10) 
Distributions from net realized gain (.77) (.20) – – (.23) – 
Total distributions (1.00) (.28) (.17) (.07) (.40) (.10) 
Redemption fees added to paid in capitalA – – – – –D –D 
Net asset value, end of period $9.80 $12.49 $9.60 $9.35 $8.19 $9.38 
Total ReturnE,F (14.46)% 33.40% 4.50% 15.11% (8.86)% 24.08% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions 1.25%I 1.26% 1.33% 1.18% 1.29% 1.42% 
Expenses net of fee waivers, if any 1.05%I 1.06% 1.14% 1.18% 1.20% 1.20% 
Expenses net of all reductions 1.05%I 1.06% 1.13% 1.17% 1.19% 1.18% 
Net investment income (loss) 1.19%I 1.18%C .82% 1.82% 1.15% 1.28% 
Supplemental Data       
Net assets, end of period (000 omitted) $16,602 $5,714 $2,073 $3,086 $9,405 $6,776 
Portfolio turnover rateJ 26%I 39% 37% 69% 52% 66%K 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net 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%.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 K Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity Total International Equity Fund Class Z

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 A 
Selected Per–Share Data       
Net asset value, beginning of period $12.53 $9.62 $9.36 $8.22 $9.39 $7.73 
Income from Investment Operations       
Net investment income (loss)B,C .07 .16D .09 .18 .12 .08 
Net realized and unrealized gain (loss) (1.76) 3.03 .35 1.05 (.89) 1.58 
Total from investment operations (1.69) 3.19 .44 1.23 (.77) 1.66 
Distributions from net investment income (.23) (.08) (.18) (.09) (.17) – 
Distributions from net realized gain (.77) (.20) – – (.23) – 
Total distributions (1.00) (.28) (.18) (.09) (.40) – 
Redemption fees added to paid in capitalB – – – – –E –E 
Net asset value, end of period $9.84 $12.53 $9.62 $9.36 $8.22 $9.39 
Total ReturnF,G (14.39)% 33.54% 4.74% 15.13% (8.63)% 21.47% 
Ratios to Average Net AssetsC,H,I       
Expenses before reductions 1.13%J 1.16% 1.22% 1.09% 1.16% 1.32%J 
Expenses net of fee waivers, if any .90%J .94% .98% 1.04% 1.05% 1.05%J 
Expenses net of all reductions .90%J .94% .97% 1.03% 1.04% 1.04%J 
Net investment income (loss) 1.34%J 1.31%D .99% 1.97% 1.30% 1.27%J 
Supplemental Data       
Net assets, end of period (000 omitted) $9,372 $5,752 $3,422 $3,815 $216 $246 
Portfolio turnover rateK 26%J 39% 37% 69% 52% 66%L 

 A For the period February 1, 2017 (commencement of sale of shares) through October 31, 2017.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Net 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%.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 L Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

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. 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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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, 2022 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. 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 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 $24,639,794 
Gross unrealized depreciation (15,530,791) 
Net unrealized appreciation (depreciation) $9,109,003 
Tax cost $130,514,863 

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 60,023,859 16,871,251 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Total International Equity as compared to its benchmark index, the MSCI All Country World ex USA Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .83% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $11,045 $428 
Class M .25% .25% 30,982 72 
Class C .75% .25% 10,237 1,985 
   $52,264 $2,485 

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 $4,306 
Class M 395 
Class C(a) 182 
 $4,883 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Class A $10,816 .25 
Class M 13,238 .21 
Class C 2,799 .27 
Total International Equity 68,156 .15 
Class I 9,030 .17 
Class Z 1,531 .04 
 $105,570  

 (a) Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following 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 $138 

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 1,513,984 372,627 (6,762) 

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 $105 

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 $138 $– $– 

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, 2023. 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% $12,990 
Class M 1.55% 16,392 
Class C 2.05% 3,283 
Total International Equity 1.05% 88,888 
Class I 1.05% 11,084 
Class Z .90% 8,908 
  $141,545 

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 $1,902.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2022 		Year ended
October 31, 2021 
Fidelity Total International Equity Fund   
Distributions to shareholders   
Class A $682,772 $163,098 
Class M 954,432 257,328 
Class C 136,202 37,221 
Total International Equity 6,786,798 1,782,745 
Class I 530,168 54,453 
Class Z 539,160 101,712 
Total $9,629,532 $2,396,557 

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, 2022 Year ended October 31, 2021 Six months ended April 30, 2022 Year ended October 31, 2021 
Fidelity Total International Equity Fund     
Class A     
Shares sold 221,708 125,319 $2,441,202 $1,509,372 
Reinvestment of distributions 60,242 14,903 667,482 163,036 
Shares redeemed (82,514) (82,275) (920,783) (972,870) 
Net increase (decrease) 199,436 57,947 $2,187,901 $699,538 
Class M     
Shares sold 83,575 83,867 $941,813 $989,107 
Reinvestment of distributions 85,446 23,372 954,432 257,328 
Shares redeemed (83,277) (175,897) (924,697) (2,080,986) 
Net increase (decrease) 85,744 (68,658) $971,548 $(834,551) 
Class C     
Shares sold 65,378 25,618 $719,510 $301,180 
Reinvestment of distributions 12,220 3,392 135,883 37,147 
Shares redeemed (28,909) (60,315) (318,487) (723,210) 
Net increase (decrease) 48,689 (31,305) $536,906 $(384,883) 
Total International Equity     
Shares sold 3,166,990 1,265,827 $34,865,262 $14,978,032 
Reinvestment of distributions 561,002 152,573 6,227,120 1,673,722 
Shares redeemed (897,589) (1,196,355) (9,433,163) (14,199,919) 
Net increase (decrease) 2,830,403 222,045 $31,659,219 $2,451,835 
Class I     
Shares sold 1,564,672 318,329 $17,014,899 $3,927,656 
Reinvestment of distributions 47,315 4,631 523,303 50,574 
Shares redeemed (374,674) (81,296) (3,868,066) (953,703) 
Net increase (decrease) 1,237,313 241,664 $13,670,136 $3,024,527 
Class Z     
Shares sold 590,866 163,548 $6,497,075 $1,962,853 
Reinvestment of distributions 45,956 8,826 510,116 96,647 
Shares redeemed (143,160) (69,127) (1,559,628) (842,591) 
Net increase (decrease) 493,662 103,247 $5,447,563 $1,216,909 

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. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

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, 2021 to April 30, 2022).

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, 2021 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity Total International Equity Fund     
Class A 1.30%    
Actual  $1,000.00 $854.50 $5.98 
Hypothetical-C  $1,000.00 $1,018.35 $6.51 
Class M 1.55%    
Actual  $1,000.00 $852.90 $7.12 
Hypothetical-C  $1,000.00 $1,017.11 $7.75 
Class C 2.05%    
Actual  $1,000.00 $850.60 $9.41 
Hypothetical-C  $1,000.00 $1,014.63 $10.24 
Total International Equity 1.05%    
Actual  $1,000.00 $855.20 $4.83 
Hypothetical-C  $1,000.00 $1,019.59 $5.26 
Class I 1.05%    
Actual  $1,000.00 $855.40 $4.83 
Hypothetical-C  $1,000.00 $1,019.59 $5.26 
Class Z .90%    
Actual  $1,000.00 $856.10 $4.14 
Hypothetical-C  $1,000.00 $1,020.33 $4.51 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Liquidity Risk Management Program

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 pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is 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) in the case of exchange-traded funds, certain additional factors 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 liquidity categories described below 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 implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

TIE-SANN-0622
1.912361.112

Fidelity® International Growth Fund



Semi-Annual Report

April 30, 2022

Includes Fidelity and Fidelity Advisor share classes

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Liquidity Risk Management Program


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Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   United States of America* 21.6% 
   Japan 13.0% 
   Switzerland 10.4% 
   France 8.8% 
   Netherlands 8.2% 
   Germany 6.3% 
   Sweden 5.6% 
   United Kingdom 4.4% 
   Hong Kong 3.6% 
   Other 18.1% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks 96.2 
Short-Term Investments and Net Other Assets (Liabilities) 3.8 

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) 5.5 
Nestle SA (Reg. S) (Switzerland, Food Products) 5.3 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 4.7 
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) 4.3 
Linde PLC (Germany, Chemicals) 3.1 
Keyence Corp. (Japan, Electronic Equipment & Components) 2.7 
Marsh & McLennan Companies, Inc. (United States of America, Insurance) 2.7 
Recruit Holdings Co. Ltd. (Japan, Professional Services) 2.4 
AIA Group Ltd. (Hong Kong, Insurance) 2.4 
ASSA ABLOY AB (B Shares) (Sweden, Building Products) 2.3 
 35.4 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Industrials 24.1 
Information Technology 22.7 
Financials 13.0 
Health Care 9.9 
Consumer Discretionary 8.8 
Materials 6.7 
Consumer Staples 5.8 
Communication Services 3.7 
Real Estate 0.8 
Energy 0.7 

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.0%   
 Shares Value 
Bailiwick of Jersey - 1.5%   
Experian PLC 1,916,400 $66,181,635 
Belgium - 1.0%   
Azelis Group NV 525,093 12,932,192 
UCB SA 277,500 31,544,169 
TOTAL BELGIUM  44,476,361 
Canada - 3.0%   
CAE, Inc. (a) 1,070,900 25,466,855 
Canadian Pacific Railway Ltd. 972,700 71,151,379 
Franco-Nevada Corp. 263,780 39,891,938 
TOTAL CANADA  136,510,172 
Denmark - 1.0%   
Vestas Wind Systems A/S 1,739,200 44,351,352 
Finland - 0.5%   
Kone OYJ (B Shares) 440,400 21,173,416 
France - 8.8%   
Edenred SA 753,548 37,844,808 
Lectra 305,261 12,655,371 
Legrand SA 741,300 65,689,693 
LVMH Moet Hennessy Louis Vuitton SE 296,500 191,875,622 
Safran SA 573,900 61,635,969 
Sanofi SA 204,200 21,582,905 
TOTAL FRANCE  391,284,368 
Germany - 6.3%   
Deutsche Borse AG 334,900 58,304,269 
Linde PLC (b) 438,779 137,617,559 
SAP SE 490,401 49,700,183 
Vonovia SE 886,110 35,303,502 
TOTAL GERMANY  280,925,513 
Hong Kong - 3.6%   
AIA Group Ltd. 10,859,800 106,684,064 
Hong Kong Exchanges and Clearing Ltd. 1,232,800 52,294,113 
TOTAL HONG KONG  158,978,177 
India - 1.6%   
Housing Development Finance Corp. Ltd. 719,978 20,747,661 
Kotak Mahindra Bank Ltd. (a) 822,500 19,050,840 
Reliance Industries Ltd. 320,000 11,580,373 
Reliance Industries Ltd. sponsored GDR (c) 308,900 22,089,418 
TOTAL INDIA  73,468,292 
Ireland - 1.5%   
CRH PLC sponsored ADR 1,731,966 68,551,214 
Italy - 1.4%   
Interpump Group SpA 625,126 25,273,693 
Prada SpA 6,375,200 39,667,388 
TOTAL ITALY  64,941,081 
Japan - 13.0%   
Azbil Corp. 1,561,470 47,409,478 
FANUC Corp. 355,800 54,518,540 
Hoya Corp. 845,100 83,869,531 
Keyence Corp. 301,448 121,183,375 
Lasertec Corp. 304,000 40,614,827 
Misumi Group, Inc. 2,323,985 58,272,353 
OSG Corp. 682,400 8,572,641 
Recruit Holdings Co. Ltd. 3,026,300 109,799,047 
SHO-BOND Holdings Co. Ltd. 752,500 31,627,592 
USS Co. Ltd. 1,546,600 25,747,876 
TOTAL JAPAN  581,615,260 
Kenya - 0.6%   
Safaricom Ltd. 85,504,800 24,883,521 
Netherlands - 8.2%   
Aalberts Industries NV 225,000 10,933,265 
Airbus Group NV 724,900 79,356,184 
ASML Holding NV (Netherlands) 436,600 247,787,318 
IMCD NV 177,000 28,182,386 
TOTAL NETHERLANDS  366,259,153 
New Zealand - 0.3%   
Auckland International Airport Ltd. (a) 2,804,140 14,085,212 
Norway - 0.6%   
Adevinta ASA Class B (a) 1,400,258 10,817,591 
Schibsted ASA (B Shares) 799,500 15,368,278 
TOTAL NORWAY  26,185,869 
South Africa - 0.2%   
Clicks Group Ltd. 575,738 11,240,733 
Spain - 3.1%   
Amadeus IT Holding SA Class A (a) 1,621,800 101,626,725 
Cellnex Telecom SA (c) 752,703 35,083,717 
TOTAL SPAIN  136,710,442 
Sweden - 5.6%   
ASSA ABLOY AB (B Shares) (b) 4,057,310 102,536,923 
Atlas Copco AB (A Shares) (b) 2,163,100 98,068,196 
Epiroc AB (A Shares) 2,532,500 51,341,531 
TOTAL SWEDEN  251,946,650 
Switzerland - 10.4%   
Nestle SA (Reg. S) 1,834,659 236,843,631 
Roche Holding AG (participation certificate) 563,093 208,802,796 
Schindler Holding AG:   
(participation certificate) 78,848 15,148,721 
(Reg.) 18,350 3,522,728 
TOTAL SWITZERLAND  464,317,876 
Taiwan - 1.6%   
Taiwan Semiconductor Manufacturing Co. Ltd. 4,030,000 72,913,932 
United Kingdom - 4.4%   
Compass Group PLC 3,586,200 75,675,457 
Dechra Pharmaceuticals PLC 400,800 18,162,396 
InterContinental Hotel Group PLC ADR 533,370 34,567,710 
Rightmove PLC 3,976,700 30,569,285 
Spectris PLC 1,002,857 36,678,382 
TOTAL UNITED KINGDOM  195,653,230 
United States of America - 17.8%   
Alphabet, Inc. Class A (a) 19,236 43,900,207 
Autoliv, Inc. (b) 316,369 23,310,068 
Lam Research Corp. 165,600 77,129,856 
Marsh & McLennan Companies, Inc. 737,451 119,245,827 
MasterCard, Inc. Class A 182,600 66,353,188 
Moody's Corp. 218,900 69,277,472 
MSCI, Inc. 154,800 65,209,500 
NICE Ltd. sponsored ADR (a) 270,800 55,895,828 
Otis Worldwide Corp. 297,400 21,662,616 
PriceSmart, Inc. 186,386 14,808,368 
ResMed, Inc. 370,700 74,128,879 
S&P Global, Inc. 183,500 69,087,750 
Sherwin-Williams Co. 195,700 53,809,672 
Visa, Inc. Class A 194,160 41,381,321 
TOTAL UNITED STATES OF AMERICA  795,200,552 
TOTAL COMMON STOCKS   
(Cost $3,185,586,912)  4,291,854,011 
Convertible Preferred Stocks - 0.2%   
China - 0.2%   
ByteDance Ltd. Series E1 (a)(d)(e)   
(Cost $6,992,915) 63,819 8,173,299 
Money Market Funds - 7.8%   
Fidelity Cash Central Fund 0.32% (f) 148,767,524 148,797,277 
Fidelity Securities Lending Cash Central Fund 0.32% (f)(g) 199,483,975 199,503,923 
TOTAL MONEY MARKET FUNDS   
(Cost $348,300,487)  348,301,200 
TOTAL INVESTMENT IN SECURITIES - 104.0%   
(Cost $3,540,880,314)  4,648,328,510 
NET OTHER ASSETS (LIABILITIES) - (4.0)%  (178,737,006) 
NET ASSETS - 100%  $4,469,591,504 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

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 $57,173,135 or 1.3% 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 $8,173,299 or 0.2% of net assets.

 (e) Level 3 security

 (f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements 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.

Fund 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 0.32% $127,214,961 $475,578,305 $453,995,989 $89,854 $-- $-- $148,797,277 0.3% 
Fidelity Securities Lending Cash Central Fund 0.32% 70,248,753 334,308,327 205,053,157 28,227 -- -- 199,503,923 0.5% 
Total $197,463,714 $ 809,886,632 $ 659,049,146 $ 118,081 $-- $-- $348,301,200  

Amounts in the 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. Amount 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $160,622,599 $68,783,728 $91,838,871 $-- 
Consumer Discretionary 390,844,121 57,877,778 332,966,343 -- 
Consumer Staples 262,892,732 14,808,368 248,084,364 -- 
Energy 33,669,791 -- 33,669,791 -- 
Financials 579,901,496 322,820,549 257,080,947 -- 
Health Care 438,090,676 74,128,879 363,961,797 -- 
Industrials 1,081,484,119 118,280,850 963,203,269 -- 
Information Technology 1,017,347,891 240,760,193 768,414,399 8,173,299 
Materials 299,870,383 162,252,824 137,617,559 -- 
Real Estate 35,303,502 -- 35,303,502 -- 
Money Market Funds 348,301,200 348,301,200 -- -- 
Total Investments in Securities: $4,648,328,510 $1,408,014,369 $3,232,140,842 $8,173,299 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $179,805,286) — See accompanying schedule:
Unaffiliated issuers (cost $3,192,579,827) 		$4,300,027,310  
Fidelity Central Funds (cost $348,300,487) 348,301,200  
Total Investment in Securities (cost $3,540,880,314)  $4,648,328,510 
Foreign currency held at value (cost $643,508)  641,843 
Receivable for investments sold  7,591,256 
Receivable for fund shares sold  6,465,400 
Dividends receivable  7,757,649 
Reclaims receivable  11,030,626 
Distributions receivable from Fidelity Central Funds  56,209 
Prepaid expenses  1,727 
Other receivables  189 
Total assets  4,681,873,409 
Liabilities   
Payable to custodian bank $949  
Payable for investments purchased 1,960,368  
Payable for fund shares redeemed 6,327,819  
Accrued management fee 3,179,679  
Distribution and service plan fees payable 92,826  
Other affiliated payables 677,510  
Other payables and accrued expenses 539,534  
Collateral on securities loaned 199,503,220  
Total liabilities  212,281,905 
Net Assets  $4,469,591,504 
Net Assets consist of:   
Paid in capital  $3,265,082,105 
Total accumulated earnings (loss)  1,204,509,399 
Net Assets  $4,469,591,504 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($183,404,632 ÷ 10,998,552 shares)(a)  $16.68 
Maximum offering price per share (100/94.25 of $16.68)  $17.70 
Class M:   
Net Asset Value and redemption price per share ($30,663,653 ÷ 1,848,973 shares)(a)  $16.58 
Maximum offering price per share (100/96.50 of $16.58)  $17.18 
Class C:   
Net Asset Value and offering price per share ($44,343,666 ÷ 2,751,593 shares)(a)  $16.12 
International Growth:   
Net Asset Value, offering price and redemption price per share ($1,412,216,140 ÷ 83,911,964 shares)  $16.83 
Class I:   
Net Asset Value, offering price and redemption price per share ($1,679,623,278 ÷ 100,065,836 shares)  $16.79 
Class Z:   
Net Asset Value, offering price and redemption price per share ($1,119,340,135 ÷ 66,546,176 shares)  $16.82 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $34,718,477 
Foreign tax reclaims  2,913,307 
Income from Fidelity Central Funds (including $28,227 from security lending)  118,081 
Income before foreign taxes withheld  37,749,865 
Less foreign taxes withheld  (6,166,052) 
Total income  31,583,813 
Expenses   
Management fee   
Basic fee $17,235,040  
Performance adjustment 3,562,467  
Transfer agent fees 3,423,059  
Distribution and service plan fees 624,710  
Accounting fees 785,046  
Custodian fees and expenses 198,214  
Independent trustees' fees and expenses 8,839  
Registration fees 158,162  
Audit 41,911  
Legal 3,827  
Miscellaneous 9,586  
Total expenses before reductions 26,050,861  
Expense reductions (76,068)  
Total expenses after reductions  25,974,793 
Net investment income (loss)  5,609,020 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $8,095) 110,958,762  
Foreign currency transactions (47,176)  
Total net realized gain (loss)  110,911,586 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,168,790) (1,183,724,914)  
Assets and liabilities in foreign currencies (800,539)  
Total change in net unrealized appreciation (depreciation)  (1,184,525,453) 
Net gain (loss)  (1,073,613,867) 
Net increase (decrease) in net assets resulting from operations  $(1,068,004,847) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $5,609,020 $4,242,975 
Net realized gain (loss) 110,911,586 264,105,804 
Change in net unrealized appreciation (depreciation) (1,184,525,453) 1,069,199,466 
Net increase (decrease) in net assets resulting from operations (1,068,004,847) 1,337,548,245 
Distributions to shareholders (105,083,685) (6,966,212) 
Share transactions - net increase (decrease) 225,525,910 (198,851,542) 
Total increase (decrease) in net assets (947,562,622) 1,131,730,491 
Net Assets   
Beginning of period 5,417,154,126 4,285,423,635 
End of period $4,469,591,504 $5,417,154,126 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity International Growth Fund Class A

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $21.04 $16.06 $15.03 $12.47 $13.34 $10.88 
Income from Investment Operations       
Net investment income (loss)A,B (.01) (.04) (.01) .15C .09 .07 
Net realized and unrealized gain (loss) (4.00) 5.02 1.16 2.48 (.90) 2.49 
Total from investment operations (4.01) 4.98 1.15 2.63 (.81) 2.56 
Distributions from net investment income (.03) – (.12) (.07) (.04) (.10) 
Distributions from net realized gain (.32) – – – (.02) – 
Total distributions (.35) – (.12) (.07) (.06) (.10) 
Redemption fees added to paid in capitalA – – – – – –D 
Net asset value, end of period $16.68 $21.04 $16.06 $15.03 $12.47 $13.34 
Total ReturnE,F,G (19.34)% 31.01% 7.66% 21.25% (6.12)% 23.80% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 1.31%J 1.28% 1.30% 1.28% 1.24% 1.28% 
Expenses net of fee waivers, if any 1.30%J 1.28% 1.30% 1.28% 1.23% 1.28% 
Expenses net of all reductions 1.30%J 1.28% 1.29% 1.27% 1.22% 1.27% 
Net investment income (loss) (.07)%J (.20)% (.08)% 1.14%C .64% .62% 
Supplemental Data       
Net assets, end of period (000 omitted) $183,405 $232,527 $174,561 $164,247 $138,802 $156,988 
Portfolio turnover rateK 22%J 21% 23% 21% 34% 22% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net 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 %.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity International Growth Fund Class M

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $20.92 $16.01 $14.99 $12.43 $13.30 $10.84 
Income from Investment Operations       
Net investment income (loss)A,B (.03) (.09) (.06) .11C .05 .04 
Net realized and unrealized gain (loss) (3.99) 5.00 1.15 2.48 (.90) 2.49 
Total from investment operations (4.02) 4.91 1.09 2.59 (.85) 2.53 
Distributions from net investment income – – (.07) (.03) (.01) (.07) 
Distributions from net realized gain (.32) – – – (.02) – 
Total distributions (.32) – (.07) (.03) (.02)D (.07) 
Redemption fees added to paid in capitalA – – – – – –E 
Net asset value, end of period $16.58 $20.92 $16.01 $14.99 $12.43 $13.30 
Total ReturnF,G,H (19.49)% 30.67% 7.27% 20.92% (6.40)% 23.51% 
Ratios to Average Net AssetsB,I,J       
Expenses before reductions 1.57%K 1.55% 1.59% 1.58% 1.54% 1.59% 
Expenses net of fee waivers, if any 1.57%K 1.55% 1.59% 1.58% 1.53% 1.59% 
Expenses net of all reductions 1.57%K 1.55% 1.58% 1.58% 1.52% 1.58% 
Net investment income (loss) (.33)%K (.48)% (.37)% .83%C .34% .31% 
Supplemental Data       
Net assets, end of period (000 omitted) $30,664 $38,761 $30,353 $28,534 $26,479 $33,597 
Portfolio turnover rateL 22%K 21% 23% 21% 34% 22% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net 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 %.

 D Total distributions per share do not sum due to rounding.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Total returns do not include the effect of the sales charges.

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity International Growth Fund Class C

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $20.39 $15.68 $14.68 $12.20 $13.10 $10.67 
Income from Investment Operations       
Net investment income (loss)A,B (.08) (.18) (.13) .05C (.01) (.02) 
Net realized and unrealized gain (loss) (3.87) 4.89 1.13 2.43 (.89) 2.47 
Total from investment operations (3.95) 4.71 1.00 2.48 (.90) 2.45 
Distributions from net investment income – – – – – (.02) 
Distributions from net realized gain (.32) – – – – – 
Total distributions (.32) – – – – (.02) 
Redemption fees added to paid in capitalA – – – – – –D 
Net asset value, end of period $16.12 $20.39 $15.68 $14.68 $12.20 $13.10 
Total ReturnE,F,G (19.66)% 30.04% 6.81% 20.33% (6.87)% 22.96% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 2.07%J 2.05% 2.07% 2.04% 1.99% 2.04% 
Expenses net of fee waivers, if any 2.07%J 2.05% 2.07% 2.04% 1.99% 2.04% 
Expenses net of all reductions 2.07%J 2.05% 2.06% 2.03% 1.98% 2.04% 
Net investment income (loss) (.83)%J (.97)% (.85)% .38%C (.11)% (.15)% 
Supplemental Data       
Net assets, end of period (000 omitted) $44,344 $58,867 $55,013 $57,291 $60,489 $68,908 
Portfolio turnover rateK 22%J 21% 23% 21% 34% 22% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net 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) %.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the contingent deferred sales charge.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity International Growth Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $21.26 $16.20 $15.16 $12.57 $13.45 $10.97 
Income from Investment Operations       
Net investment income (loss)A,B .02 .02 .03 .19C .13 .10 
Net realized and unrealized gain (loss) (4.04) 5.06 1.17 2.51 (.92) 2.51 
Total from investment operations (4.02) 5.08 1.20 2.70 (.79) 2.61 
Distributions from net investment income (.09) (.02) (.16) (.11) (.08) (.13) 
Distributions from net realized gain (.32) – – – (.02) – 
Total distributions (.41) (.02) (.16) (.11) (.09)D (.13) 
Redemption fees added to paid in capitalA – – – – – –E 
Net asset value, end of period $16.83 $21.26 $16.20 $15.16 $12.57 $13.45 
Total ReturnF,G (19.25)% 31.38% 7.93% 21.66% (5.89)% 24.14% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 1.02%J .99% 1.01% .99% .95% 1.03% 
Expenses net of fee waivers, if any 1.01%J .99% 1.01% .99% .95% 1.03% 
Expenses net of all reductions 1.01%J .99% 1.00% .99% .94% 1.03% 
Net investment income (loss) .22%J .09% .21% 1.42%C .93% .87% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,412,216 $1,773,433 $1,292,392 $1,040,532 $811,101 $961,775 
Portfolio turnover rateK 22%J 21% 23% 21% 34% 22% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net 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%.

 D Total distributions per share do not sum due to rounding.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity International Growth Fund Class I

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $21.20 $16.16 $15.13 $12.55 $13.43 $10.95 
Income from Investment Operations       
Net investment income (loss)A,B .02 .01 .03 .20C .13 .11 
Net realized and unrealized gain (loss) (4.02) 5.05 1.16 2.49 (.91) 2.51 
Total from investment operations (4.00) 5.06 1.19 2.69 (.78) 2.62 
Distributions from net investment income (.09) (.02) (.16) (.11) (.09) (.14) 
Distributions from net realized gain (.32) – – – (.02) – 
Total distributions (.41) (.02) (.16) (.11) (.10)D (.14) 
Redemption fees added to paid in capitalA – – – – – –E 
Net asset value, end of period $16.79 $21.20 $16.16 $15.13 $12.55 $13.43 
Total ReturnF,G (19.21)% 31.36% 7.90% 21.64% (5.83)% 24.23% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 1.03%J 1.00% 1.01% .97% .93% .98% 
Expenses net of fee waivers, if any 1.02%J 1.00% 1.01% .97% .93% .98% 
Expenses net of all reductions 1.02%J 1.00% 1.00% .97% .92% .97% 
Net investment income (loss) .21%J .07% .21% 1.44%C .94% .92% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,679,623 $2,035,690 $1,382,837 $953,360 $660,961 $728,227 
Portfolio turnover rateK 22%J 21% 23% 21% 34% 22% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net 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%.

 D Total distributions per share do not sum due to rounding.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity International Growth Fund Class Z

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $21.25 $16.19 $15.16 $12.57 $13.45 $10.97 
Income from Investment Operations       
Net investment income (loss)A,B .03 .04 .05 .22C .15 .13 
Net realized and unrealized gain (loss) (4.03) 5.06 1.16 2.50 (.91) 2.50 
Total from investment operations (4.00) 5.10 1.21 2.72 (.76) 2.63 
Distributions from net investment income (.11) (.04) (.18) (.13) (.10) (.15) 
Distributions from net realized gain (.32) – – – (.02) – 
Total distributions (.43) (.04) (.18) (.13) (.12) (.15) 
Redemption fees added to paid in capitalA – – – – – –D 
Net asset value, end of period $16.82 $21.25 $16.19 $15.16 $12.57 $13.45 
Total ReturnE,F (19.18)% 31.55% 8.01% 21.85% (5.71)% 24.33% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions .90%I .87% .88% .84% .80% .84% 
Expenses net of fee waivers, if any .90%I .87% .88% .84% .80% .84% 
Expenses net of all reductions .90%I .87% .87% .84% .79% .84% 
Net investment income (loss) .34%I .20% .34% 1.57%C 1.08% 1.05% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,119,340 $1,277,877 $1,350,267 $1,082,899 $556,558 $373,878 
Portfolio turnover rateJ 22%I 21% 23% 21% 34% 22% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net 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%.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

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. 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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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, 2022 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. 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 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 $1,317,650,974 
Gross unrealized depreciation (228,798,082) 
Net unrealized appreciation (depreciation) $1,088,852,892 
Tax cost $3,559,475,618 

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 642,780,580 553,729,785 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- 20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of International Growth as compared to its benchmark index, the MSCI EAFE Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .81% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $266,962 $9,935 
Class M .25% .25% 89,364 925 
Class C .75% .25% 268,384 26,169 
   $624,710 $37,029 

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 $29,475 
Class M 2,203 
Class C(a) 474 
 $32,152 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Class A $207,273 .19 
Class M 37,946 .21 
Class C 55,802 .21 
International Growth 1,283,673 .16 
Class I 1,590,038 .17 
Class Z 248,327 .04 
 $3,423,059  

 (a) Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following 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 $1,097 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity International Growth Fund 30,482,920 25,879,613 4,306,865 

Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:

 Amount ($) 
Fidelity International Growth Fund 1,006 

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 $4,309 

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 $3,345 $– $– 

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 $53.

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 $76,015.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2022 		Year ended
October 31, 2021 
Fidelity International Growth Fund   
Distributions to shareholders   
Class A $3,874,293 $– 
Class M 584,059 – 
Class C 921,429 – 
International Growth 34,022,956 1,609,059 
Class I 39,437,200 2,023,232 
Class Z 26,243,748 3,333,921 
Total $105,083,685 $6,966,212 

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, 2022 Year ended October 31, 2021 Six months ended April 30, 2022 Year ended October 31, 2021 
Fidelity International Growth Fund     
Class A     
Shares sold 890,277 2,385,837 $17,117,605 $46,164,018 
Reinvestment of distributions 192,594 – 3,867,288 – 
Shares redeemed (1,137,312) (2,203,020) (21,609,127) (42,705,074) 
Net increase (decrease) (54,441) 182,817 $(624,234) $3,458,944 
Class M     
Shares sold 111,974 258,454 $2,145,454 $4,902,416 
Reinvestment of distributions 29,196 – 583,619 – 
Shares redeemed (145,270) (301,262) (2,738,444) (5,742,842) 
Net increase (decrease) (4,100) (42,808) $(9,371) $(840,426) 
Class C     
Shares sold 176,130 395,788 $3,420,051 $7,361,117 
Reinvestment of distributions 47,271 – 919,894 – 
Shares redeemed (359,543) (1,016,374) (6,645,487) (19,296,231) 
Net increase (decrease) (136,142) (620,586) $(2,305,542) $(11,935,114) 
International Growth     
Shares sold 9,170,709 22,536,813 $180,894,461 $438,331,710 
Reinvestment of distributions 1,547,748 82,672 31,326,431 1,489,742 
Shares redeemed (10,233,613) (18,982,578) (195,124,884) (366,283,627) 
Net increase (decrease) 484,844 3,636,907 $17,096,008 $73,537,825 
Class I     
Shares sold 15,233,113 30,921,252 $292,783,105 $598,549,169 
Reinvestment of distributions 1,891,163 107,536 38,182,588 1,933,497 
Shares redeemed (13,076,407) (20,585,127) (248,018,087) (404,458,678) 
Net increase (decrease) 4,047,869 10,443,661 $82,947,606 $196,023,988 
Class Z     
Shares sold 19,331,041 15,802,092 $364,319,481 $310,522,031 
Reinvestment of distributions 542,351 105,898 10,966,334 1,906,164 
Shares redeemed (13,450,466) (39,162,372) (246,864,372) (771,524,954) 
Net increase (decrease) 6,422,926 (23,254,382) $128,421,443 $(459,096,759) 

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. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

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, 2021 to April 30, 2022).

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, 2021 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity International Growth Fund     
Class A 1.30%    
Actual  $1,000.00 $806.60 $5.82 
Hypothetical-C  $1,000.00 $1,018.35 $6.51 
Class M 1.57%    
Actual  $1,000.00 $805.10 $7.03 
Hypothetical-C  $1,000.00 $1,017.01 $7.85 
Class C 2.07%    
Actual  $1,000.00 $803.40 $9.26 
Hypothetical-C  $1,000.00 $1,014.53 $10.34 
International Growth 1.01%    
Actual  $1,000.00 $807.50 $4.53 
Hypothetical-C  $1,000.00 $1,019.79 $5.06 
Class I 1.02%    
Actual  $1,000.00 $807.90 $4.57 
Hypothetical-C  $1,000.00 $1,019.74 $5.11 
Class Z .90%    
Actual  $1,000.00 $808.20 $4.04 
Hypothetical-C  $1,000.00 $1,020.33 $4.51 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Liquidity Risk Management Program

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 pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is 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) in the case of exchange-traded funds, certain additional factors 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 liquidity categories described below 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 implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

IGF-SANN-0622
1.912353.112

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, 2022

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

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

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. © 2022 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Fidelity® Series Emerging Markets Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   Cayman Islands 20.0% 
   India 14.2% 
   Korea (South) 13.9% 
   Taiwan 11.3% 
   China 8.0% 
   United States of America* 6.7% 
   Brazil 5.2% 
   Indonesia 4.0% 
   South Africa 3.8% 
   Other 12.9% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks and Equity Futures 97.9 
Short-Term Investments and Net Other Assets (Liabilities) 2.1 

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 7.9 
Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) 4.5 
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) 4.5 
Reliance Industries Ltd. (India, Oil, Gas & Consumable Fuels) 3.5 
Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet & Direct Marketing Retail) 3.2 
Al Rajhi Bank (Saudi Arabia, Banks) 2.0 
Meituan Class B (Cayman Islands, Internet & Direct Marketing Retail) 1.7 
ICICI Bank Ltd. (India, Banks) 1.7 
POSCO (Korea (South), Metals & Mining) 1.5 
MTN Group Ltd. (South Africa, Wireless Telecommunication Services) 1.4 
 31.9 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Financials 21.2 
Information Technology 19.2 
Consumer Discretionary 12.4 
Communication Services 11.3 
Materials 9.3 
Energy 7.0 
Consumer Staples 4.7 
Health Care 3.8 
Industrials 2.9 
Real Estate 1.6 
Utilities 0.7 

Fidelity® Series Emerging Markets Fund

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.9%   
 Shares Value 
Bermuda - 1.1%   
Credicorp Ltd. (United States) 69,452 $9,646,188 
Kunlun Energy Co. Ltd. 24,231,557 20,109,449 
TOTAL BERMUDA  29,755,637 
Brazil - 3.0%   
Atacadao SA 603,600 2,511,363 
Hypera SA 1,210,600 9,162,846 
Localiza Rent A Car SA 1,729,234 18,516,702 
Natura & Co. Holding SA (a) 3,430,445 12,898,992 
Suzano Papel e Celulose SA 1,253,791 12,581,149 
Vale SA 1,475,277 24,853,775 
Vale SA sponsored ADR 159,400 2,692,266 
TOTAL BRAZIL  83,217,093 
Cayman Islands - 20.0%   
Alibaba Group Holding Ltd. sponsored ADR (a) 919,079 89,233,380 
Bilibili, Inc.:   
ADR (a)(b) 990,974 24,120,307 
Class Z (a) 226,000 5,502,845 
Hansoh Pharmaceutical Group Co. Ltd. (c) 4,173,928 6,875,002 
JD.com, Inc. sponsored ADR 613,350 37,819,161 
KE Holdings, Inc. ADR (a) 1,095,695 15,536,955 
Li Ning Co. Ltd. 1,026,236 7,998,657 
Meituan Class B (a)(c) 2,208,582 47,321,975 
NetEase, Inc. ADR 304,322 29,011,016 
Parade Technologies Ltd. 458,297 21,807,262 
Pinduoduo, Inc. ADR (a) 516,870 22,271,928 
Shenzhou International Group Holdings Ltd. 420,363 5,703,892 
Silergy Corp. 173,294 15,437,433 
Tencent Holdings Ltd. 2,635,565 124,200,698 
Trip.com Group Ltd. ADR (a) 767,034 18,140,354 
Wuxi Biologics (Cayman), Inc. (a)(c) 4,404,162 32,506,312 
XP, Inc. Class A (a) 326,838 8,043,483 
XPeng, Inc. ADR (a) 1,022,934 25,174,406 
Zai Lab Ltd. (a) 2,238,870 9,123,195 
Zai Lab Ltd. ADR (a) 196,576 7,855,177 
TOTAL CAYMAN ISLANDS  553,683,438 
Chile - 0.2%   
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR 88,171 6,507,020 
China - 8.0%   
China Construction Bank Corp. (H Shares) 51,109,575 36,410,422 
China Merchants Bank Co. Ltd. (H Shares) 1,622,900 9,781,624 
Guangzhou Automobile Group Co. Ltd. (H Shares) 27,793,593 23,566,082 
Haier Smart Home Co. Ltd. 992,728 3,507,105 
Industrial & Commercial Bank of China Ltd. (H Shares) 31,930,797 19,248,099 
Kweichow Moutai Co. Ltd. (A Shares) 83,746 23,111,961 
Ping An Insurance Group Co. of China Ltd. (H Shares) 3,539,824 22,374,233 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) 461,461 21,747,812 
Sungrow Power Supply Co. Ltd. (A Shares) 2,182,899 20,581,908 
Wuliangye Yibin Co. Ltd. (A Shares) 626,321 15,256,851 
WuXi AppTec Co. Ltd. (H Shares) (c) 838,146 11,400,292 
Yantai Jereh Oilfield Services (A Shares) 1,307,788 6,087,921 
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) 3,366,280 8,444,757 
TOTAL CHINA  221,519,067 
Hungary - 0.3%   
Richter Gedeon PLC 448,276 8,940,855 
India - 14.2%   
Axis Bank Ltd. (a) 912,382 8,590,218 
Bharti Airtel Ltd. (a) 3,123,450 29,940,516 
Eicher Motors Ltd. 438,762 14,949,962 
HDFC Bank Ltd. 2,200,281 39,398,601 
Housing Development Finance Corp. Ltd. 567,850 16,363,776 
ICICI Bank Ltd. 4,803,290 46,118,553 
Infosys Ltd. 1,161,487 23,511,635 
Larsen & Toubro Ltd. 813,131 17,849,036 
Oil & Natural Gas Corp. Ltd. 16,731,791 34,633,169 
Petronet LNG Ltd. 1,799,125 4,763,101 
Reliance Industries Ltd. 2,474,099 89,534,342 
Reliance Industries Ltd. sponsored GDR (c) 119,541 8,548,369 
State Bank of India 851,813 5,464,271 
Tata Consultancy Services Ltd. 167,532 7,711,941 
Tata Steel Ltd. 1,941,926 31,846,247 
Ultratech Cement Ltd. 140,100 12,051,302 
TOTAL INDIA  391,275,039 
Indonesia - 4.0%   
PT Avia Avian 151,243,208 8,537,724 
PT Bank Central Asia Tbk 49,152,134 27,568,036 
PT Bank Mandiri (Persero) Tbk 46,222,416 28,382,184 
PT Bank Rakyat Indonesia (Persero) Tbk 29,032,278 9,673,182 
PT Telkom Indonesia Persero Tbk 52,881,883 16,835,522 
PT United Tractors Tbk (d) 9,283,100 19,371,040 
TOTAL INDONESIA  110,367,688 
Korea (South) - 13.9%   
Db Insurance Co. Ltd. 189,180 10,049,707 
Hana Financial Group, Inc. 397,763 14,689,099 
Hansol Chemical Co. Ltd. 84,191 16,112,567 
Hyundai Fire & Marine Insurance Co. Ltd. 110,450 2,831,550 
Hyundai Motor Co. 43,611 6,293,774 
KB Financial Group, Inc. 542,001 25,082,019 
Kia Corp. 177,904 11,606,721 
LG Chemical Ltd. 66,565 27,117,736 
LG Household & Health Care Ltd. 15,854 11,293,950 
NAVER Corp. 126,868 28,110,705 
POSCO 176,198 40,016,782 
Samsung Electronics Co. Ltd. 2,311,952 122,556,961 
Shinhan Financial Group Co. Ltd. 400,018 13,219,770 
SK Hynix, Inc. 383,559 33,431,817 
Woori Financial Group, Inc. 1,763,781 20,325,480 
TOTAL KOREA (SOUTH)  382,738,638 
Malaysia - 0.4%   
Press Metal Bhd 8,155,700 11,180,804 
Mexico - 3.7%   
America Movil S.A.B. de CV Series L 13,371,547 13,013,448 
Fomento Economico Mexicano S.A.B. de CV sponsored ADR 123,039 9,195,935 
Grupo Aeroportuario del Sureste S.A.B. de CV Series B 750,415 16,377,739 
Grupo Financiero Banorte S.A.B. de CV Series O 3,908,262 25,799,719 
Grupo Mexico SA de CV Series B 4,232,105 19,809,897 
Wal-Mart de Mexico SA de CV Series V 5,107,983 18,062,483 
TOTAL MEXICO  102,259,221 
Netherlands - 0.1%   
Yandex NV Series A (a)(e) 583,741 2,002,138 
Philippines - 1.0%   
Ayala Land, Inc. 44,151,047 26,904,634 
Russia - 0.0%   
LUKOIL PJSC (e) 568,462 229,461 
Sberbank of Russia (e) 5,098,115 40,878 
TOTAL RUSSIA  270,339 
Saudi Arabia - 3.7%   
Al Rajhi Bank 1,190,918 56,072,336 
Alinma Bank 2,449,987 27,074,747 
Saudi Arabian Oil Co. (c)(d) 1,000,900 11,981,553 
The Saudi National Bank (d) 313,003 6,592,523 
TOTAL SAUDI ARABIA  101,721,159 
South Africa - 3.8%   
Absa Group Ltd. (b) 946,778 10,228,579 
Capitec Bank Holdings Ltd. 116,539 16,267,649 
Gold Fields Ltd. sponsored ADR (b) 809,700 10,874,271 
Impala Platinum Holdings Ltd. 1,386,191 17,930,959 
MTN Group Ltd. 3,726,661 39,524,950 
Naspers Ltd. Class N 99,855 10,070,973 
TOTAL SOUTH AFRICA  104,897,381 
Taiwan - 11.3%   
E.SUN Financial Holdings Co. Ltd. 10,819,619 12,364,260 
eMemory Technology, Inc. 362,360 15,237,407 
Hon Hai Precision Industry Co. Ltd. (Foxconn) 4,656,677 15,963,088 
MediaTek, Inc. 999,531 27,570,503 
Taiwan Semiconductor Manufacturing Co. Ltd. 12,083,595 218,625,914 
Unimicron Technology Corp. 3,366,869 23,628,888 
TOTAL TAIWAN  313,390,060 
Thailand - 2.2%   
Bangkok Bank PCL (For. Reg.) 2,316,389 8,744,600 
CP ALL PCL (For. Reg.) 13,161,241 24,836,446 
SCB X PCL (For. Reg.) 5,297,868 17,519,192 
Thai Beverage PCL 19,813,623 9,760,378 
TOTAL THAILAND  60,860,616 
United Arab Emirates - 0.2%   
First Abu Dhabi Bank PJSC 918,004 5,608,421 
United States of America - 0.8%   
Li Auto, Inc. ADR (a) 943,713 21,167,483 
TOTAL COMMON STOCKS   
(Cost $2,513,583,682)  2,538,266,731 
Nonconvertible Preferred Stocks - 2.2%   
Brazil - 2.2%   
Banco Bradesco SA (PN) 1,132,811 4,119,771 
Gerdau SA 2,894,302 16,374,281 
Itau Unibanco Holding SA 4,613,502 22,274,556 
Petroleo Brasileiro SA - Petrobras sponsored ADR (b) 1,384,600 18,789,022 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $56,928,747)  61,557,630 
 Principal Amount Value 
Government Obligations - 0.3%   
United States of America - 0.3%   
U.S. Treasury Bills, yield at date of purchase 0.33% to 0.39% 6/2/22 to 6/16/22
(Cost $8,886,221)(f) 		8,890,000 8,885,810 
 Shares Value 
Money Market Funds - 7.5%   
Fidelity Cash Central Fund 0.32% (g) 164,741,534 164,774,482 
Fidelity Securities Lending Cash Central Fund 0.32% (g)(h) 41,600,890 41,605,050 
TOTAL MONEY MARKET FUNDS   
(Cost $206,379,532)  206,379,532 
TOTAL INVESTMENT IN SECURITIES - 101.9%   
(Cost $2,785,778,182)  2,815,089,703 
NET OTHER ASSETS (LIABILITIES) - (1.9)%  (52,519,981) 
NET ASSETS - 100%  $2,762,569,722 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
ICE E-mini MSCI Emerging Markets Index Contracts (United States) 1,966 June 2022 $103,942,420 $1,736,355 $1,736,355 

The notional amount of futures purchased as a percentage of Net Assets is 3.8%

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

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 $118,633,503 or 4.3% of net assets.

 (d) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (e) Level 3 security

 (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 $5,162,235.

 (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.

Fund 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 0.32% $162,778,712 $735,510,838 $733,515,068 $107,967 $-- $-- $164,774,482 0.3% 
Fidelity Securities Lending Cash Central Fund 0.32% 13,301,000  190,233,531  161,929,481 46,643 -- -- 41,605,050 0.1% 
Total $176,079,712 $ 925,744,369 $ 895,444,549 $154,610 $-- $-- $206,379,532  

Amounts in the 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. Amount 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $312,262,145 $66,144,771 $244,115,236 $2,002,138 
Consumer Discretionary 344,825,853 213,806,712 131,019,141 -- 
Consumer Staples 126,928,359 42,668,773 84,259,586 -- 
Energy 193,937,978 30,770,575 162,937,942 229,461 
Financials 585,967,726 165,231,744 420,695,104 40,878 
Health Care 107,611,491 25,958,878 81,652,613 -- 
Industrials 81,770,142 34,894,441 46,875,701 -- 
Information Technology 525,482,849 -- 525,482,849 -- 
Materials 258,486,780 93,692,659 164,794,121 -- 
Real Estate 42,441,589 15,536,955 26,904,634 -- 
Utilities 20,109,449 -- 20,109,449 -- 
Government Obligations 8,885,810 -- 8,885,810 -- 
Money Market Funds 206,379,532 206,379,532 -- -- 
Total Investments in Securities: $2,815,089,703 $895,085,040 $1,917,732,186 $2,272,477 
Derivative Instruments:     
Assets     
Futures Contracts $1,736,355 $1,736,355 $-- $-- 
Total Assets $1,736,355 $1,736,355 $-- $-- 
Total Derivative Instruments: $1,736,355 $1,736,355 $-- $-- 

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, 2022. 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) $1,736,355 $0 
Total Equity Risk 1,736,355 0 
Total Value of Derivatives $1,736,355 $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).

See accompanying notes which are an integral part of the financial statements.


Fidelity® Series Emerging Markets Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $42,496,414) — See accompanying schedule:
Unaffiliated issuers (cost $2,579,398,650) 		$2,608,710,171  
Fidelity Central Funds (cost $206,379,532) 206,379,532  
Total Investment in Securities (cost $2,785,778,182)  $2,815,089,703 
Foreign currency held at value (cost $6,239,053)  6,228,219 
Receivable for investments sold  7,384,595 
Receivable for fund shares sold  19,525,951 
Dividends receivable  4,261,869 
Distributions receivable from Fidelity Central Funds  60,461 
Receivable for daily variation margin on futures contracts  343,154 
Receivable from investment adviser for expense reductions  29,705 
Other receivables  1,100,521 
Total assets  2,854,024,178 
Liabilities   
Payable for investments purchased   
Regular delivery $31,651,509  
Delayed delivery 10,704,514  
Payable for fund shares redeemed 390,372  
Deferred taxes 6,885,520  
Other payables and accrued expenses 217,491  
Collateral on securities loaned 41,605,050  
Total liabilities  91,454,456 
Net Assets  $2,762,569,722 
Net Assets consist of:   
Paid in capital  $2,872,744,152 
Total accumulated earnings (loss)  (110,174,430) 
Net Assets  $2,762,569,722 
Net Asset Value, offering price and redemption price per share ($2,762,569,722 ÷ 320,550,545 shares)  $8.62 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $30,319,081 
Non-Cash dividends  4,787,144 
Interest  2,593 
Income from Fidelity Central Funds (including $46,643 from security lending)  154,610 
Income before foreign taxes withheld  35,263,428 
Less foreign taxes withheld  (4,033,426) 
Total income  31,230,002 
Expenses   
Custodian fees and expenses $515,280  
Independent trustees' fees and expenses 5,377  
Total expenses before reductions 520,657  
Expense reductions (315,667)  
Total expenses after reductions  204,990 
Net investment income (loss)  31,025,012 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $819) (93,973,648)  
Foreign currency transactions (531,276)  
Futures contracts (22,942,499)  
Total net realized gain (loss)  (117,447,423) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $2,889,720) (634,025,033)  
Assets and liabilities in foreign currencies (120,883)  
Futures contracts 4,738,920  
Total change in net unrealized appreciation (depreciation)  (629,406,996) 
Net gain (loss)  (746,854,419) 
Net increase (decrease) in net assets resulting from operations  $(715,829,407) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $31,025,012 $58,276,181 
Net realized gain (loss) (117,447,423) 327,438,278 
Change in net unrealized appreciation (depreciation) (629,406,996) 193,605,419 
Net increase (decrease) in net assets resulting from operations (715,829,407) 579,319,878 
Distributions to shareholders (105,313,301) (47,189,249) 
Share transactions   
Proceeds from sales of shares 373,062,151 595,001,775 
Reinvestment of distributions 105,313,301 47,189,249 
Cost of shares redeemed (134,356,468) (930,503,195) 
Net increase (decrease) in net assets resulting from share transactions 344,018,984 (288,312,171) 
Total increase (decrease) in net assets (477,123,724) 243,818,458 
Net Assets   
Beginning of period 3,239,693,446 2,995,874,988 
End of period $2,762,569,722 $3,239,693,446 
Other Information   
Shares   
Sold 37,032,627 51,314,277 
Issued in reinvestment of distributions 9,925,853 4,297,746 
Redeemed (12,950,990) (79,489,388) 
Net increase (decrease) 34,007,490 (23,877,365) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Series Emerging Markets Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,    
 2022 2021 2020 2019 2018 A 
Selected Per–Share Data      
Net asset value, beginning of period $11.31 $9.65 $9.48 $8.87 $10.00 
Income from Investment Operations      
Net investment income (loss)B,C .10 .20 .17 .30D .01 
Net realized and unrealized gain (loss) (2.43) 1.62 .22 .35 (1.14) 
Total from investment operations (2.33) 1.82 .39 .65 (1.13) 
Distributions from net investment income (.30) (.16) (.22) (.04) – 
Distributions from net realized gain (.07) – – – – 
Total distributions (.36)E (.16) (.22) (.04) – 
Net asset value, end of period $8.62 $11.31 $9.65 $9.48 $8.87 
Total ReturnF,G (21.17)% 18.88% 4.16% 7.33% (11.30)% 
Ratios to Average Net AssetsC,H,I      
Expenses before reductions .03%J .04% .05% .04% .04%J 
Expenses net of fee waivers, if any .01%J .01% .01% .01% .01%J 
Expenses net of all reductions .01%J .01% .01% .01% .01%J 
Net investment income (loss) 2.02%J 1.70% 1.86% 3.24%D .65%J 
Supplemental Data      
Net assets, end of period (000 omitted) $2,762,570 $3,239,693 $2,995,875 $2,065,165 $1,431,017 
Portfolio turnover rateK 72%J 78% 117%L 47% 15%L,M 

 A For the period August 29, 2018 (commencement of operations) through October 31, 2018.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 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 2.50%.

 E Total distributions per share do not sum due to rounding.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 L Portfolio turnover rate excludes securities received or delivered in-kind.

 M Amount not annualized.

See accompanying notes which are an integral part of the financial statements.


Fidelity® Series Emerging Markets Opportunities Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   Cayman Islands 21.1% 
   India 14.9% 
   Korea (South) 12.7% 
   Taiwan 9.2% 
   China 8.3% 
   United States of America* 6.1% 
   Brazil 5.8% 
   Saudi Arabia 3.5% 
   South Africa 2.9% 
   Other 15.5% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks and Equity Futures 98.1 
Short-Term Investments and Net Other Assets (Liabilities) 1.9 

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 7.5 
Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) 4.7 
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) 4.3 
Alibaba Group Holding Ltd. (Cayman Islands, Internet & Direct Marketing Retail) 3.0 
HDFC Bank Ltd. (India, Banks) 2.1 
Reliance Industries Ltd. (India, Oil, Gas & Consumable Fuels) 2.0 
Meituan Class B (Cayman Islands, Internet & Direct Marketing Retail) 1.7 
China Construction Bank Corp. (H Shares) (China, Banks) 1.6 
Infosys Ltd. (India, IT Services) 1.5 
Pinduoduo, Inc. ADR (Cayman Islands, Internet & Direct Marketing Retail) 1.4 
 29.8 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Financials 20.6 
Information Technology 19.4 
Consumer Discretionary 13.5 
Materials 9.2 
Communication Services 9.0 
Consumer Staples 6.2 
Industrials 4.7 
Energy 4.6 
Health Care 3.6 
Utilities 2.8 
Real Estate 2.0 

Fidelity® Series Emerging Markets Opportunities Fund

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.9%   
 Shares Value 
Belgium - 0.3%   
Titan Cement International Trading SA (a) 5,832,100 $82,025,714 
Bermuda - 1.1%   
China Gas Holdings Ltd. 37,816,200 46,096,724 
Credicorp Ltd. (United States) 943,822 131,087,438 
Huanxi Media Group Ltd. (b) 152,516,354 26,452,188 
Kerry Properties Ltd. 7,310,000 19,767,235 
Kunlun Energy Co. Ltd. 64,876,000 53,839,736 
Pacific Basin Shipping Ltd. 2,675,000 1,227,319 
Shangri-La Asia Ltd. (b) 7,284,000 5,515,020 
TOTAL BERMUDA  283,985,660 
Brazil - 4.0%   
Arezzo Industria e Comercio SA 1,707,959 30,908,705 
Atacadao SA 38,316,600 159,421,609 
Dexco SA 28,179,910 73,357,425 
ENGIE Brasil Energia SA 4,578,700 38,804,505 
Equatorial Energia SA 14,798,800 76,748,598 
Localiza Rent A Car SA 4,882,100 52,277,708 
LOG Commercial Properties e Participacoes SA (a) 5,669,311 27,440,935 
Lojas Renner SA 10,009,905 48,086,094 
Natura & Co. Holding SA (b) 12,622,801 47,463,642 
Rede D'Oregon Sao Luiz SA (c) 6,901,100 51,270,220 
Rumo SA 25,246,500 83,594,131 
Suzano Papel e Celulose SA 7,870,900 78,980,441 
Transmissora Alianca de Energia Eletrica SA unit 5,797,800 51,575,611 
Vale SA sponsored ADR 12,262,070 207,106,362 
TOTAL BRAZIL  1,027,035,986 
British Virgin Islands - 0.0%   
Fix Price Group Ltd. GDR (Reg. S) (d) 5,084,349 1,877,803 
Canada - 1.0%   
Barrick Gold Corp. 11,476,300 256,036,253 
Cayman Islands - 21.0%   
Akeso, Inc. (b)(c)(e) 7,181,545 13,397,705 
Alibaba Group Holding Ltd. (b) 60,542,611 738,479,962 
Alibaba Group Holding Ltd. sponsored ADR (b) 405,358 39,356,208 
Angelalign Technology, Inc. (c)(e) 922,600 12,980,582 
Ant International Co. Ltd. Class C (b)(d)(f) 9,361,123 15,258,630 
Antengene Corp. (b)(c) 27,048,025 21,276,174 
Archosaur Games, Inc. (c) 2,704,865 2,559,902 
BeiGene Ltd. ADR (b) 36,400 5,824,000 
Bilibili, Inc. ADR (b)(e) 6,064,541 147,610,928 
BizLink Holding, Inc. 87,000 871,103 
Chailease Holding Co. Ltd. 25,210,135 200,452,343 
China Resources Land Ltd. 9,765,720 43,615,794 
CIFI Holdings Group Co. Ltd. 77,174,646 37,122,370 
CK Asset Holdings Ltd. 2,153,000 14,595,491 
ENN Energy Holdings Ltd. 6,169,800 82,644,940 
ESR Cayman Ltd. (b)(c) 5,691,800 17,278,075 
GlobalFoundries, Inc. 313,356 16,385,385 
Haitian International Holdings Ltd. 18,609,306 45,805,488 
Hansoh Pharmaceutical Group Co. Ltd. (c) 21,419,724 35,281,071 
Innovent Biologics, Inc. (b)(c) 8,635,862 26,783,618 
Jacobio Pharmaceuticals Group Co. Ltd. (b)(c) 18,879,428 19,049,690 
JD Health International, Inc. (b)(c) 2,526,058 15,747,596 
JD.com, Inc.:   
Class A 7,857,515 244,985,973 
sponsored ADR (e) 1,498,686 92,408,979 
KE Holdings, Inc. ADR (b) 282,300 4,003,014 
Kuaishou Technology Class B (b)(c) 4,257,669 34,767,207 
KWG Group Holdings Ltd. (e) 42,452,000 15,189,975 
Li Ning Co. Ltd. 23,022,821 179,443,763 
Longfor Properties Co. Ltd. (c) 8,868,666 43,922,840 
Medlive Technology Co. Ltd. (c) 7,584,280 8,852,353 
Meituan Class B (b)(c) 20,443,738 438,035,836 
NetEase, Inc. ADR 1,568,056 149,482,778 
PagSeguro Digital Ltd. (b)(e) 8,190,434 120,481,284 
Parade Technologies Ltd. 777,213 36,982,323 
Pinduoduo, Inc. ADR (b) 8,545,557 368,228,051 
Sea Ltd. ADR (b) 1,917,159 158,664,079 
Silergy Corp. 769,292 68,530,324 
SITC International Holdings Co. Ltd. 10,732,000 35,678,209 
StoneCo Ltd. Class A (b) 2,510,000 23,644,200 
Tencent Holdings Ltd. 25,545,394 1,203,823,760 
Tencent Music Entertainment Group ADR (b) 2,226,828 9,464,019 
Tongdao Liepin Group (b) 8,174,379 15,144,005 
Trip.com Group Ltd. ADR (b) 4,719,424 111,614,378 
Uni-President China Holdings Ltd. 49,824,000 43,660,861 
Wuxi Biologics (Cayman), Inc. (b)(c) 18,449,587 136,173,018 
XP, Inc. Class A (b) 6,922,165 170,354,481 
XPeng, Inc. ADR (b) 4,473,908 110,102,876 
Zai Lab Ltd. (a)(b) 10,395,602 42,361,149 
Zai Lab Ltd. ADR (a)(b) 49,300 1,970,028 
TOTAL CAYMAN ISLANDS  5,420,346,818 
Chile - 1.5%   
Banco de Chile 1,167,675,484 116,595,018 
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR (e) 3,806,262 280,902,136 
TOTAL CHILE  397,497,154 
China - 8.1%   
Asymchem Laboratories Tianjin Co. Ltd. (H Shares) (c) 1,039,500 22,391,624 
Bafang Electric Suzhou Co. Ltd. (A Shares) 1,333,474 30,964,039 
Beijing Enlight Media Co. Ltd. (A Shares) 19,179,676 20,951,736 
C&S Paper Co. Ltd. (A Shares) 22,304,700 35,260,881 
China Communications Services Corp. Ltd. (H Shares) 82,018,000 37,354,339 
China Construction Bank Corp. (H Shares) 590,360,000 420,572,010 
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares) 12,301,528 29,136,897 
China Petroleum & Chemical Corp. (H Shares) 250,866,000 122,791,921 
China Tower Corp. Ltd. (H Shares) (c) 151,064,235 17,630,613 
Contemporary Amperex Technology Co. Ltd. 241,600 14,721,936 
Daqin Railway Co. Ltd. (A Shares) 69,908,600 70,270,620 
Flat Glass Group Co. Ltd. (e) 4,881,818 17,456,518 
Gemdale Corp. (A Shares) 11,542,400 24,976,617 
Great Wall Motor Co. Ltd. (H Shares) 13,754,972 19,262,830 
Haier Smart Home Co. Ltd. 25,735,016 90,916,544 
Haier Smart Home Co. Ltd. (A Shares) 1,171,203 4,541,963 
Hongfa Technology Co. Ltd. (A Shares) 3,928,500 28,566,407 
Pharmaron Beijing Co. Ltd. (H Shares) (c) 3,380,008 42,461,194 
Ping An Insurance Group Co. of China Ltd. (H Shares) 51,354,000 324,594,203 
Poly Developments & Holdings (A Shares) 9,435,134 25,896,243 
Proya Cosmetics Co. Ltd. (A Shares) 3,637,879 110,677,253 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) 2,059,439 97,057,588 
Sinopec Engineering Group Co. Ltd. (H Shares) 41,612,687 21,743,882 
Sinopharm Group Co. Ltd. (H Shares) 12,140,800 27,938,164 
Sungrow Power Supply Co. Ltd. (A Shares) 1,808,950 17,056,053 
TravelSky Technology Ltd. (H Shares) 20,398,000 30,804,560 
Tsingtao Brewery Co. Ltd. (H Shares) 25,395,384 205,605,160 
Venus MedTech Hangzhou, Inc. (H Shares) (b)(c)(e) 6,306,987 11,578,406 
WuXi AppTec Co. Ltd. (H Shares) (c) 3,062,604 41,656,918 
Yunnan Botanee Bio-Technology Group Co., Ltd.:   
(A Shares) 12,700 376,832 
(A Shares) 1,543,426 45,851,734 
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) 9,087,795 22,797,931 
Zhuzhou CRRC Times Electric Co. Ltd. (H Shares) 15,632,000 61,453,669 
TOTAL CHINA  2,095,317,285 
Cyprus - 0.0%   
TCS Group Holding PLC GDR (d) 4,004,379 5,023,694 
Germany - 0.4%   
Delivery Hero AG (b)(c) 2,587,719 90,966,009 
Greece - 0.5%   
Alpha Bank SA (b) 86,064,100 96,877,441 
Piraeus Financial Holdings SA (b) 20,813,647 30,047,896 
TOTAL GREECE  126,925,337 
Hong Kong - 1.3%   
AIA Group Ltd. 12,431,800 122,127,014 
China Merchants Holdings International Co. Ltd. 410,000 715,777 
China Overseas Land and Investment Ltd. 15,712,400 48,540,000 
China Resources Beer Holdings Co. Ltd. 21,018,666 123,460,295 
Guangdong Investment Ltd. 36,850,000 47,180,622 
TOTAL HONG KONG  342,023,708 
Hungary - 0.1%   
Richter Gedeon PLC 1,755,800 35,019,391 
India - 14.6%   
Adani Ports & Special Economic Zone Ltd. 13,710,847 152,133,840 
Apollo Hospitals Enterprise Ltd. 1,236,600 71,520,897 
Bajaj Finance Ltd. 2,169,177 186,761,336 
Bandhan Bank Ltd. (c) 29,752,232 128,860,301 
Bharat Electronics Ltd. 21,950,700 67,855,885 
CE Info Systems Ltd. 819,784 15,724,692 
Divi's Laboratories Ltd. 785,600 45,931,819 
Embassy Office Parks (REIT) 3,962,700 19,868,253 
HDFC Bank Ltd. 30,125,088 539,424,883 
HDFC Standard Life Insurance Co. Ltd. (c) 9,979,024 75,573,598 
Indraprastha Gas Ltd. 11,469,294 52,545,427 
Indus Towers Ltd. 2,517,300 6,835,311 
Infosys Ltd. 4,490,943 90,908,820 
Infosys Ltd. sponsored ADR 15,998,440 317,889,003 
ITC Ltd. 28,049,554 94,424,410 
JK Cement Ltd. (a) 4,816,431 165,909,854 
Larsen & Toubro Ltd. 6,721,544 147,544,590 
Mahanagar Gas Ltd. 3,111,734 31,103,520 
Manappuram General Finance & Leasing Ltd. 30,717,187 45,742,025 
Maruti Suzuki India Ltd. 596,379 59,658,774 
NTPC Ltd. 41,441,645 84,012,764 
Oberoi Realty Ltd. (b) 3,179,572 39,562,778 
Oil & Natural Gas Corp. Ltd. 44,557,600 92,229,868 
Petronet LNG Ltd. 11,676,680 30,913,473 
Pine Labs Private Ltd. (d)(f) 9,606 5,375,518 
Power Grid Corp. of India Ltd. 40,444,554 119,706,810 
Reliance Industries Ltd. 14,233,992 515,109,178 
Shree Cement Ltd. 380,668 127,926,358 
Shriram Transport Finance Co. Ltd. 5,114,657 79,352,144 
Sun Pharmaceutical Industries Ltd. 2,114,300 25,526,744 
Tata Motors Ltd. (b) 13,562,907 76,659,025 
Tata Steel Ltd. 6,789,500 111,343,116 
Titan Co. Ltd. 1,669,951 53,221,347 
Torrent Pharmaceuticals Ltd. 785,936 28,734,829 
Vijaya Diagnostic Centre Pvt Ltd. 1,850,800 11,000,195 
Voltas Ltd. 2,668,306 43,678,468 
Wipro Ltd. 1,655,473 10,863,959 
TOTAL INDIA  3,771,433,812 
Indonesia - 2.2%   
PT Astra International Tbk (g) 55,245,200 28,845,812 
PT Bank Central Asia Tbk (h) 397,707,060 223,062,596 
PT Bank Rakyat Indonesia (Persero) Tbk (h) 822,097,939 273,912,466 
PT Dayamitra Telekomunikasi Tbk 104,720,900 5,493,251 
PT United Tractors Tbk 17,356,200 36,217,174 
TOTAL INDONESIA  567,531,299 
Japan - 1.0%   
Capcom Co. Ltd. 637,798 16,829,651 
JEOL Ltd. 335,300 15,057,846 
JTOWER, Inc. (b) 280,327 13,173,566 
Money Forward, Inc. (b) 542,062 18,431,005 
Renesas Electronics Corp. (b) 4,288,352 45,790,886 
Sumco Corp. 1,581,300 22,773,359 
Tokyo Electron Ltd. 55,123 23,258,968 
Z Holdings Corp. 27,733,066 108,875,544 
TOTAL JAPAN  264,190,825 
Korea (South) - 12.4%   
AMOREPACIFIC Group, Inc. 1,966,599 76,956,947 
Coway Co. Ltd. 1,164,470 64,875,291 
Hana Financial Group, Inc. 3,405,239 125,753,005 
Hanon Systems 3,903,700 34,748,237 
Hyundai Fire & Marine Insurance Co. Ltd. 637,714 16,348,747 
Hyundai Mobis 384,560 62,230,255 
Kakao Corp. 1,879,913 130,620,275 
Kakao Pay Corp. (b) 339,348 29,856,860 
KB Financial Group, Inc. 4,742,555 219,469,809 
Kia Corp. 3,125,092 203,885,639 
LG Chemical Ltd. 140,306 57,158,884 
LG Corp. 950,738 54,611,644 
NAVER Corp. 371,500 82,314,901 
NCSOFT Corp. 133,686 44,036,899 
Netmarble Corp. (c) 146,088 10,922,779 
POSCO 1,072,336 243,540,992 
S-Oil Corp. 808,710 65,815,081 
Samsung Biologics Co. Ltd. (b)(c) 180,398 118,355,754 
Samsung Electronics Co. Ltd. 20,938,460 1,109,951,258 
Samsung SDI Co. Ltd. 231,215 109,554,618 
SK Hynix, Inc. 3,541,962 308,724,931 
Studio Dragon Corp. (b) 468,518 30,604,965 
TOTAL KOREA (SOUTH)  3,200,337,771 
Luxembourg - 0.3%   
Adecoagro SA (e) 896,318 10,083,578 
Globant SA (b) 78,876 17,036,427 
Tenaris SA sponsored ADR 1,914,600 57,782,628 
TOTAL LUXEMBOURG  84,902,633 
Mauritius - 0.0%   
Jumo World Ltd. (d) 2,021 9,452,864 
Mexico - 2.3%   
CEMEX S.A.B. de CV sponsored ADR (b) 38,578,400 169,744,960 
Corporacion Inmobiliaria Vesta S.A.B. de CV 18,126,460 33,585,448 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 5,930,900 91,268,984 
Grupo Aeroportuario Norte S.A.B. de CV 4,411,100 30,954,329 
Grupo Financiero Banorte S.A.B. de CV Series O 30,758,078 203,044,162 
Wal-Mart de Mexico SA de CV Series V 19,802,300 70,023,471 
TOTAL MEXICO  598,621,354 
Netherlands - 0.3%   
ASML Holding NV (Netherlands) 69,265 39,310,555 
CTP BV (c) 380,012 5,380,535 
CTP BV rights (b)(g) 380,012 72,161 
NXP Semiconductors NV 117,515 20,083,314 
X5 Retail Group NV GDR (Reg. S) (d) 6,393,700 1,334,941 
Yandex NV Series A (b)(d)(e) 6,677,608 22,903,127 
TOTAL NETHERLANDS  89,084,633 
Panama - 0.2%   
Copa Holdings SA Class A (b)(e) 526,559 39,686,752 
Philippines - 0.3%   
Ayala Land, Inc. 38,499,124 23,460,482 
SM Investments Corp. 2,563,000 41,575,997 
TOTAL PHILIPPINES  65,036,479 
Poland - 0.2%   
CD Projekt RED SA (e) 1,463,828 39,618,357 
Russia - 0.0%   
Gazprom OAO sponsored ADR (Reg. S) (d) 10,986,900 2,509,847 
LSR Group OJSC (d) 98,230 128,862 
LUKOIL PJSC sponsored ADR (d) 2,479,000 701,284 
Novatek PJSC GDR (Reg. S) (d) 648,900 165,774 
Sberbank of Russia (d) 12,899,053 103,427 
Sberbank of Russia sponsored ADR (d) 19,633,994 349,485 
Severstal PAO GDR (Reg. S) (d) 6,035,400 142,496 
TOTAL RUSSIA  4,101,175 
Saudi Arabia - 3.5%   
Al Rajhi Bank (h) 6,859,747 322,979,450 
Alinma Bank 15,856,100 175,225,377 
Saudi Arabian Oil Co. (c) 8,892,100 106,445,369 
Saudi Tadawul Group Holding Co. 2,216,600 119,493,580 
The Saudi National Bank (g) 8,537,253 179,813,103 
TOTAL SAUDI ARABIA  903,956,879 
Singapore - 0.9%   
First Resources Ltd. (a) 93,233,400 142,198,948 
United Overseas Bank Ltd. 3,756,200 80,406,173 
TOTAL SINGAPORE  222,605,121 
South Africa - 2.9%   
Capitec Bank Holdings Ltd. (e) 1,123,961 156,893,426 
FirstRand Ltd. (e) 44,018,061 189,571,772 
Impala Platinum Holdings Ltd. 20,647,702 267,086,639 
Pick 'n Pay Stores Ltd. (a) 37,149,184 134,340,294 
TOTAL SOUTH AFRICA  747,892,131 
Taiwan - 9.2%   
ECLAT Textile Co. Ltd. 865,000 14,201,322 
eMemory Technology, Inc. 566,000 23,800,564 
GlobalWafers Co. Ltd. 509,000 8,875,607 
MediaTek, Inc. 7,560,667 208,549,200 
Taiwan Semiconductor Manufacturing Co. Ltd. 105,830,819 1,914,774,481 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 188,800 17,545,184 
Unified-President Enterprises Corp. 38,914,000 90,082,638 
Unimicron Technology Corp. 6,478,000 45,462,991 
Wiwynn Corp. 1,270,000 43,452,792 
TOTAL TAIWAN  2,366,744,779 
Thailand - 0.4%   
Land & House PCL (For. Reg.) 55,067,500 15,317,618 
PTT Global Chemical PCL (For. Reg.) 54,494,700 79,076,571 
TOTAL THAILAND  94,394,189 
Turkey - 0.4%   
Aselsan A/S 36,147,111 59,643,676 
Bim Birlesik Magazalar A/S JSC 8,450,000 47,547,522 
TOTAL TURKEY  107,191,198 
United Kingdom - 0.8%   
Helios Towers PLC (b) 9,156,900 12,791,411 
Mondi PLC (e) 2,652,863 50,018,863 
Prudential PLC 11,012,148 137,084,173 
TOTAL UNITED KINGDOM  199,894,447 
United States of America - 1.7%   
Airbnb, Inc. Class A (b) 90,300 13,834,863 
Dlocal Ltd. 1,226,938 27,814,684 
FirstCash Holdings, Inc. 1,821,441 145,314,563 
Li Auto, Inc. ADR (b)(e) 6,667,981 149,562,814 
Marvell Technology, Inc. 394,888 22,935,095 
NVIDIA Corp. 78,572 14,572,749 
Salesforce.com, Inc. (b) 135,074 23,764,920 
Snap, Inc. Class A (b) 474,737 13,511,015 
Yum China Holdings, Inc. 632,146 26,423,703 
TOTAL UNITED STATES OF AMERICA  437,734,406 
TOTAL COMMON STOCKS   
(Cost $22,200,835,879)  23,978,491,916 
Preferred Stocks - 2.7%   
Convertible Preferred Stocks - 0.5%   
Cayman Islands - 0.1%   
Creditas Financial Solutions Ltd. Series F (d)(f) 70,500 22,206,259 
China - 0.2%   
ByteDance Ltd. Series E1 (b)(d)(f) 399,541 51,169,216 
dMed Biopharmaceutical Co. Ltd. Series C (b)(d)(f) 769,712 7,635,543 
  58,804,759 
India - 0.2%   
Meesho Series F (d)(f) 431,274 33,066,770 
TOTAL CONVERTIBLE PREFERRED STOCKS  114,077,788 
Nonconvertible Preferred Stocks - 2.2%   
Brazil - 1.8%   
Ambev SA sponsored ADR 54,926,500 159,836,115 
Companhia de Transmissao de Energia Eletrica Paulista (PN) 4,383,700 22,308,861 
Metalurgica Gerdau SA (PN) 57,952,422 133,160,633 
Petroleo Brasileiro SA - Petrobras:   
(PN) sponsored ADR (non-vtg.) 6,877,900 84,391,833 
sponsored ADR 5,010,300 67,989,771 
  467,687,213 
India - 0.1%   
Pine Labs Private Ltd.:   
Series 1 (d)(f) 22,959 12,847,856 
Series A (d)(f) 5,737 3,210,425 
Series B (d)(f) 6,242 3,493,023 
Series B2 (d)(f) 5,049 2,825,420 
Series C (d)(f) 9,391 5,255,204 
Series C1 (d)(f) 1,978 1,106,889 
Series D (d)(f) 2,116 1,184,114 
  29,922,931 
Korea (South) - 0.3%   
Hyundai Motor Co. Series 2 942,451 70,167,120 
United States of America - 0.0%   
Gupshup, Inc. (d)(f) 566,129 10,767,774 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  578,545,038 
TOTAL PREFERRED STOCKS   
(Cost $529,532,723)  692,622,826 
 Principal Amount Value 
Government Obligations - 0.2%   
United States of America - 0.2%   
U.S. Treasury Bills, yield at date of purchase 0.29% to 0.38% 5/26/22 to 6/9/22
(Cost $53,911,060)(i) 		53,930,000 53,909,456 
 Shares Value 
Money Market Funds - 3.9%   
Fidelity Cash Central Fund 0.32% (j) 653,570,933 653,701,647 
Fidelity Securities Lending Cash Central Fund 0.32% (j)(k) 347,165,629 347,200,345 
TOTAL MONEY MARKET FUNDS   
(Cost $1,000,883,513)  1,000,901,992 
TOTAL INVESTMENT IN SECURITIES - 99.7%   
(Cost $23,785,163,175)  25,725,926,190 
NET OTHER ASSETS (LIABILITIES) - 0.3%  84,419,307 
NET ASSETS - 100%  $25,810,345,497 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
ICE E-mini MSCI Emerging Markets Index Contracts (United States) 12,342 June 2022 $652,521,540 $(551,730) $(551,730) 

The notional amount of futures purchased as a percentage of Net Assets is 2.5%

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Affiliated company

 (b) Non-income producing

 (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 $1,549,598,987 or 6.0% of net assets.

 (d) Level 3 security

 (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 $175,402,641 or 0.7% of net assets.

 (g) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (h) A portion of the security sold on a delayed delivery basis.

 (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 $8,207,566.

 (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. Class C 5/16/18 $35,678,747 
ByteDance Ltd. Series E1 11/18/20 $43,779,377 
Creditas Financial Solutions Ltd. Series F 1/28/22 $22,206,259 
dMed Biopharmaceutical Co. Ltd. Series C 12/1/20 $10,932,333 
Gupshup, Inc. 6/8/21 $12,944,653 
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.

Fund 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 0.32% $91,212,294 $9,634,735,715 $9,072,246,360 $ 440,918 $-- $(2) $653,701,647 1.3% 
Fidelity Securities Lending Cash Central Fund 0.32% 671,802,601 2,213,632,859 2,538,235,115 1,344,782 -- -- 347,200,345 0.9% 
Total $763,014,895 $11,848,368,574 $11,610,481,475 $ 1,785,700 $-- $(2) $1,000,901,992  

Amounts in the 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. Amount 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.

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.

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
First Resources Ltd. $112,766,729 $12,593,355 $3,204,185 $-- $(565,051) $20,608,100 $142,198,948 
JK Cement Ltd. 206,550,633 13,006,552 5,988,594 -- (352,137) (47,306,600) 165,909,854 
LOG Commercial Properties e Participacoes SA 9,222,095 15,152,476 -- 900,552 -- 3,066,364 27,440,935 
Pick 'n Pay Stores Ltd. 143,251,457 1,628,627 -- 694,971 -- (10,539,790) 134,340,294 
Titan Cement International Trading SA 105,966,764 -- 3,882,745 2,924,966 (3,202,522) (16,855,783) 82,025,714 
Zai Lab Ltd. -- 12,216,566 2,056,292 -- (407,149) (51,252,178) 42,361,149 
Zai Lab Ltd. ADR -- 1,877,776 -- -- -- 92,252 1,970,028 
Total $577,757,678 $56,475,352 $15,131,816 $4,520,489 $(4,526,859) $(102,187,635) $596,246,922 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $2,311,908,701 $478,732,819 $1,810,272,755 $22,903,127 
Consumer Discretionary 3,519,756,831 990,526,671 2,527,352,357 1,877,803 
Consumer Staples 1,598,607,131 494,375,937 1,102,896,253 1,334,941 
Energy 1,183,063,201 316,609,601 863,076,695 3,376,905 
Financials 5,289,188,892 1,563,907,172 3,672,887,361 52,394,359 
Health Care 977,086,520 94,083,639 875,367,338 7,635,543 
Industrials 1,236,262,303 357,425,580 878,836,723 -- 
Information Technology 4,976,293,725 622,152,245 4,223,839,271 130,302,209 
Materials 2,383,517,697 1,199,288,210 1,184,086,991 142,496 
Real Estate 488,861,623 65,029,397 423,703,364 128,862 
Utilities 706,568,118 189,437,575 517,130,543 -- 
Government Obligations 53,909,456 -- 53,909,456 -- 
Money Market Funds 1,000,901,992 1,000,901,992 -- -- 
Total Investments in Securities: $25,725,926,190 $7,372,470,838 $18,133,359,107 $220,096,245 
Derivative Instruments:     
Liabilities     
Futures Contracts $(551,730) $(551,730) $-- $-- 
Total Liabilities $(551,730) $(551,730) $-- $-- 
Total Derivative Instruments: $(551,730) $(551,730) $-- $-- 

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, 2022. 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 $(551,730) 
Total Equity Risk 0 (551,730) 
Total Value of Derivatives $0 $(551,730) 

 (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).

See accompanying notes which are an integral part of the financial statements.


Fidelity® Series Emerging Markets Opportunities Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $317,694,913) — See accompanying schedule:
Unaffiliated issuers (cost $22,278,703,480) 		$24,128,777,276  
Fidelity Central Funds (cost $1,000,883,513) 1,000,901,992  
Other affiliated issuers (cost $505,576,182) 596,246,922  
Total Investment in Securities (cost $23,785,163,175)  $25,725,926,190 
Cash  2,689 
Foreign currency held at value (cost $65,786,215)  64,151,723 
Receivable for investments sold   
Regular delivery  115,652,926 
Delayed delivery  47,915,647 
Receivable for fund shares sold  578,166,614 
Dividends receivable  37,685,417 
Distributions receivable from Fidelity Central Funds  573,394 
Receivable from investment adviser for expense reductions  145,840 
Other receivables  3,798,304 
Total assets  26,574,018,744 
Liabilities   
Payable for investments purchased   
Regular delivery $296,352,148  
Delayed delivery 28,416,182  
Payable for fund shares redeemed 363,409  
Payable for daily variation margin on futures contracts 1,835,550  
Deferred taxes 86,187,570  
Other payables and accrued expenses 3,323,138  
Collateral on securities loaned 347,195,250  
Total liabilities  763,673,247 
Net Assets  $25,810,345,497 
Net Assets consist of:   
Paid in capital  $24,768,618,650 
Total accumulated earnings (loss)  1,041,726,847 
Net Assets  $25,810,345,497 
Net Asset Value, offering price and redemption price per share ($25,810,345,497 ÷ 1,498,290,760 shares)  $17.23 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends (including $4,520,489 earned from other affiliated issuers)  $287,326,795 
Non-Cash dividends  47,772,983 
Interest  31,315 
Income from Fidelity Central Funds (including $1,344,782 from security lending)  1,785,700 
Income before foreign taxes withheld  336,916,793 
Less foreign taxes withheld  (38,242,548) 
Total income  298,674,245 
Expenses   
Custodian fees and expenses $4,135,561  
Independent trustees' fees and expenses 48,801  
Total expenses before reductions 4,184,362  
Expense reductions (2,315,608)  
Total expenses after reductions  1,868,754 
Net investment income (loss)  296,805,491 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $11,672,465) (430,268,808)  
Affiliated issuers (4,401,182)  
Foreign currency transactions (6,798,110)  
Futures contracts (87,804,866)  
Total net realized gain (loss)  (529,272,966) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $42,630,107) (6,238,696,712)  
Fidelity Central Funds (2)  
Other affiliated issuers (102,187,635)  
Assets and liabilities in foreign currencies (319,874)  
Futures contracts 2,984,007  
Total change in net unrealized appreciation (depreciation)  (6,338,220,216) 
Net gain (loss)  (6,867,493,182) 
Net increase (decrease) in net assets resulting from operations  $(6,570,687,691) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $296,805,491 $563,417,592 
Net realized gain (loss) (529,272,966) 2,456,466,938 
Change in net unrealized appreciation (depreciation) (6,338,220,216) 2,113,225,691 
Net increase (decrease) in net assets resulting from operations (6,570,687,691) 5,133,110,221 
Distributions to shareholders (3,331,305,613) (909,906,288) 
Share transactions   
Proceeds from sales of shares 4,672,845,330 5,298,433,914 
Reinvestment of distributions 3,331,305,613 909,906,288 
Cost of shares redeemed (1,480,349,727) (8,072,789,703) 
Net increase (decrease) in net assets resulting from share transactions 6,523,801,216 (1,864,449,501) 
Total increase (decrease) in net assets (3,378,192,088) 2,358,754,432 
Net Assets   
Beginning of period 29,188,537,585 26,829,783,153 
End of period $25,810,345,497 $29,188,537,585 
Other Information   
Shares   
Sold 230,302,369 208,064,485 
Issued in reinvestment of distributions 156,693,585 37,646,102 
Redeemed (70,728,749) (311,910,589) 
Net increase (decrease) 316,267,205 (66,200,002) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Series Emerging Markets Opportunities Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $24.69 $21.49 $19.39 $17.66 $21.35 $16.79 
Income from Investment Operations       
Net investment income (loss)A,B .22 .47 .35 .57C .45 .30 
Net realized and unrealized gain (loss) (4.98) 3.48 2.26 2.71 (3.52) 4.49 
Total from investment operations (4.76) 3.95 2.61 3.28 (3.07) 4.79 
Distributions from net investment income (.68) (.33) (.50) (.41) (.39) (.19) 
Distributions from net realized gain (2.01) (.41) (.02) (1.14) (.23) (.04) 
Total distributions (2.70)D (.75)D (.51)D (1.55) (.62) (.23) 
Net asset value, end of period $17.23 $24.69 $21.49 $19.39 $17.66 $21.35 
Total ReturnE,F (21.37)% 18.44% 13.66% 20.13% (14.82)% 29.04% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions .03%I .03% .04% .04% .05% .59% 
Expenses net of fee waivers, if any .01%I .01% .01% .01% .01% .57% 
Expenses net of all reductions .01%I .01% .01% .01% .01% .56% 
Net investment income (loss) 2.12%I 1.82% 1.78% 3.12%C 2.16% 1.63% 
Supplemental Data       
Net assets, end of period (000 omitted) $25,810,345 $29,188,538 $26,829,783 $18,675,048 $13,597,809 $15,747,447 
Portfolio turnover rateJ 42%I 69% 42%K 54% 64% 56% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.15 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 2.29%.

 D Total distributions per share do not sum due to rounding.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 K Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity® Series International Growth Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   United States of America* 23.5% 
   Japan 12.6% 
   Switzerland 10.1% 
   France 8.5% 
   Netherlands 8.0% 
   Germany 6.1% 
   Sweden 5.5% 
   United Kingdom 4.3% 
   Hong Kong 3.5% 
   Other 17.9% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks 93.9 
Short-Term Investments and Net Other Assets (Liabilities) 6.1 

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) 5.5 
Nestle SA (Reg. S) (Switzerland, Food Products) 5.1 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 4.6 
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) 4.2 
Linde PLC (Germany, Chemicals) 3.0 
Keyence Corp. (Japan, Electronic Equipment & Components) 2.7 
Marsh & McLennan Companies, Inc. (United States of America, Insurance) 2.6 
Recruit Holdings Co. Ltd. (Japan, Professional Services) 2.4 
AIA Group Ltd. (Hong Kong, Insurance) 2.4 
ASSA ABLOY AB (B Shares) (Sweden, Building Products) 2.2 
 34.7 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Industrials 23.4 
Information Technology 22.3 
Financials 12.6 
Health Care 9.6 
Consumer Discretionary 8.5 
Materials 6.6 
Consumer Staples 5.7 
Communication Services 3.7 
Real Estate 0.8 
Energy 0.7 

Fidelity® Series International Growth Fund

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.8%   
 Shares Value 
Bailiwick of Jersey - 1.4%   
Experian PLC 5,758,289 $198,858,786 
Belgium - 1.0%   
Azelis Group NV 1,547,183 38,104,617 
UCB SA 910,500 103,498,977 
TOTAL BELGIUM  141,603,594 
Canada - 3.0%   
CAE, Inc. (a) 3,256,500 77,442,163 
Canadian Pacific Railway Ltd. 2,927,540 214,144,657 
Franco-Nevada Corp. 794,628 120,173,065 
TOTAL CANADA  411,759,885 
Denmark - 1.0%   
Vestas Wind Systems A/S 5,267,100 134,316,355 
Finland - 0.5%   
Kone OYJ (B Shares) 1,352,400 65,020,272 
France - 8.5%   
Edenred SA 2,278,390 114,425,666 
Lectra 908,600 37,668,324 
Legrand SA 2,258,444 200,130,166 
LVMH Moet Hennessy Louis Vuitton SE 892,296 577,436,255 
Safran SA 1,704,200 183,028,435 
Sanofi SA 616,800 65,192,635 
TOTAL FRANCE  1,177,881,481 
Germany - 6.1%   
Deutsche Borse AG 999,945 174,084,986 
Linde PLC (b) 1,303,701 408,889,554 
SAP SE 1,491,329 151,140,238 
Vonovia SE 2,668,562 106,318,160 
TOTAL GERMANY  840,432,938 
Hong Kong - 3.5%   
AIA Group Ltd. 33,045,901 324,634,986 
Hong Kong Exchanges and Clearing Ltd. 3,741,625 158,715,900 
TOTAL HONG KONG  483,350,886 
India - 1.6%   
Housing Development Finance Corp. Ltd. 2,193,800 63,218,901 
Kotak Mahindra Bank Ltd. (a) 2,459,400 56,964,906 
Reliance Industries Ltd. 925,000 33,474,516 
Reliance Industries Ltd. sponsored GDR (c) 919,700 65,767,685 
TOTAL INDIA  219,426,008 
Ireland - 1.5%   
CRH PLC sponsored ADR 5,187,640 205,326,791 
Italy - 1.4%   
Interpump Group SpA 1,749,620 70,736,714 
Prada SpA 19,229,100 119,646,155 
TOTAL ITALY  190,382,869 
Japan - 12.6%   
Azbil Corp. 4,725,405 143,473,128 
FANUC Corp. 1,075,315 164,768,421 
Hoya Corp. 2,512,600 249,355,797 
Keyence Corp. 916,687 368,512,063 
Lasertec Corp. 919,300 122,819,771 
Misumi Group, Inc. 6,870,106 172,263,266 
OSG Corp. 2,029,046 25,489,863 
Recruit Holdings Co. Ltd. 9,187,405 333,333,877 
SHO-BOND Holdings Co. Ltd. 2,013,800 84,640,060 
USS Co. Ltd. 4,502,000 74,949,525 
TOTAL JAPAN  1,739,605,771 
Kenya - 0.6%   
Safaricom Ltd. 269,131,800 78,322,467 
Netherlands - 8.0%   
Aalberts Industries NV 591,459 28,740,348 
Airbus Group NV 2,185,000 239,196,112 
ASML Holding NV (Netherlands) 1,326,546 752,865,953 
IMCD NV 527,700 84,021,723 
TOTAL NETHERLANDS  1,104,824,136 
New Zealand - 0.3%   
Auckland International Airport Ltd. (a) 8,574,162 43,068,068 
Norway - 0.6%   
Adevinta ASA Class B (a) 4,273,402 33,013,854 
Schibsted ASA (B Shares) 2,431,254 46,734,444 
TOTAL NORWAY  79,748,298 
South Africa - 0.3%   
Clicks Group Ltd. 1,772,922 34,614,604 
Spain - 3.0%   
Amadeus IT Holding SA Class A (a) 4,872,964 305,354,158 
Cellnex Telecom SA (c) 2,212,942 103,145,904 
TOTAL SPAIN  408,500,062 
Sweden - 5.5%   
ASSA ABLOY AB (B Shares) (b) 12,220,437 308,836,644 
Atlas Copco AB (A Shares) (b) 6,573,361 298,015,651 
Epiroc AB (A Shares) 7,704,036 156,184,403 
TOTAL SWEDEN  763,036,698 
Switzerland - 10.1%   
Nestle SA (Reg. S) 5,483,580 707,897,762 
Roche Holding AG (participation certificate) 1,712,304 634,946,382 
Schindler Holding AG:   
(participation certificate) 134,581 25,856,459 
(Reg.) 156,202 29,986,770 
TOTAL SWITZERLAND  1,398,687,373 
Taiwan - 1.6%   
Taiwan Semiconductor Manufacturing Co. Ltd. 11,957,885 216,351,468 
United Kingdom - 4.3%   
Compass Group PLC 10,752,200 226,891,318 
Dechra Pharmaceuticals PLC 1,219,000 55,239,423 
InterContinental Hotel Group PLC ADR 1,621,930 105,117,283 
Rightmove PLC 11,770,592 90,481,701 
Spectris PLC 3,031,486 110,873,236 
TOTAL UNITED KINGDOM  588,602,961 
United States of America - 17.4%   
Alphabet, Inc. Class A (a) 58,087 132,565,571 
Autoliv, Inc. 968,634 71,368,953 
Lam Research Corp. 503,465 234,493,858 
Marsh & McLennan Companies, Inc. 2,239,031 362,051,313 
MasterCard, Inc. Class A 555,331 201,796,179 
Moody's Corp. 661,559 209,370,192 
MSCI, Inc. 471,727 198,714,999 
NICE Ltd. sponsored ADR (a)(b) 793,154 163,714,917 
Otis Worldwide Corp. 904,400 65,876,496 
PriceSmart, Inc. 566,832 45,034,802 
ResMed, Inc. 1,106,018 221,170,419 
S&P Global, Inc. 549,080 206,728,620 
Sherwin-Williams Co. 590,941 162,485,137 
Visa, Inc. Class A 590,470 125,846,871 
TOTAL UNITED STATES OF AMERICA  2,401,218,327 
TOTAL COMMON STOCKS   
(Cost $8,930,477,408)  12,924,940,098 
Convertible Preferred Stocks - 0.1%   
China - 0.1%   
ByteDance Ltd. Series E1 (a)(d)(e)   
(Cost $18,859,141) 172,113 22,042,512 
Money Market Funds - 7.9%   
Fidelity Cash Central Fund 0.32% (f) 521,323,584 521,427,849 
Fidelity Securities Lending Cash Central Fund 0.32% (f)(g) 564,234,775 564,291,199 
TOTAL MONEY MARKET FUNDS   
(Cost $1,085,719,048)  1,085,719,048 
TOTAL INVESTMENT IN SECURITIES - 101.8%   
(Cost $10,035,055,597)  14,032,701,658 
NET OTHER ASSETS (LIABILITIES) - (1.8)%  (253,962,552) 
NET ASSETS - 100%  $13,778,739,106 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

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 $168,913,589 or 1.2% 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 $22,042,512 or 0.2% of net assets.

 (f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements 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.

Fund 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 0.32% $289,691,163 $2,700,777,546 $2,469,040,860 $259,356 $-- $-- $521,427,849 1.0% 
Fidelity Securities Lending Cash Central Fund 0.32% 40,631,762  1,135,463,569  611,804,132 91,451 -- -- 564,291,199 1.5% 
Total $330,322,925 $ 3,836,241,115 $ 3,080,844,992 $350,807 $-- $-- $1,085,719,048  

Amounts in the 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. Amount 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $484,263,941 $210,888,038 $273,375,903 $-- 
Consumer Discretionary 1,175,409,489 176,486,236 998,923,253 -- 
Consumer Staples 787,547,168 45,034,802 742,512,366 -- 
Energy 99,242,201 -- 99,242,201 -- 
Financials 1,754,484,803 976,865,124 777,619,679 -- 
Health Care 1,329,403,633 221,170,419 1,108,233,214 -- 
Industrials 3,242,060,326 357,463,316 2,884,597,010 -- 
Information Technology 3,071,378,342 725,851,825 2,323,484,005 22,042,512 
Materials 896,874,547 487,984,993 408,889,554 -- 
Real Estate 106,318,160 -- 106,318,160 -- 
Money Market Funds 1,085,719,048 1,085,719,048 -- -- 
Total Investments in Securities: $14,032,701,658 $4,287,463,801 $9,723,195,345 $22,042,512 

See accompanying notes which are an integral part of the financial statements.


Fidelity® Series International Growth Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $529,997,119) — See accompanying schedule:
Unaffiliated issuers (cost $8,949,336,549) 		$12,946,982,610  
Fidelity Central Funds (cost $1,085,719,048) 1,085,719,048  
Total Investment in Securities (cost $10,035,055,597)  $14,032,701,658 
Foreign currency held at value (cost $2,218,901)  2,212,873 
Receivable for investments sold  22,773,175 
Receivable for fund shares sold  239,761,219 
Dividends receivable  23,004,972 
Reclaims receivable  39,978,628 
Distributions receivable from Fidelity Central Funds  192,494 
Other receivables  26,371 
Total assets  14,360,651,390 
Liabilities   
Payable to custodian bank $4,394  
Payable for investments purchased 14,683,563  
Payable for fund shares redeemed 1,147,232  
Other payables and accrued expenses 1,785,896  
Collateral on securities loaned 564,291,199  
Total liabilities  581,912,284 
Net Assets  $13,778,739,106 
Net Assets consist of:   
Paid in capital  $9,321,648,270 
Total accumulated earnings (loss)  4,457,090,836 
Net Assets  $13,778,739,106 
Net Asset Value, offering price and redemption price per share ($13,778,739,106 ÷ 899,939,187 shares)  $15.31 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $103,531,980 
Foreign tax reclaims  9,236,601 
Income from Fidelity Central Funds (including $91,451 from security lending)  350,807 
Income before foreign taxes withheld  113,119,388 
Less foreign taxes withheld  (18,493,874) 
Total income  94,625,514 
Expenses   
Custodian fees and expenses $582,913  
Independent trustees' fees and expenses 25,523  
Interest 220  
Total expenses before reductions 608,656  
Expense reductions (126)  
Total expenses after reductions  608,530 
Net investment income (loss)  94,016,984 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $724,347) 431,952,947  
Foreign currency transactions (76,783)  
Total net realized gain (loss)  431,876,164 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $2,861,309) (3,616,473,789)  
Assets and liabilities in foreign currencies (2,887,408)  
Total change in net unrealized appreciation (depreciation)  (3,619,361,197) 
Net gain (loss)  (3,187,485,033) 
Net increase (decrease) in net assets resulting from operations  $(3,093,468,049) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $94,016,984 $150,726,737 
Net realized gain (loss) 431,876,164 1,036,472,737 
Change in net unrealized appreciation (depreciation) (3,619,361,197) 2,647,507,454 
Net increase (decrease) in net assets resulting from operations (3,093,468,049) 3,834,706,928 
Distributions to shareholders (1,228,456,975) (1,893,653,837) 
Share transactions   
Proceeds from sales of shares 2,193,407,125 2,688,569,606 
Reinvestment of distributions 1,228,456,975 1,893,653,837 
Cost of shares redeemed (788,324,426) (2,614,147,031) 
Net increase (decrease) in net assets resulting from share transactions 2,633,539,674 1,968,076,412 
Total increase (decrease) in net assets (1,688,385,350) 3,909,129,503 
Net Assets   
Beginning of period 15,467,124,456 11,557,994,953 
End of period $13,778,739,106 $15,467,124,456 
Other Information   
Shares   
Sold 124,051,693 140,533,087 
Issued in reinvestment of distributions 65,032,132 110,675,268 
Redeemed (43,212,432) (138,785,466) 
Net increase (decrease) 145,871,393 112,422,889 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Series International Growth Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $20.51 $18.01 $17.07 $14.96 $16.22 $13.37 
Income from Investment Operations       
Net investment income (loss)A,B .11 .20 .20 .37C .30 .21 
Net realized and unrealized gain (loss) (3.72)D 5.19 1.38 2.74 (1.05) 2.97 
Total from investment operations (3.61) 5.39 1.58 3.11 (.75) 3.18 
Distributions from net investment income (.28) (.24) (.37) (.28) (.24) (.16) 
Distributions from net realized gain (1.31) (2.65) (.27) (.72) (.27) (.17) 
Total distributions (1.59) (2.89) (.64) (1.00) (.51) (.33) 
Net asset value, end of period $15.31 $20.51 $18.01 $17.07 $14.96 $16.22 
Total ReturnE,F (19.06)% 33.10% 9.39% 22.58% (4.82)% 24.42% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions .01%I .01% .01% .01% .01% .51% 
Expenses net of fee waivers, if any .01%I .01% .01% .01% .01% .51% 
Expenses net of all reductions .01%I .01% .01% .01% - %J .51% 
Net investment income (loss) 1.26%I 1.06% 1.18% 2.38%C 1.84% 1.41% 
Supplemental Data       
Net assets, end of period (000 omitted) $13,778,739 $15,467,124 $11,557,995 $16,501,791 $14,113,600 $14,784,814 
Portfolio turnover rateK 23%I 24% 16%L 24% 33% 23% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 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 1.92%.

 D The 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.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount represents less than .005%.

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 L Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity® Series International Small Cap Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   Japan 30.7% 
   United Kingdom 16.6% 
   Sweden 9.1% 
   United States of America* 6.9% 
   Germany 5.4% 
   Netherlands 4.9% 
   France 3.8% 
   Canada 3.1% 
   Norway 2.4% 
   Other 17.1% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks 96.4 
Short-Term Investments and Net Other Assets (Liabilities) 3.6 

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
AddTech AB (B Shares) (Sweden, Trading Companies & Distributors) 3.2 
Aalberts Industries NV (Netherlands, Machinery) 2.9 
Lagercrantz Group AB (B Shares) (Sweden, Electronic Equipment & Components) 2.6 
Azbil Corp. (Japan, Electronic Equipment & Components) 2.5 
Spirax-Sarco Engineering PLC (United Kingdom, Machinery) 2.5 
Spectris PLC (United Kingdom, Electronic Equipment & Components) 2.5 
Dechra Pharmaceuticals PLC (United Kingdom, Pharmaceuticals) 2.3 
OBIC Co. Ltd. (Japan, IT Services) 2.2 
CTS Eventim AG (Germany, Entertainment) 2.2 
Interpump Group SpA (Italy, Machinery) 1.7 
 24.6 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Industrials 29.7 
Information Technology 18.2 
Health Care 12.8 
Consumer Discretionary 9.1 
Communication Services 6.2 
Consumer Staples 5.7 
Financials 5.4 
Real Estate 4.4 
Materials 3.5 
Energy 1.4 

Fidelity® Series International Small Cap Fund

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.9%   
 Shares Value 
Australia - 0.9%   
Aub Group Ltd. 276,474 $4,476,333 
Flight Centre Travel Group Ltd. (a)(b) 225,000 3,513,785 
Imdex Ltd. 4,045,348 7,096,910 
Steadfast Group Ltd. 4,597,408 16,644,387 
TOTAL AUSTRALIA  31,731,415 
Austria - 0.3%   
Mayr-Melnhof Karton AG 24,700 4,346,382 
Wienerberger AG 234,882 6,630,211 
TOTAL AUSTRIA  10,976,593 
Bailiwick of Jersey - 0.5%   
Integrated Diagnostics Holdings PLC (c) 15,716,953 17,263,358 
Belgium - 1.4%   
Azelis Group NV 606,587 14,939,258 
Econocom Group SA 806,500 3,081,548 
Fagron NV 485,500 9,106,910 
KBC Ancora 603,411 24,413,137 
TOTAL BELGIUM  51,540,853 
Bermuda - 0.3%   
Kerry Properties Ltd. 1,450,000 3,920,997 
Lancashire Holdings Ltd. 1,426,400 7,559,768 
TOTAL BERMUDA  11,480,765 
Brazil - 0.1%   
LOG Commercial Properties e Participacoes SA 1,050,000 5,082,272 
Canada - 3.1%   
CAE, Inc. (a) 675,000 16,052,038 
Cogeco Communications, Inc. 57,300 4,705,679 
Computer Modelling Group Ltd. 524,050 1,945,836 
ECN Capital Corp. 985,550 4,464,952 
McCoy Global, Inc. (a) 1,107,650 844,975 
MTY Food Group, Inc. (b) 96,600 3,904,906 
North West Co., Inc. (b) 111,400 3,107,042 
Osisko Gold Royalties Ltd. 675,000 8,307,126 
Parkland Corp. 182,500 5,183,844 
Real Matters, Inc. (a) 740,000 2,626,708 
Richelieu Hardware Ltd. 1,071,905 30,430,370 
Summit Industrial Income REIT 2,032,200 32,176,039 
Total Energy Services, Inc. (a) 333,800 2,096,887 
TOTAL CANADA  115,846,402 
Cayman Islands - 0.4%   
Chlitina Holding Ltd. 1,825,000 11,448,188 
WH Group Ltd. (c) 5,700,000 3,936,418 
TOTAL CAYMAN ISLANDS  15,384,606 
China - 0.1%   
COSCO Shipping Energy Transportation Co. Ltd. (H Shares) 5,844,000 3,065,891 
Denmark - 1.5%   
Cadeler A/S (a) 650,000 2,335,297 
Netcompany Group A/S (a)(c) 243,351 13,533,294 
SimCorp A/S 235,279 16,471,082 
Spar Nord Bank A/S 1,776,597 22,556,690 
TOTAL DENMARK  54,896,363 
Finland - 0.6%   
Huhtamaki Oyj 115,489 4,365,515 
Musti Group OYJ 632,778 14,888,377 
Olvi Oyj (A Shares) 74,900 2,496,925 
TOTAL FINLAND  21,750,817 
France - 3.8%   
Altarea SCA 21,100 3,229,507 
Antin Infrastructure Partners SA 48,389 1,257,075 
ARGAN SA 65,600 7,716,019 
Elis SA 185,000 2,653,131 
Exclusive Networks SA 200,000 3,780,367 
Laurent-Perrier Group SA 149,831 14,185,916 
Lectra 891,600 36,963,545 
LISI 785,186 17,752,045 
Maisons du Monde SA (c) 392,100 6,687,186 
Somfy SA 22,000 2,932,336 
Stef SA 51,700 5,059,084 
Thermador Groupe SA 27,000 2,709,821 
Vetoquinol SA 270,074 35,168,000 
Vicat SA 101,000 3,037,175 
TOTAL FRANCE  143,131,207 
Germany - 4.9%   
CompuGroup Medical AG 203,417 10,873,228 
CTS Eventim AG (a) 1,189,238 81,624,634 
DIC Asset AG 341,000 4,770,559 
Nexus AG 618,016 30,138,773 
NORMA Group AG 98,000 2,417,645 
Rheinmetall AG 90,391 20,376,315 
Scout24 AG (c) 284,500 17,994,153 
Shop Apotheke Europe NV (a)(c) 29,000 2,391,599 
Synlab AG 249,302 3,720,447 
Talanx AG 85,000 3,534,273 
Wacker Chemie AG 31,800 5,045,643 
TOTAL GERMANY  182,887,269 
Greece - 0.1%   
Mytilineos SA 234,500 4,342,440 
Hungary - 0.2%   
Richter Gedeon PLC 342,100 6,823,177 
India - 1.1%   
Embassy Office Parks (REIT) 5,636,200 28,258,876 
Indian Energy Exchange Ltd. (c) 5,035,208 13,942,620 
TOTAL INDIA  42,201,496 
Indonesia - 0.1%   
PT Selamat Sempurna Tbk 29,000,000 3,125,643 
Ireland - 1.0%   
Adient PLC (a) 47,100 1,607,994 
Bank of Ireland Group PLC 400,000 2,424,283 
Cairn Homes PLC 8,742,034 10,534,243 
Irish Residential Properties REIT PLC 11,269,000 17,312,103 
Mincon Group PLC 3,865,000 5,017,808 
TOTAL IRELAND  36,896,431 
Israel - 1.8%   
Ituran Location & Control Ltd. (d) 1,069,635 24,002,609 
Maytronics Ltd. 974,422 17,422,280 
Strauss Group Ltd. 579,764 15,540,245 
Tel Aviv Stock Exchange Ltd. 1,791,957 8,506,295 
TOTAL ISRAEL  65,471,429 
Italy - 1.9%   
Intercos SpA (a) 269,000 3,770,559 
Interpump Group SpA 1,615,037 65,295,555 
MARR SpA 131,400 2,127,941 
TOTAL ITALY  71,194,055 
Japan - 30.7%   
Ai Holdings Corp. 649,692 8,529,314 
Aoki Super Co. Ltd. 307,387 6,765,065 
Arcland Sakamoto Co. Ltd. 193,700 2,318,603 
Artnature, Inc. 1,119,300 6,383,152 
ASKUL Corp. 350,000 4,285,943 
Aucnet, Inc. 696,460 8,193,068 
Azbil Corp. 3,114,825 94,572,568 
Bank of Kyoto Ltd. 61,153 2,664,292 
BayCurrent Consulting, Inc. 11,300 3,704,901 
Broadleaf Co. Ltd. (d) 5,982,673 16,904,511 
Central Automotive Products Ltd. 183,879 2,959,802 
CKD Corp. 149,900 1,941,162 
Curves Holdings Co. Ltd. 4,513,859 26,458,103 
Daiichikosho Co. Ltd. 949,914 25,909,042 
Daikokutenbussan Co. Ltd. 197,500 7,268,618 
Digital Hearts Holdings Co. Ltd. (d) 1,326,350 17,287,456 
Dip Corp. 121,200 3,951,464 
Dowa Holdings Co. Ltd. 98,000 4,168,983 
Eiken Chemical Co. Ltd. 129,200 1,711,161 
Elecom Co. Ltd. 190,000 2,278,348 
Food & Life Companies Ltd. 103,300 2,451,373 
Fujitec Co. Ltd. 461,700 9,950,561 
Funai Soken Holdings, Inc. 1,018,757 17,084,772 
GMO Internet, Inc. 241,181 4,820,047 
Goldcrest Co. Ltd. 1,733,600 22,547,303 
Inaba Denki Sangyo Co. Ltd. 336,300 6,595,662 
Iwatani Corp. 55,000 2,188,274 
Iwatsuka Confectionary Co. Ltd. 105,800 3,225,316 
JEOL Ltd. 966,700 43,413,122 
JINS Holdings, Inc. 62,600 2,063,194 
JTOWER, Inc. (a) 119,000 5,592,235 
Kamigumi Co. Ltd. 250,000 4,244,726 
Kobayashi Pharmaceutical Co. Ltd. 360,400 24,577,363 
Koshidaka Holdings Co. Ltd. 3,555,459 21,218,459 
Kusuri No Aoki Holdings Co. Ltd. 245,358 10,870,381 
Kyoritsu Maintenance Co. Ltd. 98,400 3,583,265 
Lasertec Corp. 474,560 63,401,882 
Maruwa Ceramic Co. Ltd. 28,000 3,264,689 
MCJ Co. Ltd. 490,000 3,204,976 
Medikit Co. Ltd. 581,600 10,341,823 
Meitec Corp. 67,000 3,556,357 
Miroku Jyoho Service Co., Ltd. 791,391 8,036,164 
Misumi Group, Inc. 1,456,300 36,515,738 
Mitsuboshi Belting Ltd. 638,552 9,781,094 
Monex Group, Inc. 380,000 1,733,086 
Nabtesco Corp. 781,436 17,822,687 
Nagaileben Co. Ltd. 1,513,000 22,527,977 
Nihon Parkerizing Co. Ltd. 5,618,768 39,742,382 
Nitto Kohki Co. Ltd. 228,200 2,643,545 
NOF Corp. 184,400 6,921,358 
NS Tool Co. Ltd. (d) 1,317,600 14,623,115 
NSD Co. Ltd. 1,460,880 25,932,601 
OBIC Co. Ltd. 565,900 83,605,691 
OSG Corp. 2,160,875 27,145,963 
PALTAC Corp. 122,000 4,446,658 
Paramount Bed Holdings Co. Ltd. 721,612 12,018,411 
Pole To Win Holdings, Inc. 878,677 6,705,469 
ProNexus, Inc. 1,041,377 8,487,142 
Qol Holdings Co. Ltd. 180,400 1,518,464 
Relo Group, Inc. 273,600 3,908,264 
Renesas Electronics Corp. (a) 281,200 3,002,645 
Roland Corp. 195,000 6,729,432 
San-Ai Obbli Co. Ltd. 1,956,110 14,359,920 
Sekisui Jushi Corp. 116,700 1,595,685 
Seria Co. Ltd. 90,600 1,771,765 
SHO-BOND Holdings Co. Ltd. 1,437,200 60,405,549 
Shoei Co. Ltd. (d) 1,500,400 55,663,862 
SK Kaken Co. Ltd. 89,804 24,084,641 
Software Service, Inc. 185,500 8,304,618 
Sumco Corp. 410,500 5,911,885 
Techno Medica Co. Ltd. 283,000 3,388,863 
The Monogatari Corp. 246,996 10,299,766 
TIS, Inc. 811,200 18,219,039 
Tocalo Co. Ltd. 1,642,949 16,404,450 
Tsuruha Holdings, Inc. 95,935 4,903,049 
Ushio, Inc. 260,000 3,371,051 
USS Co. Ltd. 1,868,300 31,103,554 
Welcia Holdings Co. Ltd. 529,070 10,845,440 
YAKUODO Holdings Co. Ltd. 674,500 9,354,404 
Yamato Holdings Co. Ltd. 215,000 4,023,080 
TOTAL JAPAN  1,144,309,843 
Korea (South) - 0.6%   
BGF Retail Co. Ltd. 103,588 14,738,497 
Hansol Chemical Co. Ltd. 18,660 3,571,172 
Soulbrain Co. Ltd. 16,000 3,060,532 
TOTAL KOREA (SOUTH)  21,370,201 
Luxembourg - 0.5%   
B&M European Value Retail SA 546,831 3,350,482 
Stabilus Se 362,600 17,078,958 
TOTAL LUXEMBOURG  20,429,440 
Mexico - 0.1%   
Bolsa Mexicana de Valores S.A.B. de CV 1,173,400 2,324,777 
Netherlands - 4.9%   
Aalberts Industries NV 2,234,935 108,600,611 
AerCap Holdings NV (a) 308,200 14,396,022 
Arcadis NV 107,100 4,468,610 
IMCD NV 259,900 41,381,932 
Intertrust NV (a)(c) 190,000 3,920,680 
RHI Magnesita NV 119,000 3,540,366 
Van Lanschot NV (Bearer) 305,761 7,962,485 
TOTAL NETHERLANDS  184,270,706 
New Zealand - 0.1%   
EBOS Group Ltd. 145,000 3,954,920 
Norway - 2.4%   
Atea ASA 172,647 2,057,211 
Europris ASA (c) 1,304,800 6,630,039 
Kongsberg Gruppen ASA 1,215,283 52,199,543 
Medistim ASA 396,445 10,660,354 
Selvaag Bolig ASA 840,200 3,969,358 
TGS ASA 410,000 6,324,976 
Volue A/S (a) 2,099,402 8,953,408 
TOTAL NORWAY  90,794,889 
Singapore - 0.2%   
Boustead Singapore Ltd. 8,299,000 5,720,842 
Keppel DC (REIT) 2,109,100 3,144,224 
TOTAL SINGAPORE  8,865,066 
South Africa - 0.5%   
Clicks Group Ltd. 961,031 18,763,210 
Spain - 1.1%   
Cie Automotive SA 200,000 4,360,370 
Compania de Distribucion Integral Logista Holdings SA 523,400 9,643,876 
Fluidra SA 1,015,920 27,495,057 
TOTAL SPAIN  41,499,303 
Sweden - 9.1%   
Addlife AB 1,934,001 42,731,877 
AddTech AB (B Shares) 6,678,865 117,817,794 
Arjo AB 370,000 2,777,537 
Betsson AB (B Shares) 550,000 3,378,611 
BHG Group AB (a)(b) 482,900 3,324,919 
Dometic Group AB (c) 487,400 4,174,134 
Hemnet Group AB 1,528,300 19,065,438 
HEXPOL AB (B Shares) 535,400 4,597,033 
Instalco AB 551,500 3,403,789 
INVISIO AB 1,082,756 19,191,041 
John Mattson Fastighetsforetag (a) 1,065,856 16,605,497 
Lagercrantz Group AB (B Shares) 9,398,259 95,672,605 
MIPS AB 36,600 2,599,312 
Stillfront Group AB (a) 1,300,000 2,625,483 
TOTAL SWEDEN  337,965,070 
Switzerland - 1.2%   
Dufry AG (a) 91,480 3,641,102 
Galenica AG (c) 40,000 2,945,500 
Kardex AG 14,990 2,852,763 
PolyPeptide Group AG (c) 41,950 3,671,036 
Tecan Group AG 94,855 28,505,610 
VZ Holding AG 41,172 3,064,176 
TOTAL SWITZERLAND  44,680,187 
Taiwan - 0.5%   
Addcn Technology Co. Ltd. 1,948,764 13,922,340 
eMemory Technology, Inc. 52,000 2,186,624 
International Games Systems Co. Ltd. 124,000 3,046,164 
TOTAL TAIWAN  19,155,128 
United Kingdom - 16.6%   
Abcam PLC (a) 217,200 3,370,326 
Alliance Pharma PLC 26,870,070 38,595,998 
Avon Protection PLC 1,348,939 17,851,767 
Beazley PLC 700,000 3,770,618 
Bodycote PLC 3,746,461 29,057,017 
Brewin Dolphin Holding PLC 998,300 6,393,791 
Clarkson PLC 974,501 44,868,359 
Close Brothers Group PLC 1,429 19,814 
Computacenter PLC 60,200 2,022,700 
Dechra Pharmaceuticals PLC 1,929,976 87,457,556 
Discoverie Group PLC 380,100 3,605,547 
Domino's Pizza UK & IRL PLC 736,300 3,189,326 
DP Poland PLC (a)(d) 34,327,430 3,229,629 
Energean PLC (a) 163,200 2,399,090 
FDM Group Holdings PLC 187,700 2,368,799 
Grainger Trust PLC 2,370,090 8,816,189 
H&T Group PLC 600,000 2,620,006 
Harbour Energy PLC 875,800 5,492,144 
Helios Towers PLC (a) 5,212,116 7,280,883 
Hill & Smith Holdings PLC 222,000 3,839,578 
Howden Joinery Group PLC 3,292,682 31,173,528 
Hyve Group PLC (a) 1,017,107 962,446 
InterContinental Hotel Group PLC 33,000 2,106,711 
J.D. Wetherspoon PLC (a) 623,500 5,665,563 
Jet2 PLC (a) 300,000 4,607,096 
John Wood Group PLC (a) 1,250,000 3,475,643 
LSL Property Services PLC 694,900 3,377,157 
Mears Group PLC 1,500,000 3,716,107 
Mitie Group PLC 2,627,864 1,771,558 
Naked Wines PLC (a)(b) 468,914 2,122,183 
On The Beach Group PLC (a)(c) 1,651,900 4,738,222 
Petershill Partners PLC (c) 900,000 2,910,104 
Pets At Home Group PLC 1,898,700 7,370,003 
Rightmove PLC 5,760,370 44,280,532 
S4 Capital PLC (a) 601,600 2,275,464 
Sabre Insurance Group PLC (c) 1,630,000 4,270,462 
Softcat PLC 222,845 3,935,730 
Spectris PLC 2,539,928 92,895,048 
Spirax-Sarco Engineering PLC 622,199 93,887,054 
Tate & Lyle PLC 525,362 5,106,311 
Ten Entertainment Group PLC (a) 887,600 2,837,063 
Ultra Electronics Holdings PLC 358,736 14,610,655 
Vistry Group PLC 261,821 2,731,599 
TOTAL UNITED KINGDOM  617,075,376 
United States of America - 3.3%   
Autoliv, Inc. 281,700 20,755,656 
Concentrix Corp. 23,500 3,700,780 
Morningstar, Inc. 191,100 48,392,253 
PriceSmart, Inc. 300,788 23,897,607 
ResMed, Inc. 140,400 28,075,788 
TOTAL UNITED STATES OF AMERICA  124,822,084 
TOTAL COMMON STOCKS   
(Cost $2,713,038,105)  3,575,372,682 
Nonconvertible Preferred Stocks - 0.5%   
Germany - 0.5%   
Sartorius AG (non-vtg.)   
(Cost $1,397,781) 55,737 20,897,446 
Money Market Funds - 3.5%   
Fidelity Cash Central Fund 0.32% (e) 121,232,984 121,257,231 
Fidelity Securities Lending Cash Central Fund 0.32% (e)(f) 8,813,088 8,813,970 
TOTAL MONEY MARKET FUNDS   
(Cost $130,070,240)  130,071,201 
TOTAL INVESTMENT IN SECURITIES - 99.9%   
(Cost $2,844,506,126)  3,726,341,329 
NET OTHER ASSETS (LIABILITIES) - 0.1%  2,118,424 
NET ASSETS - 100%  $3,728,459,753 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

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 $109,008,805 or 2.9% of net assets.

 (d) Affiliated company

 (e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements 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.

Fund 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 0.32% $144,309,124 $512,240,291 $535,292,183 $87,412 $-- $(1) $121,257,231 0.2% 
Fidelity Securities Lending Cash Central Fund 0.32% 15,744,442  88,186,339  95,116,811 48,347 -- -- 8,813,970 0.0% 
Total $160,053,566 $ 600,426,630 $ 630,408,994 $135,759 $-- $(1) $130,071,201  

Amounts in the 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. Amount 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.

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.

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Avon Protection PLC $48,128,171 $2,156,319 $8,358,044 $412,483 $(12,812,778) $(11,261,901) $-- 
Broadleaf Co. Ltd. 28,718,099 -- -- 207,804 -- (11,813,588) 16,904,511 
Digital Hearts Holdings Co. Ltd. 13,608,617 7,123,399 -- 73,490 -- (3,444,560) 17,287,456 
DP Poland PLC 3,295,626 242,908 -- -- -- (308,905) 3,229,629 
Ituran Location & Control Ltd. 28,945,489 -- 1,149,992 224,623 298,853 (4,091,741) 24,002,609 
NS Tool Co. Ltd. 17,657,258 -- -- 121,675 -- (3,034,143) 14,623,115 
Shoei Co. Ltd. 67,483,152 1,356,438 1,975,015 196,839 401,442 (11,602,155) 55,663,862 
Total $207,836,412 $10,879,064 $11,483,051 $1,236,914 $(12,112,483) $(45,556,993) $131,711,182 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $227,643,722 $4,705,679 $222,938,043 $-- 
Consumer Discretionary 329,314,002 43,690,836 285,623,166 -- 
Consumer Staples 209,343,893 42,544,894 166,798,999 -- 
Energy 47,377,480 10,071,542 37,305,938 -- 
Financials 195,905,677 63,688,277 132,217,400 -- 
Health Care 488,443,816 34,898,965 453,544,851 -- 
Industrials 1,121,122,824 60,878,430 1,060,244,394 -- 
Information Technology 677,302,635 27,703,389 649,599,246 -- 
Materials 132,355,007 8,307,126 124,047,881 -- 
Real Estate 167,461,072 39,885,019 127,576,053 -- 
Money Market Funds 130,071,201 130,071,201 -- -- 
Total Investments in Securities: $3,726,341,329 $466,445,358 $3,259,895,971 $-- 

See accompanying notes which are an integral part of the financial statements.


Fidelity® Series International Small Cap Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $8,344,119) — See accompanying schedule:
Unaffiliated issuers (cost $2,618,675,068) 		$3,464,558,946  
Fidelity Central Funds (cost $130,070,240) 130,071,201  
Other affiliated issuers (cost $95,760,818) 131,711,182  
Total Investment in Securities (cost $2,844,506,126)  $3,726,341,329 
Cash  27,409 
Foreign currency held at value (cost $2,984,072)  2,984,072 
Receivable for investments sold   
Regular delivery  6,255,651 
Delayed delivery  269,803 
Receivable for fund shares sold  1,648,530 
Dividends receivable  13,986,325 
Reclaims receivable  3,522,412 
Distributions receivable from Fidelity Central Funds  50,769 
Other receivables  15,990 
Total assets  3,755,102,290 
Liabilities   
Payable for investments purchased   
Regular delivery $13,118,645  
Delayed delivery 269,803  
Payable for fund shares redeemed 1,307,010  
Deferred taxes 3,038,499  
Other payables and accrued expenses 94,610  
Collateral on securities loaned 8,813,970  
Total liabilities  26,642,537 
Net Assets  $3,728,459,753 
Net Assets consist of:   
Paid in capital  $2,761,958,639 
Total accumulated earnings (loss)  966,501,114 
Net Assets  $3,728,459,753 
Net Asset Value, offering price and redemption price per share ($3,728,459,753 ÷ 225,494,209 shares)  $16.53 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends (including $1,236,914 earned from other affiliated issuers)  $37,799,471 
Income from Fidelity Central Funds (including $48,347 from security lending)  135,759 
Income before foreign taxes withheld  37,935,230 
Less foreign taxes withheld  (3,694,669) 
Total income  34,240,561 
Expenses   
Custodian fees and expenses $208,416  
Independent trustees' fees and expenses 7,657  
Total expenses  216,073 
Net investment income (loss)  34,024,488 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $668,666) 116,827,060  
Affiliated issuers (12,112,483)  
Foreign currency transactions (287,506)  
Total net realized gain (loss)  104,427,071 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $123,339) (1,152,482,631)  
Affiliated issuers (45,556,993)  
Assets and liabilities in foreign currencies (946,754)  
Total change in net unrealized appreciation (depreciation)  (1,198,986,378) 
Net gain (loss)  (1,094,559,307) 
Net increase (decrease) in net assets resulting from operations  $(1,060,534,819) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $34,024,488 $60,448,635 
Net realized gain (loss) 104,427,071 531,151,176 
Change in net unrealized appreciation (depreciation) (1,198,986,378) 803,627,779 
Net increase (decrease) in net assets resulting from operations (1,060,534,819) 1,395,227,590 
Distributions to shareholders (562,935,286) (34,455,580) 
Share transactions   
Proceeds from sales of shares 163,437,718 462,541,841 
Reinvestment of distributions 562,935,286 34,455,580 
Cost of shares redeemed (222,379,403) (662,874,221) 
Net increase (decrease) in net assets resulting from share transactions 503,993,601 (165,876,800) 
Total increase (decrease) in net assets (1,119,476,504) 1,194,895,210 
Net Assets   
Beginning of period 4,847,936,257 3,653,041,047 
End of period $3,728,459,753 $4,847,936,257 
Other Information   
Shares   
Sold 8,272,011 21,517,155 
Issued in reinvestment of distributions 27,025,218 1,762,434 
Redeemed (10,796,703) (30,467,291) 
Net increase (decrease) 24,500,526 (7,187,702) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Series International Small Cap Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $24.12 $17.55 $16.71 $16.43 $18.17 $15.02 
Income from Investment Operations       
Net investment income (loss)A,B .15 .29 .22 .36 .38 .25 
Net realized and unrealized gain (loss) (4.91) 6.45 1.36 1.47 (.99) 3.47 
Total from investment operations (4.76) 6.74 1.58 1.83 (.61) 3.72 
Distributions from net investment income (.47) (.17) (.36) (.37) (.29) (.15) 
Distributions from net realized gain (2.35) – (.38) (1.18) (.85) (.42) 
Total distributions (2.83)C (.17) (.74) (1.55) (1.13)C (.57) 
Net asset value, end of period $16.53 $24.12 $17.55 $16.71 $16.43 $18.17 
Total ReturnD,E (22.17)% 38.60% 9.60% 12.77% (3.72)% 25.87% 
Ratios to Average Net AssetsB,F,G       
Expenses before reductions .01%H .01% .01% .01% .01% .56% 
Expenses net of fee waivers, if any .01%H .01% .01% .01% .01% .56% 
Expenses net of all reductions .01%H .01% .01% .01% .01% .55% 
Net investment income (loss) 1.57%H 1.34% 1.36% 2.28% 2.08% 1.52% 
Supplemental Data       
Net assets, end of period (000 omitted) $3,728,460 $4,847,936 $3,653,041 $3,498,064 $3,225,502 $3,572,161 
Portfolio turnover rateI 25%H 32% 24%J 23% 14% 21% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Total distributions per share do not sum due to rounding.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 J Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity® Series International Value Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   Japan 20.5% 
   France 14.3% 
   United Kingdom 13.4% 
   Germany 12.3% 
   Australia 7.2% 
   Switzerland 6.1% 
   Netherlands 2.8% 
   Italy 2.7% 
   United States of America* 2.7% 
   Other 18.0% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks 97.3 
Short-Term Investments and Net Other Assets (Liabilities) 2.7 

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
BHP Group Ltd. (Australia, Metals & Mining) 3.8 
Shell PLC ADR (United Kingdom, Oil, Gas & Consumable Fuels) 3.5 
TotalEnergies SE (France, Oil, Gas & Consumable Fuels) 3.3 
Toyota Motor Corp. (Japan, Automobiles) 3.1 
Sanofi SA (France, Pharmaceuticals) 2.6 
BP PLC (United Kingdom, Oil, Gas & Consumable Fuels) 2.2 
Siemens AG (Germany, Industrial Conglomerates) 2.1 
Zurich Insurance Group Ltd. (Switzerland, Insurance) 1.9 
Glencore Xstrata PLC (Bailiwick of Jersey, Metals & Mining) 1.9 
National Australia Bank Ltd. (Australia, Banks) 1.9 
 26.3 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Financials 30.6 
Materials 15.0 
Industrials 13.6 
Energy 10.5 
Health Care 8.2 
Consumer Discretionary 6.9 
Information Technology 3.5 
Utilities 2.6 
Communication Services 2.4 
Real Estate 2.1 
Consumer Staples 1.9 

Fidelity® Series International Value Fund

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.2%   
 Shares Value 
Australia - 7.2%   
BHP Group Ltd. 15,792,930 $527,727,577 
Evolution Mining Ltd. 10,126,229 28,653,207 
Macquarie Group Ltd. 1,308,608 188,391,242 
National Australia Bank Ltd. 11,307,294 258,130,774 
TOTAL AUSTRALIA  1,002,902,800 
Austria - 0.6%   
Erste Group Bank AG 2,518,164 78,404,978 
Bailiwick of Jersey - 2.4%   
Ferguson PLC 531,555 66,683,143 
Glencore Xstrata PLC 42,858,827 264,081,809 
TOTAL BAILIWICK OF JERSEY  330,764,952 
Belgium - 2.2%   
Anheuser-Busch InBev SA NV 2,342,200 134,769,049 
KBC Group NV 2,248,487 152,968,774 
UCB SA 110,900 12,606,300 
TOTAL BELGIUM  300,344,123 
Canada - 0.8%   
Nutrien Ltd. 1,148,500 112,860,810 
Denmark - 0.4%   
ORSTED A/S (a) 468,211 51,798,417 
Finland - 1.2%   
Sampo Oyj (A Shares) (b) 3,520,887 170,965,341 
France - 14.3%   
Air Liquide SA 1,367,400 236,571,664 
ALTEN 214,108 28,734,939 
AXA SA (b) 8,879,479 234,906,952 
BNP Paribas SA (b) 4,713,670 244,410,338 
Capgemini SA 436,648 88,892,384 
Sanofi SA (b) 3,433,206 362,872,478 
Teleperformance 262,731 94,297,052 
TotalEnergies SE 9,355,392 459,377,574 
VINCI SA (b) 1,498,129 145,369,233 
Vivendi SA (b) 7,333,986 84,235,078 
TOTAL FRANCE  1,979,667,692 
Germany - 11.2%   
Bayer AG 2,516,582 165,769,886 
Deutsche Post AG 3,234,707 138,194,735 
Hannover Reuck SE 853,263 132,623,211 
HeidelbergCement AG 954,277 54,973,436 
Linde PLC 558,974 175,315,222 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 322,017 76,685,351 
Rheinmetall AG 835,841 188,418,750 
RWE AG 3,555,800 147,634,642 
Siemens AG 2,431,407 298,953,634 
Vonovia SE 4,422,402 176,192,887 
TOTAL GERMANY  1,554,761,754 
Hong Kong - 0.7%   
AIA Group Ltd. 9,390,247 92,247,529 
India - 0.9%   
Reliance Industries Ltd. sponsored GDR (a) 1,727,800 123,554,862 
Indonesia - 0.5%   
PT Bank Rakyat Indonesia (Persero) Tbk 195,745,637 65,219,930 
Ireland - 1.8%   
CRH PLC 4,006,908 158,372,499 
Ryanair Holdings PLC sponsored ADR (b)(c) 1,068,500 93,301,420 
TOTAL IRELAND  251,673,919 
Italy - 2.7%   
Assicurazioni Generali SpA (b) 5,534,198 104,779,464 
Enel SpA 22,547,950 146,626,913 
Mediobanca SpA 12,660,755 126,896,893 
TOTAL ITALY  378,303,270 
Japan - 20.5%   
DENSO Corp. 2,117,096 129,026,969 
Fujitsu Ltd. 672,500 101,647,810 
Hitachi Ltd. 3,651,600 173,182,490 
Hoya Corp. 1,135,942 112,733,313 
Ibiden Co. Ltd. 1,137,244 42,500,935 
Idemitsu Kosan Co. Ltd. 2,636,576 69,487,159 
Itochu Corp. 5,412,553 163,356,157 
Minebea Mitsumi, Inc. 5,161,951 99,038,061 
Mitsubishi Estate Co. Ltd. 3,329,433 48,498,454 
Mitsubishi UFJ Financial Group, Inc. 37,637,024 218,798,194 
Mitsui Fudosan Co. Ltd. 2,421,396 51,318,476 
OBIC Co. Ltd. 371,842 54,935,691 
ORIX Corp. 8,448,133 154,085,256 
Recruit Holdings Co. Ltd. 1,200,216 43,545,773 
Renesas Electronics Corp. (c) 7,053,700 75,319,184 
Shin-Etsu Chemical Co. Ltd. 1,255,958 172,611,964 
Shiseido Co. Ltd. 1,018,900 48,164,876 
SoftBank Group Corp. 2,354,937 96,859,130 
Sony Group Corp. 1,430,845 123,483,475 
Sumitomo Mitsui Financial Group, Inc. 4,711,663 142,357,937 
Suzuki Motor Corp. 2,778,982 83,772,732 
Tokio Marine Holdings, Inc. 3,112,415 168,284,240 
Tokyo Electron Ltd. 99,863 42,136,863 
Toyota Motor Corp. 25,196,620 431,711,603 
TOTAL JAPAN  2,846,856,742 
Korea (South) - 0.5%   
Samsung Electronics Co. Ltd. 1,275,635 67,621,624 
Luxembourg - 0.9%   
ArcelorMittal SA (Netherlands) 4,307,839 125,606,689 
Netherlands - 2.8%   
AerCap Holdings NV (c) 756,733 35,346,998 
Airbus Group NV 944,387 103,383,844 
NN Group NV 3,056,702 149,722,163 
Universal Music Group NV 4,097,086 95,078,685 
TOTAL NETHERLANDS  383,531,690 
Singapore - 1.5%   
United Overseas Bank Ltd. (b) 10,028,889 214,680,951 
South Africa - 0.1%   
Thungela Resources Ltd. (b) 644,174 10,925,107 
Spain - 1.9%   
Banco Santander SA (Spain) (b) 62,240,244 181,887,804 
Cellnex Telecom SA (a) 1,089,138 50,765,056 
Unicaja Banco SA (a) 27,736,831 26,127,809 
TOTAL SPAIN  258,780,669 
Sweden - 1.6%   
Investor AB (B Shares) (b) 7,776,860 149,649,371 
Sandvik AB (b) 3,952,100 74,806,587 
TOTAL SWEDEN  224,455,958 
Switzerland - 6.1%   
Novartis AG 1,727,110 152,623,525 
Roche Holding AG (participation certificate) 279,210 103,534,991 
Swiss Life Holding AG 172,720 100,992,066 
UBS Group AG (b) 13,314,870 224,222,411 
Zurich Insurance Group Ltd. 583,120 265,477,000 
TOTAL SWITZERLAND  846,849,993 
United Kingdom - 13.4%   
Anglo American PLC (United Kingdom) 5,506,240 243,876,802 
AstraZeneca PLC (United Kingdom) 1,700,599 226,930,033 
BAE Systems PLC 15,943,400 147,263,721 
Barratt Developments PLC 7,152,170 43,757,288 
Beazley PLC 7,742,217 41,704,203 
BP PLC 62,368,931 301,104,433 
Imperial Brands PLC 3,483,401 72,508,826 
Lloyds Banking Group PLC 260,158,246 147,760,445 
Shell PLC ADR 9,100,348 486,231,594 
Standard Chartered PLC (United Kingdom) 22,608,122 154,556,391 
TOTAL UNITED KINGDOM  1,865,693,736 
TOTAL COMMON STOCKS   
(Cost $11,224,205,734)  13,338,473,536 
Nonconvertible Preferred Stocks - 1.1%   
Germany - 1.1%   
Porsche Automobil Holding SE (Germany)   
(Cost $117,333,204) 1,806,677 149,014,589 
Money Market Funds - 9.6%   
Fidelity Cash Central Fund 0.32% (d) 246,968,359 247,017,753 
Fidelity Securities Lending Cash Central Fund 0.32% (d)(e) 1,079,433,204 1,079,541,147 
TOTAL MONEY MARKET FUNDS   
(Cost $1,326,558,900)  1,326,558,900 
TOTAL INVESTMENT IN SECURITIES - 106.9%   
(Cost $12,668,097,838)  14,814,047,025 
NET OTHER ASSETS (LIABILITIES) - (6.9)%  (958,866,996) 
NET ASSETS - 100%  $13,855,180,029 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

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 $252,246,144 or 1.8% of net assets.

 (b) Security or a portion of the security is on loan at period end.

 (c) Non-income producing

 (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.

Fund 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 0.32% $296,762,755 $2,445,797,073 $2,495,542,075 $185,761 $-- $-- $247,017,753 0.5% 
Fidelity Securities Lending Cash Central Fund 0.32% 293,807,795  2,344,089,757  1,558,356,405 597,157 -- -- 1,079,541,147 2.8% 
Total $590,570,550 $ 4,789,886,830 $ 4,053,898,480 $782,918 $-- $-- $1,326,558,900  

Amounts in the 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. Amount 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $326,937,949 $-- $326,937,949 $-- 
Consumer Discretionary 960,766,656 -- 960,766,656 -- 
Consumer Staples 255,442,751 -- 255,442,751 -- 
Energy 1,450,680,729 486,231,594 964,449,135 -- 
Financials 4,266,937,018 224,222,411 4,042,714,607 -- 
Health Care 1,137,070,526 -- 1,137,070,526 -- 
Industrials 1,865,141,598 128,648,418 1,736,493,180 -- 
Information Technology 501,789,430 -- 501,789,430 -- 
Materials 2,100,651,679 112,860,810 1,987,790,869 -- 
Real Estate 276,009,817 -- 276,009,817 -- 
Utilities 346,059,972 -- 346,059,972 -- 
Money Market Funds 1,326,558,900 1,326,558,900 -- -- 
Total Investments in Securities: $14,814,047,025 $2,278,522,133 $12,535,524,892 $-- 

See accompanying notes which are an integral part of the financial statements.


Fidelity® Series International Value Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $990,905,679) — See accompanying schedule:
Unaffiliated issuers (cost $11,341,538,938) 		$13,487,488,125  
Fidelity Central Funds (cost $1,326,558,900) 1,326,558,900  
Total Investment in Securities (cost $12,668,097,838)  $14,814,047,025 
Foreign currency held at value (cost $4,704,139)  4,702,276 
Receivable for investments sold  64,627,807 
Receivable for fund shares sold  22,770,823 
Dividends receivable  69,659,440 
Reclaims receivable  38,344,685 
Distributions receivable from Fidelity Central Funds  377,789 
Total assets  15,014,529,845 
Liabilities   
Payable to custodian bank $1,830  
Payable for investments purchased 20,461,162  
Payable for fund shares redeemed 59,141,405  
Other payables and accrued expenses 204,272  
Collateral on securities loaned 1,079,541,147  
Total liabilities  1,159,349,816 
Net Assets  $13,855,180,029 
Net Assets consist of:   
Paid in capital  $12,641,945,051 
Total accumulated earnings (loss)  1,213,234,978 
Net Assets  $13,855,180,029 
Net Asset Value, offering price and redemption price per share ($13,855,180,029 ÷ 1,338,230,261 shares)  $10.35 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $244,426,392 
Interest  18,741 
Income from Fidelity Central Funds (including $597,157 from security lending)  782,918 
Income before foreign taxes withheld  245,228,051 
Less foreign taxes withheld  (19,480,869) 
Total income  225,747,182 
Expenses   
Custodian fees and expenses $415,547  
Independent trustees' fees and expenses 25,745  
Interest 3,435  
Total expenses before reductions 444,727  
Expense reductions (15)  
Total expenses after reductions  444,712 
Net investment income (loss)  225,302,470 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 90,153,969  
Foreign currency transactions (369,008)  
Total net realized gain (loss)  89,784,961 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (1,202,184,818)  
Assets and liabilities in foreign currencies (4,859,757)  
Total change in net unrealized appreciation (depreciation)  (1,207,044,575) 
Net gain (loss)  (1,117,259,614) 
Net increase (decrease) in net assets resulting from operations  $(891,957,144) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $225,302,470 $568,501,292 
Net realized gain (loss) 89,784,961 711,104,230 
Change in net unrealized appreciation (depreciation) (1,207,044,575) 3,663,836,805 
Net increase (decrease) in net assets resulting from operations (891,957,144) 4,943,442,327 
Distributions to shareholders (770,910,384) (373,393,666) 
Share transactions   
Proceeds from sales of shares 1,371,151,874 2,735,781,749 
Reinvestment of distributions 770,910,384 373,393,666 
Cost of shares redeemed (1,954,496,411) (3,954,452,072) 
Net increase (decrease) in net assets resulting from share transactions 187,565,847 (845,276,657) 
Total increase (decrease) in net assets (1,475,301,681) 3,724,772,004 
Net Assets   
Beginning of period 15,330,481,710 11,605,709,706 
End of period $13,855,180,029 $15,330,481,710 
Other Information   
Shares   
Sold 122,993,736 245,691,599 
Issued in reinvestment of distributions 70,596,189 38,062,555 
Redeemed (174,211,071) (372,495,173) 
Net increase (decrease) 19,378,854 (88,741,019) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Series International Value Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $11.62 $8.25 $9.82 $9.68 $10.87 $9.27 
Income from Investment Operations       
Net investment income (loss)A,B .17 .43C .26 .39 .38 .29 
Net realized and unrealized gain (loss) (.88) 3.23 (1.43) .10 (1.23) 1.55 
Total from investment operations (.71) 3.66 (1.17) .49 (.85) 1.84 
Distributions from net investment income (.56) (.29) (.36) (.35) (.31) (.22) 
Distributions from net realized gain – – (.04) – (.03) (.02) 
Total distributions (.56) (.29) (.40) (.35) (.34) (.24) 
Net asset value, end of period $10.35 $11.62 $8.25 $9.82 $9.68 $10.87 
Total ReturnD,E (6.36)% 44.95% (12.55)% 5.48% (8.11)% 20.33% 
Ratios to Average Net AssetsB,F,G       
Expenses before reductions .01%H .01% .01% .01% .01% .48% 
Expenses net of fee waivers, if any .01%H .01% .01% .01% .01% .47% 
Expenses net of all reductions .01%H .01% .01% .01% - %I .46% 
Net investment income (loss) 2.98%H 3.97%C 2.92% 4.23% 3.60% 2.86% 
Supplemental Data       
Net assets, end of period (000 omitted) $13,855,180 $15,330,482 $11,605,710 $15,992,396 $14,030,676 $14,793,134 
Portfolio turnover rateJ 26%H 34% 36%K 41% 43% 51% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net 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%.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount represents less than .005%.

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 K Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of each Fund's investments to the Fair Value Committee (the Committee) established by each Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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 vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors 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 vendors. 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, 2022 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 or foreign tax reclaims, as applicable. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or reclaims receivable, as applicable. Fidelity Series International Growth Fund, Fidelity Series International Value Fund and Fidelity Series International Small Cap 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 taxes withheld or foreign tax reclaims, as applicable. 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, 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 Deferred taxes or Other Payables and accrued expenses, as applicable, 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), 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 $2,834,238,664 $444,631,697 $(462,044,303) $(17,412,606) 
Fidelity Series Emerging Markets Opportunities Fund 24,414,707,005 5,793,266,480 (4,482,599,025) 1,310,667,455 
Fidelity Series International Growth Fund 10,101,655,753 4,734,176,318 (803,130,413) 3,931,045,905 
Fidelity Series International Small Cap Fund 2,881,508,367 1,211,246,456 (366,413,494) 844,832,962 
Fidelity Series International Value Fund 12,981,897,164 2,664,629,187 (832,479,326) 1,832,149,861 

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 International Value Fund (854,650,764) (–) (854,650,764) 

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 Funds' investment objective allows the Funds to enter into various types of derivative contracts, 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.

The Funds used derivatives 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 Funds may not achieve their objectives.

The Funds' use of derivatives increased or decreased their exposure to the following risk:

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.
 

The 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 the Funds 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 the Funds. Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties.

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. The Funds used futures contracts to manage their 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 (variation margin) 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. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

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 1,366,157,581 1,044,305,195 
Fidelity Series Emerging Markets Opportunities Fund 8,853,502,632 5,761,694,407 
Fidelity Series International Growth Fund 2,509,685,985 1,654,714,125 
Fidelity Series International Small Cap Fund 541,273,683 528,151,954 
Fidelity Series International Value Fund 1,896,850,246 2,367,195,340 

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 $562 
Fidelity Series Emerging Markets Opportunities Fund 71,103 
Fidelity Series International Growth Fund 3,559 
Fidelity Series International Small Cap Fund 437 
Fidelity Series International Value Fund 3,117 

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 Growth Fund Borrower $12,576,000 .32% $220 
Fidelity Series International Value Fund Borrower $130,860,667 .32% $3,435 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below. During the period there were no interfund trades.

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Series Emerging Markets Fund 4,155,208 26,834,867 2,472,797 
Fidelity Series Emerging Markets Opportunities Fund 234,566,703 97,758,540 (13,728,710) 
Fidelity Series International Growth Fund 120,031,085 70,440,683 14,862,659 
Fidelity Series International Small Cap Fund 38,296,824 5,513,608 1,465,700 
Fidelity Series International Value Fund 15,560,421 86,241,731 7,302,913 

Other. During the period, the investment adviser reimbursed the Funds for certain losses as follows:

 Amount ($) 
Fidelity Series Emerging Markets Opportunities Fund 41,151 
Fidelity Series International Growth Fund 4,126 

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 $5,232 $– $– 
Fidelity Series Emerging Markets Opportunities Fund $146,661 $– $– 
Fidelity Series International Growth Fund $11,481 $– $– 
Fidelity Series International Small Cap Fund $5,224 $– $– 
Fidelity Series International Value Fund $71,228 $– $– 

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, 2025. 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% $315,621 
Fidelity Series Emerging Markets Opportunities Fund .013% $2,315,271 

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 $46 
Fidelity Series Emerging Markets Opportunities Fund 337 
Fidelity Series International Growth Fund 126 
Fidelity Series International Value Fund 15 

10. Other.

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Funds.

11. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Funds' performance.

Shareholder Expense Example

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, 2021 to April 30, 2022).

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, 2021 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity Series Emerging Markets Fund .01%    
Actual  $1,000.00 $788.30 $.04 
Hypothetical-C  $1,000.00 $1,024.74 $.05 
Fidelity Series Emerging Markets Opportunities Fund .01%    
Actual  $1,000.00 $786.30 $.04 
Hypothetical-C  $1,000.00 $1,024.74 $.05 
Fidelity Series International Growth Fund .01%    
Actual  $1,000.00 $809.40 $.04 
Hypothetical-C  $1,000.00 $1,024.74 $.05 
Fidelity Series International Small Cap Fund .01%    
Actual  $1,000.00 $778.30 $.04 
Hypothetical-C  $1,000.00 $1,024.74 $.05 
Fidelity Series International Value Fund .01%    
Actual  $1,000.00 $936.40 $.05 
Hypothetical-C  $1,000.00 $1,024.74 $.05 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Liquidity Risk Management Program

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 pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is 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) in the case of exchange-traded funds, certain additional factors 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 liquidity categories described below 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 implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

GSV-S-SANN-0622
1.907946.112

Fidelity® Global Commodity Stock Fund



Semi-Annual Report

April 30, 2022

Includes Fidelity and Fidelity Advisor share classes

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

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. © 2022 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Exxon Mobil Corp. 7.0 
Nutrien Ltd. 6.9 
Chevron Corp. 5.7 
Archer Daniels Midland Co. 5.3 
CF Industries Holdings, Inc. 4.8 
The Mosaic Co. 4.1 
Corteva, Inc. 4.0 
Rio Tinto PLC 3.7 
ConocoPhillips Co. 3.0 
Shell PLC (London) 2.8 
 47.3 

Industries (% of fund's net assets)

As of April 30, 2022 
   Oil, Gas & Consumable Fuels 32.6% 
   Metals & Mining 28.9% 
   Chemicals 24.8% 
   Food Products 7.7% 
   Paper & Forest Products 4.3% 
   Cash Equivalents 2.1% 
 Net Other Assets (Liabilites)* (0.4)% 


 * Net Other Assets (Liabilities) are not included in the pie chart

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   United States of America* 58.6% 
   Canada 18.7% 
   United Kingdom 8.8% 
   Brazil 3.5% 
   Chile 2.1% 
   Bermuda 1.8% 
   Australia 1.6% 
   Finland 1.5% 
   Luxembourg 0.9% 
   Other 2.5% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.9%   
 Shares Value 
Chemicals - 23.4%   
Fertilizers & Agricultural Chemicals - 22.5%   
CF Industries Holdings, Inc. 768,460 $74,409,982 
Corteva, Inc. 1,093,700 63,095,553 
FMC Corp. 146,200 19,377,348 
Icl Group Ltd. 1,099,100 12,139,805 
Nutrien Ltd. 1,097,283 107,827,818 
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR 143,400 10,582,920 
The Mosaic Co. 1,011,261 63,122,912 
  350,556,338 
Specialty Chemicals - 0.9%   
Albemarle Corp. U.S. 70,600 13,613,798 
TOTAL CHEMICALS  364,170,136 
Food Products - 7.7%   
Agricultural Products - 7.7%   
Archer Daniels Midland Co. 930,500 83,335,580 
Bunge Ltd. 233,000 26,356,960 
Darling Ingredients, Inc. (a) 97,000 7,118,830 
Wilmar International Ltd. 1,023,600 3,262,923 
  120,074,293 
Metals & Mining - 28.9%   
Aluminum - 2.6%   
Alcoa Corp. 593,700 40,252,860 
Copper - 4.1%   
First Quantum Minerals Ltd. 579,924 16,626,008 
Freeport-McMoRan, Inc. 828,100 33,579,455 
Lundin Mining Corp. 1,554,700 14,195,797 
  64,401,260 
Diversified Metals & Mining - 7.2%   
Anglo American PLC (United Kingdom) 610,013 27,018,078 
Grupo Mexico SA de CV Series B 540,920 2,531,972 
IGO Ltd. 1,156,616 10,516,381 
Ivanhoe Mines Ltd. (a) 724,500 5,808,858 
Rio Tinto PLC 823,508 58,185,918 
Teck Resources Ltd. Class B (sub. vtg.) 200,300 7,901,922 
  111,963,129 
Gold - 7.4%   
Agnico Eagle Mines Ltd. (Canada) 627,317 36,516,378 
Barrick Gold Corp. (Canada) 1,049,347 23,402,321 
Franco-Nevada Corp. 60,871 9,205,634 
Newcrest Mining Ltd. 157,696 2,961,429 
Newmont Corp. 428,500 31,216,225 
Wheaton Precious Metals Corp. 257,100 11,523,620 
  114,825,607 
Precious Metals & Minerals - 0.5%   
Anglo American Platinum Ltd. ADR (b) 136,000 2,528,240 
Impala Platinum Holdings Ltd. 345,100 4,464,012 
  6,992,252 
Steel - 7.1%   
ArcelorMittal SA (Netherlands) 451,900 13,176,366 
Commercial Metals Co. 376,400 15,432,400 
Fortescue Metals Group Ltd. 737,583 11,147,149 
Nucor Corp. 194,092 30,041,560 
Steel Dynamics, Inc. 110,100 9,441,075 
Vale SA 1,829,500 30,821,318 
  110,059,868 
TOTAL METALS & MINING  448,494,976 
Oil, Gas & Consumable Fuels - 32.6%   
Integrated Oil & Gas - 17.8%   
Chevron Corp. 565,700 88,628,219 
Equinor ASA 196,500 6,641,618 
Exxon Mobil Corp. 1,285,400 109,580,348 
Occidental Petroleum Corp. 238,500 13,138,965 
Petroleo Brasileiro SA - Petrobras (ON) 2,289,400 15,485,095 
Shell PLC (London) 1,624,672 43,615,773 
  277,090,018 
Oil & Gas Exploration & Production - 14.8%   
Canadian Natural Resources Ltd. 667,000 41,282,194 
ConocoPhillips Co. 495,800 47,358,816 
Coterra Energy, Inc. 874,600 25,179,734 
Diamondback Energy, Inc. 117,700 14,857,271 
Hess Corp. 142,600 14,697,782 
Magnolia Oil & Gas Corp. Class A 482,600 11,215,624 
Pioneer Natural Resources Co. 157,310 36,569,856 
Range Resources Corp. (a) 1,314,000 39,341,160 
  230,502,437 
TOTAL OIL, GAS & CONSUMABLE FUELS  507,592,455 
Paper & Forest Products - 4.3%   
Forest Products - 1.6%   
Louisiana-Pacific Corp. 55,400 3,574,408 
Svenska Cellulosa AB SCA (B Shares) 334,200 6,467,706 
West Fraser Timber Co. Ltd. 175,600 15,433,773 
  25,475,887 
Paper Products - 2.7%   
Mondi PLC 493,139 9,264,092 
Nine Dragons Paper (Holdings) Ltd. 1,680,000 1,483,667 
Suzano Papel e Celulose SA 815,545 8,183,575 
UPM-Kymmene Corp. 650,400 22,498,824 
  41,430,158 
TOTAL PAPER & FOREST PRODUCTS  66,906,045 
TOTAL COMMON STOCKS   
(Cost $1,199,896,602)  1,507,237,905 
Nonconvertible Preferred Stocks - 1.4%   
Chemicals - 1.4%   
Fertilizers & Agricultural Chemicals - 1.4%   
Sociedad Quimica y Minera de Chile SA (PN-B)   
(Cost $19,497,408) 296,370 21,999,415 
Money Market Funds - 2.1%   
Fidelity Cash Central Fund 0.32% (c) 32,033,061 32,039,468 
Fidelity Securities Lending Cash Central Fund 0.32% (c)(d) 25,897 25,900 
TOTAL MONEY MARKET FUNDS   
(Cost $32,065,368)  32,065,368 
TOTAL INVESTMENT IN SECURITIES - 100.4%   
(Cost $1,251,459,378)  1,561,302,688 
NET OTHER ASSETS (LIABILITIES) - (0.4)%  (5,793,542) 
NET ASSETS - 100%  $1,555,509,146 

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.

Fund 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 0.32% $12,474,618 $331,674,550 $312,109,700 $14,959 $-- $-- $32,039,468 0.1% 
Fidelity Securities Lending Cash Central Fund 0.32% -- 186,732,384 186,706,484 32,838 -- -- 25,900 0.0% 
Total $12,474,618 $518,406,934 $498,816,184 $47,797 $-- $-- $32,065,368  

Amounts in the 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. Amount 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $1,507,237,905 $1,286,533,969 $220,703,936 $-- 
Nonconvertible Preferred Stocks 21,999,415 21,999,415 -- -- 
Money Market Funds 32,065,368 32,065,368 -- -- 
Total Investments in Securities: $1,561,302,688 $1,340,598,752 $220,703,936 $-- 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $25,886) — See accompanying schedule:
Unaffiliated issuers (cost $1,219,394,010) 		$1,529,237,320  
Fidelity Central Funds (cost $32,065,368) 32,065,368  
Total Investment in Securities (cost $1,251,459,378)  $1,561,302,688 
Foreign currency held at value (cost $360,050)  359,704 
Receivable for fund shares sold  16,130,488 
Dividends receivable  2,101,850 
Distributions receivable from Fidelity Central Funds  28,915 
Prepaid expenses  262 
Other receivables  3,305 
Total assets  1,579,927,212 
Liabilities   
Payable for investments purchased $21,167,384  
Payable for fund shares redeemed 2,007,756  
Accrued management fee 867,360  
Distribution and service plan fees payable 49,646  
Other affiliated payables 229,399  
Other payables and accrued expenses 70,621  
Collateral on securities loaned 25,900  
Total liabilities  24,418,066 
Net Assets  $1,555,509,146 
Net Assets consist of:   
Paid in capital  $1,416,846,553 
Total accumulated earnings (loss)  138,662,593 
Net Assets  $1,555,509,146 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($98,020,389 ÷ 4,925,840 shares)(a)  $19.90 
Maximum offering price per share (100/94.25 of $19.90)  $21.11 
Class M:   
Net Asset Value and redemption price per share ($18,746,633 ÷ 942,966 shares)(a)  $19.88 
Maximum offering price per share (100/96.50 of $19.88)  $20.60 
Class C:   
Net Asset Value and offering price per share ($27,145,883 ÷ 1,373,845 shares)(a)  $19.76 
Global Commodity Stock:   
Net Asset Value, offering price and redemption price per share ($909,992,235 ÷ 45,684,083 shares)  $19.92 
Class I:   
Net Asset Value, offering price and redemption price per share ($347,403,979 ÷ 17,447,597 shares)  $19.91 
Class Z:   
Net Asset Value, offering price and redemption price per share ($154,200,027 ÷ 7,753,467 shares)  $19.89 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $19,463,170 
Income from Fidelity Central Funds (including $32,838 from security lending)  47,797 
Income before foreign taxes withheld  19,510,967 
Less foreign taxes withheld  (849,938) 
Total income  18,661,029 
Expenses   
Management fee $3,394,180  
Transfer agent fees 805,293  
Distribution and service plan fees 187,324  
Accounting fees 234,589  
Custodian fees and expenses 33,471  
Independent trustees' fees and expenses 1,455  
Registration fees 168,578  
Audit 24,394  
Legal 1,760  
Miscellaneous 1,585  
Total expenses before reductions 4,852,629  
Expense reductions (14,287)  
Total expenses after reductions  4,838,342 
Net investment income (loss)  13,822,687 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 15,611,294  
Foreign currency transactions (241,226)  
Total net realized gain (loss)  15,370,068 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 154,374,790  
Assets and liabilities in foreign currencies (81,065)  
Total change in net unrealized appreciation (depreciation)  154,293,725 
Net gain (loss)  169,663,793 
Net increase (decrease) in net assets resulting from operations  $183,486,480 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $13,822,687 $22,696,698 
Net realized gain (loss) 15,370,068 1,122,633 
Change in net unrealized appreciation (depreciation) 154,293,725 181,251,005 
Net increase (decrease) in net assets resulting from operations 183,486,480 205,070,336 
Distributions to shareholders (25,407,967) (6,996,946) 
Share transactions - net increase (decrease) 639,227,310 301,019,880 
Total increase (decrease) in net assets 797,305,823 499,093,270 
Net Assets   
Beginning of period 758,203,323 259,110,053 
End of period $1,555,509,146 $758,203,323 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Global Commodity Stock Fund Class A

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $16.35 $10.80 $12.14 $12.42 $12.56 $10.73 
Income from Investment Operations       
Net investment income (loss)A,B .23 .48 .28 .35 .21 .12 
Net realized and unrealized gain (loss) 3.83 5.24 (1.26) (.41) (.22) 1.86 
Total from investment operations 4.06 5.72 (.98) (.06) (.01) 1.98 
Distributions from net investment income (.51) (.17) (.36) (.20) (.09) (.08) 
Distributions from net realized gain – – – (.02) (.05) (.07) 
Total distributions (.51) (.17) (.36) (.22) (.13)C (.15) 
Redemption fees added to paid in capitalA – – – – –D –D 
Net asset value, end of period $19.90 $16.35 $10.80 $12.14 $12.42 $12.56 
Total ReturnE,F,G 25.80% 53.37% (8.39)% (.44)% (.05)% 18.53% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 1.21%J 1.23% 1.31% 1.29% 1.28% 1.33% 
Expenses net of fee waivers, if any 1.20%J 1.22% 1.31% 1.28% 1.28% 1.33% 
Expenses net of all reductions 1.20%J 1.22% 1.29% 1.28% 1.27% 1.32% 
Net investment income (loss) 2.50%J 3.18% 2.53% 2.86% 1.55% 1.07% 
Supplemental Data       
Net assets, end of period (000 omitted) $98,020 $45,343 $20,453 $25,779 $27,258 $29,920 
Portfolio turnover rateK 32%J 37% 40% 55% 70% 81% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Global Commodity Stock Fund Class M

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $16.32 $10.78 $12.12 $12.39 $12.53 $10.72 
Income from Investment Operations       
Net investment income (loss)A,B .20 .44 .25 .31 .16 .09 
Net realized and unrealized gain (loss) 3.83 5.24 (1.27) (.40) (.20) 1.84 
Total from investment operations 4.03 5.68 (1.02) (.09) (.04) 1.93 
Distributions from net investment income (.47) (.14) (.32) (.16) (.06) (.05) 
Distributions from net realized gain – – – (.02) (.05) (.07) 
Total distributions (.47) (.14) (.32) (.18) (.10)C (.12) 
Redemption fees added to paid in capitalA – – – – –D –D 
Net asset value, end of period $19.88 $16.32 $10.78 $12.12 $12.39 $12.53 
Total ReturnE,F,G 25.58% 52.97% (8.72)% (.70)% (.30)% 18.09% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 1.49%J 1.52% 1.59% 1.59% 1.59% 1.62% 
Expenses net of fee waivers, if any 1.48%J 1.52% 1.59% 1.59% 1.59% 1.62% 
Expenses net of all reductions 1.48%J 1.52% 1.58% 1.59% 1.58% 1.61% 
Net investment income (loss) 2.22%J 2.88% 2.24% 2.55% 1.24% .78% 
Supplemental Data       
Net assets, end of period (000 omitted) $18,747 $8,888 $4,378 $5,416 $7,200 $6,876 
Portfolio turnover rateK 32%J 37% 40% 55% 70% 81% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Global Commodity Stock Fund Class C

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $16.17 $10.68 $11.99 $12.26 $12.39 $10.61 
Income from Investment Operations       
Net investment income (loss)A,B .16 .37 .20 .26 .11 .04 
Net realized and unrealized gain (loss) 3.82 5.20 (1.26) (.41) (.19) 1.82 
Total from investment operations 3.98 5.57 (1.06) (.15) (.08) 1.86 
Distributions from net investment income (.39) (.08) (.25) (.11) – (.01) 
Distributions from net realized gain – – – (.02) (.05) (.07) 
Total distributions (.39) (.08) (.25) (.12)C (.05) (.08) 
Redemption fees added to paid in capitalA – – – – –D –D 
Net asset value, end of period $19.76 $16.17 $10.68 $11.99 $12.26 $12.39 
Total ReturnE,F,G 25.32% 52.30% (9.11)% (1.16)% (.67)% 17.59% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 1.95%J 1.97% 2.05% 2.02% 2.00% 2.07% 
Expenses net of fee waivers, if any 1.94%J 1.96% 2.04% 2.02% 1.99% 2.07% 
Expenses net of all reductions 1.94%J 1.96% 2.03% 2.01% 1.98% 2.06% 
Net investment income (loss) 1.76%J 2.44% 1.79% 2.13% .84% .33% 
Supplemental Data       
Net assets, end of period (000 omitted) $27,146 $11,020 $7,871 $11,294 $20,793 $14,289 
Portfolio turnover rateK 32%J 37% 40% 55% 70% 81% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the contingent deferred sales charge.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Global Commodity Stock Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $16.39 $10.82 $12.15 $12.44 $12.59 $10.77 
Income from Investment Operations       
Net investment income (loss)A,B .25 .53 .31 .37 .23 .15 
Net realized and unrealized gain (loss) 3.83 5.26 (1.26) (.41) (.20) 1.84 
Total from investment operations 4.08 5.79 (.95) (.04) .03 1.99 
Distributions from net investment income (.55) (.22) (.38) (.23) (.13) (.11) 
Distributions from net realized gain – – – (.02) (.05) (.07) 
Total distributions (.55) (.22) (.38) (.25) (.18) (.17)C 
Redemption fees added to paid in capitalA – – – – –D –D 
Net asset value, end of period $19.92 $16.39 $10.82 $12.15 $12.44 $12.59 
Total ReturnE,F 25.91% 53.95% (8.16)% (.23)% .23% 18.65% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions .94%I .94% 1.02% 1.06% 1.08% 1.10% 
Expenses net of fee waivers, if any .94%I .94% 1.02% 1.06% 1.08% 1.10% 
Expenses net of all reductions .94%I .94% 1.00% 1.06% 1.06% 1.09% 
Net investment income (loss) 2.77%I 3.46% 2.82% 3.08% 1.75% 1.30% 
Supplemental Data       
Net assets, end of period (000 omitted) $909,992 $546,863 $176,718 $257,011 $369,563 $264,557 
Portfolio turnover rateJ 32%I 37% 40% 55% 70% 81% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Global Commodity Stock Fund Class I

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $16.39 $10.81 $12.16 $12.45 $12.60 $10.76 
Income from Investment Operations       
Net investment income (loss)A,B .26 .53 .32 .39 .25 .17 
Net realized and unrealized gain (loss) 3.82 5.25 (1.26) (.41) (.21) 1.86 
Total from investment operations 4.08 5.78 (.94) (.02) .04 2.03 
Distributions from net investment income (.56) (.20) (.41) (.25) (.14) (.12) 
Distributions from net realized gain – – – (.02) (.05) (.07) 
Total distributions (.56) (.20) (.41) (.27) (.19) (.19) 
Redemption fees added to paid in capitalA – – – – –C –C 
Net asset value, end of period $19.91 $16.39 $10.81 $12.16 $12.45 $12.60 
Total ReturnD,E 25.90% 53.97% (8.11)% (.06)% .30% 18.99% 
Ratios to Average Net AssetsB,F,G       
Expenses before reductions .92%H .93% .95% .92% .93% .96% 
Expenses net of fee waivers, if any .92%H .93% .95% .92% .93% .95% 
Expenses net of all reductions .92%H .93% .93% .91% .91% .94% 
Net investment income (loss) 2.79%H 3.48% 2.88% 3.23% 1.90% 1.45% 
Supplemental Data       
Net assets, end of period (000 omitted) $347,404 $85,252 $33,185 $102,633 $117,981 $113,655 
Portfolio turnover rateI 32%H 37% 40% 55% 70% 81% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Global Commodity Stock Fund Class Z

 Six months ended (Unaudited) April 30, Years endedOctober 31,    
 2022 2021 2020 2019 2018 A 
Selected Per–Share Data      
Net asset value, beginning of period $16.38 $10.81 $12.16 $12.46 $13.84 
Income from Investment Operations      
Net investment income (loss)B,C .27 .56 .34 .39 (.01) 
Net realized and unrealized gain (loss) 3.82 5.23 (1.26) (.40) (1.37) 
Total from investment operations 4.09 5.79 (.92) (.01) (1.38) 
Distributions from net investment income (.58) (.22) (.43) (.27) – 
Distributions from net realized gain – – – (.02) – 
Total distributions (.58) (.22) (.43) (.29) – 
Redemption fees added to paid in capitalB – – – – – 
Net asset value, end of period $19.89 $16.38 $10.81 $12.16 $12.46 
Total ReturnD,E 26.00% 54.07% (7.99)% .03% (9.97)% 
Ratios to Average Net AssetsC,F,G      
Expenses before reductions .81%H .80% .85% .83% .89%H 
Expenses net of fee waivers, if any .80%H .80% .84% .83% .89%H 
Expenses net of all reductions .80%H .80% .83% .82% .87%H 
Net investment income (loss) 2.90%H 3.60% 2.99% 3.32% (.70)%H 
Supplemental Data      
Net assets, end of period (000 omitted) $154,200 $60,837 $16,505 $104,489 $5,118 
Portfolio turnover rateI 32%H 37% 40% 55% 70% 

 A For the period October 2, 2018 (commencement of sale of shares) through October 31, 2018.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

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. 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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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, 2022 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable. 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. 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 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 $342,713,037 
Gross unrealized depreciation (42,141,462) 
Net unrealized appreciation (depreciation) $300,571,575 
Tax cost $1,260,731,113 

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.

No expiration  
Short-term $(34,629,152) 
Long-term (151,865,759) 
Total capital loss carryforward $(186,494,911) 

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 773,602,472 159,646,535 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .67% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $77,149 $4,939 
Class M .25% .25% 31,696 118 
Class C .75% .25% 78,479 24,698 
   $187,324 $29,755 

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 $68,212 
Class M 3,387 
Class C(a) 17 
 $71,616 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Class A $58,873 .19 
Class M 14,032 .22 
Class C 14,105 .18 
Global Commodity Stock 576,700 .17 
Class I 123,231 .15 
Class Z 18,352 .04 
 $805,293  

 (a) Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Fidelity Global Commodity Stock 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 Global Commodity Stock Fund $5,688 

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 in the table below.

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Global Commodity Stock Fund 32,243,132 7,352,702 1,497,017 

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 $713 

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 $3,575 $– $– 

8. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived operating expenses in the amount of $14,287.

Effective June 1, 2022, the investment adviser contractually agreed to reimburse expenses 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, 2023. 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.

 Expense Limitations 
Class A 1.20% 
Class M 1.45% 
Class C 1.95% 
Fidelity Global Commodity Stock 0.95% 
Class I 0.95% 
Class Z 0.80% 

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2022 		Year ended
October 31, 2021 
Fidelity Global Commodity Stock Fund   
Distributions to shareholders   
Class A $1,448,690 $330,900 
Class M 259,454 55,155 
Class C 264,183 54,858 
Global Commodity Stock 18,171,488 5,592,593 
Class I 3,064,346 607,688 
Class Z 2,199,806 355,752 
Total $25,407,967 $6,996,946 

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, 2022 Year ended October 31, 2021 Six months ended April 30, 2022 Year ended October 31, 2021 
Fidelity Global Commodity Stock Fund     
Class A     
Shares sold 2,533,866 1,497,596 $50,230,608 $23,243,182 
Reinvestment of distributions 93,881 24,735 1,435,437 326,260 
Shares redeemed (474,490) (643,914) (8,766,372) (9,896,306) 
Net increase (decrease) 2,153,257 878,417 $42,899,673 $13,673,136 
Class M     
Shares sold 474,811 185,666 $9,167,601 $2,932,586 
Reinvestment of distributions 16,878 4,164 258,240 54,963 
Shares redeemed (93,341) (51,392) (1,840,039) (761,387) 
Net increase (decrease) 398,348 138,438 $7,585,802 $2,226,162 
Class C     
Shares sold 802,588 325,501 $15,979,826 $5,031,255 
Reinvestment of distributions 17,324 4,142 263,849 54,381 
Shares redeemed (127,474) (385,192) (2,413,904) (5,709,900) 
Net increase (decrease) 692,438 (55,549) $13,829,771 $(624,264) 
Global Commodity Stock     
Shares sold 20,535,204 26,509,390 $406,089,440 $367,175,381 
Reinvestment of distributions 1,053,837 364,169 16,113,170 4,799,750 
Shares redeemed (9,276,995) (9,830,285) (169,291,448) (150,535,532) 
Net increase (decrease) 12,312,046 17,043,274 $252,911,162 $221,439,599 
Class I     
Shares sold 13,616,266 4,496,884 $268,582,657 $70,249,986 
Reinvestment of distributions 198,222 45,805 3,028,836 603,715 
Shares redeemed (1,569,719) (2,409,382) (29,088,783) (37,277,273) 
Net increase (decrease) 12,244,769 2,133,307 $242,522,710 $33,576,428 
Class Z     
Shares sold 4,771,872 4,377,495 $93,262,299 $65,145,411 
Reinvestment of distributions 129,470 23,487 1,975,709 309,090 
Shares redeemed (862,614) (2,213,665) (15,759,816) (34,725,682) 
Net increase (decrease) 4,038,728 2,187,317 $79,478,192 $30,728,819 

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 Global Commodity Stock Fund 21% 

12. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

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, 2021 to April 30, 2022).

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, 2021 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity Global Commodity Stock Fund     
Class A 1.20%    
Actual  $1,000.00 $1,258.00 $6.72 
Hypothetical-C  $1,000.00 $1,018.84 $6.01 
Class M 1.48%    
Actual  $1,000.00 $1,255.80 $8.28 
Hypothetical-C  $1,000.00 $1,017.46 $7.40 
Class C 1.94%    
Actual  $1,000.00 $1,253.20 $10.84 
Hypothetical-C  $1,000.00 $1,015.17 $9.69 
Global Commodity Stock .94%    
Actual  $1,000.00 $1,259.10 $5.27 
Hypothetical-C  $1,000.00 $1,020.13 $4.71 
Class I .92%    
Actual  $1,000.00 $1,259.00 $5.15 
Hypothetical-C  $1,000.00 $1,020.23 $4.61 
Class Z .80%    
Actual  $1,000.00 $1,260.00 $4.48 
Hypothetical-C  $1,000.00 $1,020.83 $4.01 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Liquidity Risk Management Program

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 pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is 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) in the case of exchange-traded funds, certain additional factors 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 liquidity categories described below 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 implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

GCS-SANN-0622
1.879383.113

Fidelity® Emerging Markets Discovery Fund

Fidelity® Total Emerging Markets Fund



Semi-Annual Report

April 30, 2022

Includes Fidelity and Fidelity Advisor share classes

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

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

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. © 2022 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Fidelity® Emerging Markets Discovery Fund

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Aldar Properties PJSC (United Arab Emirates, Real Estate Management & Development) 1.6 
PT United Tractors Tbk (Indonesia, Oil, Gas & Consumable Fuels) 1.5 
Unimicron Technology Corp. (Taiwan, Electronic Equipment & Components) 1.5 
Sinopec Engineering Group Co. Ltd. (H Shares) (China, Construction & Engineering) 1.5 
Adani Ports & Special Economic Zone Ltd. (India, Transportation Infrastructure) 1.4 
Bharat Electronics Ltd. (India, Aerospace & Defense) 1.3 
Equatorial Energia SA (Brazil, Electric Utilities) 1.2 
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR (Chile, Chemicals) 1.2 
Bidvest Group Ltd./The (South Africa, Industrial Conglomerates) 1.2 
China Merchants Holdings International Co. Ltd. (Hong Kong, Transportation Infrastructure) 1.2 
 13.6 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Industrials 20.8 
Financials 14.1 
Consumer Discretionary 10.9 
Materials 10.9 
Information Technology 9.1 
Real Estate 7.5 
Health Care 7.4 
Consumer Staples 5.2 
Utilities 4.6 
Energy 4.1 
Communication Services 2.3 

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   India 16.4% 
   Korea (South) 9.9% 
   Cayman Islands 9.0% 
   China 8.9% 
   Brazil 8.3% 
   Mexico 7.9% 
   Taiwan 7.0% 
   Indonesia 5.1% 
   South Africa 4.9% 
   Other* 22.6% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation (% of fund's net assets)

As of April 30, 2022 
   Stocks 96.9% 
   Short-Term Investments and Net Other Assets (Liabilities) 3.1% 


Fidelity® Emerging Markets Discovery Fund

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.0%   
 Shares Value 
Belgium - 0.9%   
Titan Cement International Trading SA 187,100 $2,631,473 
Bermuda - 2.1%   
Credicorp Ltd. (United States) 21,291 2,957,107 
Pacific Basin Shipping Ltd. 7,070,590 3,244,062 
TOTAL BERMUDA  6,201,169 
Brazil - 7.4%   
Atacadao SA 660,200 2,746,855 
Dexco SA 529,760 1,379,062 
Enauta Participacoes SA 491,300 2,051,079 
Equatorial Energia SA 713,529 3,700,459 
Hapvida Participacoes e Investimentos SA (a) 1,718,725 3,048,821 
LOG Commercial Properties e Participacoes SA 507,352 2,455,715 
Natura & Co. Holding SA (b) 318,053 1,195,927 
Rumo SA 1,022,000 3,383,962 
Suzano Papel e Celulose SA 224,300 2,250,735 
TOTAL BRAZIL  22,212,615 
Cayman Islands - 9.0%   
ASM Pacific Technology Ltd. 290,180 2,924,372 
BizLink Holding, Inc. 251,780 2,520,991 
Fu Shou Yuan International Group Ltd. 3,422,298 2,363,414 
Haitian International Holdings Ltd. 1,008,170 2,481,539 
Hansoh Pharmaceutical Group Co. Ltd. (a) 1,094,740 1,803,179 
Innovent Biologics, Inc. (a)(b) 572,995 1,777,110 
New Horizon Health Ltd. (a)(b) 641,994 1,378,437 
Parade Technologies Ltd. 65,970 3,139,067 
SITC International Holdings Co. Ltd. 821,480 2,730,985 
Tongdao Liepin Group (b) 1,037,078 1,921,310 
XP, Inc. Class A (b) 77,150 1,898,662 
Zai Lab Ltd. (b) 435,470 1,774,501 
TOTAL CAYMAN ISLANDS  26,713,567 
Chile - 2.0%   
Banco de Chile sponsored ADR (c) 115,590 2,321,047 
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR 48,928 3,610,886 
TOTAL CHILE  5,931,933 
China - 8.9%   
China Communications Services Corp. Ltd. (H Shares) 7,546,790 3,437,116 
Haier Smart Home Co. Ltd. (A Shares) 692,381 2,685,076 
Pharmaron Beijing Co. Ltd. (H Shares) (a) 206,747 2,597,250 
Shenzhen Expressway Co. Ltd. (H Shares) 2,344,890 2,411,572 
Sinopec Engineering Group Co. Ltd. (H Shares) 8,306,120 4,340,198 
Sinopharm Group Co. Ltd. (H Shares) 1,517,949 3,493,074 
TravelSky Technology Ltd. (H Shares) 1,458,680 2,202,863 
Tsingtao Brewery Co. Ltd. (H Shares) 292,000 2,364,080 
Venus MedTech Hangzhou, Inc. (H Shares) (a)(b)(c) 566,249 1,039,523 
Zhuzhou CRRC Times Electric Co. Ltd. (H Shares) 501,000 1,969,568 
TOTAL CHINA  26,540,320 
Cyprus - 0.0%   
Etalon Group PLC GDR (Reg. S) (d) 167,549 13,330 
TCS Group Holding PLC unit (d) 59,253 98,397 
TOTAL CYPRUS  111,727 
Hong Kong - 3.4%   
China Merchants Holdings International Co. Ltd. 2,028,730 3,541,750 
China Resources Beer Holdings Co. Ltd. 250,000 1,468,460 
Far East Horizon Ltd. 2,981,433 2,431,892 
Guangdong Investment Ltd. 2,201,480 2,818,648 
TOTAL HONG KONG  10,260,750 
Hungary - 0.9%   
Richter Gedeon PLC 134,572 2,684,035 
India - 16.4%   
Adani Ports & Special Economic Zone Ltd. 382,685 4,246,225 
Bharat Electronics Ltd. 1,231,960 3,808,340 
Computer Age Management Services Private Ltd. 96,880 3,107,170 
Cyient Ltd. 248,150 2,845,656 
Deccan Cements Ltd. 338,296 2,512,005 
Eicher Motors Ltd. 73,050 2,489,037 
Embassy Office Parks (REIT) 615,851 3,087,764 
Hindustan Aeronautics Ltd. 151,440 3,134,822 
Indraprastha Gas Ltd. 436,870 2,001,476 
Indus Towers Ltd. 816,904 2,218,167 
JK Cement Ltd. 57,651 1,985,883 
Mahanagar Gas Ltd. 196,449 1,963,618 
Manappuram General Finance & Leasing Ltd. 827,372 1,232,068 
Oberoi Realty Ltd. (b) 251,489 3,129,227 
Petronet LNG Ltd. 965,430 2,555,932 
Power Grid Corp. of India Ltd. 1,108,718 3,281,557 
Shriram Transport Finance Co. Ltd. 186,340 2,891,001 
Torrent Pharmaceuticals Ltd. 67,880 2,481,780 
TOTAL INDIA  48,971,728 
Indonesia - 5.1%   
PT ACE Hardware Indonesia Tbk 28,702,536 2,062,997 
PT Astra International Tbk (e) 4,501,880 2,350,618 
PT Bank Mandiri (Persero) Tbk (e) 5,199,740 3,192,823 
PT Ciputra Development Tbk 20,851,870 1,527,727 
PT Pakuwon Jati Tbk (b) 41,931,796 1,617,449 
PT United Tractors Tbk 2,098,490 4,378,918 
TOTAL INDONESIA  15,130,532 
Israel - 0.4%   
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd. 15,600 1,185,301 
Korea (South) - 9.9%   
Coway Co. Ltd. 53,180 2,962,780 
Db Insurance Co. Ltd. 60,334 3,205,091 
Douzone Bizon Co. Ltd. 35,650 1,135,066 
Fila Holdings Corp. 87,133 2,214,494 
Hana Financial Group, Inc. 57,711 2,131,225 
Hanon Systems 236,020 2,100,899 
Hansol Chemical Co. Ltd. 11,030 2,110,934 
Hyundai Fire & Marine Insurance Co. Ltd. 131,431 3,369,429 
KB Financial Group, Inc. 28,222 1,306,021 
LG Corp. 36,395 2,090,577 
SaraminHR Co. Ltd. 82,835 2,731,829 
Shinhan Financial Group Co. Ltd. 54,820 1,811,688 
Soulbrain Co. Ltd. 13,190 2,523,026 
TOTAL KOREA (SOUTH)  29,693,059 
Luxembourg - 1.0%   
Tenaris SA sponsored ADR 96,800 2,921,424 
Malaysia - 0.6%   
Scientex Bhd 1,991,000 1,740,188 
Scientex Bhd warrants 1/14/26 (b) 130,640 29,233 
TOTAL MALAYSIA  1,769,421 
Mexico - 7.9%   
CEMEX S.A.B. de CV sponsored ADR (b) 565,670 2,488,948 
Fibra Uno Administracion SA de CV 1,707,139 1,872,235 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 225,900 3,476,313 
Grupo Aeroportuario del Sureste S.A.B. de CV Series B sponsored ADR 12,920 2,819,402 
Grupo Aeroportuario Norte S.A.B. de CV 400,000 2,806,949 
Grupo Comercial Chedraui S.A.B. de CV 1,241,800 3,130,287 
Macquarie Mexican (REIT) (a) 1,137,383 1,256,296 
Qualitas Controladora S.A.B. de CV 460,191 2,480,632 
Regional S.A.B. de CV 527,659 3,183,821 
TOTAL MEXICO  23,514,883 
Netherlands - 0.0%   
X5 Retail Group NV GDR (Reg. S) (d) 101,790 21,253 
Philippines - 1.4%   
Philippine Seven Corp. (b) 786,400 964,535 
Robinsons Land Corp. 8,581,690 3,112,081 
TOTAL PHILIPPINES  4,076,616 
Russia - 0.0%   
LSR Group OJSC (d) 67,346 88,347 
Singapore - 0.8%   
First Resources Ltd. 1,630,200 2,486,370 
South Africa - 4.9%   
Bidvest Group Ltd./The 260,700 3,573,834 
Cashbuild Ltd. 179,150 3,206,259 
FirstRand Ltd. 698,645 3,008,842 
Impala Platinum Holdings Ltd. 191,260 2,474,028 
Mr Price Group Ltd. 183,915 2,492,811 
TOTAL SOUTH AFRICA  14,755,774 
Taiwan - 7.0%   
Cleanaway Co. Ltd. 423,730 2,869,371 
International Games Systems Co. Ltd. 122,825 3,017,299 
Makalot Industrial Co. Ltd. 404,000 2,486,630 
Nanya Technology Corp. 1,516,220 3,319,693 
Poya International Co. Ltd. 177,590 1,889,360 
Unimicron Technology Corp. 622,160 4,366,356 
Yageo Corp. 221,590 2,992,592 
TOTAL TAIWAN  20,941,301 
Thailand - 0.9%   
PTT Global Chemical PCL (For. Reg.) 778,400 1,129,526 
Siam Global House PCL (For. Reg.) 2,373,987 1,505,120 
TOTAL THAILAND  2,634,646 
Turkey - 0.7%   
Mavi Jeans Class B (a) 364,727 2,001,936 
United Arab Emirates - 2.6%   
Aldar Properties PJSC (b) 3,104,555 4,775,527 
Emirates NBD Bank PJSC (b) 718,103 2,981,465 
TOTAL UNITED ARAB EMIRATES  7,756,992 
United Kingdom - 1.5%   
Bank of Georgia Group PLC 121,192 1,867,249 
Mondi PLC 142,964 2,695,539 
TOTAL UNITED KINGDOM  4,562,788 
Vietnam - 0.3%   
FPT Corp. 163,513 742,446 
TOTAL COMMON STOCKS   
(Cost $288,028,218)  286,542,406 
Nonconvertible Preferred Stocks - 0.9%   
Brazil - 0.9%   
Metalurgica Gerdau SA (PN)   
(Cost $2,000,784) 1,253,700 2,880,699 
Money Market Funds - 2.6%   
Fidelity Cash Central Fund 0.32% (f) 7,029,137 7,030,543 
Fidelity Securities Lending Cash Central Fund 0.32% (f)(g) 681,501 681,569 
TOTAL MONEY MARKET FUNDS   
(Cost $7,712,112)  7,712,112 
TOTAL INVESTMENT IN SECURITIES - 99.5%   
(Cost $297,741,114)  297,135,217 
NET OTHER ASSETS (LIABILITIES) - 0.5%  1,362,582 
NET ASSETS - 100%  $298,497,799 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

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 $14,902,552 or 5.0% 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) 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.

Fund 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 0.32% $929,989 $53,190,197 $47,089,643 $4,261 $-- $-- $7,030,543 0.0% 
Fidelity Securities Lending Cash Central Fund 0.32% 8,894,003 22,188,694 30,401,128 29,521 -- -- 681,569 0.0% 
Total $9,823,992 $75,378,891 $77,490,771 $33,782 $-- $-- $7,712,112  

Amounts in the 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. Amount 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $7,156,776 $-- $7,156,776 $-- 
Consumer Discretionary 32,811,431 2,001,936 30,809,495 -- 
Consumer Staples 15,563,068 8,258,370 7,283,445 21,253 
Energy 11,907,353 4,972,503 6,934,850 -- 
Financials 42,368,460 15,822,734 26,447,329 98,397 
Health Care 22,077,710 5,732,856 16,344,854 -- 
Industrials 61,619,405 12,486,626 49,132,779 -- 
Information Technology 26,775,281 -- 26,775,281 -- 
Materials 32,442,165 12,610,330 19,831,835 -- 
Real Estate 22,935,698 10,359,773 12,474,248 101,677 
Utilities 13,765,758 3,700,459 10,065,299 -- 
Money Market Funds 7,712,112 7,712,112 -- -- 
Total Investments in Securities: $297,135,217 $83,657,699 $213,256,191 $221,327 

See accompanying notes which are an integral part of the financial statements.


Fidelity® Emerging Markets Discovery Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $635,050) — See accompanying schedule:
Unaffiliated issuers (cost $290,029,002) 		$289,423,105  
Fidelity Central Funds (cost $7,712,112) 7,712,112  
Total Investment in Securities (cost $297,741,114)  $297,135,217 
Cash  64,538 
Foreign currency held at value (cost $4,013,061)  4,013,112 
Receivable for investments sold  3,042,729 
Receivable for fund shares sold  301,256 
Dividends receivable  1,494,405 
Distributions receivable from Fidelity Central Funds  3,487 
Prepaid expenses  112 
Other receivables  117,496 
Total assets  306,172,352 
Liabilities   
Payable for investments purchased on a delayed delivery basis $5,538,857  
Payable for fund shares redeemed 207,413  
Accrued management fee 214,734  
Distribution and service plan fees payable 9,005  
Other affiliated payables 64,822  
Deferred taxes 773,281  
Other payables and accrued expenses 184,872  
Collateral on securities loaned 681,569  
Total liabilities  7,674,553 
Net Assets  $298,497,799 
Net Assets consist of:   
Paid in capital  $302,260,032 
Total accumulated earnings (loss)  (3,762,233) 
Net Assets  $298,497,799 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($16,348,503 ÷ 1,136,461 shares)(a)  $14.39 
Maximum offering price per share (100/94.25 of $14.39)  $15.27 
Class M:   
Net Asset Value and redemption price per share ($5,096,707 ÷ 354,974 shares)(a)  $14.36 
Maximum offering price per share (100/96.50 of $14.36)  $14.88 
Class C:   
Net Asset Value and offering price per share ($3,716,423 ÷ 265,916 shares)(a)  $13.98 
Emerging Markets Discovery:   
Net Asset Value, offering price and redemption price per share ($225,730,858 ÷ 15,601,353 shares)  $14.47 
Class I:   
Net Asset Value, offering price and redemption price per share ($33,490,333 ÷ 2,306,193 shares)  $14.52 
Class Z:   
Net Asset Value, offering price and redemption price per share ($14,114,975 ÷ 974,854 shares)  $14.48 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $5,849,086 
Income from Fidelity Central Funds (including $29,521 from security lending)  33,782 
Income before foreign taxes withheld  5,882,868 
Less foreign taxes withheld  (665,986) 
Total income  5,216,882 
Expenses   
Management fee $1,357,057  
Transfer agent fees 311,843  
Distribution and service plan fees 58,519  
Accounting fees 85,278  
Custodian fees and expenses 154,780  
Independent trustees' fees and expenses 574  
Registration fees 55,885  
Audit 42,541  
Legal 3,641  
Interest 520  
Miscellaneous 707  
Total expenses before reductions 2,071,345  
Expense reductions (4,997)  
Total expenses after reductions  2,066,348 
Net investment income (loss)  3,150,534 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $395,763) 158,748  
Foreign currency transactions (2,312)  
Total net realized gain (loss)  156,436 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,111,796) (46,050,171)  
Assets and liabilities in foreign currencies (16,954)  
Total change in net unrealized appreciation (depreciation)  (46,067,125) 
Net gain (loss)  (45,910,689) 
Net increase (decrease) in net assets resulting from operations  $(42,760,155) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $3,150,534 $2,827,395 
Net realized gain (loss) 156,436 51,790,932 
Change in net unrealized appreciation (depreciation) (46,067,125) 25,826,045 
Net increase (decrease) in net assets resulting from operations (42,760,155) 80,444,372 
Distributions to shareholders (35,200,802) (1,678,231) 
Share transactions - net increase (decrease) 19,574,105 27,363,583 
Total increase (decrease) in net assets (58,386,852) 106,129,724 
Net Assets   
Beginning of period 356,884,651 250,754,927 
End of period $298,497,799 $356,884,651 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Emerging Markets Discovery Fund Class A

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $18.36 $13.93 $13.66 $12.01 $15.03 $12.27 
Income from Investment Operations       
Net investment income (loss)A,B .13 .11 .04 .13 .18 .14 
Net realized and unrealized gain (loss) (2.24) 4.37 .34 1.71 (2.89) 2.74 
Total from investment operations (2.11) 4.48 .38 1.84 (2.71) 2.88 
Distributions from net investment income (.37) (.05) (.11) (.18) (.08) (.07) 
Distributions from net realized gain (1.49) – – (.01) (.23) (.06) 
Total distributions (1.86) (.05) (.11) (.19) (.31) (.13) 
Redemption fees added to paid in capitalA – – – – –C .01 
Net asset value, end of period $14.39 $18.36 $13.93 $13.66 $12.01 $15.03 
Total ReturnD,E,F (12.46)% 32.23% 2.76% 15.50% (18.39)% 23.89% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions 1.52%I 1.49% 1.54% 1.55% 1.52% 1.63% 
Expenses net of fee waivers, if any 1.52%I 1.49% 1.53% 1.54% 1.52% 1.63% 
Expenses net of all reductions 1.52%I 1.49% 1.51% 1.54% 1.48% 1.62% 
Net investment income (loss) 1.65%I .60% .33% .96% 1.22% 1.03% 
Supplemental Data       
Net assets, end of period (000 omitted) $16,349 $18,900 $11,745 $15,323 $14,472 $16,062 
Portfolio turnover rateJ 29%I 64% 43% 80% 98% 58% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Emerging Markets Discovery Fund Class M

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $18.30 $13.89 $13.62 $11.94 $14.94 $12.20 
Income from Investment Operations       
Net investment income (loss)A,B .11 .06 –C .08 .14 .10 
Net realized and unrealized gain (loss) (2.24) 4.36 .34 1.71 (2.87) 2.74 
Total from investment operations (2.13) 4.42 .34 1.79 (2.73) 2.84 
Distributions from net investment income (.32) (.01) (.07) (.10) (.04) (.04) 
Distributions from net realized gain (1.49) – – (.01) (.23) (.06) 
Total distributions (1.81) (.01) (.07) (.11) (.27) (.11)D 
Redemption fees added to paid in capitalA – – – – –C .01 
Net asset value, end of period $14.36 $18.30 $13.89 $13.62 $11.94 $14.94 
Total ReturnE,F,G (12.58)% 31.82% 2.49% 15.06% (18.58)% 23.63% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 1.79%J 1.76% 1.83% 1.86% 1.79% 1.92% 
Expenses net of fee waivers, if any 1.78%J 1.76% 1.83% 1.86% 1.79% 1.92% 
Expenses net of all reductions 1.78%J 1.76% 1.80% 1.86% 1.75% 1.90% 
Net investment income (loss) 1.39%J .33% .03% .64% .94% .74% 
Supplemental Data       
Net assets, end of period (000 omitted) $5,097 $6,095 $4,552 $5,773 $5,374 $9,393 
Portfolio turnover rateK 29%J 64% 43% 80% 98% 58% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Amount represents less than $.005 per share.

 D Total distributions per share do not sum due to rounding.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Emerging Markets Discovery Fund Class C

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $17.78 $13.55 $13.29 $11.66 $14.64 $11.97 
Income from Investment Operations       
Net investment income (loss)A,B .07 (.03) (.06) .02 .06 .04 
Net realized and unrealized gain (loss) (2.18) 4.26 .32 1.67 (2.79) 2.69 
Total from investment operations (2.11) 4.23 .26 1.69 (2.73) 2.73 
Distributions from net investment income (.20) – – (.05) (.02) (.01) 
Distributions from net realized gain (1.49) – – (.01) (.23) (.06) 
Total distributions (1.69) – – (.06) (.25) (.07) 
Redemption fees added to paid in capitalA – – – – –C .01 
Net asset value, end of period $13.98 $17.78 $13.55 $13.29 $11.66 $14.64 
Total ReturnD,E,F (12.79)% 31.22% 1.96% 14.54% (18.97)% 23.02% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions 2.28%I 2.25% 2.32% 2.36% 2.28% 2.38% 
Expenses net of fee waivers, if any 2.28%I 2.25% 2.31% 2.35% 2.28% 2.38% 
Expenses net of all reductions 2.28%I 2.25% 2.29% 2.35% 2.24% 2.37% 
Net investment income (loss) .89%I (.16)% (.45)% .14% .45% .28% 
Supplemental Data       
Net assets, end of period (000 omitted) $3,716 $4,995 $5,080 $7,562 $11,278 $14,168 
Portfolio turnover rateJ 29%I 64% 43% 80% 98% 58% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the contingent deferred sales charge.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Emerging Markets Discovery Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $18.48 $14.02 $13.75 $12.10 $15.12 $12.33 
Income from Investment Operations       
Net investment income (loss)A,B .16 .16 .08 .16 .23 .18 
Net realized and unrealized gain (loss) (2.26) 4.40 .34 1.72 (2.91) 2.76 
Total from investment operations (2.10) 4.56 .42 1.88 (2.68) 2.94 
Distributions from net investment income (.42) (.10) (.15) (.22) (.11) (.09) 
Distributions from net realized gain (1.49) – – (.01) (.23) (.06) 
Total distributions (1.91) (.10) (.15) (.23) (.34) (.16)C 
Redemption fees added to paid in capitalA – – – – –D .01 
Net asset value, end of period $14.47 $18.48 $14.02 $13.75 $12.10 $15.12 
Total ReturnE,F (12.34)% 32.63% 3.07% 15.78% (18.11)% 24.30% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions 1.23%I 1.19% 1.23% 1.25% 1.22% 1.35% 
Expenses net of fee waivers, if any 1.23%I 1.18% 1.23% 1.25% 1.22% 1.35% 
Expenses net of all reductions 1.23%I 1.18% 1.20% 1.25% 1.18% 1.34% 
Net investment income (loss) 1.95%I .90% .63% 1.25% 1.51% 1.31% 
Supplemental Data       
Net assets, end of period (000 omitted) $225,731 $283,133 $189,784 $208,657 $188,690 $248,124 
Portfolio turnover rateJ 29%I 64% 43% 80% 98% 58% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Emerging Markets Discovery Fund Class I

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $18.54 $14.06 $13.79 $12.13 $15.15 $12.37 
Income from Investment Operations       
Net investment income (loss)A,B .16 .16 .08 .17 .23 .19 
Net realized and unrealized gain (loss) (2.28) 4.41 .34 1.72 (2.90) 2.75 
Total from investment operations (2.12) 4.57 .42 1.89 (2.67) 2.94 
Distributions from net investment income (.41) (.09) (.15) (.22) (.12) (.10) 
Distributions from net realized gain (1.49) – – (.01) (.23) (.06) 
Total distributions (1.90) (.09) (.15) (.23) (.35) (.17)C 
Redemption fees added to paid in capitalA – – – – –D .01 
Net asset value, end of period $14.52 $18.54 $14.06 $13.79 $12.13 $15.15 
Total ReturnE,F (12.37)% 32.62% 3.07% 15.78% (18.06)% 24.25% 
Ratios to Average Net AssetsB,G,H       
Expenses before reductions 1.21%I 1.19% 1.24% 1.25% 1.22% 1.32% 
Expenses net of fee waivers, if any 1.21%I 1.19% 1.23% 1.24% 1.22% 1.32% 
Expenses net of all reductions 1.21%I 1.19% 1.21% 1.24% 1.18% 1.30% 
Net investment income (loss) 1.97%I .90% .63% 1.26% 1.51% 1.34% 
Supplemental Data       
Net assets, end of period (000 omitted) $33,490 $27,397 $28,034 $51,081 $57,506 $97,170 
Portfolio turnover rateJ 29%I 64% 43% 80% 98% 58% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Emerging Markets Discovery Fund Class Z

 Six months ended (Unaudited) April 30, Years endedOctober 31,    
 2022 2021 2020 2019 2018 A 
Selected Per–Share Data      
Net asset value, beginning of period $18.51 $14.04 $13.77 $12.13 $13.19 
Income from Investment Operations      
Net investment income (loss)B,C .17 .19 .10 .18 –D 
Net realized and unrealized gain (loss) (2.27) 4.40 .35 1.72 (1.06) 
Total from investment operations (2.10) 4.59 .45 1.90 (1.06) 
Distributions from net investment income (.44) (.12) (.18) (.26) – 
Distributions from net realized gain (1.49) – – (.01) – 
Total distributions (1.93) (.12) (.18) (.26)E – 
Redemption fees added to paid in capitalB – – – – – 
Net asset value, end of period $14.48 $18.51 $14.04 $13.77 $12.13 
Total ReturnF,G (12.31)% 32.82% 3.24% 15.97% (8.04)% 
Ratios to Average Net AssetsC,H,I      
Expenses before reductions 1.07%J 1.05% 1.09% 1.10% 1.17%J 
Expenses net of fee waivers, if any 1.07%J 1.05% 1.08% 1.10% 1.02%J 
Expenses net of all reductions 1.07%J 1.05% 1.06% 1.10% .98%J 
Net investment income (loss) 2.10%J 1.04% .78% 1.40% (.12)%J 
Supplemental Data      
Net assets, end of period (000 omitted) $14,115 $16,365 $11,561 $18,267 $1,412 
Portfolio turnover rateK 29%J 64% 43% 80% 98% 

 A For the period October 2, 2018 (commencement of sale of shares) through October 31, 2018.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Amount represents less than $.005 per share.

 E Total distributions per share do not sum due to rounding.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

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. 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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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, 2022 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. 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 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 $45,362,354 
Gross unrealized depreciation (50,323,080) 
Net unrealized appreciation (depreciation) $(4,960,726) 
Tax cost $302,095,943 

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 Markets Discovery Fund 47,502,676 69,206,179 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .82% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $22,134 $1,110 
Class M .25% .25% 14,264 102 
Class C .75% .25% 22,121 1,524 
   $58,519 $2,736 

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 261 
Class C(a) 276 
 $2,670 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Class A $21,211 .24 
Class M 7,173 .25 
Class C 5,507 .25 
Emerging Markets Discovery 249,875 .19 
Class I 25,072 .17 
Class Z 3,005 .04 
 $311,843  

 (a) Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following 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 $42 

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 Discovery Fund Borrower $5,408,545 .31% $520 

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 4,687,772 1,628,627 (793,756) 

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 $284 

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 $3,166 $– $– 

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 $227.

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 $4,770.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2022 		Year ended
October 31, 2021 
Fidelity Emerging Markets Discovery Fund   
Distributions to shareholders   
Class A $1,910,190 $43,438 
Class M 606,383 2,654 
Class C 467,124 – 
Emerging Markets Discovery 27,737,464 1,342,123 
Class I 2,782,285 179,027 
Class Z 1,697,356 110,989 
Total $35,200,802 $1,678,231 

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, 2022 Year ended October 31, 2021 Six months ended April 30, 2022 Year ended October 31, 2021 
Fidelity Emerging Markets Discovery Fund     
Class A     
Shares sold 98,436 314,066 $1,551,127 $5,697,761 
Reinvestment of distributions 120,206 2,718 1,910,075 43,438 
Shares redeemed (111,538) (130,443) (1,764,952) (2,336,122) 
Net increase (decrease) 107,104 186,341 $1,696,250 $3,405,077 
Class M     
Shares sold 24,210 56,604 $383,126 $1,018,071 
Reinvestment of distributions 38,167 166 606,098 2,654 
Shares redeemed (40,414) (51,511) (622,326) (891,524) 
Net increase (decrease) 21,963 5,259 $366,898 $129,201 
Class C     
Shares sold 9,740 33,657 $149,462 $585,713 
Reinvestment of distributions 30,156 – 467,124 – 
Shares redeemed (54,888) (127,596) (828,725) (2,221,246) 
Net increase (decrease) (14,992) (93,939) $(212,139) $(1,635,533) 
Emerging Markets Discovery     
Shares sold 3,379,694 5,654,080 $53,028,786 $103,043,648 
Reinvestment of distributions 1,414,497 68,892 22,589,516 1,105,024 
Shares redeemed (4,511,823) (3,938,307) (72,176,422) (70,585,881) 
Net increase (decrease) 282,368 1,784,665 $3,441,880 $33,562,791 
Class I     
Shares sold 1,043,010 437,256 $16,247,869 $8,018,391 
Reinvestment of distributions 170,907 11,029 2,737,935 177,453 
Shares redeemed (385,687) (964,322) (6,138,439) (17,067,625) 
Net increase (decrease) 828,230 (516,037) $12,847,365 $(8,871,781) 
Class Z     
Shares sold 190,324 580,870 $3,078,867 $9,517,876 
Reinvestment of distributions 104,684 5,999 1,671,802 96,227 
Shares redeemed (204,475) (526,020) (3,316,818) (8,840,275) 
Net increase (decrease) 90,533 60,849 $1,433,851 $773,828 

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. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Fidelity® Total Emerging Markets Fund

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 5.7 
Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) 3.6 
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) 3.3 
Alibaba Group Holding Ltd. (Cayman Islands, Internet & Direct Marketing Retail) 1.8 
HDFC Bank Ltd. (India, Banks) 1.6 
Reliance Industries Ltd. (India, Oil, Gas & Consumable Fuels) 1.5 
China Construction Bank Corp. (H Shares) (China, Banks) 1.2 
Meituan Class B (Cayman Islands, Internet & Direct Marketing Retail) 1.1 
Pinduoduo, Inc. ADR (Cayman Islands, Internet & Direct Marketing Retail) 1.0 
Infosys Ltd. sponsored ADR (India, IT Services) 1.0 
 21.8 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Financials 16.3 
Information Technology 14.9 
Energy 10.6 
Consumer Discretionary 9.7 
Materials 8.0 
Communication Services 8.0 
Consumer Staples 4.5 
Industrials 4.3 
Utilities 3.7 
Health Care 2.7 
Real Estate 1.3 

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   Cayman Islands 16.4% 
   India 10.8% 
   Korea (South) 9.4% 
   Taiwan 7.0% 
   China 6.0% 
   Mexico 4.4% 
   Brazil 4.4% 
   Saudi Arabia 3.7% 
   Indonesia 2.9% 
   Other* 35.0% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation (% of fund's net assets)

As of April 30, 2022 
   Stocks 69.0% 
   Bonds 29.9% 
   Other Investments 0.7% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.4% 


Fidelity® Total Emerging Markets Fund

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 67.4%   
 Shares Value 
Belgium - 0.3%   
Titan Cement International Trading SA 101,400 $1,426,143 
Bermuda - 0.8%   
China Gas Holdings Ltd. 487,944 594,788 
Credicorp Ltd. (United States) 9,679 1,344,316 
Huanxi Media Group Ltd. (a) 1,976,596 342,818 
Kerry Properties Ltd. 90,500 244,724 
Kunlun Energy Co. Ltd. 836,040 693,819 
Pacific Basin Shipping Ltd. 32,000 14,682 
Shangri-La Asia Ltd. (a) 90,000 68,143 
TOTAL BERMUDA  3,303,290 
Brazil - 2.6%   
Arezzo Industria e Comercio SA 18,364 332,331 
Atacadao SA 349,300 1,453,312 
Dexco SA 422,730 1,100,443 
ENGIE Brasil Energia SA 59,000 500,025 
Equatorial Energia SA 190,900 990,033 
Localiza Rent A Car SA 52,491 562,076 
LOG Commercial Properties e Participacoes SA 59,800 289,448 
Lojas Renner SA 107,632 517,048 
Natura & Co. Holding SA (a) 114,818 431,733 
Rede D'Oregon Sao Luiz SA (b) 78,633 584,187 
Rumo SA 269,900 893,671 
Suzano Papel e Celulose SA 82,700 829,852 
Transmissora Alianca de Energia Eletrica SA unit 74,800 665,400 
Vale SA sponsored ADR 128,768 2,174,892 
TOTAL BRAZIL  11,324,451 
British Virgin Islands - 0.0%   
Fix Price Group Ltd. GDR (Reg. S) (c) 68,238 25,202 
Canada - 0.6%   
Barrick Gold Corp. 120,500 2,688,355 
Cayman Islands - 15.1%   
Akeso, Inc. (a)(b)(d) 87,071 162,437 
Alibaba Group Holding Ltd. (a) 654,023 7,977,569 
Alibaba Group Holding Ltd. sponsored ADR (a) 4,359 423,215 
Angelalign Technology, Inc. (b)(d) 11,324 159,324 
Ant International Co. Ltd. Class C (a)(c)(e) 424,550 692,017 
Antengene Corp. (a)(b) 332,014 261,165 
Archosaur Games, Inc. (b) 35,813 33,894 
BeiGene Ltd. ADR (a) 446 71,360 
Bilibili, Inc. ADR (a) 79,088 1,925,002 
BizLink Holding, Inc. 1,000 10,013 
Chailease Holding Co. Ltd. 317,138 2,521,647 
China Resources Land Ltd. 116,510 520,359 
CIFI Holdings Group Co. Ltd. 928,711 446,726 
CK Asset Holdings Ltd. 26,000 176,258 
ENN Energy Holdings Ltd. 79,600 1,066,248 
ESR Cayman Ltd. (a)(b) 67,800 205,814 
GlobalFoundries, Inc. 3,976 207,905 
Haitian International Holdings Ltd. 199,000 489,824 
Hansoh Pharmaceutical Group Co. Ltd. (b) 262,927 433,075 
Innovent Biologics, Inc. (a)(b) 106,005 328,768 
Jacobio Pharmaceuticals Group Co. Ltd. (a)(b) 231,745 233,835 
JD Health International, Inc. (a)(b) 31,007 193,299 
JD.com, Inc.:   
Class A 88,885 2,771,306 
sponsored ADR 17,082 1,053,276 
KE Holdings, Inc. ADR (a) 3,900 55,302 
Kuaishou Technology Class B (a)(b) 55,448 452,776 
KWG Group Holdings Ltd. (d) 513,000 183,559 
Li Ning Co. Ltd. 247,534 1,929,322 
Longfor Properties Co. Ltd. (b) 106,500 527,451 
Medlive Technology Co. Ltd. (b) 93,097 108,663 
Meituan Class B (a)(b) 230,588 4,940,672 
NetEase, Inc. ADR 20,421 1,946,734 
PagSeguro Digital Ltd. (a) 89,581 1,317,737 
Parade Technologies Ltd. 9,910 471,550 
Pinduoduo, Inc. ADR (a) 102,140 4,401,213 
Sea Ltd. ADR (a) 24,049 1,990,295 
Silergy Corp. 10,534 938,393 
SITC International Holdings Co. Ltd. 115,000 382,314 
StoneCo Ltd. Class A (a) 32,006 301,497 
Tencent Holdings Ltd. 329,598 15,532,268 
Tencent Music Entertainment Group ADR (a) 29,000 123,250 
Tongdao Liepin Group (a) 118,674 219,858 
Trip.com Group Ltd. ADR (a) 50,742 1,200,048 
Uni-President China Holdings Ltd. 534,600 468,471 
Wuxi Biologics (Cayman), Inc. (a)(b) 226,468 1,671,519 
XP, Inc. Class A (a) 70,635 1,738,327 
XPeng, Inc. ADR (a) 48,102 1,183,790 
Zai Lab Ltd. (a) 166,700 679,288 
Zai Lab Ltd. ADR (a) 692 27,652 
TOTAL CAYMAN ISLANDS  65,156,285 
Chile - 1.0%   
Banco de Chile 12,605,100 1,258,648 
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR 40,021 2,953,550 
TOTAL CHILE  4,212,198 
China - 6.0%   
Asymchem Laboratories Tianjin Co. Ltd. (H Shares) (b) 12,762 274,903 
Bafang Electric Suzhou Co. Ltd. (A Shares) 14,345 333,099 
Beijing Enlight Media Co. Ltd. (A Shares) 232,500 253,981 
C&S Paper Co. Ltd. (A Shares) 333,300 526,905 
China Communications Services Corp. Ltd. (H Shares) 878,000 399,877 
China Construction Bank Corp. (H Shares) 7,404,000 5,274,604 
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares) 148,200 351,020 
China Petroleum & Chemical Corp. (H Shares) 3,110,000 1,522,258 
China Tower Corp. Ltd. (H Shares) (b) 1,967,303 229,603 
Contemporary Amperex Technology Co. Ltd. 3,067 186,888 
Daqin Railway Co. Ltd. (A Shares) 747,500 751,371 
Flat Glass Group Co. Ltd. (d) 61,988 221,658 
Gemdale Corp. (A Shares) 139,058 300,908 
Great Wall Motor Co. Ltd. (H Shares) 147,889 207,108 
Haier Smart Home Co. Ltd. 275,200 972,225 
Haier Smart Home Co. Ltd. (A Shares) 12,560 48,708 
Hongfa Technology Co. Ltd. (A Shares) 42,306 307,632 
Pharmaron Beijing Co. Ltd. (H Shares) (b) 41,489 521,204 
Ping An Insurance Group Co. of China Ltd. (H Shares) 645,500 4,080,024 
Poly Developments & Holdings (A Shares) 113,600 311,793 
Proya Cosmetics Co. Ltd. (A Shares) 55,600 1,691,550 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) 25,329 1,193,709 
Sinopec Engineering Group Co. Ltd. (H Shares) 508,000 265,445 
Sinopharm Group Co. Ltd. (H Shares) 149,028 342,940 
Sungrow Power Supply Co. Ltd. (A Shares) 23,092 217,728 
TravelSky Technology Ltd. (H Shares) 250,000 377,544 
Tsingtao Brewery Co. Ltd. (H Shares) 358,000 2,898,426 
Venus MedTech Hangzhou, Inc. (H Shares) (a)(b) 77,418 142,124 
WuXi AppTec Co. Ltd. (H Shares) (b) 37,593 511,332 
Yunnan Botanee Bio-Technology Group Co., Ltd.:   
(A Shares) 200 5,934 
(A Shares) 16,474 489,406 
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) 114,800 287,991 
Zhuzhou CRRC Times Electric Co. Ltd. (H Shares) 167,100 656,916 
TOTAL CHINA  26,156,814 
Cyprus - 0.0%   
TCS Group Holding PLC GDR (c) 56,395 70,750 
Germany - 0.3%   
Delivery Hero AG (a)(b) 32,985 1,159,521 
Greece - 0.4%   
Alpha Bank SA (a) 1,241,400 1,397,373 
Piraeus Financial Holdings SA (a) 300,300 433,532 
TOTAL GREECE  1,830,905 
Hong Kong - 1.0%   
AIA Group Ltd. 156,200 1,534,471 
China Merchants Holdings International Co. Ltd. 4,000 6,983 
China Overseas Land and Investment Ltd. 190,040 587,087 
China Resources Beer Holdings Co. Ltd. 286,666 1,683,830 
Guangdong Investment Ltd. 476,000 609,443 
TOTAL HONG KONG  4,421,814 
Hungary - 0.1%   
Richter Gedeon PLC 21,552 429,854 
India - 10.7%   
Adani Ports & Special Economic Zone Ltd. 146,666 1,627,388 
Apollo Hospitals Enterprise Ltd. 15,179 877,904 
Bajaj Finance Ltd. 27,264 2,347,370 
Bandhan Bank Ltd. (b) 429,300 1,859,347 
Bharat Electronics Ltd. 234,700 725,525 
CE Info Systems Ltd. 10,425 199,967 
Divi's Laboratories Ltd. 9,643 563,799 
Embassy Office Parks (REIT) 40,000 200,553 
HDFC Bank Ltd. 378,696 6,780,994 
HDFC Standard Life Insurance Co. Ltd. (b) 131,792 998,093 
Indraprastha Gas Ltd. 142,193 651,443 
Indus Towers Ltd. 27,100 73,586 
Infosys Ltd. 57,265 1,159,198 
Infosys Ltd. sponsored ADR 209,398 4,160,738 
ITC Ltd. 300,913 1,012,976 
JK Cement Ltd. 58,974 2,031,456 
Larsen & Toubro Ltd. 71,869 1,577,596 
Mahanagar Gas Ltd. 40,139 401,212 
Manappuram General Finance & Leasing Ltd. 443,251 660,060 
Maruti Suzuki India Ltd. 6,413 641,524 
NTPC Ltd. 534,584 1,083,738 
Oberoi Realty Ltd. (a) 34,570 430,148 
Oil & Natural Gas Corp. Ltd. 552,400 1,143,414 
Petronet LNG Ltd. 144,806 383,367 
Power Grid Corp. of India Ltd. 521,710 1,544,145 
Reliance Industries Ltd. 176,513 6,387,770 
Shree Cement Ltd. 4,651 1,563,004 
Shriram Transport Finance Co. Ltd. 66,718 1,035,107 
Sun Pharmaceutical Industries Ltd. 25,953 313,340 
Tata Motors Ltd. (a) 145,824 824,213 
Tata Steel Ltd. 77,000 1,262,747 
Titan Co. Ltd. 17,955 572,226 
Torrent Pharmaceuticals Ltd. 9,647 352,707 
Vijaya Diagnostic Centre Pvt Ltd. 22,718 135,024 
Voltas Ltd. 28,689 469,621 
Wipro Ltd. 20,408 133,926 
TOTAL INDIA  46,185,226 
Indonesia - 1.6%   
PT Astra International Tbk (f) 715,000 373,331 
PT Bank Central Asia Tbk (g) 4,992,200 2,799,983 
PT Bank Rakyat Indonesia (Persero) Tbk (g) 10,332,979 3,442,816 
PT Dayamitra Telekomunikasi Tbk 1,153,900 60,529 
PT United Tractors Tbk (g) 212,300 443,006 
TOTAL INDONESIA  7,119,665 
Japan - 0.8%   
Capcom Co. Ltd. 8,366 220,755 
JEOL Ltd. 4,257 191,176 
JTOWER, Inc. (a) 3,651 171,574 
Money Forward, Inc. (a) 6,912 235,019 
Renesas Electronics Corp. (a) 54,682 583,893 
Sumco Corp. 20,164 290,395 
Tokyo Electron Ltd. 703 296,629 
Z Holdings Corp. 361,167 1,417,883 
TOTAL JAPAN  3,407,324 
Korea (South) - 9.2%   
AMOREPACIFIC Group, Inc. 21,099 825,646 
Coway Co. Ltd. 12,450 693,618 
Hana Financial Group, Inc. 49,110 1,813,597 
Hanon Systems 41,740 371,543 
Hyundai Fire & Marine Insurance Co. Ltd. 8,900 228,165 
Hyundai Mobis 4,692 759,269 
Kakao Corp. 24,483 1,701,130 
Kakao Pay Corp. (a) 4,420 388,885 
KB Financial Group, Inc. 59,578 2,757,073 
Kia Corp. 33,600 2,192,114 
LG Chemical Ltd. 1,743 710,076 
LG Corp. 10,170 584,178 
NAVER Corp. 5,020 1,112,304 
NCSOFT Corp. 1,741 573,495 
Netmarble Corp. (b) 1,903 142,284 
POSCO 12,162 2,762,143 
S-Oil Corp. 10,020 815,456 
Samsung Biologics Co. Ltd. (a)(b) 2,214 1,452,564 
Samsung Electronics Co. Ltd. 267,150 14,161,666 
Samsung SDI Co. Ltd. 2,939 1,392,561 
SK Hynix, Inc. 45,165 3,936,677 
Studio Dragon Corp. (a) 6,102 398,600 
TOTAL KOREA (SOUTH)  39,773,044 
Luxembourg - 0.2%   
Adecoagro SA 10,800 121,500 
Globant SA (a) 849 183,376 
Tenaris SA sponsored ADR 23,700 715,266 
TOTAL LUXEMBOURG  1,020,142 
Mauritius - 0.0%   
Jumo World Ltd. (c) 30 140,320 
Mexico - 1.6%   
CEMEX S.A.B. de CV sponsored ADR (a) 404,900 1,781,560 
Corporacion Inmobiliaria Vesta S.A.B. de CV 208,666 386,625 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 63,400 975,645 
Grupo Aeroportuario Norte S.A.B. de CV 47,200 331,220 
Grupo Financiero Banorte S.A.B. de CV Series O 443,821 2,929,808 
Wal-Mart de Mexico SA de CV Series V 180,500 638,271 
TOTAL MEXICO  7,043,129 
Netherlands - 0.3%   
ASML Holding NV (Netherlands) 927 526,108 
CTP BV (b) 4,609 65,258 
CTP BV rights (a)(f) 4,609 875 
NXP Semiconductors NV 1,526 260,793 
X5 Retail Group NV GDR (Reg. S) (c) 77,500 16,181 
Yandex NV Series A (a)(c) 94,069 322,642 
TOTAL NETHERLANDS  1,191,857 
Panama - 0.1%   
Copa Holdings SA Class A (a) 5,641 425,162 
Philippines - 0.2%   
Ayala Land, Inc. 423,500 258,071 
SM Investments Corp. 27,000 437,984 
TOTAL PHILIPPINES  696,055 
Poland - 0.1%   
CD Projekt RED SA (d) 19,064 515,965 
Russia - 0.0%   
Gazprom OAO sponsored ADR (Reg. S) (c) 155,600 35,545 
LSR Group OJSC (c) 755 990 
LUKOIL PJSC sponsored ADR (c) 35,200 9,958 
Novatek PJSC GDR (Reg. S) (c) 9,100 2,325 
Sberbank of Russia (c) 30 0 
Sberbank of Russia sponsored ADR (c) 324,104 5,769 
Severstal PAO GDR (Reg. S) (c) 83,700 1,976 
TOTAL RUSSIA  56,563 
Saudi Arabia - 2.7%   
Al Rajhi Bank (g) 86,009 4,049,587 
Alinma Bank 199,300 2,202,459 
Saudi Arabian Oil Co. (b)(g) 110,200 1,319,180 
Saudi Tadawul Group Holding Co. 32,000 1,725,072 
The Saudi National Bank (f) 107,800 2,270,502 
TOTAL SAUDI ARABIA  11,566,800 
Singapore - 0.6%   
First Resources Ltd. 1,000,100 1,525,346 
United Overseas Bank Ltd. 47,200 1,010,375 
TOTAL SINGAPORE  2,535,721 
South Africa - 1.9%   
Capitec Bank Holdings Ltd. 11,450 1,598,303 
FirstRand Ltd. 449,107 1,934,161 
Impala Platinum Holdings Ltd. 216,700 2,803,105 
Pick 'n Pay Stores Ltd. 574,800 2,078,614 
TOTAL SOUTH AFRICA  8,414,183 
Taiwan - 7.0%   
ECLAT Textile Co. Ltd. 11,000 180,595 
eMemory Technology, Inc. 7,217 303,478 
GlobalWafers Co. Ltd. 6,667 116,255 
MediaTek, Inc. 96,408 2,659,264 
Taiwan Semiconductor Manufacturing Co. Ltd. 1,350,498 24,434,254 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 2,500 232,325 
Unified-President Enterprises Corp. 417,000 965,320 
Unimicron Technology Corp. 82,810 581,166 
Wiwynn Corp. 18,000 615,866 
TOTAL TAIWAN  30,088,523 
Thailand - 0.2%   
Land & House PCL (For. Reg.) 605,700 168,482 
PTT Global Chemical PCL (For. Reg.) 617,700 896,337 
TOTAL THAILAND  1,064,819 
Turkey - 0.3%   
Aselsan A/S 442,500 730,137 
Bim Birlesik Magazalar A/S JSC 77,000 433,273 
TOTAL TURKEY  1,163,410 
United Kingdom - 0.5%   
Helios Towers PLC (a) 110,200 153,940 
Mondi PLC 27,927 526,554 
Prudential PLC 112,335 1,398,397 
TOTAL UNITED KINGDOM  2,078,891 
United States of America - 1.2%   
Airbnb, Inc. Class A (a) 900 137,889 
Dlocal Ltd. 15,411 349,367 
FirstCash Holdings, Inc. 22,601 1,803,108 
Li Auto, Inc. ADR (a) 71,692 1,608,052 
Marvell Technology, Inc. 4,878 283,314 
NVIDIA Corp. 942 174,713 
Salesforce.com, Inc. (a) 1,724 303,321 
Snap, Inc. Class A (a) 6,183 175,968 
Yum China Holdings, Inc. 6,797 284,115 
TOTAL UNITED STATES OF AMERICA  5,119,847 
TOTAL COMMON STOCKS   
(Cost $257,937,849)  291,812,228 
Preferred Stocks - 1.6%   
Convertible Preferred Stocks - 0.2%   
Cayman Islands - 0.1%   
Creditas Financial Solutions Ltd. Series F (c)(e) 1,073 337,976 
China - 0.0%   
dMed Biopharmaceutical Co. Ltd. Series C (a)(c)(e) 11,962 118,663 
India - 0.1%   
Meesho Series F (c)(e) 7,108 544,987 
TOTAL CONVERTIBLE PREFERRED STOCKS  1,001,626 
Nonconvertible Preferred Stocks - 1.4%   
Brazil - 1.2%   
Ambev SA sponsored ADR 500,800 1,457,328 
Companhia de Transmissao de Energia Eletrica Paulista (PN) 56,500 287,531 
Metalurgica Gerdau SA (PN) 608,370 1,397,887 
Petroleo Brasileiro SA - Petrobras:   
(PN) sponsored ADR (non-vtg.) 85,206 1,045,478 
sponsored ADR 62,100 842,697 
  5,030,921 
Korea (South) - 0.2%   
Hyundai Motor Co. Series 2 10,133 754,420 
United States of America - 0.0%   
Gupshup, Inc. (c)(e) 8,409 159,939 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  5,945,280 
TOTAL PREFERRED STOCKS   
(Cost $5,411,367)  6,946,906 
 Principal Amount Value 
Nonconvertible Bonds - 14.3%   
Azerbaijan - 0.3%   
Southern Gas Corridor CJSC 6.875% 3/24/26 (b) 895,000 947,581 
State Oil Co. of Azerbaijan Republic:   
4.75% 3/13/23 (Reg. S) 200,000 198,913 
6.95% 3/18/30 (Reg. S) 350,000 377,956 
TOTAL AZERBAIJAN  1,524,450 
Bahrain - 0.6%   
The Oil and Gas Holding Co.:   
7.5% 10/25/27 (b) 1,930,000 2,023,846 
7.625% 11/7/24 (b) 400,000 419,075 
TOTAL BAHRAIN  2,442,921 
Bailiwick of Jersey - 0.2%   
Galaxy Pipeline Assets BidCo Ltd.:   
2.16% 3/31/34 (b) 432,387 376,220 
2.625% 3/31/36 (b) 570,000 475,808 
TOTAL BAILIWICK OF JERSEY  852,028 
Bermuda - 0.5%   
GeoPark Ltd. 5.5% 1/17/27 (b) 700,000 631,881 
Investment Energy Resources Ltd. 6.25% 4/26/29 (b) 510,000 503,115 
Qtel International Finance Ltd. 2.625% 4/8/31 (b) 495,000 445,500 
Tengizchevroil Finance Co. International Ltd. 3.25% 8/15/30 (b) 550,000 441,925 
TOTAL BERMUDA  2,022,421 
Brazil - 0.1%   
Natura Cosmeticos SA 4.125% 5/3/28 (b) 435,000 388,716 
British Virgin Islands - 0.6%   
1MDB Global Investments Ltd. 4.4% 3/9/23 2,000,000 1,970,000 
ENN Clean Energy International Investment Ltd. 3.375% 5/12/26 (b) 395,000 364,099 
Sinopec Group Overseas Development Ltd. 2.7% 5/13/30 (b) 350,000 314,300 
TOTAL BRITISH VIRGIN ISLANDS  2,648,399 
Canada - 0.4%   
First Quantum Minerals Ltd.:   
6.875% 3/1/26 (b) 410,000 408,539 
7.5% 4/1/25 (b) 825,000 833,250 
Gcm Mining Corp. 6.875% 8/9/26 (b) 400,000 352,000 
TOTAL CANADA  1,593,789 
Cayman Islands - 1.0%   
DP World Crescent Ltd.:   
3.875% 7/18/29 (Reg. S) 700,000 670,250 
4.848% 9/26/28 (b) 400,000 410,700 
Lamar Funding Ltd. 3.958% 5/7/25 (b) 430,000 417,046 
Meituan 2.125% 10/28/25 (b) 640,000 570,432 
NagaCorp Ltd. 7.95% 7/6/24 (Reg. S) 400,000 361,450 
SA Global Sukuk Ltd. 1.602% 6/17/26 (b) 1,110,000 1,018,536 
Sable International Finance Ltd. 5.75% 9/7/27 (b) 600,000 590,814 
Termocandelaria Power Ltd. 7.875% 1/30/29 (b) 454,750 441,193 
TOTAL CAYMAN ISLANDS  4,480,421 
Chile - 0.4%   
Corporacion Nacional del Cobre de Chile (Codelco):   
3.7% 1/30/50 (b) 300,000 238,556 
3.75% 1/15/31 (b) 300,000 279,375 
4.25% 7/17/42 (b) 500,000 436,969 
4.5% 8/1/47 (b) 250,000 227,078 
Empresa Nacional de Petroleo 4.5% 9/14/47 (b) 440,000 330,358 
VTR Comunicaciones SpA 5.125% 1/15/28 (b) 400,000 357,700 
TOTAL CHILE  1,870,036 
Colombia - 0.1%   
Oleoducto Central SA 4% 7/14/27 (b) 350,000 317,691 
Dominican Republic - 0.1%   
Banco de Reservas de La Republica Dominicana 7% 2/1/23 (b) 650,000 658,125 
Guatemala - 0.1%   
CT Trust 5.125% 2/3/32 (b) 440,000 408,232 
Hong Kong - 0.1%   
Lenovo Group Ltd. 3.421% 11/2/30 (b) 495,000 433,837 
Indonesia - 0.7%   
PT Adaro Indonesia 4.25% 10/31/24 (b) 550,000 542,884 
PT Freeport Indonesia:   
5.315% 4/14/32 (b) 250,000 241,750 
6.2% 4/14/52 (b) 200,000 192,132 
PT Hutama Karya Persero 3.75% 5/11/30 (b) 600,000 569,550 
PT Indonesia Asahan Aluminium Tbk:   
4.75% 5/15/25 (b) 485,000 484,447 
5.45% 5/15/30 (b) 400,000 397,724 
PT Pertamina Persero:   
4.15% 2/25/60 (b) 365,000 286,593 
4.175% 1/21/50 (b) 450,000 370,125 
TOTAL INDONESIA  3,085,205 
Ireland - 0.0%   
SUEK Securities DAC 3.375% 9/15/26 (b) 535,000 26,750 
Kazakhstan - 0.1%   
KazMunaiGaz National Co.:   
3.5% 4/14/33 (b) 400,000 332,000 
5.375% 4/24/30 (b) 250,000 240,575 
TOTAL KAZAKHSTAN  572,575 
Luxembourg - 0.4%   
Adecoagro SA 6% 9/21/27 (b) 480,000 471,125 
B2W Digital Lux SARL 4.375% 12/20/30 (b) 385,000 318,299 
EIG Pearl Holdings SARL 3.545% 8/31/36 (b) 590,000 522,056 
MC Brazil Downstream Trading SARL 7.25% 6/30/31 (b) 385,000 334,950 
TOTAL LUXEMBOURG  1,646,430 
Malaysia - 0.3%   
MISC Capital Two (Labuan) Ltd. 3.75% 4/6/27 (b) 380,000 366,179 
Petronas Capital Ltd.:   
3.5% 4/21/30 (b) 450,000 429,154 
4.55% 4/21/50 (b) 400,000 401,070 
TOTAL MALAYSIA  1,196,403 
Mauritius - 0.3%   
AXIAN Telecom 7.375% 2/16/27 (b) 355,000 343,906 
CA Magnum Holdings 5.375% (b)(h) 400,000 384,000 
HTA Group Ltd. 7% 12/18/25 (b) 400,000 392,575 
MTN (Mauritius) Investments Ltd. 4.755% 11/11/24 (b) 225,000 222,652 
TOTAL MAURITIUS  1,343,133 
Mexico - 2.2%   
Comision Federal de Electricid:   
3.348% 2/9/31 (b) 450,000 359,381 
4.688% 5/15/29 (b) 390,000 358,629 
Petroleos Mexicanos:   
4.5% 1/23/26 400,000 373,800 
5.35% 2/12/28 320,000 283,053 
6.49% 1/23/27 890,000 851,908 
6.5% 3/13/27 185,000 176,729 
6.5% 6/2/41 1,170,000 868,725 
6.625% 6/15/35 1,675,000 1,358,425 
6.7% 2/16/32 415,000 357,597 
6.75% 9/21/47 960,000 693,293 
6.84% 1/23/30 520,000 473,876 
6.875% 10/16/25 150,000 151,470 
6.95% 1/28/60 2,175,000 1,587,750 
7.69% 1/23/50 2,044,000 1,595,342 
TOTAL MEXICO  9,489,978 
Morocco - 0.2%   
OCP SA:   
3.75% 6/23/31 (b) 535,000 452,022 
4.5% 10/22/25 (b) 345,000 344,310 
TOTAL MOROCCO  796,332 
Multi-National - 0.2%   
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (b) 690,000 688,137 
Netherlands - 0.6%   
Embraer Netherlands Finance BV 5.05% 6/15/25 400,000 394,300 
Kazakhstan Temir Zholy Finance BV 6.95% 7/10/42 (b) 250,000 254,368 
Mong Duong Finance Holdings BV 5.125% 5/7/29 (b) 890,000 794,325 
Prosus NV:   
3.68% 1/21/30 (b) 400,000 338,100 
3.832% 2/8/51 (b) 425,000 283,555 
4.027% 8/3/50 (b) 350,000 241,500 
4.193% 1/19/32 (b) 445,000 376,025 
TOTAL NETHERLANDS  2,682,173 
Panama - 0.3%   
Aeropuerto Internacional de Tocumen SA:   
4% 8/11/41 (b) 490,000 424,248 
5.125% 8/11/61 (b) 200,000 171,288 
Cable Onda SA 4.5% 1/30/30 (b) 580,000 540,024 
TOTAL PANAMA  1,135,560 
Paraguay - 0.2%   
Telefonica Celular del Paraguay SA 5.875% 4/15/27 (b) 700,000 703,413 
Peru - 0.1%   
Camposol SA 6% 2/3/27 (b) 500,000 457,438 
Compania de Minas Buenaventura SA 5.5% 7/23/26 (b) 165,000 150,697 
TOTAL PERU  608,135 
Qatar - 0.5%   
Qatar Petroleum:   
1.375% 9/12/26 (b) 725,000 657,031 
2.25% 7/12/31 (b) 700,000 612,500 
3.125% 7/12/41 (b) 650,000 541,856 
3.3% 7/12/51 (b) 380,000 314,046 
TOTAL QATAR  2,125,433 
Saudi Arabia - 0.9%   
Saudi Arabian Oil Co.:   
1.625% 11/24/25 (b) 950,000 881,600 
3.5% 4/16/29 (b) 450,000 434,813 
4.25% 4/16/39 (b) 2,955,000 2,807,250 
TOTAL SAUDI ARABIA  4,123,663 
Singapore - 0.3%   
Indika Energy Capital III Pte. Ltd. 5.875% 11/9/24 (b) 500,000 490,094 
Medco Bell Pte Ltd. 6.375% 1/30/27 (b) 730,000 682,550 
TOTAL SINGAPORE  1,172,644 
South Africa - 0.6%   
Eskom Holdings SOC Ltd.:   
6.75% 8/6/23 (b) 2,050,000 1,989,812 
7.125% 2/11/25 (b) 650,000 618,638 
TOTAL SOUTH AFRICA  2,608,450 
Spain - 0.1%   
EnfraGen Energia Sur SA 5.375% 12/30/30 (b) 690,000 495,337 
Thailand - 0.1%   
PTT Treasury Center Co. Ltd. 3.7% 7/16/70 (b) 350,000 259,722 
United Arab Emirates - 0.1%   
Abu Dhabi National Energy Co. PJSC 4% 10/3/49 (b) 515,000 497,233 
United Kingdom - 0.7%   
Antofagasta PLC 2.375% 10/14/30 (b) 450,000 366,975 
Endeavour Mining PLC 5% 10/14/26 (b) 405,000 366,525 
Liquid Telecommunications Financing PLC 5.5% 9/4/26 (b) 400,000 383,000 
NAK Naftogaz Ukraine 7.375% 7/19/22 (Reg. S) 400,000 141,075 
The Bidvest Group UK PLC 3.625% 9/23/26 (b) 450,000 411,750 
Tullow Oil PLC:   
7% 3/1/25 (b) 840,000 678,300 
10.25% 5/15/26 (b) 665,000 655,025 
TOTAL UNITED KINGDOM  3,002,650 
United States of America - 0.6%   
DAE Funding LLC 1.55% 8/1/24 (b) 450,000 419,625 
Kosmos Energy Ltd. 7.125% 4/4/26 (b) 775,000 756,739 
NBM U.S. Holdings, Inc. 6.625% 8/6/29 (b) 130,000 133,153 
Sasol Financing U.S.A. LLC 5.875% 3/27/24 500,000 496,250 
Stillwater Mining Co. 4% 11/16/26 (b) 690,000 629,625 
TOTAL UNITED STATES OF AMERICA  2,435,392 
Uzbekistan - 0.1%   
National Bank of Uzbekistan 4.85% 10/21/25 (Reg. S) 350,000 309,159 
Uzbekneftegaz JSC 4.75% 11/16/28 (b) 400,000 326,000 
TOTAL UZBEKISTAN  635,159 
Venezuela - 0.2%   
Petroleos de Venezuela SA:   
6% 5/16/24 (b)(i) 5,700,000 384,750 
6% 11/15/26 (Reg. S) (i) 6,800,000 459,000 
TOTAL VENEZUELA  843,750 
TOTAL NONCONVERTIBLE BONDS   
(Cost $70,069,693)  61,814,723 
Government Obligations - 15.8%   
Angola - 0.6%   
Angola Republic:   
8.25% 5/9/28 (b) 1,020,000 979,200 
8.75% 4/14/32 (b) 200,000 188,500 
9.5% 11/12/25 (b) 1,480,000 1,574,350 
TOTAL ANGOLA  2,742,050 
Argentina - 0.8%   
Argentine Republic:   
0.5% 7/9/30 (j) 3,025,365 949,965 
1% 7/9/29 498,666 159,074 
1.125% 7/9/35 (j) 3,922,734 1,112,095 
2% 1/9/38 (j) 2,011,834 719,231 
Buenos Aires Province 3.9% 9/1/37 (b)(j) 1,030,000 427,321 
TOTAL ARGENTINA  3,367,686 
Armenia - 0.1%   
Republic of Armenia 7.15% 3/26/25 (b) 370,000 363,248 
Barbados - 0.2%   
Barbados Government 6.5% 10/1/29 (b) 855,000 817,487 
Benin - 0.2%   
Republic of Benin:   
4.875% 1/19/32 (b) EUR340,000 307,077 
5.75% 3/26/26 (b) EUR450,000 484,608 
6.875% 1/19/52 (b) EUR100,000 86,691 
TOTAL BENIN  878,376 
Brazil - 0.5%   
Brazilian Federative Republic:   
3.875% 6/12/30 2,090,000 1,840,898 
4.75% 1/14/50 505,000 383,895 
TOTAL BRAZIL  2,224,793 
Cameroon - 0.3%   
Cameroon Republic:   
5.95% 7/7/32 (b) EUR360,000 316,169 
9.5% 11/19/25 (b) 775,000 805,177 
TOTAL CAMEROON  1,121,346 
Chile - 0.4%   
Chilean Republic:   
2.45% 1/31/31 1,085,000 945,849 
2.75% 1/31/27 220,000 207,900 
3.5% 1/31/34 280,000 254,380 
4% 1/31/52 200,000 171,200 
4.34% 3/7/42 200,000 183,100 
TOTAL CHILE  1,762,429 
Colombia - 0.7%   
Colombian Republic:   
3% 1/30/30 840,000 671,895 
3.125% 4/15/31 748,000 585,217 
5% 6/15/45 805,000 601,385 
5.2% 5/15/49 185,000 140,346 
6.125% 1/18/41 200,000 177,663 
7.375% 9/18/37 650,000 673,888 
TOTAL COLOMBIA  2,850,394 
Costa Rica - 0.1%   
Costa Rican Republic:   
5.625% 4/30/43 (b) 250,000 211,141 
6.125% 2/19/31 (b) 265,000 262,068 
TOTAL COSTA RICA  473,209 
Dominican Republic - 0.8%   
Dominican Republic:   
4.5% 1/30/30 (b) 715,000 614,364 
4.875% 9/23/32 (b) 1,145,000 961,299 
5.875% 1/30/60 (b) 680,000 515,653 
6% 7/19/28 (b) 400,000 394,075 
6% 2/22/33 (b) 425,000 384,705 
6.5% 2/15/48 (b) 200,000 172,038 
6.85% 1/27/45 (b) 350,000 313,863 
TOTAL DOMINICAN REPUBLIC  3,355,997 
Ecuador - 0.4%   
Ecuador Republic:   
1% 7/31/35 (b)(j) 1,385,256 865,612 
5% 7/31/30 (b)(j) 985,630 797,621 
TOTAL ECUADOR  1,663,233 
Egypt - 0.7%   
Arab Republic of Egypt:   
5.8% 9/30/27 (b) 460,000 376,050 
5.875% 2/16/31 (b) 400,000 292,500 
7.0529% 1/15/32 (b) 890,000 685,300 
7.5% 1/31/27 (b) 150,000 133,500 
7.903% 2/21/48 (b) 865,000 590,363 
8.5% 1/31/47 (b) 1,160,000 838,100 
8.7002% 3/1/49 (b) 400,000 291,000 
TOTAL EGYPT  3,206,813 
El Salvador - 0.1%   
El Salvador Republic:   
7.1246% 1/20/50 (b) 560,000 207,200 
7.75% 1/24/23 (b) 230,000 180,550 
TOTAL EL SALVADOR  387,750 
Gabon - 0.1%   
Gabonese Republic 7% 11/24/31 (b) 540,000 487,350 
Georgia - 0.1%   
Georgia Republic 2.75% 4/22/26 (b) 505,000 431,775 
Ghana - 0.3%   
Ghana Republic:   
8.125% 1/18/26 (b) 1,145,000 871,846 
10.75% 10/14/30 (b) 400,000 394,000 
TOTAL GHANA  1,265,846 
Guatemala - 0.1%   
Guatemalan Republic 6.125% 6/1/50 (b) 350,000 335,081 
Hungary - 0.1%   
Hungarian Republic 2.125% 9/22/31 (b) 400,000 320,825 
Indonesia - 0.6%   
Indonesian Republic:   
3.5% 2/14/50 680,000 559,640 
3.85% 10/15/30 655,000 647,140 
4.2% 10/15/50 900,000 804,474 
6.625% 2/17/37 (b) 300,000 344,119 
8.5% 10/12/35 (b) 300,000 399,994 
TOTAL INDONESIA  2,755,367 
Israel - 0.1%   
Israeli State 4.5% 4/3/20 405,000 398,925 
Ivory Coast - 0.2%   
Ivory Coast:   
6.125% 6/15/33 (b) 200,000 182,538 
6.375% 3/3/28 (b) 835,000 822,632 
TOTAL IVORY COAST  1,005,170 
Jamaica - 0.1%   
Jamaican Government 8% 3/15/39 400,000 496,075 
Jordan - 0.1%   
Jordanian Kingdom 7.375% 10/10/47 (b) 280,000 241,378 
Kenya - 0.3%   
Republic of Kenya:   
6.875% 6/24/24 (b) 830,000 796,800 
7% 5/22/27 (b) 510,000 452,625 
TOTAL KENYA  1,249,425 
Lebanon - 0.2%   
Lebanese Republic:   
5.8% 12/31/49 (i) 1,165,000 136,378 
6.375% 12/31/49 (i) 7,090,000 847,698 
TOTAL LEBANON  984,076 
Mexico - 0.5%   
United Mexican States:   
2.659% 5/24/31 400,000 335,800 
3.25% 4/16/30 400,000 359,000 
3.75% 1/11/28 350,000 336,700 
4.35% 1/15/47 850,000 692,325 
4.75% 3/8/44 450,000 396,000 
TOTAL MEXICO  2,119,825 
Mongolia - 0.1%   
Mongolia Government:   
3.5% 7/7/27 (b) 220,000 189,750 
5.125% 4/7/26 (b) 400,000 374,044 
TOTAL MONGOLIA  563,794 
Morocco - 0.1%   
Moroccan Kingdom:   
2.375% 12/15/27 (b) 375,000 324,375 
4% 12/15/50 (b) 200,000 138,000 
TOTAL MOROCCO  462,375 
Nigeria - 0.6%   
Republic of Nigeria:   
6.125% 9/28/28 (b) 325,000 278,038 
6.5% 11/28/27 (b) 705,000 623,925 
7.143% 2/23/30 (b) 850,000 721,438 
7.625% 11/21/25 (b) 830,000 821,700 
TOTAL NIGERIA  2,445,101 
Oman - 0.8%   
Sultanate of Oman:   
4.75% 6/15/26 (b) 450,000 441,000 
5.375% 3/8/27 (b) 395,000 395,988 
5.625% 1/17/28 (b) 420,000 420,000 
6% 8/1/29 (b) 285,000 287,850 
6.25% 1/25/31 (b) 690,000 700,350 
6.5% 3/8/47 (b) 1,150,000 1,049,375 
TOTAL OMAN  3,294,563 
Pakistan - 0.3%   
Islamic Republic of Pakistan:   
6% 4/8/26 (b) 880,000 717,297 
6.875% 12/5/27 (b) 560,000 456,855 
TOTAL PAKISTAN  1,174,152 
Panama - 0.5%   
Panamanian Republic:   
2.252% 9/29/32 485,000 390,061 
3.16% 1/23/30 660,000 599,899 
3.298% 1/19/33 540,000 473,310 
3.87% 7/23/60 510,000 381,958 
4.5% 5/15/47 405,000 353,185 
TOTAL PANAMA  2,198,413 
Paraguay - 0.3%   
Republic of Paraguay:   
2.739% 1/29/33 (b) 415,000 336,617 
4.7% 3/27/27 (b) 400,000 396,575 
5.4% 3/30/50 (b) 415,000 366,575 
TOTAL PARAGUAY  1,099,767 
Peru - 0.5%   
Peruvian Republic:   
2.783% 1/23/31 1,435,000 1,240,647 
3% 1/15/34 260,000 216,580 
3.3% 3/11/41 855,000 669,893 
TOTAL PERU  2,127,120 
Qatar - 0.9%   
State of Qatar:   
3.75% 4/16/30 (b) 625,000 630,469 
4.4% 4/16/50 (b) 1,730,000 1,747,300 
4.625% 6/2/46 (b) 600,000 626,250 
4.817% 3/14/49 (b) 855,000 918,056 
TOTAL QATAR  3,922,075 
Romania - 0.4%   
Romanian Republic:   
2.124% 7/16/31 (Reg. S) EUR325,000 271,351 
3% 2/27/27 (b) 334,000 309,848 
3% 2/14/31 (b) 574,000 488,725 
3.625% 3/27/32 (b) 334,000 287,511 
6.125% 1/22/44 (b) 400,000 412,950 
TOTAL ROMANIA  1,770,385 
Russia - 0.0%   
Ministry of Finance of the Russian Federation 5.1% 3/28/35(Reg. S) 600,000 120,000 
Rwanda - 0.1%   
Rwanda Republic 5.5% 8/9/31 (b) 700,000 618,756 
Saudi Arabia - 0.1%   
Kingdom of Saudi Arabia 2.25% 2/2/33 (b) 445,000 386,038 
Serbia - 0.1%   
Republic of Serbia 2.125% 12/1/30 (b) 455,000 336,700 
South Africa - 0.1%   
South African Republic 4.85% 9/27/27 400,000 382,075 
Sri Lanka - 0.1%   
Democratic Socialist Republic of Sri Lanka:   
6.2% 5/11/27 (b)(i) 935,000 397,478 
7.55% 3/28/30 (b)(i) 50,000 21,131 
7.85% 3/14/29 (b)(i) 165,000 69,731 
TOTAL SRI LANKA  488,340 
Tunisia - 0.0%   
Banque Centrale de Tunisie 5.75% 1/30/25 (b) 30,000 20,400 
Turkey - 0.9%   
Turkish Republic:   
4.25% 3/13/25 365,000 335,070 
4.75% 1/26/26 540,000 483,975 
4.875% 10/9/26 820,000 721,241 
4.875% 4/16/43 1,005,000 679,820 
5.125% 2/17/28 470,000 401,498 
5.75% 5/11/47 665,000 472,898 
6.125% 10/24/28 220,000 195,566 
6.375% 10/14/25 290,000 277,276 
8.6% 9/24/27 550,000 554,125 
TOTAL TURKEY  4,121,469 
Ukraine - 0.3%   
Ukraine Government:   
1.258% 5/31/40 (b)(k) 775,000 226,688 
6.876% 5/21/29 (b) 200,000 61,500 
7.253% 3/15/33 (b) 380,000 117,800 
7.375% 9/25/32 (b) 200,000 62,000 
7.75% 9/1/23 (b) 830,000 327,850 
7.75% 9/1/24 (b) 830,000 280,125 
7.75% 9/1/25 (b) 345,000 112,405 
7.75% 9/1/26 (b) 560,000 183,400 
7.75% 9/1/27 (b) 400,000 131,000 
TOTAL UKRAINE  1,502,768 
United Arab Emirates - 0.3%   
Emirate of Abu Dhabi:   
1.7% 3/2/31 (b) 350,000 300,409 
3.125% 4/16/30 (b) 300,000 290,681 
Emirate of Dubai 3.9% 9/9/50 (Reg. S) 650,000 512,606 
TOTAL UNITED ARAB EMIRATES  1,103,696 
United States of America - 0.2%   
U.S. Treasury Bills, yield at date of purchase 0.38% 6/9/22 760,000 759,652 
Uruguay - 0.2%   
Uruguay Republic 5.1% 6/18/50 1,005,000 1,055,124 
Uzbekistan - 0.1%   
Republic of Uzbekistan:   
3.7% 11/25/30 (b) 200,000 163,500 
3.9% 10/19/31 (b) 240,000 195,000 
4.75% 2/20/24 (b) 300,000 294,806 
TOTAL UZBEKISTAN  653,306 
Venezuela - 0.1%   
Venezuelan Republic 9.25% 9/15/27 (i) 6,200,000 496,000 
Zambia - 0.0%   
Republic of Zambia 8.97% 7/30/27 (b) 200,000 147,975 
TOTAL GOVERNMENT OBLIGATIONS   
(Cost $88,601,016)  68,555,973 
Preferred Securities - 0.7%   
Cayman Islands - 0.2%   
Banco Mercantil del Norte SA 6.75% (b)(h)(k) 400,000 386,944 
DP World Salaam 6% (Reg. S) (h)(k) 600,000 619,047 
TOTAL CAYMAN ISLANDS  1,005,991 
Georgia - 0.2%   
Georgia Bank Joint Stock Co. 11.125% (Reg. S) (h)(k) 700,000 726,529 
Mexico - 0.1%   
CEMEX S.A.B. de CV 5.125% (b)(h)(k) 400,000 366,122 
United Arab Emirates - 0.2%   
Emirates NBD Bank PJSC 6.125% (Reg. S) (h)(k) 400,000 404,229 
NBK Tier 1 Financing 2 Ltd. 4.5% (b)(h)(k) 400,000 389,932 
TOTAL UNITED ARAB EMIRATES  794,161 
TOTAL PREFERRED SECURITIES   
(Cost $3,105,057)  2,892,803 
 Shares Value 
Money Market Funds - 0.2%   
Fidelity Cash Central Fund 0.32% (l) 799 799 
Fidelity Securities Lending Cash Central Fund 0.32% (l)(m) 1,129,407 1,129,520 
TOTAL MONEY MARKET FUNDS   
(Cost $1,130,022)  1,130,319 
TOTAL INVESTMENT IN SECURITIES - 100.0%   
(Cost $426,255,004)  433,152,952 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (213,639) 
NET ASSETS - 100%  $432,939,313 

Currency Abbreviations

EUR – European Monetary Unit

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

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 $108,503,719 or 25.1% of net assets.

 (c) Level 3 security

 (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 $1,853,582 or 0.4% of net assets.

 (f) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (g) A portion of the security sold on a delayed delivery basis.

 (h) Security is perpetual in nature with no stated maturity date.

 (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) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (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. Class C 5/16/18 $1,618,120 
Creditas Financial Solutions Ltd. Series F 1/28/22 $337,976 
dMed Biopharmaceutical Co. Ltd. Series C 12/1/20 $169,898 
Gupshup, Inc. 6/8/21 $192,273 
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.

Fund 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 0.32% $18,857,299 $363,767,512 $382,624,012 $8,908 $1 $(1) $799 0.0% 
Fidelity Securities Lending Cash Central Fund 0.32% 1,116,639 3,943,282 3,930,401 7,844 -- -- 1,129,520 0.0% 
Total $19,973,938 $367,710,794 $386,554,413 $16,752 $1 $(1) $1,130,319  

Amounts in the 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. Amount 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $29,919,560 $6,161,249 $23,435,669 $322,642 
Consumer Discretionary 39,130,004 11,140,977 27,963,825 25,202 
Consumer Staples 18,724,022 4,535,417 14,172,424 16,181 
Energy 14,665,720 3,922,621 10,695,271 47,828 
Financials 66,474,151 19,321,827 45,905,492 1,246,832 
Health Care 12,142,516 1,113,053 10,910,800 118,663 
Industrials 13,489,441 3,917,911 9,571,530 -- 
Information Technology 62,504,364 7,775,086 54,024,352 704,926 
Materials 26,910,080 12,926,539 13,981,565 1,976 
Real Estate 5,711,451 731,375 4,979,086 990 
Utilities 9,087,825 2,442,989 6,644,836 -- 
Corporate Bonds 61,814,723 -- 61,814,723 -- 
Government Obligations 68,555,973 -- 68,555,973 -- 
Preferred Securities 2,892,803 -- 2,892,803 -- 
Money Market Funds 1,130,319 1,130,319 -- -- 
Total Investments in Securities: $433,152,952 $75,119,363 $355,548,349 $2,485,240 

See accompanying notes which are an integral part of the financial statements.


Fidelity® Total Emerging Markets Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $893,796) — See accompanying schedule:
Unaffiliated issuers (cost $425,124,982) 		$432,022,633  
Fidelity Central Funds (cost $1,130,022) 1,130,319  
Total Investment in Securities (cost $426,255,004)  $433,152,952 
Cash  228,918 
Foreign currency held at value (cost $2,482,802)  2,456,640 
Receivable for investments sold   
Regular delivery  13,123,783 
Delayed delivery  785,028 
Receivable for fund shares sold  191,924 
Dividends receivable  521,371 
Interest receivable  1,841,374 
Distributions receivable from Fidelity Central Funds  2,604 
Prepaid expenses  212 
Other receivables  174,288 
Total assets  452,479,094 
Liabilities   
Payable for investments purchased   
Regular delivery $2,925,125  
Delayed delivery 374,917  
Payable for fund shares redeemed 1,602,806  
Accrued management fee 311,022  
Distribution and service plan fees payable 27,430  
Notes payable 11,989,000  
Other affiliated payables 92,368  
Deferred taxes 888,226  
Other payables and accrued expenses 199,367  
Collateral on securities loaned 1,129,520  
Total liabilities  19,539,781 
Net Assets  $432,939,313 
Net Assets consist of:   
Paid in capital  $453,176,400 
Total accumulated earnings (loss)  (20,237,087) 
Net Assets  $432,939,313 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($35,568,623 ÷ 2,957,484 shares)(a)  $12.03 
Maximum offering price per share (100/94.25 of $12.03)  $12.76 
Class M:   
Net Asset Value and redemption price per share ($7,420,916 ÷ 617,335 shares)(a)  $12.02 
Maximum offering price per share (100/96.50 of $12.02)  $12.46 
Class C:   
Net Asset Value and offering price per share ($18,888,252 ÷ 1,579,783 shares)(a)  $11.96 
Total Emerging Markets:   
Net Asset Value, offering price and redemption price per share ($184,211,034 ÷ 15,296,131 shares)  $12.04 
Class I:   
Net Asset Value, offering price and redemption price per share ($148,030,835 ÷ 12,303,883 shares)  $12.03 
Class Z:   
Net Asset Value, offering price and redemption price per share ($38,819,653 ÷ 3,235,959 shares)  $12.00 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $4,306,960 
Non-Cash dividends  727,614 
Interest  4,213,706 
Income from Fidelity Central Funds (including $7,844 from security lending)  16,752 
Income before foreign taxes withheld  9,265,032 
Less foreign taxes withheld  (565,865) 
Total income  8,699,167 
Expenses   
Management fee $2,206,930  
Transfer agent fees 461,730  
Distribution and service plan fees 195,558  
Accounting fees 143,879  
Custodian fees and expenses 155,031  
Independent trustees' fees and expenses 1,017  
Registration fees 76,901  
Audit 42,916  
Legal 4,415  
Interest 1,804  
Miscellaneous 1,219  
Total expenses before reductions 3,291,400  
Expense reductions (8,458)  
Total expenses after reductions  3,282,942 
Net investment income (loss)  5,416,225 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $123,262) (6,858,744)  
Fidelity Central Funds 1  
Foreign currency transactions (156,407)  
Futures contracts 314,457  
Total net realized gain (loss)  (6,700,693) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $489,788) (116,625,976)  
Fidelity Central Funds (1)  
Assets and liabilities in foreign currencies (8,113)  
Futures contracts 72,291  
Total change in net unrealized appreciation (depreciation)  (116,561,799) 
Net gain (loss)  (123,262,492) 
Net increase (decrease) in net assets resulting from operations  $(117,846,267) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $5,416,225 $9,421,013 
Net realized gain (loss) (6,700,693) 41,853,240 
Change in net unrealized appreciation (depreciation) (116,561,799) 30,550,736 
Net increase (decrease) in net assets resulting from operations (117,846,267) 81,824,989 
Distributions to shareholders (11,768,448) (7,490,574) 
Share transactions - net increase (decrease) (58,714,576) (20,710,210) 
Total increase (decrease) in net assets (188,329,291) 53,624,205 
Net Assets   
Beginning of period 621,268,604 567,644,399 
End of period $432,939,313 $621,268,604 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Total Emerging Markets Fund Class A

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $15.26 $13.55 $12.80 $11.53 $13.56 $11.33 
Income from Investment Operations       
Net investment income (loss)A,B .12 .20 .19 .37C .25 .24 
Net realized and unrealized gain (loss) (3.09) 1.67 .89 1.14 (1.94) 2.11 
Total from investment operations (2.97) 1.87 1.08 1.51 (1.69) 2.35 
Distributions from net investment income (.26) (.16) (.33) (.24) (.16) (.12) 
Distributions from net realized gain – – – – (.19) (.01) 
Total distributions (.26) (.16) (.33) (.24) (.34)D (.13) 
Redemption fees added to paid in capitalA – – – – –E .01 
Net asset value, end of period $12.03 $15.26 $13.55 $12.80 $11.53 $13.56 
Total ReturnF,G,H (19.75)% 13.78% 8.54% 13.38% (12.77)% 21.13% 
Ratios to Average Net AssetsB,I,J       
Expenses before reductions 1.37%K 1.36% 1.40% 1.39% 1.40% 1.47% 
Expenses net of fee waivers, if any 1.37%K 1.36% 1.39% 1.39% 1.40% 1.47% 
Expenses net of all reductions 1.37%K 1.36% 1.37% 1.39% 1.37% 1.46% 
Net investment income (loss) 1.68%K 1.26% 1.49% 3.02%C 1.92% 1.97% 
Supplemental Data       
Net assets, end of period (000 omitted) $35,569 $46,981 $37,022 $39,958 $34,617 $42,213 
Portfolio turnover rateL 89%K 58% 58% 75% 94% 59% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 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 2.37%.

 D Total distributions per share do not sum due to rounding.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Total returns do not include the effect of the sales charges.

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Annualized

 L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Total Emerging Markets Fund Class M

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $15.23 $13.52 $12.78 $11.51 $13.55 $11.33 
Income from Investment Operations       
Net investment income (loss)A,B .10 .15 .15 .33C .21 .20 
Net realized and unrealized gain (loss) (3.10) 1.67 .88 1.15 (1.93) 2.11 
Total from investment operations (3.00) 1.82 1.03 1.48 (1.72) 2.31 
Distributions from net investment income (.21) (.11) (.29) (.21) (.13) (.09) 
Distributions from net realized gain – – – – (.19) (.01) 
Total distributions (.21) (.11) (.29) (.21) (.32) (.10) 
Redemption fees added to paid in capitalA – – – – –D .01 
Net asset value, end of period $12.02 $15.23 $13.52 $12.78 $11.51 $13.55 
Total ReturnE,F,G (19.93)% 13.47% 8.16% 13.05% (13.03)% 20.66% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 1.68%J 1.66% 1.71% 1.72% 1.74% 1.82% 
Expenses net of fee waivers, if any 1.68%J 1.66% 1.71% 1.71% 1.74% 1.82% 
Expenses net of all reductions 1.68%J 1.66% 1.69% 1.71% 1.71% 1.81% 
Net investment income (loss) 1.38%J .96% 1.17% 2.69%C 1.58% 1.62% 
Supplemental Data       
Net assets, end of period (000 omitted) $7,421 $9,530 $7,885 $8,841 $8,519 $8,751 
Portfolio turnover rateK 89%J 58% 58% 75% 94% 59% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 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 2.04%.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Total Emerging Markets Fund Class C

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $15.09 $13.41 $12.66 $11.40 $13.45 $11.25 
Income from Investment Operations       
Net investment income (loss)A,B .06 .08 .09 .28C .15 .15 
Net realized and unrealized gain (loss) (3.07) 1.65 .89 1.13 (1.92) 2.11 
Total from investment operations (3.01) 1.73 .98 1.41 (1.77) 2.26 
Distributions from net investment income (.12) (.05) (.23) (.15) (.09) (.06) 
Distributions from net realized gain – – – – (.19) (.01) 
Total distributions (.12) (.05) (.23) (.15) (.28) (.07) 
Redemption fees added to paid in capitalA – – – – –D .01 
Net asset value, end of period $11.96 $15.09 $13.41 $12.66 $11.40 $13.45 
Total ReturnE,F,G (20.07)% 12.89% 7.83% 12.54% (13.45)% 20.29% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 2.12%J 2.11% 2.14% 2.14% 2.14% 2.21% 
Expenses net of fee waivers, if any 2.12%J 2.11% 2.14% 2.14% 2.14% 2.21% 
Expenses net of all reductions 2.12%J 2.11% 2.12% 2.13% 2.12% 2.20% 
Net investment income (loss) .94%J .51% .74% 2.27%C 1.18% 1.23% 
Supplemental Data       
Net assets, end of period (000 omitted) $18,888 $27,673 $28,884 $35,545 $37,191 $34,869 
Portfolio turnover rateK 89%J 58% 58% 75% 94% 59% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 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 1.62%.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the contingent deferred sales charge.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Total Emerging Markets Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $15.31 $13.59 $12.84 $11.56 $13.58 $11.34 
Income from Investment Operations       
Net investment income (loss)A,B .14 .24 .22 .40C .29 .27 
Net realized and unrealized gain (loss) (3.11) 1.67 .90 1.16 (1.95) 2.10 
Total from investment operations (2.97) 1.91 1.12 1.56 (1.66) 2.37 
Distributions from net investment income (.30) (.19) (.37) (.28) (.17) (.14) 
Distributions from net realized gain – – – – (.19) (.01) 
Total distributions (.30) (.19) (.37) (.28) (.36) (.14)D 
Redemption fees added to paid in capitalA – – – – –E .01 
Net asset value, end of period $12.04 $15.31 $13.59 $12.84 $11.56 $13.58 
Total ReturnF,G (19.71)% 14.06% 8.79% 13.80% (12.56)% 21.37% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 1.10%J 1.11% 1.16% 1.14% 1.13% 1.26% 
Expenses net of fee waivers, if any 1.10%J 1.11% 1.15% 1.14% 1.13% 1.26% 
Expenses net of all reductions 1.10%J 1.11% 1.14% 1.14% 1.11% 1.24% 
Net investment income (loss) 1.96%J 1.51% 1.73% 3.27%C 2.19% 2.18% 
Supplemental Data       
Net assets, end of period (000 omitted) $184,211 $259,331 $205,009 $199,708 $190,025 $272,002 
Portfolio turnover rateK 89%J 58% 58% 75% 94% 59% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 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 2.62%.

 D Total distributions per share do not sum due to rounding.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Total Emerging Markets Fund Class I

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $15.29 $13.57 $12.82 $11.55 $13.58 $11.33 
Income from Investment Operations       
Net investment income (loss)A,B .14 .24 .22 .41C .29 .28 
Net realized and unrealized gain (loss) (3.10) 1.67 .90 1.14 (1.95) 2.11 
Total from investment operations (2.96) 1.91 1.12 1.55 (1.66) 2.39 
Distributions from net investment income (.30) (.19) (.37) (.28) (.19) (.14) 
Distributions from net realized gain – – – – (.19) (.01) 
Total distributions (.30) (.19) (.37) (.28) (.37)D (.15) 
Redemption fees added to paid in capitalA – – – – –E .01 
Net asset value, end of period $12.03 $15.29 $13.57 $12.82 $11.55 $13.58 
Total ReturnF,G (19.68)% 14.10% 8.85% 13.77% (12.56)% 21.51% 
Ratios to Average Net AssetsB,H,I       
Expenses before reductions 1.09%J 1.09% 1.11% 1.11% 1.12% 1.19% 
Expenses net of fee waivers, if any 1.09%J 1.08% 1.10% 1.10% 1.12% 1.19% 
Expenses net of all reductions 1.09%J 1.08% 1.09% 1.10% 1.10% 1.17% 
Net investment income (loss) 1.97%J 1.54% 1.78% 3.30%C 2.20% 2.25% 
Supplemental Data       
Net assets, end of period (000 omitted) $148,031 $209,635 $232,450 $372,286 $341,720 $371,617 
Portfolio turnover rateK 89%J 58% 58% 75% 94% 59% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 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 2.65%.

 D Total distributions per share do not sum due to rounding.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Total Emerging Markets Fund Class Z

 Six months ended (Unaudited) April 30, Years endedOctober 31,    
 2022 2021 2020 2019 2018 A 
Selected Per–Share Data      
Net asset value, beginning of period $15.26 $13.55 $12.80 $11.55 $12.17 
Income from Investment Operations      
Net investment income (loss)B,C .15 .26 .24 .43D .01 
Net realized and unrealized gain (loss) (3.09) 1.66 .90 1.13 (.63) 
Total from investment operations (2.94) 1.92 1.14 1.56 (.62) 
Distributions from net investment income (.32) (.21) (.39) (.31) – 
Distributions from net realized gain – – – – – 
Total distributions (.32) (.21) (.39) (.31) – 
Redemption fees added to paid in capitalB – – – – – 
Net asset value, end of period $12.00 $15.26 $13.55 $12.80 $11.55 
Total ReturnE,F (19.60)% 14.21% 9.03% 13.85% (5.09)% 
Ratios to Average Net AssetsC,G,H      
Expenses before reductions .96%I .96% .98% .98% 1.07%I 
Expenses net of fee waivers, if any .96%I .96% .98% .97% 1.04%I 
Expenses net of all reductions .96%I .96% .96% .97% 1.02%I 
Net investment income (loss) 2.09%I 1.66% 1.91% 3.43%D 1.51%I 
Supplemental Data      
Net assets, end of period (000 omitted) $38,820 $68,119 $56,395 $61,175 $1,603 
Portfolio turnover rateJ 89%I 58% 58% 75% 94% 

 A For the period October 2, 2018 (commencement of sale of shares) through October 31, 2018.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 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 2.79%.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

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. 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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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 vendors or from brokers who make markets in such securities. Corporate bonds, foreign government and government agency obligations, preferred securities and U.S. government and government agency obligations are valued by pricing vendors 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 vendors. 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, 2022 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. 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. 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 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 $81,489,284 
Gross unrealized depreciation (79,162,541) 
Net unrealized appreciation (depreciation) $2,326,743 
Tax cost $430,826,209 

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.

No expiration  
Short-term $(16,896,716) 

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 objective allows the Fund to enter into various types of derivative contracts, 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.

The Fund used derivatives 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 Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

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.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the 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 the Fund. Counterparty credit risk related to exchange-traded futures 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. The Fund used futures contracts to manage its 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 (variation margin) 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.

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 240,405,099 280,814,561 

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .77% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $53,001 $1,224 
Class M .25% .25% 21,342 188 
Class C .75% .25% 121,215 10,711 
   $195,558 $12,123 

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 $10,162 
Class M 1,378 
Class C(a) 85 
 $11,625 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Class A $41,881 .20 
Class M 10,865 .25 
Class C 23,793 .20 
Total Emerging Markets 227,071 .17 
Class I 147,617 .16 
Class Z 10,503 .04 
 $461,730  

 (a) Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following 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 $1,066 

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. 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 $5,178,640 .53% $1,735 

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 4,372,890 20,453,216 (2,171,330) 

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 $498 

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 $845 $– $– 

9. 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 $1,505,000 .83% $69 

10. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $8,458.

11. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2022 		Year ended
October 31, 2021 
Fidelity Total Emerging Markets Fund   
Distributions to shareholders   
Class A $783,324 $422,903 
Class M 128,984 63,392 
Class C 226,893 106,573 
Total Emerging Markets 5,176,420 2,785,749 
Class I 4,027,359 3,208,654 
Class Z 1,425,468 903,303 
Total $11,768,448 $7,490,574 

12. 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, 2022 Year ended October 31, 2021 Six months ended April 30, 2022 Year ended October 31, 2021 
Fidelity Total Emerging Markets Fund     
Class A     
Shares sold 334,896 834,490 $4,693,791 $13,192,973 
Reinvestment of distributions 54,325 27,836 781,197 420,606 
Shares redeemed (509,776) (515,577) (6,954,298) (8,058,282) 
Net increase (decrease) (120,555) 346,749 $(1,479,310) $5,555,297 
Class M     
Shares sold 40,466 121,390 $555,060 $1,929,827 
Reinvestment of distributions 8,958 4,191 128,908 63,329 
Shares redeemed (57,822) (82,865) (818,210) (1,301,485) 
Net increase (decrease) (8,398) 42,716 $(134,242) $691,671 
Class C     
Shares sold 132,057 359,452 $1,913,567 $5,590,331 
Reinvestment of distributions 15,806 7,086 226,656 106,573 
Shares redeemed (401,923) (687,261) (5,506,338) (10,684,440) 
Net increase (decrease) (254,060) (320,723) $(3,366,115) $(4,987,536) 
Total Emerging Markets     
Shares sold 19,904,674 10,790,055 $271,393,455 $167,466,754 
Reinvestment of distributions 196,824 142,523 2,832,302 2,154,942 
Shares redeemed (21,745,722) (9,079,050) (291,604,253) (141,937,844) 
Net increase (decrease) (1,644,224) 1,853,528 $(17,378,496) $27,683,852 
Class I     
Shares sold 1,236,659 4,228,136 $16,964,135 $67,215,923 
Reinvestment of distributions 276,622 209,572 3,975,058 3,164,533 
Shares redeemed (2,919,541) (7,854,786) (40,169,045) (124,620,710) 
Net increase (decrease) (1,406,260) (3,417,078) $(19,229,852) $(54,240,254) 
Class Z     
Shares sold 366,022 1,815,321 $5,065,800 $28,671,066 
Reinvestment of distributions 72,407 42,495 1,036,865 639,553 
Shares redeemed (1,666,142) (1,556,785) (23,229,226) (24,723,859) 
Net increase (decrease) (1,227,713) 301,031 $(17,126,561) $4,586,760 

13. 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.

14. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

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, 2021 to April 30, 2022).

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, 2021 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity Emerging Markets Discovery Fund     
Class A 1.52%    
Actual  $1,000.00 $875.40 $7.07 
Hypothetical-C  $1,000.00 $1,017.26 $7.60 
Class M 1.78%    
Actual  $1,000.00 $874.20 $8.27 
Hypothetical-C  $1,000.00 $1,015.97 $8.90 
Class C 2.28%    
Actual  $1,000.00 $872.10 $10.58 
Hypothetical-C  $1,000.00 $1,013.49 $11.38 
Emerging Markets Discovery 1.23%    
Actual  $1,000.00 $876.60 $5.72 
Hypothetical-C  $1,000.00 $1,018.70 $6.16 
Class I 1.21%    
Actual  $1,000.00 $876.30 $5.63 
Hypothetical-C  $1,000.00 $1,018.79 $6.06 
Class Z 1.07%    
Actual  $1,000.00 $876.90 $4.98 
Hypothetical-C  $1,000.00 $1,019.49 $5.36 
Fidelity Total Emerging Markets Fund     
Class A 1.37%    
Actual  $1,000.00 $802.50 $6.12 
Hypothetical-C  $1,000.00 $1,018.00 $6.85 
Class M 1.68%    
Actual  $1,000.00 $800.70 $7.50 
Hypothetical-C  $1,000.00 $1,016.46 $8.40 
Class C 2.12%    
Actual  $1,000.00 $799.30 $9.46 
Hypothetical-C  $1,000.00 $1,014.28 $10.59 
Total Emerging Markets 1.10%    
Actual  $1,000.00 $802.90 $4.92 
Hypothetical-C  $1,000.00 $1,019.34 $5.51 
Class I 1.09%    
Actual  $1,000.00 $803.20 $4.87 
Hypothetical-C  $1,000.00 $1,019.39 $5.46 
Class Z .96%    
Actual  $1,000.00 $804.00 $4.29 
Hypothetical-C  $1,000.00 $1,020.03 $4.81 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Liquidity Risk Management Program

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 pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is 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) in the case of exchange-traded funds, certain additional factors 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 liquidity categories described below 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 implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

EMD-TEK-SANN-0622
1.931240.110

Fidelity® Global Equity Income Fund



Semi-Annual Report

April 30, 2022

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

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. © 2022 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   United States of America* 52.0% 
   United Kingdom 8.7% 
   Japan 6.0% 
   Canada 5.1% 
   France 4.3% 
   Switzerland 3.7% 
   Ireland 2.4% 
   Taiwan 2.4% 
   Germany 2.3% 
   Other 13.1% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks 94.8 
Short-Term Investments and Net Other Assets (Liabilities) 5.2 

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Apple, Inc. (United States of America, Technology Hardware, Storage & Peripherals) 4.8 
Microsoft Corp. (United States of America, Software) 4.0 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 1.7 
The Coca-Cola Co. (United States of America, Beverages) 1.4 
UnitedHealth Group, Inc. (United States of America, Health Care Providers & Services) 1.4 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 1.4 
Walmart, Inc. (United States of America, Food & Staples Retailing) 1.4 
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) 1.4 
Eli Lilly & Co. (United States of America, Pharmaceuticals) 1.3 
Accenture PLC Class A (Ireland, IT Services) 1.3 
 20.1 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Information Technology 20.1 
Health Care 12.6 
Consumer Staples 11.6 
Industrials 10.6 
Financials 8.6 
Consumer Discretionary 8.1 
Communication Services 7.0 
Energy 6.3 
Materials 4.7 
Utilities 3.8 
Real Estate 1.4 

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.8%   
 Shares Value 
Bailiwick of Guernsey - 0.3%   
Amdocs Ltd. 7,074 $563,727 
Bailiwick of Jersey - 0.5%   
Clarivate Analytics PLC (a) 22,127 346,951 
Experian PLC 8,528 294,509 
WPP PLC 38,527 480,234 
TOTAL BAILIWICK OF JERSEY  1,121,694 
Belgium - 0.7%   
KBC Group NV 12,300 836,792 
UCB SA 5,060 575,184 
TOTAL BELGIUM  1,411,976 
Bermuda - 0.0%   
Hiscox Ltd. 3,451 40,978 
Brazil - 0.7%   
Equatorial Energia SA 274,943 1,425,892 
Canada - 5.1%   
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) 33,870 1,507,823 
Canadian Natural Resources Ltd. 30,332 1,877,319 
Constellation Software, Inc. 462 727,127 
George Weston Ltd. 1,674 208,258 
Imperial Oil Ltd. 33,872 1,705,399 
Lundin Mining Corp. 61,998 566,097 
Nutrien Ltd. 5,429 533,497 
Open Text Corp. 24,207 969,486 
Shaw Communications, Inc. Class B 28,541 850,020 
Suncor Energy, Inc. 54,152 1,946,631 
TOTAL CANADA  10,891,657 
Cayman Islands - 1.0%   
HKBN Ltd. 1,572,115 1,836,762 
SITC International Holdings Co. Ltd. 81,088 269,575 
TOTAL CAYMAN ISLANDS  2,106,337 
China - 0.7%   
Kweichow Moutai Co. Ltd. (A Shares) 3,933 1,085,417 
TravelSky Technology Ltd. (H Shares) 250,253 377,926 
TOTAL CHINA  1,463,343 
Finland - 1.2%   
Elisa Corp. (A Shares) 37,748 2,212,841 
Neste OYJ 7,190 308,514 
TOTAL FINLAND  2,521,355 
France - 4.3%   
Capgemini SA 12,283 2,500,561 
Edenred SA 16,035 805,312 
Elior SA (a)(b) 9,500 29,007 
LVMH Moet Hennessy Louis Vuitton SE 2,636 1,705,849 
Sanofi SA 20,333 2,149,095 
Teleperformance 2,329 835,904 
Vicat SA 11,687 351,440 
VINCI SA 8,528 827,505 
TOTAL FRANCE  9,204,673 
Germany - 2.3%   
Deutsche Post AG 28,548 1,219,642 
Deutsche Telekom AG 47,975 883,755 
Linde PLC 3,122 979,176 
Rheinmetall AG 3,245 731,501 
Siemens AG 8,191 1,007,124 
TOTAL GERMANY  4,821,198 
Hong Kong - 0.6%   
AIA Group Ltd. 135,555 1,331,660 
India - 1.3%   
HDFC Bank Ltd. sponsored ADR 7,939 438,312 
Redington (India) Ltd. 170,072 336,603 
Reliance Industries Ltd. 54,513 1,972,753 
TOTAL INDIA  2,747,668 
Indonesia - 0.3%   
PT Bank Central Asia Tbk (c) 1,293,848 725,683 
Ireland - 2.4%   
Accenture PLC Class A 9,475 2,845,911 
Johnson Controls International PLC 13,152 787,410 
Linde PLC 4,384 1,367,633 
Seagate Technology Holdings PLC 2,163 177,453 
TOTAL IRELAND  5,178,407 
Japan - 6.0%   
Capcom Co. Ltd. 14,816 390,952 
Daiichikosho Co. Ltd. 25,142 685,752 
FUJIFILM Holdings Corp. 8,638 474,842 
Fujitsu Ltd. 3,924 593,109 
Hitachi Ltd. 27,786 1,317,792 
Hoya Corp. 22,814 2,264,110 
Inaba Denki Sangyo Co. Ltd. 47,106 923,863 
Jm Holdings Co. Ltd. 21,621 270,564 
Minebea Mitsumi, Inc. 41,366 793,655 
NSD Co. Ltd. 20,558 364,932 
Renesas Electronics Corp. (a) 62,082 662,910 
Roland Corp. 15,689 541,426 
Shin-Etsu Chemical Co. Ltd. 3,209 441,027 
Sony Group Corp. 22,962 1,981,646 
Toyota Motor Corp. 68,323 1,170,627 
TOTAL JAPAN  12,877,207 
Kenya - 0.4%   
Safaricom Ltd. 3,123,925 909,122 
Korea (South) - 1.4%   
Samsung Electronics Co. Ltd. 54,892 2,909,834 
Luxembourg - 0.3%   
B&M European Value Retail SA 103,769 635,802 
Netherlands - 1.2%   
Airbus Group NV 10,956 1,199,374 
NXP Semiconductors NV 7,226 1,234,923 
TOTAL NETHERLANDS  2,434,297 
New Zealand - 0.5%   
Auckland International Airport Ltd. (a) 220,066 1,105,393 
South Africa - 0.0%   
Thungela Resources Ltd. 2,925 49,608 
Spain - 1.7%   
Aena SME SA (a)(b) 9,631 1,366,731 
Amadeus IT Holding SA Class A (a) 35,102 2,199,594 
TOTAL SPAIN  3,566,325 
Sweden - 0.3%   
EQT AB 4,700 133,019 
HEXPOL AB (B Shares) 67,123 576,329 
TOTAL SWEDEN  709,348 
Switzerland - 3.7%   
Barry Callebaut AG 137 315,313 
Chubb Ltd. 2,499 515,919 
Nestle SA (Reg. S) 16,726 2,159,228 
Roche Holding AG (participation certificate) 8,198 3,039,934 
Sika AG 5,882 1,796,706 
TOTAL SWITZERLAND  7,827,100 
Taiwan - 2.4%   
International Games Systems Co. Ltd. 25,383 623,555 
MediaTek, Inc. 31,796 877,043 
Taiwan Semiconductor Manufacturing Co. Ltd. 202,199 3,658,343 
TOTAL TAIWAN  5,158,941 
United Kingdom - 8.7%   
Anglo American PLC (United Kingdom) 27,500 1,218,002 
AstraZeneca PLC sponsored ADR 32,444 2,154,282 
BAE Systems PLC 129,844 1,199,325 
Compass Group PLC 107,823 2,275,265 
Cranswick PLC 9,692 385,396 
Diageo PLC 51,496 2,569,076 
Electrocomponents PLC 85,518 1,116,222 
Informa PLC (a) 156,224 1,108,237 
JD Sports Fashion PLC 360,197 593,488 
Reckitt Benckiser Group PLC 17,609 1,373,248 
RELX PLC (London Stock Exchange) 91,675 2,731,042 
Starling Bank Ltd. Series D (a)(d)(e) 62,800 186,206 
Unilever PLC 20,841 968,901 
WH Smith PLC (a) 33,617 604,813 
TOTAL UNITED KINGDOM  18,483,503 
United States of America - 46.8%   
AbbVie, Inc. 13,055 1,917,518 
Albertsons Companies, Inc. 12,039 376,580 
Ameren Corp. 14,668 1,362,657 
American Tower Corp. 5,002 1,205,582 
Amgen, Inc. 11,038 2,573,951 
Apple, Inc. 64,768 10,210,668 
Bank of America Corp. 54,586 1,947,628 
BJ's Wholesale Club Holdings, Inc. (a) 26,728 1,719,947 
BlackRock, Inc. Class A 1,851 1,156,283 
Bristol-Myers Squibb Co. 33,127 2,493,469 
Burlington Stores, Inc. (a) 1,395 283,966 
Capital One Financial Corp. 15,722 1,959,276 
Cisco Systems, Inc. 30,495 1,493,645 
Comcast Corp. Class A 40,251 1,600,380 
Costco Wholesale Corp. 2,722 1,447,342 
Crane Co. 5,693 547,837 
Crown Holdings, Inc. 7,897 868,986 
Danaher Corp. 10,426 2,618,281 
Dollar Tree, Inc. (a) 4,025 653,861 
Dominion Energy, Inc. 14,671 1,197,740 
Eli Lilly & Co. 9,834 2,872,806 
Exxon Mobil Corp. 19,751 1,683,773 
General Electric Co. 12,956 965,870 
Hartford Financial Services Group, Inc. 10,221 714,755 
Hess Corp. 9,299 958,448 
JPMorgan Chase & Co. 17,771 2,121,147 
Keurig Dr. Pepper, Inc. 24,820 928,268 
Kohl's Corp. 20,596 1,192,096 
Lamar Advertising Co. Class A 15,733 1,737,081 
Lowe's Companies, Inc. 10,452 2,066,674 
M&T Bank Corp. 6,900 1,149,816 
Merck & Co., Inc. 13,320 1,181,351 
Microsoft Corp. 30,469 8,455,757 
Mondelez International, Inc. 17,289 1,114,795 
MSCI, Inc. 1,227 516,874 
NextEra Energy, Inc. 21,450 1,523,379 
Northrop Grumman Corp. 2,353 1,033,908 
NRG Energy, Inc. 17,698 635,358 
Packaging Corp. of America 8,467 1,364,626 
PG&E Corp. (a) 17,858 225,904 
Phillips 66 Co. 14,633 1,269,559 
PNC Financial Services Group, Inc. 7,413 1,231,299 
Procter & Gamble Co. 16,563 2,659,190 
PVH Corp. 5,955 433,405 
T-Mobile U.S., Inc. (a) 18,743 2,308,013 
Target Corp. 10,992 2,513,321 
Tempur Sealy International, Inc. 16,789 455,150 
The Coca-Cola Co. 47,241 3,052,241 
The Travelers Companies, Inc. 7,185 1,229,066 
United Parcel Service, Inc. Class B 7,186 1,293,336 
UnitedHealth Group, Inc. 6,001 3,051,809 
Valero Energy Corp. 13,210 1,472,651 
Verizon Communications, Inc. 24,211 1,120,969 
Vistra Corp. 43,637 1,091,798 
Walmart, Inc. 19,336 2,958,215 
Watsco, Inc. 487 129,922 
WEC Energy Group, Inc. 7,363 736,668 
Wells Fargo & Co. 62,247 2,715,837 
TOTAL UNITED STATES OF AMERICA  99,800,732 
TOTAL COMMON STOCKS   
(Cost $182,859,266)  202,023,460 
Money Market Funds - 10.2%   
Fidelity Cash Central Fund 0.32% (f) 21,401,253 21,405,534 
Fidelity Securities Lending Cash Central Fund 0.32% (f)(g) 340,966 341,000 
TOTAL MONEY MARKET FUNDS   
(Cost $21,746,534)  21,746,534 
TOTAL INVESTMENT IN SECURITIES - 105.0%   
(Cost $204,605,800)  223,769,994 
NET OTHER ASSETS (LIABILITIES) - (5.0)%  (10,575,477) 
NET ASSETS - 100%  $213,194,517 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

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 $1,395,738 or 0.7% of net assets.

 (c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (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 $186,206 or 0.1% 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.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Starling Bank Ltd. Series D 6/18/21 - 4/5/22 $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.

Fund 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 0.32% $3,966,178 $60,167,447 $42,728,091 $8,341 $4 $(4) $21,405,534 0.0% 
Fidelity Securities Lending Cash Central Fund 0.32% 659,698 3,239,384 3,558,082 2,371 -- -- 341,000 0.0% 
Total $4,625,876 $63,406,831 $46,286,173 $10,712 $4 $(4) $21,746,534  

Amounts in the 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. Amount 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $15,010,592 $6,788,504 $8,222,088 $-- 
Consumer Discretionary 17,136,396 7,598,473 9,537,923 -- 
Consumer Staples 25,099,802 15,972,659 9,127,143 -- 
Energy 13,244,655 10,913,780 2,330,875 -- 
Financials 18,950,550 15,696,212 3,068,132 186,206 
Health Care 26,891,790 18,863,467 8,028,323 -- 
Industrials 22,044,391 5,105,234 16,939,157 -- 
Information Technology 42,439,706 26,678,697 15,761,009 -- 
Materials 10,063,519 4,700,839 5,362,680 -- 
Real Estate 2,942,663 2,942,663 -- -- 
Utilities 8,199,396 8,199,396 -- -- 
Money Market Funds 21,746,534 21,746,534 -- -- 
Total Investments in Securities: $223,769,994 $145,206,458 $78,377,330 $186,206 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $334,675) — See accompanying schedule:
Unaffiliated issuers (cost $182,859,266) 		$202,023,460  
Fidelity Central Funds (cost $21,746,534) 21,746,534  
Total Investment in Securities (cost $204,605,800)  $223,769,994 
Cash  2,520 
Foreign currency held at value (cost $890,717)  890,352 
Receivable for investments sold  13,195,601 
Receivable for fund shares sold  244,169 
Dividends receivable  434,916 
Distributions receivable from Fidelity Central Funds  7,326 
Prepaid expenses  29 
Other receivables  83 
Total assets  238,544,990 
Liabilities   
Payable for investments purchased   
Regular delivery $24,514,287  
Delayed delivery 86,626  
Payable for fund shares redeemed 60,266  
Accrued management fee 123,050  
Other affiliated payables 35,983  
Other payables and accrued expenses 189,261  
Collateral on securities loaned 341,000  
Total liabilities  25,350,473 
Net Assets  $213,194,517 
Net Assets consist of:   
Paid in capital  $194,883,542 
Total accumulated earnings (loss)  18,310,975 
Net Assets  $213,194,517 
Net Asset Value, offering price and redemption price per share ($213,194,517 ÷ 12,655,067 shares)  $16.85 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $1,661,502 
Income from Fidelity Central Funds (including $2,371 from security lending)  10,712 
Income before foreign taxes withheld  1,672,214 
Less foreign taxes withheld  (104,034) 
Total income  1,568,180 
Expenses   
Management fee $522,267  
Transfer agent fees 121,244  
Accounting fees 40,106  
Custodian fees and expenses 12,470  
Independent trustees' fees and expenses 216  
Registration fees 47,937  
Audit 33,795  
Legal 1,892  
Interest 411  
Miscellaneous 281  
Total expenses before reductions 780,619  
Expense reductions (2,095)  
Total expenses after reductions  778,524 
Net investment income (loss)  789,656 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $52,499) (965,375)  
Fidelity Central Funds 4  
Foreign currency transactions 1,008  
Total net realized gain (loss)  (964,363) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,455) (9,822,824)  
Fidelity Central Funds (4)  
Assets and liabilities in foreign currencies (17,558)  
Total change in net unrealized appreciation (depreciation)  (9,840,386) 
Net gain (loss)  (10,804,749) 
Net increase (decrease) in net assets resulting from operations  $(10,015,093) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $789,656 $710,148 
Net realized gain (loss) (964,363) 10,997,567 
Change in net unrealized appreciation (depreciation) (9,840,386) 11,786,658 
Net increase (decrease) in net assets resulting from operations (10,015,093) 23,494,373 
Distributions to shareholders (9,977,799) (2,418,051) 
Share transactions   
Proceeds from sales of shares 151,507,858 23,383,926 
Reinvestment of distributions 9,275,831 2,268,914 
Cost of shares redeemed (20,514,351) (20,526,418) 
Net increase (decrease) in net assets resulting from share transactions 140,269,338 5,126,422 
Total increase (decrease) in net assets 120,276,446 26,202,744 
Net Assets   
Beginning of period 92,918,071 66,715,327 
End of period $213,194,517 $92,918,071 
Other Information   
Shares   
Sold 8,596,359 1,260,411 
Issued in reinvestment of distributions 516,318 131,869 
Redeemed (1,151,252) (1,109,823) 
Net increase (decrease) 7,961,425 282,457 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Global Equity Income Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $19.80 $15.12 $14.64 $13.53 $14.21 $12.06 
Income from Investment Operations       
Net investment income (loss)A,B .09 .15 .16 .23 .25 .17 
Net realized and unrealized gain (loss) (.95) 5.07 .48 1.63 (.50) 2.15 
Total from investment operations (.86) 5.22 .64 1.86 (.25) 2.32 
Distributions from net investment income (.05) (.16) (.15) (.24) (.25) (.17) 
Distributions from net realized gain (2.04) (.38) (.01) (.51) (.18) – 
Total distributions (2.09) (.54) (.16) (.75) (.43) (.17) 
Redemption fees added to paid in capitalA – – – – –C –C 
Net asset value, end of period $16.85 $19.80 $15.12 $14.64 $13.53 $14.21 
Total ReturnD,E (4.97)% 35.09% 4.44% 14.60% (1.88)% 19.31% 
Ratios to Average Net AssetsB,F,G       
Expenses before reductions 1.01%H 1.02% 1.09% 1.09% 1.06% 1.13% 
Expenses net of fee waivers, if any 1.01%H 1.02% 1.09% 1.09% 1.06% 1.13% 
Expenses net of all reductions 1.01%H 1.02% 1.09% 1.08% 1.05% 1.13% 
Net investment income (loss) 1.02%H .84% 1.08% 1.72% 1.75% 1.29% 
Supplemental Data       
Net assets, end of period (000 omitted) $213,195 $92,918 $66,715 $67,764 $68,532 $81,007 
Portfolio turnover rateI 20%H 43% 48% 20%J 34% 37% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 J Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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, 2022 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

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, passive foreign investment companies (PFIC), 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 $30,349,461 
Gross unrealized depreciation (11,268,726) 
Net unrealized appreciation (depreciation) $19,080,735 
Tax cost $204,689,259 

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 Global Equity Income Fund 138,900,249 15,016,529 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .68% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an 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. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Fidelity Global Equity Income 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 Global Equity Income Fund $455 

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 5,511,294 660,573 116,549 

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 $110 

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 $280 $– $– 

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 Global Equity Income Fund $25,517,000 .58% $411 

9. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $2,095.

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. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

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, 2021 to April 30, 2022).

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, 2021 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity Global Equity Income Fund 1.01%    
Actual  $1,000.00 $950.30 $4.88 
Hypothetical-C  $1,000.00 $1,019.79 $5.06 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Liquidity Risk Management Program

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 pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is 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) in the case of exchange-traded funds, certain additional factors 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 liquidity categories described below 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 implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

GED-SANN-0622
1.938166.109



Fidelity Flex® Funds

Fidelity Flex® International Fund



Semi-Annual Report

April 30, 2022

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

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 (for managed account clients) or 1-800-835-5092 (for retirement plan participants) 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. © 2022 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   Japan 11.9% 
   Canada 8.3% 
   United States of America* 7.4% 
   France 7.2% 
   United Kingdom 6.3% 
   Germany 5.9% 
   Cayman Islands 5.5% 
   Switzerland 5.1% 
   Korea (South) 4.7% 
   Other 37.7% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks 98.3 
Short-Term Investments and Net Other Assets (Liabilities) 1.7 

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 2.7 
Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) 2.6 
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) 2.5 
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) 1.7 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 1.7 
Nestle SA (Reg. S) (Switzerland, Food Products) 1.6 
Canadian Pacific Railway Ltd. (Canada, Road & Rail) 1.4 
JD.com, Inc. sponsored ADR (Cayman Islands, Internet & Direct Marketing Retail) 1.3 
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) 1.3 
Linde PLC (Germany, Chemicals) 1.3 
 18.1 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Financials 20.3 
Industrials 16.4 
Information Technology 16.3 
Materials 11.0 
Consumer Discretionary 10.2 
Health Care 7.2 
Energy 5.7 
Communication Services 4.8 
Consumer Staples 4.3 
Real Estate 1.4 
Utilities 0.7 

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.6%   
 Shares Value 
Australia - 2.3%   
Aub Group Ltd. 1,000 $16,191 
BHP Group Ltd. 42,284 1,412,938 
Evolution Mining Ltd. 27,373 77,455 
Imdex Ltd. 8,204 14,393 
Macquarie Group Ltd. 3,535 508,910 
National Australia Bank Ltd. 30,718 701,252 
Steadfast Group Ltd. 7,000 25,343 
TOTAL AUSTRALIA  2,756,482 
Austria - 0.2%   
Erste Group Bank AG 6,611 205,839 
Bailiwick of Jersey - 1.2%   
Experian PLC 16,030 553,586 
Ferguson PLC 1,446 181,400 
Glencore Xstrata PLC 114,373 704,728 
Integrated Diagnostics Holdings PLC (a) 28,160 30,931 
TOTAL BAILIWICK OF JERSEY  1,470,645 
Belgium - 1.1%   
Anheuser-Busch InBev SA NV 6,227 358,299 
Azelis Group NV 6,200 152,696 
KBC Ancora 1,226 49,602 
KBC Group NV 5,985 407,171 
UCB SA 3,694 419,907 
TOTAL BELGIUM  1,387,675 
Bermuda - 0.6%   
Credicorp Ltd. (United States) 3,821 530,699 
Shangri-La Asia Ltd. (b) 317,659 240,513 
TOTAL BERMUDA  771,212 
Canada - 8.3%   
Barrick Gold Corp. 45,881 1,023,605 
CAE, Inc. (b) 31,275 743,744 
Canadian Pacific Railway Ltd. 23,895 1,747,879 
Constellation Software, Inc. 575 904,974 
Franco-Nevada Corp. 7,089 1,072,083 
McCoy Global, Inc. (b) 50 38 
Nutrien Ltd. 13,841 1,360,128 
Osisko Gold Royalties Ltd. 1,500 18,460 
Richelieu Hardware Ltd. 13,542 384,445 
Summit Industrial Income REIT 36,013 570,198 
Suncor Energy, Inc. 24,922 895,884 
The Toronto-Dominion Bank 19,550 1,412,092 
TOTAL CANADA  10,133,530 
Cayman Islands - 5.5%   
Alibaba Group Holding Ltd. sponsored ADR (b) 7,420 720,408 
Chlitina Holding Ltd. 4,800 30,110 
JD.com, Inc. sponsored ADR (c) 26,481 1,632,818 
Li Ning Co. Ltd. 48,492 377,955 
Meituan Class B (a)(b) 36,861 789,799 
Tencent Holdings Ltd. 67,111 3,162,598 
TOTAL CAYMAN ISLANDS  6,713,688 
China - 4.1%   
China Life Insurance Co. Ltd. (H Shares) 549,569 798,619 
China Merchants Bank Co. Ltd. (H Shares) 112,086 675,570 
Guangzhou Automobile Group Co. Ltd. (H Shares) 649,046 550,324 
Haier Smart Home Co. Ltd. (A Shares) 314,457 1,219,474 
Industrial & Commercial Bank of China Ltd. (H Shares) 1,824,220 1,099,652 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) 7,964 375,329 
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) 93,541 234,660 
TOTAL CHINA  4,953,628 
Denmark - 0.5%   
Netcompany Group A/S (a)(b) 569 31,643 
ORSTED A/S (a) 1,272 140,722 
SimCorp A/S 506 35,423 
Spar Nord Bank A/S 2,448 31,081 
Vestas Wind Systems A/S 14,450 368,490 
TOTAL DENMARK  607,359 
Finland - 0.5%   
Kone OYJ (B Shares) 3,709 178,320 
Musti Group OYJ 1,412 33,222 
Sampo Oyj (A Shares) 9,523 462,413 
TOTAL FINLAND  673,955 
France - 7.2%   
Air Liquide SA 3,682 637,017 
ALTEN 590 79,183 
AXA SA 23,862 631,270 
BNP Paribas SA 12,660 656,439 
Capgemini SA 1,150 234,116 
Edenred SA 6,253 314,039 
Laurent-Perrier Group SA 330 31,244 
Lectra 4,584 190,041 
Legrand SA 6,194 548,876 
LISI 1,700 38,435 
LVMH Moet Hennessy Louis Vuitton SE 2,486 1,608,778 
Safran SA 4,780 513,365 
Sanofi SA 10,813 1,142,879 
Teleperformance 692 248,366 
TotalEnergies SE 24,947 1,224,972 
Vetoquinol SA 464 60,420 
VINCI SA 3,988 386,971 
Vivendi SA 19,872 228,241 
TOTAL FRANCE  8,774,652 
Germany - 5.6%   
Bayer AG 6,949 457,738 
CompuGroup Medical AG 459 24,535 
CTS Eventim AG (b) 2,614 179,415 
Deutsche Borse AG 2,808 488,858 
Deutsche Post AG 8,607 367,712 
Hannover Reuck SE 2,268 352,517 
HeidelbergCement AG 2,562 147,590 
Linde PLC 5,065 1,588,574 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 847 201,705 
Nexus AG 419 20,433 
Rheinmetall AG 2,573 580,016 
RWE AG 9,465 392,981 
SAP SE 4,121 417,647 
Scout24 AG (a) 580 36,684 
Siemens AG 6,532 803,142 
Vonovia SE 19,229 766,102 
TOTAL GERMANY  6,825,649 
Greece - 0.6%   
National Bank of Greece SA (b) 172,024 682,329 
Hong Kong - 1.8%   
AIA Group Ltd. 114,113 1,121,019 
China Resources Beer Holdings Co. Ltd. 116,122 682,082 
Hong Kong Exchanges and Clearing Ltd. 10,074 427,329 
TOTAL HONG KONG  2,230,430 
Hungary - 0.6%   
Richter Gedeon PLC 36,657 731,123 
India - 3.6%   
Axis Bank Ltd. (b) 40,699 383,187 
Embassy Office Parks (REIT) 9,900 49,637 
Housing Development Finance Corp. Ltd. 24,535 707,027 
Indian Energy Exchange Ltd. (a) 9,239 25,583 
Infosys Ltd. sponsored ADR 26,073 518,071 
Kotak Mahindra Bank Ltd. (b) 6,700 155,186 
Larsen & Toubro Ltd. 24,689 541,948 
Reliance Industries Ltd. 2,700 97,709 
Reliance Industries Ltd. sponsored GDR (a) 6,977 498,925 
Shree Cement Ltd. 1,395 468,800 
Solar Industries India Ltd. 14,969 535,407 
Voltas Ltd. 23,128 378,591 
TOTAL INDIA  4,360,071 
Indonesia - 1.0%   
PT Bank Mandiri (Persero) Tbk 720,167 442,208 
PT Bank Rakyat Indonesia (Persero) Tbk 515,089 171,621 
PT United Tractors Tbk 270,268 563,968 
TOTAL INDONESIA  1,177,797 
Ireland - 1.0%   
Cairn Homes PLC 19,000 22,895 
CRH PLC 10,665 421,533 
CRH PLC sponsored ADR 14,266 564,648 
Irish Residential Properties REIT PLC 14,000 21,508 
Ryanair Holdings PLC sponsored ADR (b) 2,901 253,315 
TOTAL IRELAND  1,283,899 
Israel - 0.1%   
Ituran Location & Control Ltd. 2,200 49,368 
Maytronics Ltd. 1,744 31,182 
Strauss Group Ltd. 1,301 34,873 
Tel Aviv Stock Exchange Ltd. 9,900 46,995 
TOTAL ISRAEL  162,418 
Italy - 1.4%   
Assicurazioni Generali SpA 14,653 277,427 
Enel SpA 60,013 390,258 
Interpump Group SpA 9,003 363,989 
Mediobanca SpA 33,597 336,738 
Prada SpA 53,500 332,885 
TOTAL ITALY  1,701,297 
Japan - 11.9%   
Ai Holdings Corp. 1,400 18,380 
Aoki Super Co. Ltd. 1,272 27,995 
Artnature, Inc. 2,588 14,759 
Aucnet, Inc. 2,158 25,386 
Azbil Corp. 20,246 614,711 
Broadleaf Co. Ltd. 12,975 36,662 
Central Automotive Products Ltd. 500 8,048 
Curves Holdings Co. Ltd. 9,700 56,857 
Daiichikosho Co. Ltd. 2,008 54,768 
Daikokutenbussan Co. Ltd. 400 14,721 
DENSO Corp. 5,612 342,025 
Digital Hearts Holdings Co. Ltd. 3,008 39,206 
FANUC Corp. 2,846 436,087 
Fujitec Co. Ltd. 1,000 21,552 
Fujitsu Ltd. 1,775 268,290 
Funai Soken Holdings, Inc. 1,490 24,988 
Goldcrest Co. Ltd. 3,266 42,478 
Hitachi Ltd. 9,719 460,938 
Hoya Corp. 10,047 997,086 
Ibiden Co. Ltd. 3,127 116,862 
Idemitsu Kosan Co. Ltd. 7,159 188,676 
Itochu Corp. 14,406 434,787 
JEOL Ltd. 2,000 89,817 
Keyence Corp. 2,580 1,037,171 
Kobayashi Pharmaceutical Co. Ltd. 800 54,556 
Koshidaka Holdings Co. Ltd. 7,600 45,356 
Kusuri No Aoki Holdings Co. Ltd. 636 28,177 
Lasertec Corp. 3,464 462,795 
Medikit Co. Ltd. 1,527 27,153 
Minebea Mitsumi, Inc. 13,623 261,373 
Miroku Jyoho Service Co., Ltd. 1,654 16,796 
Misumi Group, Inc. 22,909 574,428 
Mitsubishi Estate Co. Ltd. 8,903 129,686 
Mitsubishi UFJ Financial Group, Inc. 99,735 579,797 
Mitsuboshi Belting Ltd. 1,408 21,567 
Mitsui Fudosan Co. Ltd. 6,527 138,332 
Nabtesco Corp. 1,611 36,743 
Nagaileben Co. Ltd. 3,243 48,287 
Nihon Parkerizing Co. Ltd. 9,196 65,045 
NS Tool Co. Ltd. 3,054 33,894 
NSD Co. Ltd. 2,300 40,828 
OBIC Co. Ltd. 2,246 331,823 
ORIX Corp. 22,486 410,122 
OSG Corp. 10,250 128,765 
Paramount Bed Holdings Co. Ltd. 1,500 24,982 
Pole To Win Holdings, Inc. 1,523 11,623 
ProNexus, Inc. 2,187 17,824 
Recruit Holdings Co. Ltd. 28,039 1,017,300 
Renesas Electronics Corp. (b) 19,153 204,515 
San-Ai Obbli Co. Ltd. 4,067 29,856 
Shin-Etsu Chemical Co. Ltd. 3,343 459,444 
Shiseido Co. Ltd. 2,724 128,767 
SHO-BOND Holdings Co. Ltd. 9,982 419,544 
Shoei Co. Ltd. 3,152 116,937 
SK Kaken Co. Ltd. 153 41,033 
SoftBank Group Corp. 6,221 255,871 
Software Service, Inc. 409 18,310 
Sony Group Corp. 3,801 328,030 
Sumitomo Mitsui Financial Group, Inc. 12,541 378,913 
Suzuki Motor Corp. 7,293 219,848 
The Monogatari Corp. 538 22,435 
TIS, Inc. 1,400 31,443 
Tocalo Co. Ltd. 3,158 31,532 
Tokio Marine Holdings, Inc. 8,284 447,905 
Tokyo Electron Ltd. 272 114,770 
Toyota Motor Corp. 67,063 1,149,038 
USS Co. Ltd. 17,007 283,133 
Welcia Holdings Co. Ltd. 1,142 23,410 
YAKUODO Holdings Co. Ltd. 1,200 16,642 
TOTAL JAPAN  14,600,878 
Kenya - 0.2%   
Safaricom Ltd. 694,504 202,114 
Korea (South) - 4.7%   
BGF Retail Co. Ltd. 199 28,314 
Hyundai Motor Co. 2,551 368,151 
Korea Aerospace Industries Ltd. 13,114 449,761 
Korea Zinc Co. Ltd. 803 364,651 
LG Innotek Co. Ltd. 2,075 560,033 
POSCO 2,404 545,979 
Samsung Electronics Co. Ltd. 56,700 3,005,676 
Shinhan Financial Group Co. Ltd. 13,583 448,890 
TOTAL KOREA (SOUTH)  5,771,455 
Luxembourg - 0.3%   
ArcelorMittal SA (Netherlands) 11,457 334,060 
Stabilus Se 430 20,254 
TOTAL LUXEMBOURG  354,314 
Mexico - 1.2%   
Fomento Economico Mexicano S.A.B. de CV unit 74,900 563,186 
Grupo Financiero Banorte S.A.B. de CV Series O 81,365 537,117 
Wal-Mart de Mexico SA de CV Series V 111,604 394,646 
TOTAL MEXICO  1,494,949 
Netherlands - 3.6%   
Aalberts Industries NV 6,442 313,032 
AerCap Holdings NV (b) 2,531 118,223 
Airbus Group NV 8,596 941,021 
ASML Holding NV (Netherlands) 3,625 2,057,327 
IMCD NV 1,920 305,707 
NN Group NV 8,136 398,514 
Universal Music Group NV 10,949 254,087 
Yandex NV Series A (b)(d) 15,667 53,735 
TOTAL NETHERLANDS  4,441,646 
New Zealand - 0.1%   
Auckland International Airport Ltd. (b) 23,641 118,749 
Norway - 0.3%   
Adevinta ASA Class B (b) 12,164 93,972 
Kongsberg Gruppen ASA 2,059 88,439 
Medistim ASA 1,018 27,374 
Schibsted ASA (B Shares) 7,107 136,613 
Volue A/S (b) 5,152 21,972 
TOTAL NORWAY  368,370 
Russia - 0.0%   
LUKOIL PJSC sponsored ADR (d) 15,347 4,342 
Sberbank of Russia sponsored ADR (d) 63,626 1,133 
TOTAL RUSSIA  5,475 
Singapore - 0.5%   
United Overseas Bank Ltd. 26,916 576,171 
South Africa - 0.5%   
Clicks Group Ltd. 7,228 141,120 
Impala Platinum Holdings Ltd. 33,248 430,077 
Thungela Resources Ltd. 1,574 26,695 
TOTAL SOUTH AFRICA  597,892 
Spain - 1.5%   
Amadeus IT Holding SA Class A (b) 13,668 856,477 
Banco Santander SA (Spain) 168,194 491,522 
Cellnex Telecom SA (a) 9,109 424,573 
Fluidra SA 1,959 53,019 
Unicaja Banco SA (a) 75,496 71,116 
TOTAL SPAIN  1,896,707 
Sweden - 2.7%   
Addlife AB 4,100 90,590 
AddTech AB (B Shares) 14,321 252,628 
ASSA ABLOY AB (B Shares) 33,526 847,274 
Atlas Copco AB (A Shares) 18,000 816,064 
Epiroc AB (A Shares) 21,300 431,816 
Hemnet Group AB 2,587 32,273 
Investor AB (B Shares) 20,699 398,309 
INVISIO AB 1,754 31,088 
John Mattson Fastighetsforetag (b) 2,027 31,580 
Lagercrantz Group AB (B Shares) 19,340 196,878 
Sandvik AB 10,677 202,098 
TOTAL SWEDEN  3,330,598 
Switzerland - 5.1%   
Nestle SA (Reg. S) 15,449 1,994,375 
Novartis AG 4,597 406,234 
Roche Holding AG (participation certificate) 5,507 2,042,073 
Schindler Holding AG:   
(participation certificate) 543 104,324 
(Reg.) 139 26,684 
Swiss Life Holding AG 457 267,215 
Tecan Group AG 154 46,280 
UBS Group AG 35,736 601,794 
Zurich Insurance Group Ltd. 1,568 713,863 
TOTAL SWITZERLAND  6,202,842 
Taiwan - 4.1%   
Addcn Technology Co. Ltd. 4,676 33,406 
ECLAT Textile Co. Ltd. 23,091 379,101 
HIWIN Technologies Corp. 67,711 501,693 
Taiwan Semiconductor Manufacturing Co. Ltd. 182,077 3,294,273 
Unimicron Technology Corp. 64,772 454,574 
Yageo Corp. 27,310 368,824 
TOTAL TAIWAN  5,031,871 
Thailand - 0.7%   
Kasikornbank PCL (For. Reg.) 88,715 393,060 
PTT PCL (For. Reg.) 475,854 517,624 
TOTAL THAILAND  910,684 
United Kingdom - 6.3%   
Alliance Pharma PLC 45,433 65,260 
Anglo American PLC (United Kingdom) 14,845 657,500 
AstraZeneca PLC (United Kingdom) 4,614 615,698 
Avon Protection PLC 3,532 46,742 
BAE Systems PLC 42,435 391,958 
Barratt Developments PLC 17,170 105,047 
Beazley PLC 20,014 107,807 
Bodycote PLC 7,326 56,819 
BP PLC 167,516 808,733 
Clarkson PLC 1,879 86,514 
Compass Group PLC 29,600 624,615 
Dechra Pharmaceuticals PLC 7,291 330,394 
DP Poland PLC (b) 86,864 8,172 
Helios Towers PLC (b) 11,000 15,366 
Howden Joinery Group PLC 7,411 70,164 
Imperial Brands PLC 9,134 190,129 
InterContinental Hotel Group PLC ADR 4,517 292,747 
Lloyds Banking Group PLC 692,423 393,271 
Rightmove PLC 44,850 344,766 
Shell PLC ADR 24,409 1,304,173 
Spectris PLC 13,751 502,928 
Spirax-Sarco Engineering PLC 1,307 197,220 
Standard Chartered PLC (United Kingdom) 60,163 411,294 
Ultra Electronics Holdings PLC 479 19,509 
TOTAL UNITED KINGDOM  7,646,826 
United States of America - 5.7%   
Alphabet, Inc. Class A (b) 152 346,893 
Autoliv, Inc. 3,233 238,207 
Lam Research Corp. 1,395 649,735 
Marsh & McLennan Companies, Inc. 6,145 993,647 
MasterCard, Inc. Class A 1,565 568,690 
Moody's Corp. 1,837 581,374 
Morningstar, Inc. 409 103,571 
MSCI, Inc. 1,322 556,893 
NICE Ltd. sponsored ADR (b) 2,233 460,914 
Otis Worldwide Corp. 2,500 182,100 
PriceSmart, Inc. 2,361 187,581 
ResMed, Inc. 3,360 671,899 
S&P Global, Inc. 1,502 565,503 
Sherwin-Williams Co. 1,662 456,984 
Visa, Inc. Class A 1,619 345,057 
TOTAL UNITED STATES OF AMERICA  6,909,048 
TOTAL COMMON STOCKS   
(Cost $106,412,692)  118,064,267 
Preferred Stocks - 1.7%   
Convertible Preferred Stocks - 0.1%   
China - 0.1%   
ByteDance Ltd. Series E1 (b)(d)(e) 687 87,984 
Nonconvertible Preferred Stocks - 1.6%   
Brazil - 1.3%   
Ambev SA sponsored ADR 179,183 521,423 
Itau Unibanco Holding SA 80,088 386,675 
Petroleo Brasileiro SA - Petrobras sponsored ADR 48,876 663,247 
  1,571,345 
Germany - 0.3%   
Porsche Automobil Holding SE (Germany) 4,809 396,646 
Sartorius AG (non-vtg.) 125 46,866 
  443,512 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  2,014,857 
TOTAL PREFERRED STOCKS   
(Cost $1,584,505)  2,102,841 
Money Market Funds - 3.4%   
Fidelity Cash Central Fund 0.32% (f) 2,608,528 2,609,050 
Fidelity Securities Lending Cash Central Fund 0.32% (f)(g) 1,527,947 1,528,100 
TOTAL MONEY MARKET FUNDS   
(Cost $4,137,143)  4,137,150 
TOTAL INVESTMENT IN SECURITIES - 101.7%   
(Cost $112,134,340)  124,304,258 
NET OTHER ASSETS (LIABILITIES) - (1.7)%  (2,080,471) 
NET ASSETS - 100%  $122,223,787 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

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 $2,049,976 or 1.7% 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) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $87,984 or 0.1% of net assets.

 (f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements 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 $75,277 

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund 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 0.32% $2,577,488 $22,348,688 $22,317,126 $1,428 $-- $-- $2,609,050 0.0% 
Fidelity Securities Lending Cash Central Fund 0.32% -- 3,250,450 1,722,350 29 -- -- 1,528,100 0.0% 
Total $2,577,488 $25,599,138 $24,039,476 $1,457 $-- $-- $4,137,150  

Amounts in the 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. Amount 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $5,855,375 $549,007 $5,252,633 $53,735 
Consumer Discretionary 12,570,032 2,915,362 9,654,670 -- 
Consumer Staples 5,466,409 1,701,709 3,764,700 -- 
Energy 6,824,842 2,863,342 3,957,158 4,342 
Financials 24,847,348 6,316,360 18,529,855 1,133 
Health Care 8,811,598 1,403,022 7,408,576 -- 
Industrials 20,164,168 3,429,706 16,734,462 -- 
Information Technology 19,551,722 3,496,809 15,966,929 87,984 
Materials 13,402,132 4,495,908 8,906,224 -- 
Real Estate 1,749,521 570,198 1,179,323 -- 
Utilities 923,961 -- 923,961 -- 
Money Market Funds 4,137,150 4,137,150 -- -- 
Total Investments in Securities: $124,304,258 $31,878,573 $92,278,491 $147,194 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $1,596,994) — See accompanying schedule:
Unaffiliated issuers (cost $107,997,197) 		$120,167,108  
Fidelity Central Funds (cost $4,137,143) 4,137,150  
Total Investment in Securities (cost $112,134,340)  $124,304,258 
Foreign currency held at value (cost $281,223)  283,890 
Receivable for investments sold  231,888 
Receivable for fund shares sold  92,794 
Dividends receivable  382,738 
Reclaims receivable  165,865 
Distributions receivable from Fidelity Central Funds  590 
Other receivables  5,307 
Total assets  125,467,330 
Liabilities   
Payable to custodian bank $1,157,311  
Payable for investments purchased 364,721  
Payable for fund shares redeemed 123,688  
Other payables and accrued expenses 69,723  
Collateral on securities loaned 1,528,100  
Total liabilities  3,243,543 
Net Assets  $122,223,787 
Net Assets consist of:   
Paid in capital  $110,245,180 
Total accumulated earnings (loss)  11,978,607 
Net Assets  $122,223,787 
Net Asset Value, offering price and redemption price per share ($122,223,787 ÷ 8,702,479 shares)  $14.04 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $1,570,004 
Non-Cash dividends  120,120 
Income from Fidelity Central Funds (including $29 from security lending)  1,457 
Income before foreign taxes withheld  1,691,581 
Less foreign taxes withheld  (139,767) 
Total income  1,551,814 
Expenses   
Independent trustees' fees and expenses $250  
Total expenses before reductions 250  
Expense reductions (4)  
Total expenses after reductions  246 
Net investment income (loss)  1,551,568 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $81,174) 208,475  
Foreign currency transactions 3,682  
Total net realized gain (loss)  212,157 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $168,634) (22,740,252)  
Assets and liabilities in foreign currencies (19,049)  
Total change in net unrealized appreciation (depreciation)  (22,759,301) 
Net gain (loss)  (22,547,144) 
Net increase (decrease) in net assets resulting from operations  $(20,995,576) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $1,551,568 $3,106,279 
Net realized gain (loss) 212,157 6,636,393 
Change in net unrealized appreciation (depreciation) (22,759,301) 26,346,315 
Net increase (decrease) in net assets resulting from operations (20,995,576) 36,088,987 
Distributions to shareholders (4,340,173) (1,616,095) 
Share transactions   
Proceeds from sales of shares 14,864,527 47,496,165 
Reinvestment of distributions 4,340,173 1,616,095 
Cost of shares redeemed (24,254,605) (32,298,510) 
Net increase (decrease) in net assets resulting from share transactions (5,049,905) 16,813,750 
Total increase (decrease) in net assets (30,385,654) 51,286,642 
Net Assets   
Beginning of period 152,609,441 101,322,799 
End of period $122,223,787 $152,609,441 
Other Information   
Shares   
Sold 929,462 3,011,539 
Issued in reinvestment of distributions 267,912 110,919 
Redeemed (1,560,093) (2,027,719) 
Net increase (decrease) (362,719) 1,094,739 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Flex International Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 A 
Selected Per–Share Data       
Net asset value, beginning of period $16.83 $12.71 $12.36 $10.90 $11.95 $10.00 
Income from Investment Operations       
Net investment income (loss)B,C .17 .36D .24 .35E .30 .16 
Net realized and unrealized gain (loss) (2.49) 3.96 .33 1.39 (1.24) 1.79 
Total from investment operations (2.32) 4.32 .57 1.74 (.94) 1.95 
Distributions from net investment income (.44) (.20) (.22) (.28) (.07) – 
Distributions from net realized gain (.04) – – – (.03) – 
Total distributions (.47)F (.20) (.22) (.28) (.11)F – 
Net asset value, end of period $14.04 $16.83 $12.71 $12.36 $10.90 $11.95 
Total ReturnG,H (14.14)% 34.20% 4.64% 16.45% (7.98)% 19.50% 
Ratios to Average Net AssetsC,I,J       
Expenses before reductionsK - %L -% -% -% -% - %L 
Expenses net of fee waivers, if anyK - %L -% -% -% -% - %L 
Expenses net of all reductionsK - %L -% -% -% -% - %L 
Net investment income (loss) 2.16%L 2.24%D 1.98% 3.01%E 2.53% 2.24%L 
Supplemental Data       
Net assets, end of period (000 omitted) $122,224 $152,609 $101,323 $70,497 $46,392 $14,611 
Portfolio turnover rateM 30%L 33% 38% 89% 69% 35%L 

 A For the period March 7, 2017 (commencement of operations) through October 31, 2017.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.96%.

 E Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.65%.

 F Total distributions per share do not sum due to rounding.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 K Amount represents less than .005%.

 L Annualized

 M Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

1. Organization.

Fidelity Flex International 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 is available only to certain fee-based accounts and advisory programs offered 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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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, 2022 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 $22,890,670 
Gross unrealized depreciation (11,833,294) 
Net unrealized appreciation (depreciation) $11,057,376 
Tax cost $113,246,882 

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 Flex International Fund 21,045,398 28,096,574 

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 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 Flex International 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. Interfund trades during the period are noted in the table below.

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Flex International Fund 303,147 1,170,358 13,711 

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 through a lending agent from time to time in order to earn additional income. 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. The 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.

 Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Flex International Fund $– $– 

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 $4.

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.

In March 2022, the Board of Trustees approved a Plan of Liquidation and Dissolution. The Fund distributed all of its net assets to its shareholders on June 10, 2022. The Fund was closed to new accounts on June 2, 2022, with certain exceptions.

10. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

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, 2021 to April 30, 2022).

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, 2021 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity Flex International Fund - %-C    
Actual  $1,000.00 $858.60 $--D 
Hypothetical-E  $1,000.00 $1,024.79 $--D 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C Amount represents less than .005%.

 D Amount represents less than $.005.

 E 5% return per year before expenses

Liquidity Risk Management Program

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 pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is 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) in the case of exchange-traded funds, certain additional factors 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 liquidity categories described below 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 implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

ZNL-SANN-0622
1.9881586.105

Fidelity® Diversified International K6 Fund



Semi-Annual Report

April 30, 2022

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

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. © 2022 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   Japan 17.1% 
   United States of America* 10.1% 
   Switzerland 10.0% 
   France 8.9% 
   United Kingdom 8.0% 
   Germany 7.4% 
   Netherlands 6.5% 
   Canada 5.2% 
   India 4.0% 
   Other 22.8% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks 95.8 
Short-Term Investments and Net Other Assets (Liabilities) 4.2 

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 3.3 
Nestle SA (Reg. S) (Switzerland, Food Products) 3.1 
ASML Holding NV (Netherlands, Semiconductors & Semiconductor Equipment) 2.5 
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) 1.9 
Hoya Corp. (Japan, Health Care Equipment & Supplies) 1.7 
AIA Group Ltd. (Hong Kong, Insurance) 1.7 
Canadian Natural Resources Ltd. (Canada, Oil, Gas & Consumable Fuels) 1.6 
RELX PLC (Euronext N.V.) (United Kingdom, Professional Services) 1.5 
Linde PLC (Germany, Chemicals) 1.4 
Sika AG (Switzerland, Chemicals) 1.3 
 20.0 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Industrials 19.3 
Financials 17.0 
Information Technology 16.2 
Health Care 13.1 
Consumer Discretionary 9.1 
Consumer Staples 6.5 
Materials 6.3 
Energy 4.9 
Communication Services 2.9 
Real Estate 0.5 

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.4%   
 Shares Value 
Australia - 0.7%   
Aristocrat Leisure Ltd. 785,159 $18,217,526 
Lynas Rare Earths Ltd. (a) 1,448,715 9,090,928 
TOTAL AUSTRALIA  27,308,454 
Austria - 0.2%   
Erste Group Bank AG 276,188 8,599,326 
Bailiwick of Jersey - 2.7%   
Experian PLC 600,828 20,749,206 
Ferguson PLC 268,789 33,719,362 
Glencore Xstrata PLC 4,359,397 26,861,152 
WPP PLC 1,630,693 20,326,374 
TOTAL BAILIWICK OF JERSEY  101,656,094 
Belgium - 1.7%   
KBC Group NV 596,092 40,553,253 
UCB SA 192,478 21,879,491 
TOTAL BELGIUM  62,432,744 
Bermuda - 0.4%   
Hiscox Ltd. 1,415,106 16,803,361 
Canada - 5.2%   
Canadian Natural Resources Ltd. 948,787 58,722,652 
Constellation Software, Inc. 18,520 29,148,042 
Fairfax India Holdings Corp. (a)(b) 508,475 6,111,870 
First Quantum Minerals Ltd. 640,111 18,351,526 
Franco-Nevada Corp. 137,394 20,778,349 
GFL Environmental, Inc. (c) 468,061 14,102,678 
Imperial Oil Ltd. 165,570 8,336,175 
Thomson Reuters Corp. 117,353 11,733,016 
Tourmaline Oil Corp. 512,250 26,381,084 
TOTAL CANADA  193,665,392 
Cayman Islands - 1.2%   
Anta Sports Products Ltd. 987,425 11,347,977 
GlobalFoundries, Inc. 214,622 11,222,584 
Li Ning Co. Ltd. 1,884,287 14,686,452 
Tencent Holdings Ltd. 114,292 5,385,997 
Zai Lab Ltd. ADR (a) 55,855 2,231,966 
TOTAL CAYMAN ISLANDS  44,874,976 
China - 0.5%   
Kweichow Moutai Co. Ltd. (A Shares) 64,939 17,921,664 
Curacao - 0.7%   
Schlumberger Ltd. 623,172 24,309,940 
Denmark - 1.3%   
DSV A/S 242,899 39,823,714 
GN Store Nord A/S 185,297 6,954,111 
TOTAL DENMARK  46,777,825 
France - 8.9%   
Air Liquide SA 24,112 4,171,578 
AXA SA 390,125 10,320,772 
BNP Paribas SA 740,332 38,387,243 
Capgemini SA 240,220 48,903,759 
Dassault Systemes SA 398,293 17,614,253 
EssilorLuxottica SA 117,708 20,039,530 
Hermes International SCA 5,211 6,425,462 
Legrand SA 264,814 23,466,276 
LVMH Moet Hennessy Louis Vuitton SE 110,232 71,335,020 
Pernod Ricard SA 197,945 40,852,725 
Sartorius Stedim Biotech 39,438 12,905,256 
Teleperformance 100,470 36,059,790 
TOTAL FRANCE  330,481,664 
Germany - 7.4%   
adidas AG 88,621 17,871,240 
Allianz SE 218,615 49,327,004 
Bayer AG 83,634 5,509,059 
Brenntag SE 134,540 10,381,572 
Deutsche Post AG 872,588 37,279,131 
Hannover Reuck SE 120,236 18,688,358 
Linde PLC 170,561 53,494,330 
Merck KGaA 124,035 23,011,891 
SAP SE 130,403 13,215,823 
Siemens Healthineers AG (b) 518,552 27,726,948 
Symrise AG 112,877 13,431,721 
Synlab AG 267,213 3,987,741 
TOTAL GERMANY  273,924,818 
Greece - 0.1%   
Piraeus Financial Holdings SA (a) 1,640,738 2,368,673 
Hong Kong - 2.4%   
AIA Group Ltd. 6,392,912 62,802,430 
Chervon Holdings Ltd. 399,190 2,494,711 
Hong Kong Exchanges and Clearing Ltd. 142,768 6,056,072 
Techtronic Industries Co. Ltd. 1,323,589 17,667,406 
TOTAL HONG KONG  89,020,619 
India - 4.0%   
Axis Bank Ltd. (a) 902,598 8,498,100 
HDFC Bank Ltd. 2,076,873 37,188,837 
Housing Development Finance Corp. Ltd. 932,491 26,871,664 
Kotak Mahindra Bank Ltd. (a) 1,195,498 27,690,262 
Reliance Industries Ltd. 1,339,886 48,488,687 
TOTAL INDIA  148,737,550 
Indonesia - 1.0%   
PT Bank Central Asia Tbk 31,900,113 17,891,868 
PT Bank Rakyat Indonesia (Persero) Tbk 52,668,415 17,548,439 
TOTAL INDONESIA  35,440,307 
Ireland - 2.0%   
Aon PLC 90,301 26,005,785 
ICON PLC (a) 51,767 11,710,213 
Kingspan Group PLC (Ireland) 256,481 23,875,064 
Ryanair Holdings PLC sponsored ADR (a) 136,079 11,882,418 
TOTAL IRELAND  73,473,480 
Isle of Man - 0.1%   
Entain PLC (a) 290,309 5,455,000 
Italy - 0.7%   
FinecoBank SpA 975,506 13,560,862 
Reply SpA 51,001 7,508,221 
UniCredit SpA 346,550 3,207,348 
TOTAL ITALY  24,276,431 
Japan - 17.1%   
Advantest Corp. 87,355 5,961,813 
Daikin Industries Ltd. 86,158 13,166,468 
FUJIFILM Holdings Corp. 487,875 26,819,102 
Fujitsu Ltd. 108,718 16,432,634 
Hitachi Ltd. 884,380 41,943,020 
Hoya Corp. 642,744 63,787,289 
Itochu Corp. 1,031,377 31,127,969 
Keyence Corp. 98,719 39,685,457 
Minebea Mitsumi, Inc. 1,847,264 35,441,918 
Misumi Group, Inc. 609,489 15,282,525 
Money Forward, Inc. (a) 55,831 1,898,346 
Murata Manufacturing Co. Ltd. 98,571 5,875,571 
Nitori Holdings Co. Ltd. 17,039 1,752,961 
NOF Corp. 82,023 3,078,691 
Nomura Research Institute Ltd. 429,899 12,156,006 
Olympus Corp. 584,508 10,288,000 
ORIX Corp. 1,733,084 31,609,670 
Persol Holdings Co. Ltd. 927,636 18,403,960 
Recruit Holdings Co. Ltd. 809,935 29,385,749 
Relo Group, Inc. 625,884 8,940,497 
Seven & i Holdings Co. Ltd. 419,053 18,529,233 
Shin-Etsu Chemical Co. Ltd. 301,755 41,471,548 
SMC Corp. 59,753 28,933,622 
Sony Group Corp. 545,109 47,043,498 
TIS, Inc. 801,556 18,002,440 
Tokyo Electron Ltd. 91,564 38,635,128 
Tsuruha Holdings, Inc. 90,189 4,609,382 
Welcia Holdings Co. Ltd. 132,251 2,711,022 
Z Holdings Corp. 3,661,547 14,374,643 
ZOZO, Inc. 352,221 7,374,625 
TOTAL JAPAN  634,722,787 
Korea (South) - 1.0%   
NAVER Corp. 39,097 8,662,896 
Samsung Electronics Co. Ltd. 571,955 30,319,430 
TOTAL KOREA (SOUTH)  38,982,326 
Luxembourg - 1.0%   
B&M European Value Retail SA 3,497,114 21,427,126 
Eurofins Scientific SA 178,741 16,611,797 
TOTAL LUXEMBOURG  38,038,923 
Netherlands - 6.5%   
Adyen BV (a)(b) 8,708 14,605,870 
Airbus Group NV 284,613 31,157,127 
Argenx SE (a) 21,847 6,294,307 
ASML Holding NV 166,639 93,946,069 
IMCD NV 174,746 27,823,498 
NXP Semiconductors NV 156,748 26,788,233 
Wolters Kluwer NV 413,226 41,728,720 
Wolters Kluwer NV rights (a)(d) 413,226 449,011 
TOTAL NETHERLANDS  242,792,835 
New Zealand - 0.0%   
EBOS Group Ltd. 48,351 1,318,788 
Norway - 0.2%   
Schibsted ASA (A Shares) 436,921 9,104,946 
Spain - 1.4%   
Cellnex Telecom SA (b) 688,105 32,072,785 
Industria de Diseno Textil SA (c) 1,024,604 21,483,151 
TOTAL SPAIN  53,555,936 
Sweden - 2.3%   
Hexagon AB (B Shares) 1,885,172 24,324,245 
Indutrade AB 1,295,943 30,568,483 
Investor AB (B Shares) 1,254,328 24,136,913 
Kry International AB (e)(f) 663 233,610 
Nibe Industrier AB (B Shares) 192,098 1,883,407 
Nordnet AB 264,598 4,589,388 
TOTAL SWEDEN  85,736,046 
Switzerland - 10.0%   
Compagnie Financiere Richemont SA Series A 16,326 1,896,930 
Julius Baer Group Ltd. 183,715 8,779,344 
Lonza Group AG 63,224 37,279,040 
Nestle SA (Reg. S) 890,304 114,932,983 
Roche Holding AG (participation certificate) 330,318 122,486,555 
Sika AG 162,430 49,615,586 
Sonova Holding AG 67,982 24,516,086 
Zurich Insurance Group Ltd. 24,738 11,262,467 
TOTAL SWITZERLAND  370,768,991 
Taiwan - 1.0%   
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 395,002 36,707,536 
United Kingdom - 8.0%   
AstraZeneca PLC (United Kingdom) 239,003 31,892,856 
Big Yellow Group PLC 605,272 10,938,458 
Bridgepoint Group Holdings Ltd. (b) 1,785,793 6,813,977 
Compass Group PLC 1,193,429 25,183,560 
Diageo PLC 838,904 41,851,946 
Harbour Energy PLC 2,305,452 14,457,495 
JD Sports Fashion PLC 6,788,951 11,185,989 
Lloyds Banking Group PLC 38,670,974 21,963,710 
Prudential PLC 1,115,789 13,889,843 
Prudential PLC (Hong Kong) 279,815 3,479,003 
RELX PLC:   
rights (a)(d) 1,913,400 852,561 
(Euronext N.V.) 1,913,400 57,034,684 
Rentokil Initial PLC 3,581,350 24,597,689 
S4 Capital PLC (a) 1,346,499 5,092,935 
Smith & Nephew PLC 1,191,301 19,309,276 
Starling Bank Ltd. Series D (a)(e)(f) 2,406,800 7,136,323 
TOTAL UNITED KINGDOM  295,680,305 
United States of America - 5.7%   
Alphabet, Inc. Class C (a) 10,280 23,637,112 
Booking Holdings, Inc. (a) 5,605 12,388,788 
IQVIA Holdings, Inc. (a) 127,546 27,803,753 
Marsh & McLennan Companies, Inc. 174,055 28,144,694 
Marvell Technology, Inc. 446,029 25,905,364 
MasterCard, Inc. Class A 68,215 24,787,967 
NICE Ltd. sponsored ADR (a) 91,894 18,967,841 
ResMed, Inc. 32,202 6,439,434 
Rivian Automotive, Inc. 375,053 11,228,187 
S&P Global, Inc. 85,198 32,077,047 
TOTAL UNITED STATES OF AMERICA  211,380,187 
TOTAL COMMON STOCKS   
(Cost $3,071,310,009)  3,546,317,924 
Preferred Stocks - 0.4%   
Convertible Preferred Stocks - 0.4%   
Estonia - 0.2%   
Bolt Technology OU Series E (e)(f) 21,668 5,257,491 
United States of America - 0.2%   
Wasabi Holdings, Inc. Series C (a)(e)(f) 743,562 8,045,341 
TOTAL CONVERTIBLE PREFERRED STOCKS  13,302,832 
Nonconvertible Preferred Stocks - 0.0%   
Sweden - 0.0%   
Kry International AB Series E (e)(f) 3,828 1,348,808 
TOTAL PREFERRED STOCKS   
(Cost $15,457,833)  14,651,640 
Money Market Funds - 4.8%   
Fidelity Cash Central Fund 0.32% (g) 141,148,737 141,176,967 
Fidelity Securities Lending Cash Central Fund 0.32% (g)(h) 36,621,731 36,625,394 
TOTAL MONEY MARKET FUNDS   
(Cost $177,801,739)  177,802,361 
TOTAL INVESTMENT IN SECURITIES - 100.6%   
(Cost $3,264,569,581)  3,738,771,925 
NET OTHER ASSETS (LIABILITIES) - (0.6)%  (23,855,107) 
NET ASSETS - 100%  $3,714,916,818 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

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 $87,331,450 or 2.4% of net assets.

 (c) Security or a portion of the security is on loan at period end.

 (d) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $22,021,573 or 0.6% of net assets.

 (f) Level 3 security

 (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 1/3/22 $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 - 4/5/22 $4,642,638 
Wasabi Holdings, Inc. Series C 3/31/21 $8,078,504 

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund 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 0.32% $161,131,920 $526,118,400 $546,073,353 $86,685 $-- $-- $141,176,967 0.3% 
Fidelity Securities Lending Cash Central Fund 0.32% 33,872,696 149,237,261 146,484,563 22,594 -- -- 36,625,394 0.1% 
Total $195,004,616 $675,355,661 $692,557,916 $109,279 $-- $-- $177,802,361  

Amounts in the 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. Amount 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $118,657,688 $23,637,112 $95,020,576 $-- 
Consumer Discretionary 336,883,074 12,388,788 316,448,945 8,045,341 
Consumer Staples 241,408,955 -- 241,408,955 -- 
Energy 180,696,033 117,749,851 62,946,182 -- 
Financials 632,363,906 92,339,396 532,888,187 7,136,323 
Health Care 483,943,857 48,185,366 435,758,491 -- 
Industrials 710,520,044 37,718,112 672,801,932 -- 
Information Technology 596,271,643 267,473,636 321,958,098 6,839,909 
Materials 240,345,409 39,129,875 201,215,534 -- 
Real Estate 19,878,955 -- 19,878,955 -- 
Money Market Funds 177,802,361 177,802,361 -- -- 
Total Investments in Securities: $3,738,771,925 $816,424,497 $2,900,325,855 $22,021,573 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $34,435,788) — See accompanying schedule:
Unaffiliated issuers (cost $3,086,767,842) 		$3,560,969,564  
Fidelity Central Funds (cost $177,801,739) 177,802,361  
Total Investment in Securities (cost $3,264,569,581)  $3,738,771,925 
Cash  1 
Foreign currency held at value (cost $18,372)  18,521 
Receivable for investments sold  2,337,873 
Receivable for fund shares sold  3,446,383 
Dividends receivable  9,223,058 
Reclaims receivable  6,914,619 
Distributions receivable from Fidelity Central Funds  40,542 
Other receivables  8,359 
Total assets  3,760,761,281 
Liabilities   
Payable for investments purchased on a delayed delivery basis $1,301,572  
Payable for fund shares redeemed 2,690,004  
Accrued management fee 1,941,912  
Deferred taxes 3,285,581  
Collateral on securities loaned 36,625,394  
Total liabilities  45,844,463 
Net Assets  $3,714,916,818 
Net Assets consist of:   
Paid in capital  $3,348,796,117 
Total accumulated earnings (loss)  366,120,701 
Net Assets  $3,714,916,818 
Net Asset Value, offering price and redemption price per share ($3,714,916,818 ÷ 297,313,291 shares)  $12.49 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $32,401,216 
Foreign tax reclaims  2,147,334 
Income from Fidelity Central Funds (including $22,594 from security lending)  109,279 
Income before foreign taxes withheld  34,657,829 
Less foreign taxes withheld  (5,998,332) 
Total income  28,659,497 
Expenses   
Management fee $12,183,071  
Independent trustees' fees and expenses 6,808  
Total expenses before reductions 12,189,879  
Expense reductions (7)  
Total expenses after reductions  12,189,872 
Net investment income (loss)  16,469,625 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $1,483,204) (26,409,691)  
Foreign currency transactions (407,551)  
Total net realized gain (loss)  (26,817,242) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $3,434,333) (799,203,935)  
Assets and liabilities in foreign currencies (785,791)  
Total change in net unrealized appreciation (depreciation)  (799,989,726) 
Net gain (loss)  (826,806,968) 
Net increase (decrease) in net assets resulting from operations  $(810,337,343) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $16,469,625 $26,974,857 
Net realized gain (loss) (26,817,242) 291,669,537 
Change in net unrealized appreciation (depreciation) (799,989,726) 602,926,094 
Net increase (decrease) in net assets resulting from operations (810,337,343) 921,570,488 
Distributions to shareholders (40,087,762) (22,064,152) 
Share transactions   
Proceeds from sales of shares 1,069,015,331 1,357,060,441 
Reinvestment of distributions 40,087,762 22,064,152 
Cost of shares redeemed (505,696,698) (1,418,989,092) 
Net increase (decrease) in net assets resulting from share transactions 603,406,395 (39,864,499) 
Total increase (decrease) in net assets (247,018,710) 859,641,837 
Net Assets   
Beginning of period 3,961,935,528 3,102,293,691 
End of period $3,714,916,818 $3,961,935,528 
Other Information   
Shares   
Sold 73,630,565 93,633,650 
Issued in reinvestment of distributions 2,683,250 1,661,457 
Redeemed (35,507,153) (98,214,817) 
Net increase (decrease) 40,806,662 (2,919,710) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Diversified International K6 Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 A 
Selected Per–Share Data       
Net asset value, beginning of period $15.45 $11.96 $11.08 $9.69 $10.65 $10.00 
Income from Investment Operations       
Net investment income (loss)B,C .06 .10 .08 .16 .18 .03D 
Net realized and unrealized gain (loss) (2.87) 3.47 .98 1.36 (1.12) .62 
Total from investment operations (2.81) 3.57 1.06 1.52 (.94) .65 
Distributions from net investment income (.15) (.08) (.15) (.13) (.02) – 
Distributions from net realized gain – – (.03) – (.01) – 
Total distributions (.15) (.08) (.18) (.13) (.02)E – 
Net asset value, end of period $12.49 $15.45 $11.96 $11.08 $9.69 $10.65 
Total ReturnF,G (18.35)% 30.00% 9.70% 15.89% (8.83)% 6.50% 
Ratios to Average Net AssetsC,H,I       
Expenses before reductions .60%J .60% .60% .60% .60% .60%J 
Expenses net of fee waivers, if any .60%J .60% .60% .60% .60% .60%J 
Expenses net of all reductions .60%J .60% .59% .59% .58% .60%J 
Net investment income (loss) .81%J .73% .73% 1.59% 1.67% .64%D,J 
Supplemental Data       
Net assets, end of period (000 omitted) $3,714,917 $3,961,936 $3,102,294 $2,977,388 $2,207,355 $296,146 
Portfolio turnover rateK 29%J,L 30%L 34% 48%L 48%L 27%L,M 

 A For the period May 25, 2017 (commencement of operations) through October 31, 2017.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.01 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .58%.

 E Total distributions per share do not sum due to rounding.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 J Annualized

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 L Portfolio turnover rate excludes securities received or delivered in-kind.

 M Amount not annualized.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

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. 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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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, 2022 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 tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $731,931,910 
Gross unrealized depreciation (280,171,962) 
Net unrealized appreciation (depreciation) $451,759,948 
Tax cost $3,287,011,977 

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 $(74,447,738) 

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 Diversified International K6 Fund 763,007,097 553,071,270 

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 accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

 Shares Total net realized gain or loss
($) 		Total Proceeds
($) 
Fidelity Diversified International K6 Fund 4,786,586 30,753,342 72,038,115 

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 31,043,952 452,529,819 

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 8,576,678 54,044,218 128,650,169 

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 29,580,433 434,308,676 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .60% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Fidelity Diversified International K6 Fund $1,330 

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 24,462,423 19,032,454 (1,738,510) 

Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:

 Amount ($) 
Fidelity Diversified International K6 Fund 1,043 

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 $2,480 $1 $– 

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 $7.

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. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

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, 2021 to April 30, 2022).

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, 2021 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity Diversified International K6 Fund .60%    
Actual  $1,000.00 $816.50 $2.70 
Hypothetical-C  $1,000.00 $1,021.82 $3.01 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Liquidity Risk Management Program

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 pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is 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) in the case of exchange-traded funds, certain additional factors 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 liquidity categories described below 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 implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

DIFK6-SANN-0622
1.9883986.104

Fidelity® International Capital Appreciation K6 Fund



Semi-Annual Report

April 30, 2022

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

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. © 2022 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   United States of America* 19.3% 
   France 17.1% 
   Canada 9.6% 
   Switzerland 9.2% 
   Netherlands 7.0% 
   Japan 6.6% 
   Ireland 6.0% 
   Sweden 5.2% 
   United Kingdom 5.1% 
   Other 14.9% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks 97.9 
Short-Term Investments and Net Other Assets (Liabilities) 2.1 

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 3.3 
Nestle SA (Reg. S) (Switzerland, Food Products) 3.1 
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) 2.5 
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) 2.4 
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) 2.3 
Diageo PLC (United Kingdom, Beverages) 1.9 
L'Oreal SA (France, Personal Products) 1.8 
DSV A/S (Denmark, Air Freight & Logistics) 1.7 
Schneider Electric SA (France, Electrical Equipment) 1.7 
Canadian National Railway Co. (Canada, Road & Rail) 1.7 
 22.4 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Industrials 25.4 
Information Technology 22.7 
Health Care 14.1 
Financials 10.4 
Consumer Discretionary 9.1 
Consumer Staples 8.4 
Materials 6.4 
Communication Services 1.4 

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%   
 Shares Value 
Bailiwick of Jersey - 1.6%   
Experian PLC 355,675 $12,283,006 
Canada - 9.6%   
Brookfield Asset Management, Inc. Class A 260,877 13,007,327 
Canadian National Railway Co. 116,201 13,665,704 
Canadian Pacific Railway Ltd. 183,747 13,440,786 
Constellation Software, Inc. 7,364 11,589,967 
Thomson Reuters Corp. 114,153 11,413,079 
Waste Connections, Inc. (Canada) 87,057 12,010,362 
TOTAL CANADA  75,127,225 
Denmark - 4.1%   
DSV A/S 83,668 13,717,514 
Novo Nordisk A/S Series B 162,688 18,583,247 
TOTAL DENMARK  32,300,761 
France - 17.1%   
Air Liquide SA 78,590 13,596,729 
Dassault Systemes SA 292,531 12,936,996 
EssilorLuxottica SA 78,151 13,305,037 
Hermes International SCA 10,031 12,368,799 
L'Oreal SA 38,360 13,955,750 
LVMH Moet Hennessy Louis Vuitton SE 28,198 18,247,922 
Pernod Ricard SA 61,400 12,671,991 
Sartorius Stedim Biotech 33,764 11,048,559 
Schneider Electric SA 95,421 13,689,964 
Teleperformance 34,456 12,366,638 
TOTAL FRANCE  134,188,385 
Germany - 1.5%   
Merck KGaA 63,040 11,695,647 
Hong Kong - 1.4%   
Techtronic Industries Co. Ltd. 843,573 11,260,102 
India - 3.0%   
HDFC Bank Ltd. 656,814 11,761,022 
Kotak Mahindra Bank Ltd. (a) 526,900 12,204,119 
TOTAL INDIA  23,965,141 
Ireland - 6.0%   
Accenture PLC Class A 36,599 10,992,876 
ICON PLC (a) 48,486 10,968,018 
Kingspan Group PLC (Ireland) 131,449 12,236,202 
Linde PLC 40,599 12,665,264 
TOTAL IRELAND  46,862,360 
Japan - 6.6%   
Hoya Corp. 129,252 12,827,245 
Keyence Corp. 33,567 13,494,076 
Recruit Holdings Co. Ltd. 330,546 11,992,742 
Tokyo Electron Ltd. 32,378 13,661,790 
TOTAL JAPAN  51,975,853 
Netherlands - 7.0%   
ASM International NV (Netherlands) 38,823 11,666,005 
ASML Holding NV (Netherlands) 34,072 19,337,172 
Ferrari NV (Italy) (b) 57,544 12,116,162 
Wolters Kluwer NV 116,388 11,753,187 
Wolters Kluwer NV rights (a)(c) 116,388 126,467 
TOTAL NETHERLANDS  54,998,993 
Sweden - 5.2%   
ASSA ABLOY AB (B Shares) 468,931 11,850,892 
Atlas Copco AB (A Shares) (b) 297,146 13,471,671 
Evolution AB (d) 29,783 3,055,686 
Hexagon AB (B Shares) 967,708 12,486,270 
TOTAL SWEDEN  40,864,519 
Switzerland - 9.2%   
Compagnie Financiere Richemont SA Series A 108,890 12,652,009 
Lonza Group AG 19,729 11,632,895 
Nestle SA (Reg. S) 189,282 24,435,187 
Partners Group Holding AG 10,475 11,098,236 
Sika AG 41,691 12,734,861 
TOTAL SWITZERLAND  72,553,188 
Taiwan - 3.3%   
Taiwan Semiconductor Manufacturing Co. Ltd. 1,436,640 25,992,820 
United Kingdom - 5.1%   
Diageo PLC 303,619 15,147,199 
RELX PLC (London Stock Exchange) 430,891 12,836,450 
Rentokil Initial PLC 1,775,503 12,194,639 
TOTAL UNITED KINGDOM  40,178,288 
United States of America - 17.2%   
Adobe, Inc. (a) 27,900 11,047,005 
Alphabet, Inc. Class A (a) 4,740 10,817,581 
Danaher Corp. 43,006 10,800,097 
Domino's Pizza, Inc. 414 139,932 
Marsh & McLennan Companies, Inc. 67,889 10,977,651 
MasterCard, Inc. Class A 32,200 11,700,836 
Moody's Corp. 35,333 11,182,188 
NICE Ltd. sponsored ADR (a) 55,910 11,540,383 
NVIDIA Corp. 55,374 10,270,216 
S&P Global, Inc. 30,274 11,398,161 
Sherwin-Williams Co. 43,680 12,010,253 
Thermo Fisher Scientific, Inc. 21,294 11,773,878 
Zoetis, Inc. Class A 63,405 11,238,536 
TOTAL UNITED STATES OF AMERICA  134,896,717 
TOTAL COMMON STOCKS   
(Cost $677,657,139)  769,143,005 
Money Market Funds - 3.1%   
Fidelity Cash Central Fund 0.32% (e) 8,822,984 8,824,749 
Fidelity Securities Lending Cash Central Fund 0.32% (e)(f) 15,941,217 15,942,812 
TOTAL MONEY MARKET FUNDS   
(Cost $24,767,561)  24,767,561 
TOTAL INVESTMENT IN SECURITIES - 101.0%   
(Cost $702,424,700)  793,910,566 
NET OTHER ASSETS (LIABILITIES) - (1.0)%  (7,994,039) 
NET ASSETS - 100%  $785,916,527 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

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 $3,055,686 or 0.4% 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.

 (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.

Fund 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 0.32% $17,246,777 $213,560,530 $221,982,558 $5,683 $-- $-- $8,824,749 0.0% 
Fidelity Securities Lending Cash Central Fund 0.32% -- 61,490,387 45,547,575 2,770 -- -- 15,942,812 0.0% 
Total $17,246,777 $275,050,917 $267,530,133 $8,453 $-- $-- $24,767,561  

Amounts in the 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. Amount 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $10,817,581 $10,817,581 $-- $-- 
Consumer Discretionary 71,885,547 139,932 71,745,615 -- 
Consumer Staples 66,210,127 -- 66,210,127 -- 
Financials 81,628,704 46,565,327 35,063,377 -- 
Health Care 110,568,122 44,780,529 65,787,593 -- 
Industrials 200,309,405 50,529,931 149,779,474 -- 
Information Technology 176,716,412 67,141,283 109,575,129 -- 
Materials 51,007,107 24,675,517 26,331,590 -- 
Money Market Funds 24,767,561 24,767,561 -- -- 
Total Investments in Securities: $793,910,566 $269,417,661 $524,492,905 $-- 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $14,127,714) — See accompanying schedule:
Unaffiliated issuers (cost $677,657,139) 		$769,143,005  
Fidelity Central Funds (cost $24,767,561) 24,767,561  
Total Investment in Securities (cost $702,424,700)  $793,910,566 
Cash  33,891 
Foreign currency held at value (cost $268,574)  268,621 
Receivable for investments sold  21,232,336 
Receivable for fund shares sold  890,383 
Dividends receivable  1,060,360 
Reclaims receivable  892,218 
Distributions receivable from Fidelity Central Funds  3,308 
Other receivables  171,678 
Total assets  818,463,361 
Liabilities   
Payable for investments purchased   
Regular delivery $15,418,436  
Delayed delivery 126,467  
Payable for fund shares redeemed 564,096  
Accrued management fee 450,048  
Other payables and accrued expenses 44,975  
Collateral on securities loaned 15,942,812  
Total liabilities  32,546,834 
Net Assets  $785,916,527 
Net Assets consist of:   
Paid in capital  $714,632,878 
Total accumulated earnings (loss)  71,283,649 
Net Assets  $785,916,527 
Net Asset Value, offering price and redemption price per share ($785,916,527 ÷ 60,596,922 shares)  $12.97 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $4,540,634 
Foreign tax reclaims  310,933 
Income from Fidelity Central Funds (including $2,770 from security lending)  8,453 
Income before foreign taxes withheld  4,860,020 
Less foreign taxes withheld  (762,620) 
Total income  4,097,400 
Expenses   
Management fee $2,830,233  
Independent trustees' fees and expenses 1,511  
Interest 588  
Total expenses before reductions 2,832,332  
Expense reductions (1)  
Total expenses after reductions  2,832,331 
Net investment income (loss)  1,265,069 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $218,012) (19,467,517)  
Foreign currency transactions 2,159  
Total net realized gain (loss)  (19,465,358) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $984,045) (179,008,092)  
Assets and liabilities in foreign currencies (117,002)  
Total change in net unrealized appreciation (depreciation)  (179,125,094) 
Net gain (loss)  (198,590,452) 
Net increase (decrease) in net assets resulting from operations  $(197,325,383) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $1,265,069 $2,730,324 
Net realized gain (loss) (19,465,358) 87,802,527 
Change in net unrealized appreciation (depreciation) (179,125,094) 124,225,329 
Net increase (decrease) in net assets resulting from operations (197,325,383) 214,758,180 
Distributions to shareholders (75,709,685) (3,677,736) 
Share transactions   
Proceeds from sales of shares 153,459,665 357,797,473 
Reinvestment of distributions 75,709,685 3,677,736 
Cost of shares redeemed (93,450,723) (410,282,639) 
Net increase (decrease) in net assets resulting from share transactions 135,718,627 (48,807,430) 
Total increase (decrease) in net assets (137,316,441) 162,273,014 
Net Assets   
Beginning of period 923,232,968 760,959,954 
End of period $785,916,527 $923,232,968 
Other Information   
Shares   
Sold 10,270,989 22,114,523 
Issued in reinvestment of distributions 4,794,787 240,061 
Redeemed (6,284,184) (24,934,580) 
Net increase (decrease) 8,781,592 (2,579,996) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity International Capital Appreciation K6 Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 A 
Selected Per–Share Data       
Net asset value, beginning of period $17.82 $13.99 $12.40 $10.17 $11.01 $10.00 
Income from Investment Operations       
Net investment income (loss)B,C .02 .05 .08 .13D .11 .02 
Net realized and unrealized gain (loss) (3.42) 3.85 1.62 2.18 (.92) .99 
Total from investment operations (3.40) 3.90 1.70 2.31 (.81) 1.01 
Distributions from net investment income (.04) (.07) (.11) (.08) (.02) – 
Distributions from net realized gain (1.41) – – – (.01) – 
Total distributions (1.45) (.07) (.11) (.08) (.03) – 
Net asset value, end of period $12.97 $17.82 $13.99 $12.40 $10.17 $11.01 
Total ReturnE,F (20.54)% 27.93% 13.82% 22.90% (7.36)% 10.10% 
Ratios to Average Net AssetsC,G,H       
Expenses before reductions .65%I .65% .65% .65% .65% .65%I 
Expenses net of fee waivers, if any .65%I .65% .65% .65% .65% .65%I 
Expenses net of all reductions .65%I .65% .61% .63% .58% .65%I 
Net investment income (loss) .29%I .29% .62% 1.16%D .99% .51%I 
Supplemental Data       
Net assets, end of period (000 omitted) $785,917 $923,233 $760,960 $524,353 $360,963 $175,404 
Portfolio turnover rateJ 111%I,K 149% 138% 144%K 158%K 81%K,L 

 A For the period May 25, 2017 (commencement of operations) through October 31, 2017.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Net 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%.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 K Portfolio turnover rate excludes securities received or delivered in-kind.

 L Amount not annualized.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

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.

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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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, 2022 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.

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, 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 $133,710,400 
Gross unrealized depreciation (45,868,564) 
Net unrealized appreciation (depreciation) $87,841,836 
Tax cost $706,068,730 

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 Capital Appreciation K6 Fund 521,306,100 476,791,306 

Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

 Shares Total Proceeds
($) 
Fidelity International Capital Appreciation K6 Fund 412,011 6,501,540 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee 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 $1,125 

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 $4,523,714 .32% $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 International Capital Appreciation K6 Fund 58,485,366 42,262,290 (3,194,362) 

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 $326 $– $– 

8. Bank Borrowings.

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:

 Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity International Capital Appreciation K6 Fund $3,064,000 .73% $311 

9. 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 $1.

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. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

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, 2021 to April 30, 2022).

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, 2021 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity International Capital Appreciation K6 Fund .65%    
Actual  $1,000.00 $794.60 $2.89 
Hypothetical-C  $1,000.00 $1,021.57 $3.26 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Liquidity Risk Management Program

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 pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is 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) in the case of exchange-traded funds, certain additional factors 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 liquidity categories described below 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 implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

IVFK6-SANN-0622
1.9883990.104

Fidelity® Series Canada Fund



Semi-Annual Report

April 30, 2022

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

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. © 2022 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   Canada 99.7% 
   United States of America* 0.3% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks 99.5 
Bonds 0.2 
Short-Term Investments and Net Other Assets (Liabilities) 0.3 

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
The Toronto-Dominion Bank (Banks) 8.9 
Canadian Pacific Railway Ltd. (Road & Rail) 6.6 
Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels) 6.2 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) (Food & Staples Retailing) 5.2 
Bank of Montreal (Banks) 4.6 
Royal Bank of Canada (Banks) 4.6 
Brookfield Asset Management, Inc. (Canada) Class A (Capital Markets) 4.3 
Suncor Energy, Inc. (Oil, Gas & Consumable Fuels) 4.2 
Canadian National Railway Co. (Road & Rail) 4.0 
Nutrien Ltd. (Chemicals) 3.9 
 52.5 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Financials 31.7 
Energy 18.1 
Industrials 14.4 
Materials 12.4 
Information Technology 7.0 
Consumer Staples 6.3 
Consumer Discretionary 5.0 
Communication Services 3.7 
Health Care 0.7 
Real Estate 0.4 

Market Sectors may include more than one industry category.
The Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Canadian market. As of April 30, 2022, the Fund did not have more than 25% of its total assets invested in any one industry.

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%   
 Shares Value 
COMMUNICATION SERVICES - 3.5%   
Diversified Telecommunication Services - 1.6%   
TELUS Corp. 3,703,700 $92,660,972 
Interactive Media & Services - 0.1%   
VerticalScope Holdings, Inc. 516,100 7,898,280 
Wireless Telecommunication Services - 1.8%   
Rogers Communications, Inc. Class B (non-vtg.) (a) 1,902,600 103,642,197 
TOTAL COMMUNICATION SERVICES  204,201,449 
CONSUMER DISCRETIONARY - 5.0%   
Auto Components - 0.7%   
Magna International, Inc. Class A (sub. vtg.) 641,800 38,678,361 
Hotels, Restaurants & Leisure - 1.7%   
Restaurant Brands International, Inc. 1,752,900 100,140,374 
Multiline Retail - 2.5%   
Dollarama, Inc. 2,647,100 147,165,284 
Specialty Retail - 0.0%   
Diversified Royalty Corp. (a) 1,091,400 2,455,257 
Textiles, Apparel & Luxury Goods - 0.1%   
Canada Goose Holdings, Inc. (a)(b) 397,883 8,672,186 
TOTAL CONSUMER DISCRETIONARY  297,111,462 
CONSUMER STAPLES - 6.3%   
Beverages - 0.3%   
GURU Organic Energy Corp. (b)(c) 1,891,996 17,452,343 
Food & Staples Retailing - 5.9%   
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) 6,886,200 306,559,591 
Neighbourly Pharmacy, Inc. (a) 237,375 4,480,865 
Neighbourly Pharmacy, Inc. (b) 146,400 2,715,691 
North West Co., Inc. (a) 1,189,600 33,178,973 
  346,935,120 
Personal Products - 0.1%   
Jamieson Wellness, Inc. (d) 387,800 9,750,469 
TOTAL CONSUMER STAPLES  374,137,932 
ENERGY - 18.1%   
Energy Equipment & Services - 0.7%   
Computer Modelling Group Ltd. 2,592,800 9,627,257 
Pason Systems, Inc. 2,256,500 28,473,020 
  38,100,277 
Oil, Gas & Consumable Fuels - 17.4%   
Canadian Natural Resources Ltd. 5,906,200 365,548,563 
Enbridge, Inc. (a) 4,571,600 199,497,058 
Parkland Corp. (a) 2,439,000 69,278,878 
PrairieSky Royalty Ltd. (a) 10,591,980 145,359,909 
Suncor Energy, Inc. 6,956,200 250,058,238 
  1,029,742,646 
TOTAL ENERGY  1,067,842,923 
FINANCIALS - 31.7%   
Banks - 20.1%   
Bank of Montreal (a) 2,584,000 273,978,625 
Bank of Nova Scotia 1,839,100 116,460,347 
Royal Bank of Canada (a) 2,689,700 271,660,433 
The Toronto-Dominion Bank 7,289,530 526,521,223 
  1,188,620,628 
Capital Markets - 5.3%   
Brookfield Asset Management, Inc. (Canada) Class A 5,086,088 253,700,634 
TMX Group Ltd. 556,400 56,646,990 
  310,347,624 
Insurance - 6.3%   
Definity Financial Corp. 2,603,024 67,919,951 
Intact Financial Corp. 828,200 115,863,546 
Sun Life Financial, Inc. 3,771,300 187,618,249 
  371,401,746 
TOTAL FINANCIALS  1,870,369,998 
HEALTH CARE - 0.7%   
Health Care Providers & Services - 0.7%   
Andlauer Healthcare Group, Inc. 859,970 29,949,837 
dentalcorp Holdings Ltd. (b) 1,072,100 12,025,813 
  41,975,650 
INDUSTRIALS - 14.4%   
Commercial Services & Supplies - 1.9%   
GFL Environmental, Inc. (a) 3,719,214 112,041,087 
Professional Services - 1.9%   
Thomson Reuters Corp. 1,103,300 110,308,529 
Road & Rail - 10.6%   
Canadian National Railway Co. 2,047,900 240,841,266 
Canadian Pacific Railway Ltd. 5,313,621 388,682,494 
  629,523,760 
TOTAL INDUSTRIALS  851,873,376 
INFORMATION TECHNOLOGY - 6.9%   
IT Services - 2.9%   
CGI, Inc. Class A (sub. vtg.) (b) 1,196,000 95,370,910 
Shopify, Inc. Class A (b) 175,200 74,944,659 
  170,315,569 
Software - 4.0%   
ApplyBoard, Inc. (e)(f) 10,248 1,014,757 
ApplyBoard, Inc. (non-vtg.) (e)(f) 2,527 250,224 
Constellation Software, Inc. 78,300 123,233,893 
Dye & Durham Ltd. 2,228,100 36,786,674 
Open Text Corp. 1,828,700 73,239,104 
  234,524,652 
TOTAL INFORMATION TECHNOLOGY  404,840,221 
MATERIALS - 12.4%   
Chemicals - 3.9%   
Nutrien Ltd. 2,363,378 232,244,455 
Containers & Packaging - 1.1%   
CCL Industries, Inc. Class B 1,468,400 64,021,394 
Metals & Mining - 6.9%   
Franco-Nevada Corp. 1,327,919 200,823,651 
Lundin Mining Corp. 4,825,100 44,057,465 
Wheaton Precious Metals Corp. 3,683,500 165,100,167 
  409,981,283 
Paper & Forest Products - 0.5%   
Stella-Jones, Inc. 622,300 17,196,629 
Western Forest Products, Inc. 6,001,700 9,624,024 
  26,820,653 
TOTAL MATERIALS  733,067,785 
REAL ESTATE - 0.4%   
Equity Real Estate Investment Trusts (REITs) - 0.4%   
Allied Properties (REIT) (a) 652,700 21,202,017 
Real Estate Management & Development - 0.0%   
Information Services Corp. 82,200 1,383,704 
TOTAL REAL ESTATE  22,585,721 
TOTAL COMMON STOCKS   
(Cost $4,236,526,385)  5,868,006,517 
Nonconvertible Preferred Stocks - 0.1%   
INFORMATION TECHNOLOGY - 0.1%   
Software - 0.1%   
ApplyBoard, Inc.:   
Series A1 (e)(f) 12,606 1,248,246 
Series A2 (e)(f) 9,868 977,129 
Series A3 (e)(f) 563 55,748 
Series D (e)(f) 27,521 2,725,129 
Series Seed (e)(f) 3,768 373,107 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $4,705,692)  5,379,359 
 Principal Amount(g) Value 
Convertible Bonds - 0.2%   
COMMUNICATION SERVICES - 0.2%   
Entertainment - 0.2%   
Cineplex, Inc. 5.75% 9/30/25
(Cost $9,418,939)(d) 		CAD14,084,000 13,960,005 
 Shares Value 
Money Market Funds - 12.5%   
Fidelity Cash Central Fund 0.32% (h) 6,277,393 6,278,649 
Fidelity Securities Lending Cash Central Fund 0.32% (h)(i) 730,135,781 730,208,795 
TOTAL MONEY MARKET FUNDS   
(Cost $736,487,444)  736,487,444 
TOTAL INVESTMENT IN SECURITIES - 112.2%   
(Cost $4,987,138,460)  6,623,833,325 
NET OTHER ASSETS (LIABILITIES) - (12.2)%  (718,533,707) 
NET ASSETS - 100%  $5,905,299,618 

Currency Abbreviations

CAD – Canadian dollar

Legend

 (a) Security or a portion of the security is on loan at period end.

 (b) Non-income producing

 (c) Affiliated company

 (d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $23,710,474 or 0.4% 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 $6,644,340 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. 6/4/21 - 6/30/21 $524,312 
ApplyBoard, Inc. (non-vtg.) 6/30/21 $269,861 
ApplyBoard, Inc. Series A1 6/4/21 $816,255 
ApplyBoard, Inc. Series A2 6/4/21 $638,966 
ApplyBoard, Inc. Series A3 6/4/21 $36,455 
ApplyBoard, Inc. Series D 6/4/21 $2,970,033 
ApplyBoard, Inc. Series Seed 6/4/21 $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.

Fund 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 0.32% $3,421,935 $378,494,594 $375,637,880 $10,061 $-- $-- $6,278,649 0.0% 
Fidelity Securities Lending Cash Central Fund 0.32% 1,018,238,194 3,394,866,851 3,682,896,250 638,524 -- -- 730,208,795 1.9% 
Total $1,021,660,129 $3,773,361,445 $4,058,534,130 $648,585 $-- $-- $736,487,444  

Amounts in the 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. Amount 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.

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.

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
GURU Organic Energy Corp. $7,685,151 $-- $-- $-- $-- $1,017,395 $-- 
GURU Organic Energy Corp. 15,921,138 -- -- -- -- (7,171,341) 17,452,343 
Total $23,606,289 $-- $-- $-- $-- $(6,153,946) $17,452,343 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $204,201,449 $204,201,449 $-- $-- 
Consumer Discretionary 297,111,462 297,111,462 -- -- 
Consumer Staples 374,137,932 374,137,932 -- -- 
Energy 1,067,842,923 1,067,842,923 -- -- 
Financials 1,870,369,998 1,870,369,998 -- -- 
Health Care 41,975,650 41,975,650 -- -- 
Industrials 851,873,376 851,873,376 -- -- 
Information Technology 410,219,580 403,575,240 -- 6,644,340 
Materials 733,067,785 733,067,785 -- -- 
Real Estate 22,585,721 22,585,721 -- -- 
Corporate Bonds 13,960,005 -- 13,960,005 -- 
Money Market Funds 736,487,444 736,487,444 -- -- 
Total Investments in Securities: $6,623,833,325 $6,603,228,980 $13,960,005 $6,644,340 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $670,363,277) — See accompanying schedule:
Unaffiliated issuers (cost $4,236,924,559) 		$5,869,893,538  
Fidelity Central Funds (cost $736,487,444) 736,487,444  
Other affiliated issuers (cost $13,726,457) 17,452,343  
Total Investment in Securities (cost $4,987,138,460)  $6,623,833,325 
Foreign currency held at value (cost $1,759,911)  1,755,647 
Receivable for investments sold  105,350,302 
Receivable for fund shares sold  3,219,235 
Dividends receivable  10,779,739 
Interest receivable  54,186 
Distributions receivable from Fidelity Central Funds  83,090 
Total assets  6,745,075,524 
Liabilities   
Payable for investments purchased $445,281  
Payable for fund shares redeemed 109,111,339  
Other payables and accrued expenses 12,262  
Collateral on securities loaned 730,207,024  
Total liabilities  839,775,906 
Net Assets  $5,905,299,618 
Net Assets consist of:   
Paid in capital  $4,244,983,256 
Total accumulated earnings (loss)  1,660,316,362 
Net Assets  $5,905,299,618 
Net Asset Value, offering price and redemption price per share ($5,905,299,618 ÷ 407,242,636 shares)  $14.50 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $73,917,007 
Interest  511,487 
Income from Fidelity Central Funds (including $638,524 from security lending)  648,585 
Income before foreign taxes withheld  75,077,079 
Less foreign taxes withheld  (11,154,612) 
Total income  63,922,467 
Expenses   
Custodian fees and expenses $26,025  
Independent trustees' fees and expenses 10,132  
Interest 3,002  
Total expenses  39,159 
Net investment income (loss)  63,883,308 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 47,711,059  
Foreign currency transactions (931,593)  
Total net realized gain (loss)  46,779,466 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (79,003,741)  
Affiliated issuers (6,153,946)  
Assets and liabilities in foreign currencies (706)  
Total change in net unrealized appreciation (depreciation)  (85,158,393) 
Net gain (loss)  (38,378,927) 
Net increase (decrease) in net assets resulting from operations  $25,504,381 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $63,883,308 $108,709,412 
Net realized gain (loss) 46,779,466 22,443,969 
Change in net unrealized appreciation (depreciation) (85,158,393) 1,915,956,394 
Net increase (decrease) in net assets resulting from operations 25,504,381 2,047,109,775 
Distributions to shareholders (132,881,856) (93,451,768) 
Share transactions   
Proceeds from sales of shares 514,205,258 1,111,955,563 
Reinvestment of distributions 132,881,856 93,451,768 
Cost of shares redeemed (699,555,187) (1,008,336,876) 
Net increase (decrease) in net assets resulting from share transactions (52,468,073) 197,070,455 
Total increase (decrease) in net assets (159,845,548) 2,150,728,462 
Net Assets   
Beginning of period 6,065,145,166 3,914,416,704 
End of period $5,905,299,618 $6,065,145,166 
Other Information   
Shares   
Sold 35,120,761 82,470,040 
Issued in reinvestment of distributions 9,351,292 8,063,138 
Redeemed (47,844,517) (80,373,626) 
Net increase (decrease) (3,372,464) 10,159,552 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Series Canada Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2022 2021 2020 2019 2018 2017 A 
Selected Per–Share Data       
Net asset value, beginning of period $14.77 $9.77 $10.89 $9.99 $10.66 $10.00 
Income from Investment Operations       
Net investment income (loss)B,C .15 .28 .27 .27 .26 .06 
Net realized and unrealized gain (loss) (.10) 4.97 (1.14) .86 (.81) .60 
Total from investment operations .05 5.25 (.87) 1.13 (.55) .66 
Distributions from net investment income (.32) (.25) (.25) (.23) (.10) – 
Distributions from net realized gain – – – – (.02) – 
Total distributions (.32) (.25) (.25) (.23) (.12) – 
Net asset value, end of period $14.50 $14.77 $9.77 $10.89 $9.99 $10.66 
Total ReturnD,E .38% 54.40% (8.22)% 11.62% (5.26)% 6.60% 
Ratios to Average Net AssetsC,F,G       
Expenses before reductionsH - %I -% -% -% -% - %I 
Expenses net of fee waivers, if anyH - %I -% -% -% -% - %I 
Expenses net of all reductionsH - %I -% -% -% -% - %I 
Net investment income (loss) 2.08%I 2.13% 2.70% 2.63% 2.42% 2.62%I 
Supplemental Data       
Net assets, end of period (000 omitted) $5,905,300 $6,065,145 $3,914,417 $1,916,409 $1,385,499 $1,476,967 
Portfolio turnover rateJ 22%I 19% 14% 12%K 36% 3%L 

 A For the period August 15, 2017 (commencement of operations) through October 31, 2017.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Amount represents less than .005%.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 K Portfolio turnover rate excludes securities received or delivered in-kind.

 L Amount not annualized.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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 vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors 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 vendors. 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, 2022 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), 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 $1,775,262,586 
Gross unrealized depreciation (162,413,932) 
Net unrealized appreciation (depreciation) $1,612,848,654 
Tax cost $5,010,984,671 

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 $(3,963,807) 
Long-term (37,137,274) 
Total capital loss carryforward $(41,101,081) 

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 659,323,210 711,291,044 

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 $68,692,800 .31% $3,002 

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 54,867,796 15,795,809 464,270 

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 $69,003 $– $– 

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. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

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, 2021 to April 30, 2022).

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, 2021 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity Series Canada Fund - %-C    
Actual  $1,000.00 $1,003.80 $--D 
Hypothetical-E  $1,000.00 $1,024.79 $--D 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C Amount represents less than .005%.

 D Amount represents less than $.005.

 E 5% return per year before expenses

Liquidity Risk Management Program

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 pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is 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) in the case of exchange-traded funds, certain additional factors 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 liquidity categories described below 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 implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

SAD-SANN-0622
1.9883883.104

Fidelity® SAI International SMA Completion Fund

Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (SAI) - not available for sale to the general public. Fidelity SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with SAI.



Semi-Annual Report

April 30, 2022

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

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. © 2022 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   Japan 24.0% 
   India 10.6% 
   France 8.1% 
   Canada 6.6% 
   Sweden 6.2% 
   Luxembourg 4.5% 
   Indonesia 4.2% 
   Germany 4.0% 
   Korea (South) 3.8% 
   Other* 28.0% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks 97.2 
Short-Term Investments and Net Other Assets (Liabilities) 2.8 

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Reliance Industries Ltd. (India, Oil, Gas & Consumable Fuels) 7.1 
Keyence Corp. (Japan, Electronic Equipment & Components) 5.6 
Minebea Mitsumi, Inc. (Japan, Machinery) 4.9 
Teleperformance (France, Professional Services) 4.6 
Itochu Corp. (Japan, Trading Companies & Distributors) 4.2 
Hannover Reuck SE (Germany, Insurance) 4.0 
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) 3.8 
Indutrade AB (Sweden, Machinery) 3.5 
B&M European Value Retail SA (Luxembourg, Multiline Retail) 3.1 
IMCD NV (Netherlands, Trading Companies & Distributors) 3.0 
 43.8 

Top Market Sectors as of April 30, 2022

 % of fund's net assets 
Industrials 27.0 
Financials 16.5 
Information Technology 15.6 
Energy 10.9 
Consumer Discretionary 9.1 
Communication Services 7.5 
Health Care 5.4 
Materials 3.9 
Consumer Staples 1.3 

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.2%   
 Shares Value 
Australia - 1.8%   
Aristocrat Leisure Ltd. 411,821 $9,555,211 
Belgium - 2.4%   
UCB SA 111,123 12,631,649 
Canada - 6.6%   
Constellation Software, Inc. 9,969 15,689,894 
First Quantum Minerals Ltd. 270,293 7,749,108 
Tourmaline Oil Corp. 209,772 10,803,344 
TOTAL CANADA  34,242,346 
Cayman Islands - 3.0%   
Anta Sports Products Ltd. 550,782 6,329,859 
Li Ning Co. Ltd. 1,169,799 9,117,611 
TOTAL CAYMAN ISLANDS  15,447,470 
France - 8.1%   
Capgemini SA 47,933 9,758,155 
Sartorius Stedim Biotech 26,136 8,552,456 
Teleperformance 66,569 23,892,348 
TOTAL FRANCE  42,202,959 
Germany - 4.0%   
Hannover Reuck SE 133,077 20,684,243 
India - 10.6%   
Housing Development Finance Corp. Ltd. 251,300 7,241,731 
Kotak Mahindra Bank Ltd. (a) 474,647 10,993,829 
Reliance Industries Ltd. 1,007,712 36,467,749 
TOTAL INDIA  54,703,309 
Indonesia - 4.2%   
PT Bank Central Asia Tbk 20,903,807 11,724,352 
PT Bank Rakyat Indonesia (Persero) Tbk 30,158,618 10,048,464 
TOTAL INDONESIA  21,772,816 
Ireland - 2.8%   
Kingspan Group PLC (Ireland) 153,967 14,332,336 
Italy - 1.4%   
FinecoBank SpA 535,345 7,442,025 
Japan - 24.0%   
Itochu Corp. 715,980 21,608,979 
Keyence Corp. 71,819 28,871,543 
Minebea Mitsumi, Inc. 1,323,448 25,391,896 
Misumi Group, Inc. 199,574 5,004,183 
Nomura Research Institute Ltd. 94,500 2,672,122 
Recruit Holdings Co. Ltd. 430,227 15,609,330 
TIS, Inc. 198,490 4,457,960 
Tsuruha Holdings, Inc. 135,584 6,929,431 
Z Holdings Corp. 3,520,826 13,822,195 
TOTAL JAPAN  124,367,639 
Korea (South) - 3.8%   
Samsung Electronics Co. Ltd. 367,972 19,506,257 
Luxembourg - 4.5%   
B&M European Value Retail SA 2,594,419 15,896,234 
Eurofins Scientific SA 77,759 7,226,751 
TOTAL LUXEMBOURG  23,122,985 
Netherlands - 3.0%   
IMCD NV 99,195 15,794,078 
Norway - 2.0%   
Schibsted ASA (A Shares) 486,804 10,144,452 
Spain - 2.8%   
Cellnex Telecom SA (b) 314,348 14,651,857 
Sweden - 6.2%   
Indutrade AB 755,150 17,812,350 
Investor AB (B Shares) 591,458 11,381,370 
Nordnet AB 155,102 2,690,206 
TOTAL SWEDEN  31,883,926 
Switzerland - 2.4%   
Sika AG 40,443 12,353,649 
United Kingdom - 3.6%   
Bridgepoint Group Holdings Ltd. (b) 983,870 3,754,113 
Harbour Energy PLC 1,416,488 8,882,800 
JD Sports Fashion PLC 3,735,966 6,155,660 
TOTAL UNITED KINGDOM  18,792,573 
TOTAL COMMON STOCKS   
(Cost $517,308,915)  503,631,780 
Money Market Funds - 2.6%   
Fidelity Cash Central Fund 0.32% (c)   
(Cost $13,285,326) 13,282,669 13,285,326 
TOTAL INVESTMENT IN SECURITIES - 99.8%   
(Cost $530,594,241)  516,917,106 
NET OTHER ASSETS (LIABILITIES) - 0.2%  1,053,122 
NET ASSETS - 100%  $517,970,228 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

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 $18,405,970 or 3.6% 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.

Fund 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 0.32% $27,138,764 $104,557,394 $118,410,832 $9,348 $-- $-- $13,285,326 0.0% 
Total $27,138,764 $104,557,394 $118,410,832 $9,348 $-- $-- $13,285,326  

Amounts in the 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $38,618,504 $-- $38,618,504 $-- 
Consumer Discretionary 47,054,575 -- 47,054,575 -- 
Consumer Staples 6,929,431 -- 6,929,431 -- 
Energy 56,153,893 10,803,344 45,350,549 -- 
Financials 85,960,333 -- 85,960,333 -- 
Health Care 28,410,856 -- 28,410,856 -- 
Industrials 139,445,500 -- 139,445,500 -- 
Information Technology 80,955,931 15,689,894 65,266,037 -- 
Materials 20,102,757 7,749,108 12,353,649 -- 
Money Market Funds 13,285,326 13,285,326 -- -- 
Total Investments in Securities: $516,917,106 $47,527,672 $469,389,434 $-- 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $517,308,915) 		$503,631,780  
Fidelity Central Funds (cost $13,285,326) 13,285,326  
Total Investment in Securities (cost $530,594,241)  $516,917,106 
Foreign currency held at value (cost $173,406)  174,071 
Receivable for fund shares sold  1,064,415 
Dividends receivable  1,191,031 
Reclaims receivable  471,594 
Distributions receivable from Fidelity Central Funds  3,468 
Other receivables  21 
Total assets  519,821,706 
Liabilities   
Payable for investments purchased $752  
Payable for fund shares redeemed 737,370  
Deferred taxes 1,113,356  
Total liabilities  1,851,478 
Net Assets  $517,970,228 
Net Assets consist of:   
Paid in capital  $539,059,160 
Total accumulated earnings (loss)  (21,088,932) 
Net Assets  $517,970,228 
Net Asset Value, offering price and redemption price per share ($517,970,228 ÷ 45,635,125 shares)  $11.35 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $4,094,639 
Income from Fidelity Central Funds  9,348 
Income before foreign taxes withheld  4,103,987 
Less foreign taxes withheld  (561,903) 
Total income  3,542,084 
Expenses   
Independent trustees' fees and expenses $936  
Total expenses  936 
Net investment income (loss)  3,541,148 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $6,574) (7,724,146)  
Foreign currency transactions 6,554  
Futures contracts (271,595)  
Total net realized gain (loss)  (7,989,187) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $410,555) (131,720,950)  
Assets and liabilities in foreign currencies (94,694)  
Futures contracts 168,516  
Total change in net unrealized appreciation (depreciation)  (131,647,128) 
Net gain (loss)  (139,636,315) 
Net increase (decrease) in net assets resulting from operations  $(136,095,167) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $3,541,148 $5,894,966 
Net realized gain (loss) (7,989,187) 31,448,140 
Change in net unrealized appreciation (depreciation) (131,647,128) 58,954,071 
Net increase (decrease) in net assets resulting from operations (136,095,167) 96,297,177 
Distributions to shareholders (34,086,499) (3,364,042) 
Share transactions   
Proceeds from sales of shares 166,494,445 227,915,926 
Reinvestment of distributions 10,192,289 919,885 
Cost of shares redeemed (72,245,277) (56,420,352) 
Net increase (decrease) in net assets resulting from share transactions 104,441,457 172,415,459 
Total increase (decrease) in net assets (65,740,209) 265,348,594 
Net Assets   
Beginning of period 583,710,437 318,361,843 
End of period $517,970,228 $583,710,437 
Other Information   
Shares   
Sold 12,831,415 15,944,652 
Issued in reinvestment of distributions 704,861 68,140 
Redeemed (5,652,760) (3,970,533) 
Net increase (decrease) 7,883,516 12,042,259 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity SAI International SMA Completion Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,   
 2022 2021 2020 2019 A 
Selected Per–Share Data     
Net asset value, beginning of period $15.46 $12.38 $10.47 $10.00 
Income from Investment Operations     
Net investment income (loss)B,C .08 .19 .17D .08 
Net realized and unrealized gain (loss) (3.32) 3.01 1.77 .39 
Total from investment operations (3.24) 3.20 1.94 .47 
Distributions from net investment income (.16) (.12) (.03) – 
Distributions from net realized gain (.71) – – – 
Total distributions (.87) (.12) (.03) – 
Net asset value, end of period $11.35 $15.46 $12.38 $10.47 
Total ReturnE (22.15)% 26.03% 18.57% 4.70% 
Ratios to Average Net AssetsC,F,G     
Expenses before reductionsH - %I -% -% - %I 
Expenses net of fee waivers, if anyH - %I -% -% - %I 
Expenses net of all reductionsH - %I -% -% - %I 
Net investment income (loss) 1.28%I 1.30% 1.45%D 1.41%I 
Supplemental Data     
Net assets, end of period (000 omitted) $517,970 $583,710 $318,362 $46,836 
Portfolio turnover rateJ 37%I 37% 17% 24%I 

 A For the period April 11, 2019 (commencement of operations) through October 31, 2019.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Net 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%.

 E Total returns for periods of less than one year are not annualized.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Amount represents less than .005%.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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, 2022 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 futures contracts, 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 $58,479,723 
Gross unrealized depreciation (75,026,900) 
Net unrealized appreciation (depreciation) $(16,547,177) 
Tax cost $533,464,283 

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 objective allows the Fund to enter into various types of derivative contracts, 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.

The Fund used derivatives 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 Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

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.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the 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 the Fund. Counterparty credit risk related to exchange-traded futures 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. The Fund used futures contracts to manage its 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 (variation margin) 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.

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 SAI International SMA Completion Fund 185,708,583 98,272,121 

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 and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity SAI International SMA Completion Fund 4,556,886 – – 

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. 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. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

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, 2021 to April 30, 2022).

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, 2021 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity SAI International SMA Completion Fund -%C    
Actual  $1,000.00 $778.50 $-D 
Hypothetical-E  $1,000.00 $1,024.79 $-D 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C Amount represents less than .005%.

 D Amount represents less than $.005.

 E 5% return per year before expenses

Liquidity Risk Management Program

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 pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is 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) in the case of exchange-traded funds, certain additional factors 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 liquidity categories described below 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 implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

ISM-SANN-0622
1.9893099.103

Fidelity® International Discovery K6 Fund



Semi-Annual Report

April 30, 2022

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

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. © 2022 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   Japan 17.3% 
   France 11.7% 
   United Kingdom 10.3% 
   Switzerland 8.0% 
   Germany 7.1% 
   Netherlands 4.9% 
   Canada 4.6% 
   United States of America* 4.6% 
   India 4.2% 
   Other 27.3% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks 95.6 
Short-Term Investments and Net Other Assets (Liabilities) 4.4 

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 3.3 
Nestle SA (Reg. S) (Switzerland, Food Products) 2.8 
Equinor ASA (Norway, Oil, Gas & Consumable Fuels) 2.6 
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) 2.5 
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) 2.3 
Canadian Natural Resources Ltd. (Canada, Oil, Gas & Consumable Fuels) 2.1 
ORIX Corp. (Japan, Diversified Financial Services) 1.5 
Sony Group Corp. (Japan, Household Durables) 1.5 
Anglo American PLC (United Kingdom) (United Kingdom, Metals & Mining) 1.5 
HDFC Bank Ltd. sponsored ADR (India, Banks) 1.5 
 21.6 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Financials 18.0 
Industrials 15.4 
Health Care 14.3 
Information Technology 13.3 
Consumer Discretionary 10.2 
Materials 7.6 
Energy 6.9 
Consumer Staples 5.3 
Communication Services 2.3 
Real Estate 1.6 
Utilities 0.7 

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.3%   
 Shares Value 
Australia - 2.1%   
Bapcor Ltd. 306,435 $1,452,585 
Flight Centre Travel Group Ltd. (a) 171,219 2,673,897 
Iperionx Ltd. (a) 598,893 486,087 
Lynas Rare Earths Ltd. (a) 165,153 1,036,363 
National Storage REIT unit 2,238,699 4,054,844 
Rio Tinto Ltd. 14 1,107 
TOTAL AUSTRALIA  9,704,883 
Austria - 0.7%   
Erste Group Bank AG 52,723 1,641,571 
Wienerberger AG 60,371 1,704,143 
TOTAL AUSTRIA  3,345,714 
Bailiwick of Jersey - 0.9%   
Experian PLC 71,522 2,469,966 
JTC PLC (b) 172,900 1,678,881 
TOTAL BAILIWICK OF JERSEY  4,148,847 
Belgium - 2.3%   
KBC Group NV 80,031 5,444,659 
UCB SA 46,192 5,250,769 
TOTAL BELGIUM  10,695,428 
Brazil - 0.1%   
Rede D'Oregon Sao Luiz SA (b) 86,958 646,036 
British Virgin Islands - 0.0%   
Fix Price Group Ltd. GDR (Reg. S) (c) 33,879 12,513 
Canada - 4.6%   
Canadian Natural Resources Ltd. 159,789 9,889,716 
Constellation Software, Inc. 3,032 4,771,969 
Definity Financial Corp. 27,697 722,690 
Nutrien Ltd. 36,988 3,634,737 
The Toronto-Dominion Bank 29,447 2,126,951 
Topicus.Com, Inc. 5,739 356,942 
TOTAL CANADA  21,503,005 
Cayman Islands - 1.1%   
Antengene Corp. (a)(b) 461,563 363,069 
Bilibili, Inc. Class Z (a) 29,574 720,094 
JD.com, Inc. Class A 24,271 756,735 
Medlive Technology Co. Ltd. (b) 117,931 137,649 
Meituan Class B (a)(b) 39,749 851,678 
Silergy Corp. 15,255 1,358,951 
Tencent Holdings Ltd. 14,283 673,085 
TOTAL CAYMAN ISLANDS  4,861,261 
China - 0.2%   
Asymchem Laboratories Tianjin Co. Ltd. (H Shares) (b) 10,469 225,510 
WuXi AppTec Co. Ltd. (H Shares) (b) 52,104 708,708 
TOTAL CHINA  934,218 
Denmark - 1.1%   
ORSTED A/S (b) 30,625 3,388,059 
Vestas Wind Systems A/S 68,806 1,754,622 
TOTAL DENMARK  5,142,681 
Finland - 0.4%   
Musti Group OYJ 27,786 653,766 
Neste OYJ 26,208 1,124,554 
TOTAL FINLAND  1,778,320 
France - 11.7%   
Air Liquide SA 27,228 4,710,672 
Antin Infrastructure Partners SA 1,962 50,970 
AXA SA (d) 213,735 5,654,368 
BNP Paribas SA 67,637 3,507,072 
Capgemini SA 33,050 6,728,288 
Edenred SA 50,407 2,531,548 
Exclusive Networks SA 78,538 1,484,512 
Hydrogen Refueling Solutions (a) 299 6,597 
L'Oreal SA 12,228 4,448,668 
LVMH Moet Hennessy Louis Vuitton SE 16,794 10,867,991 
Sanofi SA 51,791 5,474,046 
Teleperformance 9,316 3,343,615 
TotalEnergies SE 91,537 4,494,739 
Worldline SA (a)(b) 22,447 883,159 
TOTAL FRANCE  54,186,245 
Germany - 7.1%   
Allianz SE 17,591 3,969,130 
Brenntag SE 44,892 3,464,022 
Deutsche Post AG 133,596 5,707,554 
Instone Real Estate Group BV (b) 30,878 474,040 
Linde PLC 8,385 2,629,851 
Mercedes-Benz Group AG (Germany) 87,745 6,124,707 
Merck KGaA 7,971 1,478,839 
Nexus AG 22,732 1,108,571 
Rheinmetall AG 7,500 1,690,681 
Siemens AG 40,849 5,022,589 
Siemens Healthineers AG (b) 25,858 1,382,626 
Talanx AG 82 3,410 
TOTAL GERMANY  33,056,020 
Hong Kong - 2.6%   
AIA Group Ltd. 696,604 6,843,270 
Hong Kong Exchanges and Clearing Ltd. 62,518 2,651,950 
Techtronic Industries Co. Ltd. 180,670 2,411,602 
TOTAL HONG KONG  11,906,822 
Hungary - 0.2%   
Richter Gedeon PLC 47,904 955,444 
India - 4.2%   
Avenue Supermarts Ltd. (a)(b) 20,142 1,030,531 
Delhivery Private Ltd. (c)(e) 17,300 99,074 
Eicher Motors Ltd. 24,359 829,986 
HDFC Bank Ltd. sponsored ADR 125,424 6,924,659 
Housing Development Finance Corp. Ltd. 177,903 5,126,644 
PVR Ltd. (a) 27,829 657,167 
Reliance Industries Ltd. 30,132 1,090,437 
Reliance Industries Ltd. sponsored GDR (b) 22,173 1,585,590 
Star Health & Allied Insurance Co. Ltd. 38,718 355,984 
Sunteck Realty Ltd. (a) 115,162 718,388 
Vijaya Diagnostic Centre Pvt Ltd. 155,279 922,898 
Zomato Ltd.(a)(e) 140,700 125,308 
TOTAL INDIA  19,466,666 
Ireland - 2.7%   
Cairn Homes PLC 1,513,229 1,823,457 
CRH PLC 121,297 4,794,248 
Dalata Hotel Group PLC (a) 596,485 2,724,533 
DCC PLC (United Kingdom) 253 19,170 
ICON PLC (a) 5,739 1,298,219 
Kingspan Group PLC (Ireland) 12,028 1,119,651 
Ryanair Holdings PLC (a) 3,200 48,627 
Ryanair Holdings PLC sponsored ADR (a) 7,110 620,845 
TOTAL IRELAND  12,448,750 
Italy - 0.8%   
BFF Bank SpA (b) 181,060 1,129,019 
Intesa Sanpaolo SpA 878,213 1,789,550 
UniCredit SpA 81,467 753,984 
TOTAL ITALY  3,672,553 
Japan - 17.3%   
Daiichi Sankyo Kabushiki Kaisha 96,518 2,430,219 
FUJIFILM Holdings Corp. 64,548 3,548,285 
Fujitsu Ltd. 18,783 2,839,035 
Hitachi Ltd. 132,279 6,273,526 
Hoya Corp. 59,916 5,946,192 
Itochu Corp. 153,583 4,635,286 
JEOL Ltd. 54,848 2,463,146 
Keyence Corp. 6,975 2,803,980 
Minebea Mitsumi, Inc. 227,873 4,372,010 
Misumi Group, Inc. 51,300 1,286,313 
Mitsubishi UFJ Financial Group, Inc. 508,292 2,954,893 
Olympus Corp. 177,646 3,126,770 
ORIX Corp. 387,274 7,063,479 
Persol Holdings Co. Ltd. 127,175 2,523,106 
Recruit Holdings Co. Ltd. 103,875 3,768,753 
Renesas Electronics Corp. (a) 375,132 4,005,648 
Shin-Etsu Chemical Co. Ltd. 37,831 5,199,285 
SMC Corp. 3,883 1,880,228 
Sony Group Corp. 80,864 6,978,651 
TIS, Inc. 75,596 1,697,838 
Z Holdings Corp. 664,579 2,609,030 
ZOZO, Inc. 72,595 1,519,957 
TOTAL JAPAN  79,925,630 
Korea (South) - 0.4%   
SK Hynix, Inc. 20,044 1,747,078 
Luxembourg - 0.7%   
B&M European Value Retail SA 165,310 1,012,869 
Eurofins Scientific SA 25,476 2,367,684 
TOTAL LUXEMBOURG  3,380,553 
Netherlands - 4.9%   
Airbus Group NV 46,794 5,122,628 
ASML Holding NV (Netherlands) 20,322 11,533,518 
IMCD NV 12,321 1,961,781 
ING Groep NV (Certificaten Van Aandelen) (d) 255,246 2,418,254 
RHI Magnesita NV 23,693 704,890 
Universal Music Group NV 44,119 1,023,844 
TOTAL NETHERLANDS  22,764,915 
New Zealand - 0.9%   
EBOS Group Ltd. 83,378 2,274,161 
Ryman Healthcare Group Ltd. 295,249 1,747,363 
TOTAL NEW ZEALAND  4,021,524 
Norway - 3.0%   
Equinor ASA 361,376 12,214,358 
Schibsted ASA (A Shares) 60,261 1,255,772 
Volue A/S (a) 56,281 240,024 
TOTAL NORWAY  13,710,154 
Spain - 1.8%   
Aena SME SA (a)(b) 7,417 1,052,543 
Amadeus IT Holding SA Class A (a) 70,357 4,408,775 
Cellnex Telecom SA (b) 58,473 2,725,444 
TOTAL SPAIN  8,186,762 
Sweden - 3.8%   
ASSA ABLOY AB (B Shares) 183,073 4,626,647 
EQT AB 53,946 1,526,770 
HEXPOL AB (B Shares) 110,196 946,161 
Indutrade AB 153,717 3,625,850 
Kry International AB (c)(e) 71 25,017 
Lagercrantz Group AB (B Shares) 159,043 1,619,029 
Nibe Industrier AB (B Shares) 93,507 916,781 
Nordnet AB 101,204 1,755,359 
Svenska Handelsbanken AB (A Shares) 255,549 2,577,549 
TOTAL SWEDEN  17,619,163 
Switzerland - 8.0%   
Dufry AG (a) 15,769 627,640 
Lonza Group AG 4,536 2,674,581 
Nestle SA (Reg. S) 101,207 13,065,225 
Partners Group Holding AG 2,955 3,130,815 
Roche Holding AG (participation certificate) 41,129 15,251,201 
Sika AG 7,314 2,234,122 
TOTAL SWITZERLAND  36,983,584 
Taiwan - 1.2%   
MediaTek, Inc. 61,618 1,699,636 
Taiwan Semiconductor Manufacturing Co. Ltd. 222,676 4,028,829 
TOTAL TAIWAN  5,728,465 
United Kingdom - 10.3%   
Anglo American PLC (United Kingdom) 157,164 6,960,949 
AstraZeneca PLC (United Kingdom) 50,858 6,786,554 
Big Yellow Group PLC 115,062 2,079,397 
Bytes Technology Group PLC 52,468 291,670 
Compass Group PLC 264,110 5,573,210 
Dechra Pharmaceuticals PLC 31,642 1,433,869 
Diageo PLC 122,304 6,101,605 
Dr. Martens Ltd. 235,719 616,316 
Harbour Energy PLC 229,114 1,436,774 
JD Sports Fashion PLC 887,602 1,462,480 
Lloyds Banking Group PLC 3,569,950 2,027,602 
M&G PLC 1,964,420 5,215,430 
Prudential PLC 290,196 3,612,490 
S4 Capital PLC (a) 197,742 747,930 
Smart Metering Systems PLC 158,754 1,642,049 
Starling Bank Ltd. Series D (a)(c)(e) 137,500 407,697 
Vistry Group PLC 143,434 1,496,458 
Zegona Communications PLC 16,413 17,827 
TOTAL UNITED KINGDOM  47,910,307 
United States of America - 0.2%   
NICE Ltd. sponsored ADR (a) 4,165 859,698 
TOTAL COMMON STOCKS   
(Cost $476,755,633)  441,303,239 
Preferred Stocks - 0.3%   
Convertible Preferred Stocks - 0.3%   
China - 0.1%   
ByteDance Ltd. Series E1 (a)(c)(e) 1,533 196,331 
dMed Biopharmaceutical Co. Ltd. Series C (a)(c)(e) 8,434 83,665 
  279,996 
Estonia - 0.2%   
Bolt Technology OU Series E (c)(e) 3,347 812,111 
TOTAL CONVERTIBLE PREFERRED STOCKS  1,092,107 
Nonconvertible Preferred Stocks - 0.0%   
Sweden - 0.0%   
Kry International AB Series E (c)(e) 413 145,522 
TOTAL PREFERRED STOCKS   
(Cost $1,346,117)  1,237,629 
Money Market Funds - 5.9%   
Fidelity Cash Central Fund 0.32% (f) 17,877,238 17,880,813 
Fidelity Securities Lending Cash Central Fund 0.32% (f)(g) 9,611,170 9,612,131 
TOTAL MONEY MARKET FUNDS   
(Cost $27,492,944)  27,492,944 
TOTAL INVESTMENT IN SECURITIES - 101.5%   
(Cost $505,594,694)  470,033,812 
NET OTHER ASSETS (LIABILITIES) - (1.5)%  (7,090,178) 
NET ASSETS - 100%  $462,943,634 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

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 $18,262,542 or 3.9% of net assets.

 (c) Level 3 security

 (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 $1,894,725 or 0.4% of net assets.

 (f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements 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 1/3/22 $869,539 
ByteDance Ltd. Series E1 11/18/20 $167,977 
Delhivery Private Ltd. 5/20/21 $84,445 
dMed Biopharmaceutical Co. Ltd. Series C 12/1/20 $119,789 
Kry International AB 5/14/21 $30,836 
Kry International AB Series E 5/14/21 $188,812 
Starling Bank Ltd. Series D 6/18/21 - 4/5/22 $286,270 
Zomato Ltd. 12/9/20 - 2/10/21 $98,598 

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund 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 0.32% $12,924,183 $84,950,539 $79,993,909 $11,704 $-- $-- $17,880,813 0.0% 
Fidelity Securities Lending Cash Central Fund 0.32% 56,848 24,167,478 14,612,195 5,585 -- -- 9,612,131 0.0% 
Total $12,981,031 $109,118,017 $94,606,104 $17,289 $-- $-- $27,492,944  

Amounts in the 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. Amount 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $10,430,193 $-- $10,430,193 $-- 
Consumer Discretionary 48,184,737 -- 48,172,224 12,513 
Consumer Staples 24,646,029 -- 24,646,029 -- 
Energy 31,836,168 9,889,716 21,946,452 -- 
Financials 83,065,100 9,774,300 72,883,103 407,697 
Health Care 66,537,789 2,899,699 63,554,425 83,665 
Industrials 71,466,116 620,845 70,746,197 99,074 
Information Technology 60,617,393 5,988,609 53,449,803 1,178,981 
Materials 35,042,615 3,634,737 31,407,878 -- 
Real Estate 7,326,669 -- 7,326,669 -- 
Utilities 3,388,059 -- 3,388,059 -- 
Money Market Funds 27,492,944 27,492,944 -- -- 
Total Investments in Securities: $470,033,812 $60,300,850 $407,951,032 $1,781,930 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $8,794,143) — See accompanying schedule:
Unaffiliated issuers (cost $478,101,750) 		$442,540,868  
Fidelity Central Funds (cost $27,492,944) 27,492,944  
Total Investment in Securities (cost $505,594,694)  $470,033,812 
Cash  2 
Foreign currency held at value (cost $90,911)  90,944 
Receivable for investments sold  398,725 
Receivable for fund shares sold  4,891,227 
Dividends receivable  1,243,407 
Reclaims receivable  416,888 
Distributions receivable from Fidelity Central Funds  4,896 
Other receivables  231 
Total assets  477,080,132 
Liabilities   
Payable for investments purchased $4,039,573  
Payable for fund shares redeemed 191,866  
Accrued management fee 240,263  
Other payables and accrued expenses 52,665  
Collateral on securities loaned 9,612,131  
Total liabilities  14,136,498 
Net Assets  $462,943,634 
Net Assets consist of:   
Paid in capital  $524,943,040 
Total accumulated earnings (loss)  (61,999,406) 
Net Assets  $462,943,634 
Net Asset Value, offering price and redemption price per share ($462,943,634 ÷ 39,309,758 shares)  $11.78 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $4,986,927 
Non-Cash dividends  1,284,602 
Income from Fidelity Central Funds (including $5,585 from security lending)  17,289 
Income before foreign taxes withheld  6,288,818 
Less foreign taxes withheld  (555,079) 
Total income  5,733,739 
Expenses   
Management fee $1,429,979  
Independent trustees' fees and expenses 753  
Total expenses before reductions 1,430,732  
Expense reductions (12)  
Total expenses after reductions  1,430,720 
Net investment income (loss)  4,303,019 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $462) (23,455,775)  
Foreign currency transactions (51,156)  
Total net realized gain (loss)  (23,506,931) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $278,261) (87,749,465)  
Assets and liabilities in foreign currencies (71,816)  
Total change in net unrealized appreciation (depreciation)  (87,821,281) 
Net gain (loss)  (111,328,212) 
Net increase (decrease) in net assets resulting from operations  $(107,025,193) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $4,303,019 $2,727,816 
Net realized gain (loss) (23,506,931) (664,469) 
Change in net unrealized appreciation (depreciation) (87,821,281) 43,685,166 
Net increase (decrease) in net assets resulting from operations (107,025,193) 45,748,513 
Distributions to shareholders (8,038,015) (779,078) 
Share transactions   
Proceeds from sales of shares 193,924,121 350,979,730 
Reinvestment of distributions 8,038,015 779,078 
Cost of shares redeemed (54,847,508) (69,009,150) 
Net increase (decrease) in net assets resulting from share transactions 147,114,628 282,749,658 
Total increase (decrease) in net assets 32,051,420 327,719,093 
Net Assets   
Beginning of period 430,892,214 103,173,121 
End of period $462,943,634 $430,892,214 
Other Information   
Shares   
Sold 14,065,130 24,312,789 
Issued in reinvestment of distributions 555,879 60,865 
Redeemed (4,088,433) (4,731,209) 
Net increase (decrease) 10,532,576 19,642,445 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity International Discovery K6 Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,   
 2022 2021 2020 2019 A 
Selected Per–Share Data     
Net asset value, beginning of period $14.97 $11.29 $10.49 $10.00 
Income from Investment Operations     
Net investment income (loss)B,C .12 .16 .12 .06D 
Net realized and unrealized gain (loss) (3.03) 3.60 .77 .43 
Total from investment operations (2.91) 3.76 .89 .49 
Distributions from net investment income (.28) (.08) (.04) – 
Distributions from net realized gain – – (.05) – 
Total distributions (.28) (.08) (.09) – 
Net asset value, end of period $11.78 $14.97 $11.29 $10.49 
Total ReturnE,F (19.80)% 33.43% 8.51% 4.90% 
Ratios to Average Net AssetsC,G,H     
Expenses before reductions .60%I .60% .60% .60%I 
Expenses net of fee waivers, if any .60%I .60% .60% .60%I 
Expenses net of all reductions .60%I .60% .60% .60%I 
Net investment income (loss) 1.81%I 1.11% 1.16% 1.67%D,I 
Supplemental Data     
Net assets, end of period (000 omitted) $462,944 $430,892 $103,173 $61,421 
Portfolio turnover rateJ 52%I,K 58%K 42%K 59%K,L 

 A For the period June 13, 2019 (commencement of operations) through October 31, 2019.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Net 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 .43%.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 K Portfolio turnover rate excludes securities received or delivered in-kind.

 L Amount not annualized.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

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.

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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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, 2022 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), 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 $27,992,420 
Gross unrealized depreciation (67,460,129) 
Net unrealized appreciation (depreciation) $(39,467,709) 
Tax cost $509,501,521 

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 $(1,479,997) 

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 117,572,043 112,591,811 

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 9,672,527 135,542,742 

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 18,759,599 272,598,908 

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 $125 

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 3,193,125 4,791,842 (1,440,984) 

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 $1,007 $– $– 

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 $12.

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. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

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, 2021 to April 30, 2022).

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, 2021 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity International Discovery K6 Fund .60%    
Actual  $1,000.00 $802.00 $2.68 
Hypothetical-C  $1,000.00 $1,021.82 $3.01 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Liquidity Risk Management Program

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 pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is 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) in the case of exchange-traded funds, certain additional factors 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 liquidity categories described below 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 implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

IGI-K6-SANN-0622
1.9893916.102

Fidelity® Series Overseas Fund



Semi-Annual Report

April 30, 2022

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

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. © 2022 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   France 16.6% 
   Switzerland 13.1% 
   United States of America* 11.0% 
   Japan 11.0% 
   United Kingdom 8.3% 
   Netherlands 7.8% 
   Germany 6.6% 
   Sweden 5.7% 
   Ireland 3.1% 
   Other 16.8% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks 96.4 
Short-Term Investments and Net Other Assets (Liabilities) 3.6 

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Nestle SA (Reg. S) (Switzerland, Food Products) 3.4 
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) 2.7 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 2.6 
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) 2.3 
Diageo PLC (United Kingdom, Beverages) 2.1 
AIA Group Ltd. (Hong Kong, Insurance) 1.7 
TotalEnergies SE (France, Oil, Gas & Consumable Fuels) 1.6 
Sika AG (Switzerland, Chemicals) 1.5 
RELX PLC (London Stock Exchange) (United Kingdom, Professional Services) 1.5 
Sony Group Corp. (Japan, Household Durables) 1.5 
 20.9 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Industrials 21.0 
Financials 19.7 
Information Technology 16.7 
Health Care 12.5 
Consumer Discretionary 9.2 
Consumer Staples 6.8 
Materials 5.1 
Energy 2.5 
Communication Services 1.8 
Real Estate 1.1 

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.3%   
 Shares Value 
Bailiwick of Jersey - 1.1%   
Ferguson PLC 1,180,300 $148,067,677 
Belgium - 1.0%   
Azelis Group NV 841,700 20,729,711 
KBC Group NV 1,759,765 119,720,103 
TOTAL BELGIUM  140,449,814 
Bermuda - 0.7%   
Genpact Ltd. 958,297 38,590,620 
Hiscox Ltd. 4,588,472 54,484,788 
TOTAL BERMUDA  93,075,408 
Canada - 1.4%   
Constellation Software, Inc. 112,770 177,485,136 
Topicus.Com, Inc. 194,677 12,108,117 
TOTAL CANADA  189,593,253 
Cayman Islands - 0.6%   
Parade Technologies Ltd. 1,748,000 83,175,527 
Denmark - 1.7%   
DSV A/S 1,187,131 194,632,196 
GN Store Nord A/S 1,120,089 42,036,427 
TOTAL DENMARK  236,668,623 
Finland - 0.9%   
Nordea Bank ABP 12,006,800 119,708,812 
France - 16.6%   
Air Liquide SA 1,004,600 173,804,223 
ALTEN 840,439 112,793,374 
Antin Infrastructure Partners SA 310,864 8,075,792 
BNP Paribas SA 3,003,600 155,740,833 
Capgemini SA 990,462 201,637,312 
Dassault Systemes SA 2,134,100 94,379,207 
Edenred SA 3,289,827 165,222,217 
EssilorLuxottica SA 800,415 136,268,906 
Legrand SA 1,957,400 173,453,398 
LVMH Moet Hennessy Louis Vuitton SE 495,439 320,616,074 
Pernod Ricard SA 903,000 186,364,954 
Safran SA 1,283,800 137,878,127 
Teleperformance 553,528 198,667,301 
TotalEnergies SE 4,589,879 225,376,711 
TOTAL FRANCE  2,290,278,429 
Germany - 6.6%   
Allianz SE 839,700 189,464,972 
Auto1 Group SE (a)(b) 158,300 1,657,425 
Brenntag SE 1,388,800 107,164,609 
Deutsche Borse AG 847,002 147,458,442 
Hannover Reuck SE 796,516 123,802,989 
Merck KGaA 971,800 180,295,524 
SAP SE 451,776 45,785,693 
Siemens Healthineers AG (b) 2,173,100 116,195,543 
TOTAL GERMANY  911,825,197 
Hong Kong - 1.7%   
AIA Group Ltd. 23,354,188 229,425,928 
Chervon Holdings Ltd. 1,034,200 6,463,163 
TOTAL HONG KONG  235,889,091 
India - 1.7%   
HDFC Bank Ltd. 6,343,200 113,582,404 
Reliance Industries Ltd. 3,427,186 124,025,288 
TOTAL INDIA  237,607,692 
Ireland - 3.1%   
Flutter Entertainment PLC (a) 407,002 41,109,890 
ICON PLC (a) 503,300 113,851,493 
Kingspan Group PLC (Ireland) 1,447,400 134,734,220 
Linde PLC 428,800 133,768,448 
TOTAL IRELAND  423,464,051 
Italy - 2.3%   
FinecoBank SpA 7,077,685 98,389,462 
GVS SpA (b) 887,538 7,392,457 
Moncler SpA 1,745,800 90,945,190 
Recordati SpA 2,593,345 124,969,054 
TOTAL ITALY  321,696,163 
Japan - 11.0%   
Advantest Corp. 1,009,800 68,916,935 
Capcom Co. Ltd. 1,595,200 42,092,731 
FUJIFILM Holdings Corp. 1,778,800 97,782,873 
Hoya Corp. 1,660,907 164,831,963 
Misumi Group, Inc. 2,695,993 67,600,203 
Nitori Holdings Co. Ltd. 353,834 36,402,213 
Olympus Corp. 5,181,492 91,200,102 
Persol Holdings Co. Ltd. 3,751,153 74,421,509 
Recruit Holdings Co. Ltd. 3,083,846 111,886,909 
Relo Group, Inc. 2,839,328 40,558,641 
Shin-Etsu Chemical Co. Ltd. 735,400 101,069,334 
SMC Corp. 230,821 111,768,238 
Sony Group Corp. 2,348,100 202,643,576 
Suzuki Motor Corp. 1,625,145 48,990,183 
TIS, Inc. 2,482,200 55,748,641 
Tokyo Electron Ltd. 467,900 197,428,861 
TOTAL JAPAN  1,513,342,912 
Luxembourg - 0.8%   
Eurofins Scientific SA 1,275,500 118,542,174 
Netherlands - 7.8%   
Akzo Nobel NV 1,039,100 90,138,267 
ASM International NV (Netherlands) 374,800 112,624,443 
ASML Holding NV (Netherlands) 669,628 380,039,683 
Euronext NV (b) 1,038,260 83,187,621 
IMCD NV 1,027,051 163,529,646 
Koninklijke Philips Electronics NV 1,901,223 49,681,075 
Wolters Kluwer NV 1,995,451 201,506,236 
Wolters Kluwer NV rights (a)(c) 1,932,051 2,099,364 
TOTAL NETHERLANDS  1,082,806,335 
Norway - 0.0%   
Equinor ASA 400 13,520 
Spain - 1.9%   
Amadeus IT Holding SA Class A (a) 2,344,170 146,892,539 
Cellnex Telecom SA (b) 2,661,225 124,040,512 
TOTAL SPAIN  270,933,051 
Sweden - 5.6%   
AddTech AB (B Shares) 4,716,519 83,201,240 
ASSA ABLOY AB (B Shares) 6,151,951 155,472,992 
Atlas Copco AB (A Shares) (d) 3,006,200 136,291,716 
Hexagon AB (B Shares) 13,447,116 173,507,215 
Indutrade AB 7,242,975 170,846,062 
Kry International AB (e)(f) 4,451 1,568,325 
Nordnet AB 2,768,140 48,012,712 
TOTAL SWEDEN  768,900,262 
Switzerland - 13.1%   
Compagnie Financiere Richemont SA Series A 1,215,390 141,217,054 
Julius Baer Group Ltd. 2,080,588 99,426,815 
Lonza Group AG 182,065 107,351,770 
Nestle SA (Reg. S) 3,647,731 470,900,508 
Partners Group Holding AG 100,740 106,733,772 
Roche Holding AG (participation certificate) 966,012 358,210,823 
Sika AG 665,571 203,304,163 
Sonova Holding AG 393,453 141,889,434 
Zurich Insurance Group Ltd. 395,580 180,095,678 
TOTAL SWITZERLAND  1,809,130,017 
Taiwan - 1.0%   
Taiwan Semiconductor Manufacturing Co. Ltd. 7,555,684 136,703,382 
United Kingdom - 8.3%   
Beazley PLC 6,807,056 36,666,868 
Bridgepoint Group Holdings Ltd. (b) 6,009,531 22,930,322 
Compass Group PLC 8,439,487 178,088,794 
Dechra Pharmaceuticals PLC 1,599,458 72,480,014 
Diageo PLC 5,840,947 291,398,063 
Diploma PLC 1,539,631 52,807,477 
Dr. Martens Ltd. 1,251,700 3,272,722 
Future PLC 644,500 17,651,700 
RELX PLC (London Stock Exchange) 6,817,855 203,107,183 
Rentokil Initial PLC 20,664,422 141,928,886 
Smith & Nephew PLC 2,400,300 38,905,412 
St. James's Place PLC 5,080,000 81,633,514 
TOTAL UNITED KINGDOM  1,140,870,955 
United States of America - 7.4%   
Alphabet, Inc. Class C (a) 29,800 68,520,034 
Ares Management Corp. 1,740,600 115,262,532 
Boston Scientific Corp. (a) 249,326 10,499,118 
CBRE Group, Inc. 1,322,300 109,803,792 
Equifax, Inc. 535,500 108,984,960 
Intercontinental Exchange, Inc. 946,800 109,648,908 
Marsh & McLennan Companies, Inc. 1,098,628 177,648,148 
Moody's Corp. 352,600 111,590,848 
Pool Corp. 118,500 48,018,570 
S&P Global, Inc. 420,251 158,224,502 
TOTAL UNITED STATES OF AMERICA  1,018,201,412 
TOTAL COMMON STOCKS   
(Cost $11,598,418,090)  13,290,943,757 
Nonconvertible Preferred Stocks - 0.1%   
Sweden - 0.1%   
Kry International AB Series E (e)(f)   
(Cost $11,754,376) 25,711 9,059,356 
Money Market Funds - 4.3%   
Fidelity Cash Central Fund 0.32% (g) 470,936,004 471,030,191 
Fidelity Securities Lending Cash Central Fund 0.32% (g)(h) 127,187,281 127,200,000 
TOTAL MONEY MARKET FUNDS   
(Cost $598,230,191)  598,230,191 
TOTAL INVESTMENT IN SECURITIES - 100.7%   
(Cost $12,208,402,657)  13,898,233,304 
NET OTHER ASSETS (LIABILITIES) - (0.7)%  (98,853,180) 
NET ASSETS - 100%  $13,799,380,124 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

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 $355,403,880 or 2.6% of net assets.

 (c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (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 $10,627,681 or 0.1% of net assets.

 (f) Level 3 security

 (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 
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.

Fund 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 0.32% $344,150,559 $2,422,447,971 $2,295,568,339 $273,200 $-- $-- $471,030,191 0.9% 
Fidelity Securities Lending Cash Central Fund 0.32% -- 466,081,183 338,881,183 68,697 -- -- 127,200,000 0.3% 
Total $344,150,559 $2,888,529,154 $2,634,449,522 $341,897 $-- $-- $598,230,191  

Amounts in the 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. Amount 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $252,304,977 $68,520,034 $183,784,943 $-- 
Consumer Discretionary 1,255,693,760 48,018,570 1,207,675,190 -- 
Consumer Staples 948,663,525 -- 948,663,525 -- 
Energy 349,415,519 -- 349,415,519 -- 
Financials 2,690,916,765 672,374,938 2,018,541,827 -- 
Health Care 1,730,939,926 124,350,611 1,606,589,315 -- 
Industrials 2,908,172,317 108,984,960 2,799,187,357 -- 
Information Technology 2,311,449,456 228,183,873 2,072,637,902 10,627,681 
Materials 702,084,435 133,768,448 568,315,987 -- 
Real Estate 150,362,433 109,803,792 40,558,641 -- 
Money Market Funds 598,230,191 598,230,191 -- -- 
Total Investments in Securities: $13,898,233,304 $2,092,235,417 $11,795,370,206 $10,627,681 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $110,744,536) — See accompanying schedule:
Unaffiliated issuers (cost $11,610,172,466) 		$13,300,003,113  
Fidelity Central Funds (cost $598,230,191) 598,230,191  
Total Investment in Securities (cost $12,208,402,657)  $13,898,233,304 
Foreign currency held at value (cost $4,602,867)  4,604,712 
Receivable for investments sold  113,093,642 
Receivable for fund shares sold  246,847,068 
Dividends receivable  25,901,141 
Reclaims receivable  30,163,304 
Distributions receivable from Fidelity Central Funds  137,154 
Other receivables  3,518 
Total assets  14,318,983,843 
Liabilities   
Payable for investments purchased   
Regular delivery $379,627,922  
Delayed delivery 2,099,364  
Payable for fund shares redeemed 478,970  
Other payables and accrued expenses 10,197,463  
Collateral on securities loaned 127,200,000  
Total liabilities  519,603,719 
Net Assets  $13,799,380,124 
Net Assets consist of:   
Paid in capital  $12,175,612,269 
Total accumulated earnings (loss)  1,623,767,855 
Net Assets  $13,799,380,124 
Net Asset Value, offering price and redemption price per share ($13,799,380,124 ÷ 1,190,013,894 shares)  $11.60 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $125,893,001 
Foreign tax reclaims  14,287,525 
Income from Fidelity Central Funds (including $68,697 from security lending)  341,897 
Income before foreign taxes withheld  140,522,423 
Less foreign taxes withheld  (26,909,070) 
Total income  113,613,353 
Expenses   
Custodian fees and expenses $545,324  
Independent trustees' fees and expenses 25,512  
Total expenses  570,836 
Net investment income (loss)  113,042,517 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $1,278,956) (129,668,963)  
Foreign currency transactions (60,877)  
Total net realized gain (loss)  (129,729,840) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $2,268,701) (2,891,474,264)  
Assets and liabilities in foreign currencies (2,388,449)  
Total change in net unrealized appreciation (depreciation)  (2,893,862,713) 
Net gain (loss)  (3,023,592,553) 
Net increase (decrease) in net assets resulting from operations  $(2,910,550,036) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $113,042,517 $183,300,410 
Net realized gain (loss) (129,729,840) 622,896,208 
Change in net unrealized appreciation (depreciation) (2,893,862,713) 3,619,908,617 
Net increase (decrease) in net assets resulting from operations (2,910,550,036) 4,426,105,235 
Distributions to shareholders (454,822,647) (148,790,299) 
Share transactions   
Proceeds from sales of shares 2,132,080,258 2,149,702,200 
Reinvestment of distributions 454,822,647 148,790,299 
Cost of shares redeemed (841,349,973) (2,664,983,793) 
Net increase (decrease) in net assets resulting from share transactions 1,745,552,932 (366,491,294) 
Total increase (decrease) in net assets (1,619,819,751) 3,910,823,642 
Net Assets   
Beginning of period 15,419,199,875 11,508,376,233 
End of period $13,799,380,124 $15,419,199,875 
Other Information   
Shares   
Sold 161,549,407 162,065,989 
Issued in reinvestment of distributions 32,302,745 12,451,071 
Redeemed (61,044,919) (201,460,713) 
Net increase (decrease) 132,807,233 (26,943,653) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Series Overseas Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,   
 2022 2021 2020 2019 A 
Selected Per–Share Data     
Net asset value, beginning of period $14.58 $10.62 $10.20 $10.00 
Income from Investment Operations     
Net investment income (loss)B,C .10 .17 .14 .06D 
Net realized and unrealized gain (loss) (2.66) 3.93 .32 .14 
Total from investment operations (2.56) 4.10 .46 .20 
Distributions from net investment income (.17) (.14) (.04) – 
Distributions from net realized gain (.25) – – – 
Total distributions (.42) (.14) (.04) – 
Net asset value, end of period $11.60 $14.58 $10.62 $10.20 
Total ReturnE (18.07)% 38.89% 4.51% 2.00% 
Ratios to Average Net AssetsC,F,G     
Expenses before reductions .01%H .01% .01% .01%H 
Expenses net of fee waivers, if any .01%H .01% .01% .01%H 
Expenses net of all reductions .01%H .01% .01% .01%H 
Net investment income (loss) 1.52%H 1.29% 1.35% 1.69%D,H 
Supplemental Data     
Net assets, end of period (000 omitted) $13,799,380 $15,419,200 $11,508,376 $6,226,806 
Portfolio turnover rateI 25%H 33% 50% 12%J,K 

 A For the period June 21, 2019 (commencement of operations) through October 31, 2019.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Net 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 1.52%.

 E Total returns for periods of less than one year are not annualized.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 J Portfolio turnover rate excludes securities received or delivered in-kind.

 K Amount not annualized.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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, 2022 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. 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 $2,497,979,773 
Gross unrealized depreciation (829,052,589) 
Net unrealized appreciation (depreciation) $1,668,927,184 
Tax cost $12,229,306,120 

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 Series Overseas Fund 3,046,900,470 1,821,920,334 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Fidelity Series Overseas Fund $2,878 

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 143,024,226 37,362,279 (1,266,973) 

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 $7,519 $– $– 

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. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

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, 2021 to April 30, 2022).

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, 2021 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity Series Overseas Fund .01%    
Actual  $1,000.00 $819.30 $.05 
Hypothetical-C  $1,000.00 $1,024.74 $.05 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Liquidity Risk Management Program

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 pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is 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) in the case of exchange-traded funds, certain additional factors 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 liquidity categories described below 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 implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

SOV-SANN-0622
1.9894004.102

Fidelity® Infrastructure Fund



Semi-Annual Report

April 30, 2022

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

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. © 2022 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Transurban Group unit 6.4 
Aena SME SA 6.0 
Getlink SE 5.0 
Cellnex Telecom SA 4.8 
NextEra Energy, Inc. 4.6 
Cheniere Energy, Inc. 4.2 
The Williams Companies, Inc. 4.2 
Targa Resources Corp. 3.6 
Iberdrola SA 3.4 
Enel SpA 3.3 
 45.5 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Industrials 36.2 
Utilities 25.9 
Energy 16.6 
Real Estate 11.6 
Communication Services 6.1 

Asset Allocation (% of fund's net assets)

As of April 30, 2022 * 
   Stocks 96.4% 
   Short-Term Investments and Net Other Assets (Liabilities) 3.6% 


Foreign investments - 55.1%

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   United States of America* 44.9% 
   Spain 17.6% 
   France 8.5% 
   Australia 6.4% 
   Mexico 5.3% 
   Canada 4.8% 
   Italy 3.3% 
   Denmark 2.2% 
   Germany 2.1% 
   Other 4.9% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.4%   
 Shares Value 
COMMUNICATION SERVICES - 6.1%   
Diversified Telecommunication Services - 5.2%   
Cellnex Telecom SA (a) 56,889 $2,651,614 
Helios Towers PLC (b) 148,997 208,136 
  2,859,750 
Media - 0.9%   
Charter Communications, Inc. Class A (b) 700 299,943 
Comcast Corp. Class A 5,800 230,608 
  530,551 
TOTAL COMMUNICATION SERVICES  3,390,301 
ENERGY - 16.6%   
Oil, Gas & Consumable Fuels - 16.6%   
Cheniere Energy, Inc. 17,094 2,321,536 
DT Midstream, Inc. 13,800 741,750 
Enterprise Products Partners LP 16,624 430,728 
ONEOK, Inc. 21,200 1,342,596 
Targa Resources Corp. 27,400 2,011,434 
The Williams Companies, Inc. 67,654 2,319,856 
  9,167,900 
INDUSTRIALS - 36.2%   
Commercial Services & Supplies - 4.8%   
GFL Environmental, Inc. 36,384 1,096,250 
Waste Connections, Inc. (United States) 11,350 1,565,960 
  2,662,210 
Construction & Engineering - 3.7%   
Ferrovial SA 50,631 1,298,400 
VINCI SA 7,720 749,101 
  2,047,501 
Road & Rail - 1.3%   
CSX Corp. 8,900 305,626 
Union Pacific Corp. 1,700 398,293 
  703,919 
Transportation Infrastructure - 26.4%   
Aena SME SA (a)(b) 23,488 3,333,171 
Aeroports de Paris SA (b) 6,147 869,493 
Flughafen Zuerich AG (b) 6,820 1,153,253 
Getlink SE 153,315 2,805,528 
Grupo Aeroportuario del Pacifico S.A.B. de CV sponsored ADR 10,000 1,537,900 
Grupo Aeroportuario Norte S.A.B. de CV ADR 25,113 1,404,570 
Transurban Group unit 354,549 3,560,242 
  14,664,157 
TOTAL INDUSTRIALS  20,077,787 
REAL ESTATE - 11.6%   
Equity Real Estate Investment Trusts (REITs) - 11.6%   
American Tower Corp. 3,435 827,904 
ARGAN SA 2,200 258,769 
Crown Castle International Corp. 6,324 1,171,268 
Digital Realty Trust, Inc. 3,780 552,334 
Equinix, Inc. 1,006 723,394 
Prologis (REIT), Inc. 6,419 1,028,902 
SBA Communications Corp. Class A 3,206 1,112,835 
Segro PLC 23,100 386,742 
Warehouses de Pauw 9,613 369,814 
Warehouses de Pauw rights (b)(c) 9,613 8,924 
  6,440,886 
UTILITIES - 25.9%   
Electric Utilities - 17.1%   
Constellation Energy Corp. 9,300 550,653 
Enel SpA 280,000 1,820,810 
Exelon Corp. 31,100 1,454,858 
Iberdrola SA 165,100 1,897,131 
NextEra Energy, Inc. 35,497 2,520,997 
ORSTED A/S (a) 11,167 1,235,411 
  9,479,860 
Independent Power and Renewable Electricity Producers - 3.6%   
Brookfield Renewable Partners LP 15,800 556,160 
EDP Renovaveis SA 25,500 603,513 
NextEra Energy Partners LP 7,094 472,886 
The AES Corp. 17,790 363,272 
  1,995,831 
Multi-Utilities - 5.2%   
Dominion Energy, Inc. 20,628 1,684,070 
RWE AG 28,400 1,179,151 
  2,863,221 
TOTAL UTILITIES  14,338,912 
TOTAL COMMON STOCKS   
(Cost $49,031,698)  53,415,786 
Money Market Funds - 3.4%   
Fidelity Cash Central Fund 0.32% (d)   
(Cost $1,921,591) 1,921,207 1,921,591 
TOTAL INVESTMENT IN SECURITIES - 99.8%   
(Cost $50,953,289)  55,337,377 
NET OTHER ASSETS (LIABILITIES) - 0.2%  91,708 
NET ASSETS - 100%  $55,429,085 

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 $7,220,196 or 13.0% of net assets.

 (b) Non-income producing

 (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.

Fund 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 0.32% $2,707,951 $19,538,218 $20,324,578 $1,642 $-- $-- $1,921,591 0.0% 
Fidelity Securities Lending Cash Central Fund 0.32% 870,800 10,360,945 11,231,745 927 -- -- -- 0.0% 
Total $3,578,751 $29,899,163 $31,556,323 $2,569 $-- $-- $1,921,591  

Amounts in the 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. Amount 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $3,390,301 $530,551 $2,859,750 $-- 
Energy 9,167,900 9,167,900 -- -- 
Industrials 20,077,787 6,308,599 13,769,188 -- 
Real Estate 6,440,886 5,416,637 1,024,249 -- 
Utilities 14,338,912 7,602,896 6,736,016 -- 
Money Market Funds 1,921,591 1,921,591 -- -- 
Total Investments in Securities: $55,337,377 $30,948,174 $24,389,203 $-- 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $49,031,698) 		$53,415,786  
Fidelity Central Funds (cost $1,921,591) 1,921,591  
Total Investment in Securities (cost $50,953,289)  $55,337,377 
Foreign currency held at value (cost $1,967)  1,972 
Receivable for fund shares sold  170,902 
Dividends receivable  86,706 
Distributions receivable from Fidelity Central Funds  699 
Prepaid expenses  15 
Receivable from investment adviser for expense reductions  2,563 
Total assets  55,600,234 
Liabilities   
Payable for investments purchased on a delayed delivery basis $8,924  
Payable for fund shares redeemed 91,775  
Accrued management fee 32,360  
Transfer agent fee payable 10,980  
Audit fee payables 22,476  
Other affiliated payables 1,865  
Other payables and accrued expenses 2,769  
Total liabilities  171,149 
Net Assets  $55,429,085 
Net Assets consist of:   
Paid in capital  $52,390,322 
Total accumulated earnings (loss)  3,038,763 
Net Assets  $55,429,085 
Net Asset Value, offering price and redemption price per share ($55,429,085 ÷ 4,475,155 shares)  $12.39 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $541,946 
Income from Fidelity Central Funds (including $927 from security lending)  2,569 
Income before foreign taxes withheld  544,515 
Less foreign taxes withheld  (40,038) 
Total income  504,477 
Expenses   
Management fee $178,478  
Transfer agent fees 67,740  
Accounting fees 10,295  
Custodian fees and expenses 3,604  
Independent trustees' fees and expenses 84  
Registration fees 10,977  
Audit 22,476  
Legal 30  
Miscellaneous 150  
Total expenses before reductions 293,834  
Expense reductions (30,457)  
Total expenses after reductions  263,377 
Net investment income (loss)  241,100 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 130,026  
Foreign currency transactions (5,971)  
Total net realized gain (loss)  124,055 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (1,214,817)  
Assets and liabilities in foreign currencies (1,303)  
Total change in net unrealized appreciation (depreciation)  (1,216,120) 
Net gain (loss)  (1,092,065) 
Net increase (decrease) in net assets resulting from operations  $(850,965) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $241,100 $228,039 
Net realized gain (loss) 124,055 (642,084) 
Change in net unrealized appreciation (depreciation) (1,216,120) 5,174,571 
Net increase (decrease) in net assets resulting from operations (850,965) 4,760,526 
Distributions to shareholders (334,913) (149,403) 
Share transactions   
Proceeds from sales of shares 22,869,359 55,669,179 
Reinvestment of distributions 313,896 140,331 
Cost of shares redeemed (12,614,532) (27,136,405) 
Net increase (decrease) in net assets resulting from share transactions 10,568,723 28,673,105 
Total increase (decrease) in net assets 9,382,845 33,284,228 
Net Assets   
Beginning of period 46,046,240 12,762,012 
End of period $55,429,085 $46,046,240 
Other Information   
Shares   
Sold 1,823,344 4,660,061 
Issued in reinvestment of distributions 25,734 12,118 
Redeemed (1,020,503) (2,248,442) 
Net increase (decrease) 828,575 2,423,737 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Infrastructure Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,  
 2022 2021 2020 A 
Selected Per–Share Data    
Net asset value, beginning of period $12.63 $10.44 $10.00 
Income from Investment Operations    
Net investment income (loss)B,C .06 .07 .17 
Net realized and unrealized gain (loss) (.22) 2.21 .31D 
Total from investment operations (.16) 2.28 .48 
Distributions from net investment income (.08) (.09) (.04) 
Total distributions (.08) (.09) (.04) 
Net asset value, end of period $12.39 $12.63 $10.44 
Total ReturnE,F (1.23)% 21.96% 4.79% 
Ratios to Average Net AssetsC,G,H    
Expenses before reductions 1.11%I 1.24% 2.24%I 
Expenses net of fee waivers, if any 1.00%I 1.00% 1.00%I 
Expenses net of all reductions 1.00%I 1.00% .98%I 
Net investment income (loss) .91%I .61% 1.67%I 
Supplemental Data    
Net assets, end of period (000 omitted) $55,429 $46,046 $12,762 
Portfolio turnover rateJ 89%I 46% 50%I 

 A For the period November 5, 2019 (commencement of operations) through October 31, 2020.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D The 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.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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, 2022 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 $6,253,730 
Gross unrealized depreciation (2,037,487) 
Net unrealized appreciation (depreciation) $4,216,243 
Tax cost $51,121,134 

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.

No expiration  
Short-term $(1,500,853) 

Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity Infrastructure Fund 33,529,924 22,321,128 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .68% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .26% of average net assets.

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following 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 $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 Infrastructure Fund 285,139 944,862 94,018 

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 $42 

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 $98 $– $– 

8. Expense Reductions.

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded 1.00% of average net assets. This reimbursement will remain in place through February 28, 2023. 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 $29,698.

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 $1.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $758.

Effective June 1, 2022, the investment adviser contractually agreed to reimburse expenses to the extent annual operating expenses exceeded .95% of average net assets. This reimbursement will remain in place through February 28, 2023. 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.

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. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

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, 2021 to April 30, 2022).

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, 2021 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity Infrastructure Fund 1.00%    
Actual  $1,000.00 $987.70 $4.93** 
Hypothetical-C  $1,000.00 $1,019.84 $5.01** 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

** If certain fees were not voluntarily waived by the investment adviser or its affiliates during the period, the annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:

 Annualized Expense Ratio-(a)
 		Expenses Paid
 
Fidelity Infrastructure Fund .95%  
Actual  $4.68 
Hypothetical-(b)  $4.76 

 (a) Annualized expense ratio reflects expenses net of applicable fee waivers.

 (b) 5% return per year before expenses

Liquidity Risk Management Program

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 pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is 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) in the case of exchange-traded funds, certain additional factors 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 liquidity categories described below 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 implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

ISF-SANN-0622
1.9896236.102

Fidelity® Enduring Opportunities Fund



Semi-Annual Report

April 30, 2022

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees

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. © 2022 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Microsoft Corp. 3.6 
Amazon.com, Inc. 2.2 
Tesla, Inc. 1.5 
Alphabet, Inc. Class A 1.5 
Alphabet, Inc. Class C 1.4 
UnitedHealth Group, Inc. 1.2 
Meta Platforms, Inc. Class A 1.1 
Taiwan Semiconductor Manufacturing Co. Ltd. 1.0 
JPMorgan Chase & Co. 0.9 
The Home Depot, Inc. 0.9 
 15.3 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Information Technology 21.7 
Consumer Discretionary 18.4 
Industrials 14.6 
Financials 10.9 
Communication Services 8.6 
Health Care 7.6 
Consumer Staples 6.2 
Real Estate 5.2 
Materials 3.9 
Energy 1.8 
Utilities 1.1 

Asset Allocation (% of fund's net assets)

As of April 30, 2022* 
   Stocks 100.0% 


 * Foreign investments - 40.5%

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   United States of America* 59.5% 
   Japan 6.6% 
   United Kingdom 3.3% 
   Canada 2.7% 
   Cayman Islands 2.7% 
   India 2.6% 
   France 2.7% 
   Switzerland 2.2% 
   Netherlands 2.1% 
   Other 15.6% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%   
 Shares Value 
COMMUNICATION SERVICES - 8.6%   
Diversified Telecommunication Services - 0.2%   
Elisa Corp. (A Shares) 498 $29,193 
Entertainment - 1.6%   
Live Nation Entertainment, Inc. (a) 618 64,816 
Netflix, Inc. (a) 205 39,024 
Sea Ltd. ADR (a) 352 29,132 
The Walt Disney Co. (a) 754 84,169 
Universal Music Group NV 1,223 28,381 
  245,522 
Interactive Media & Services - 5.8%   
Adevinta ASA Class B (a) 3,098 23,933 
Alphabet, Inc.:   
Class A (a) 98 223,655 
Class C (a) 96 220,736 
Hemnet Group AB 1,471 18,351 
Kakao Corp. 449 31,197 
Match Group, Inc. (a) 450 35,618 
Meta Platforms, Inc. Class A (a) 807 161,779 
NAVER Corp. 114 25,259 
Rightmove PLC 2,609 20,056 
Tencent Holdings Ltd. 2,072 97,643 
Yandex NV Series A (a)(b) 472 1,619 
Z Holdings Corp. 6,321 24,815 
  884,661 
Media - 1.0%   
Cable One, Inc. 24 27,989 
Liberty Media Corp. Liberty Media Class A (a) 922 52,941 
S4 Capital PLC (a) 4,022 15,213 
Schibsted ASA (A Shares) 1,161 24,194 
The New York Times Co. Class A 984 37,707 
  158,044 
TOTAL COMMUNICATION SERVICES  1,317,420 
CONSUMER DISCRETIONARY - 18.4%   
Auto Components - 0.5%   
Aptiv PLC (a) 433 46,071 
DENSO Corp. 604 36,811 
  82,882 
Automobiles - 2.8%   
Ferrari NV (Italy) 170 35,794 
Maruti Suzuki India Ltd. 352 35,212 
Rivian Automotive, Inc. 1,274 38,526 
Tesla, Inc. (a) 267 232,493 
Toyota Motor Corp. 4,828 82,722 
  424,747 
Hotels, Restaurants & Leisure - 3.5%   
Airbnb, Inc. Class A (a) 330 50,559 
Chipotle Mexican Grill, Inc. (a) 38 55,313 
Churchill Downs, Inc. 284 57,635 
Compass Group PLC 2,028 42,795 
Domino's Pizza, Inc. 118 39,884 
Evolution AB (c) 222 22,777 
Hilton Worldwide Holdings, Inc. 502 77,956 
Jubilant Foodworks Ltd. 3,060 21,583 
Oriental Land Co. Ltd. 227 34,338 
Restaurant Brands Asia Ltd. (a) 14,645 19,217 
Vail Resorts, Inc. 160 40,666 
Wingstop, Inc. 309 28,354 
Yum! Brands, Inc. 458 53,591 
  544,668 
Household Durables - 0.5%   
Maytronics Ltd. 1,407 25,157 
NVR, Inc. (a) 11 48,138 
  73,295 
Internet & Direct Marketing Retail - 3.3%   
Amazon.com, Inc. (a) 134 333,074 
Doordash, Inc. (a) 304 24,755 
Meituan Class B (a)(c) 2,497 53,502 
MercadoLibre, Inc. (a) 35 34,077 
Prosus NV 535 25,736 
Wayfair LLC Class A (a) 305 23,467 
Zomato Ltd. (a) 17,301 16,025 
  510,636 
Leisure Products - 0.2%   
Roland Corp. 774 26,711 
Multiline Retail - 1.1%   
B&M European Value Retail SA 4,912 30,096 
Dollarama, Inc. 716 39,806 
Next PLC 328 24,567 
Target Corp. 344 78,656 
  173,125 
Specialty Retail - 4.0%   
Carvana Co. Class A (a) 461 26,720 
Fast Retailing Co. Ltd. 55 25,322 
Five Below, Inc. (a) 285 44,774 
Floor & Decor Holdings, Inc. Class A (a) 525 41,853 
JD Sports Fashion PLC 12,090 19,920 
Lowe's Companies, Inc. 437 86,408 
National Vision Holdings, Inc. (a) 871 32,793 
Nitori Holdings Co. Ltd. 223 22,942 
The Home Depot, Inc. 458 137,583 
TJX Companies, Inc. 900 55,152 
Ulta Beauty, Inc. (a) 162 64,282 
Warby Parker, Inc. (a) 935 21,776 
WH Smith PLC (a) 1,394 25,080 
Workman Co. Ltd. 394 13,453 
  618,058 
Textiles, Apparel & Luxury Goods - 2.5%   
adidas AG 122 24,602 
Hermes International SCA 29 35,759 
lululemon athletica, Inc. (a) 192 68,089 
LVMH Moet Hennessy Louis Vuitton SE 119 77,009 
Moncler SpA 664 34,590 
NIKE, Inc. Class B 693 86,417 
PVH Corp. 419 30,495 
Shenzhou International Group Holdings Ltd. 1,932 26,215 
  383,176 
TOTAL CONSUMER DISCRETIONARY  2,837,298 
CONSUMER STAPLES - 6.2%   
Beverages - 1.4%   
Ambev SA 11,452 33,634 
China Resources Beer Holdings Co. Ltd. 4,060 23,848 
Davide Campari Milano NV 3,020 34,075 
Kweichow Moutai Co. Ltd. (A Shares) 135 37,257 
Monster Beverage Corp. (a) 586 50,208 
Pernod Ricard SA 202 41,690 
  220,712 
Food & Staples Retailing - 3.2%   
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) 953 42,426 
Avenue Supermarts Ltd. (a)(c) 561 28,703 
Casey's General Stores, Inc. 225 45,293 
Clicks Group Ltd. 1,866 36,432 
Cosmos Pharmaceutical Corp. 183 16,870 
Costco Wholesale Corp. 233 123,891 
Ocado Group PLC (a) 1,349 15,428 
Wal-Mart de Mexico SA de CV Series V 11,460 40,524 
Walmart, Inc. 808 123,616 
Welcia Holdings Co. Ltd. 941 19,290 
  492,473 
Food Products - 0.7%   
Barry Callebaut AG 13 29,920 
Foshan Haitian Flavouring & Food Co. Ltd. (A Shares) 2,631 32,250 
McCormick & Co., Inc. (non-vtg.) 503 50,587 
  112,757 
Household Products - 0.2%   
Unicharm Corp. 778 27,068 
Personal Products - 0.7%   
Hindustan Unilever Ltd. 1,044 30,295 
L'Oreal SA 133 48,387 
Shiseido Co. Ltd. 568 26,850 
  105,532 
TOTAL CONSUMER STAPLES  958,542 
ENERGY - 1.8%   
Oil, Gas & Consumable Fuels - 1.8%   
Cheniere Energy, Inc. 392 53,238 
Hess Corp. 877 90,392 
Parkland Corp. 919 26,104 
PrairieSky Royalty Ltd. 3,064 42,049 
Reliance Industries Ltd. 1,839 66,551 
  278,334 
FINANCIALS - 10.9%   
Banks - 3.8%   
Bank of America Corp. 3,290 117,387 
Credicorp Ltd. (United States) 317 44,028 
FinecoBank SpA 1,828 25,412 
First Republic Bank 351 52,376 
JPMorgan Chase & Co. 1,216 145,142 
KBC Group NV 484 32,927 
PNC Financial Services Group, Inc. 373 61,955 
PT Bank Central Asia Tbk 87,455 49,051 
SVB Financial Group (a) 110 53,640 
  581,918 
Capital Markets - 4.7%   
Amundi SA (c) 348 20,925 
Avanza Bank Holding AB 836 21,169 
Banca Generali SpA 703 23,242 
Bolsa Mexicana de Valores S.A.B. de CV 14,823 29,368 
Brookfield Asset Management, Inc. (Canada) Class A 1,037 51,727 
Charles Schwab Corp. 1,137 75,417 
CME Group, Inc. 309 67,776 
Houlihan Lokey 519 43,228 
HUB24 Ltd. 1,366 22,814 
Moody's Corp. 183 57,916 
Morningstar, Inc. 181 45,835 
MSCI, Inc. 114 48,023 
Netwealth Group Ltd. 2,295 20,780 
Partners Group Holding AG 21 22,249 
Raymond James Financial, Inc. 539 52,531 
S&P Global, Inc. 164 61,746 
St. James's Place PLC 1,524 24,490 
Value Partners Group Ltd. 55,561 21,027 
VZ Holding AG 289 21,508 
  731,771 
Consumer Finance - 0.2%   
Bajaj Finance Ltd. 386 33,234 
Insurance - 2.2%   
Arthur J. Gallagher & Co. 405 68,238 
Assurant, Inc. 321 58,383 
Chubb Ltd. 397 81,961 
Hannover Reuck SE 166 25,801 
HDFC Standard Life Insurance Co. Ltd. (c) 3,520 26,658 
Lifenet Insurance Co. (a) 5,594 22,645 
Linea Directa Aseguradora SA Compania de Seguros y Reaseguros 12,768 18,343 
Qualitas Controladora S.A.B. de CV 5,626 30,327 
  332,356 
TOTAL FINANCIALS  1,679,279 
HEALTH CARE - 7.4%   
Biotechnology - 0.3%   
Abcam PLC (a) 1,392 21,600 
Zai Lab Ltd. (a) 5,598 22,811 
  44,411 
Health Care Equipment & Supplies - 3.0%   
Align Technology, Inc. (a) 95 27,541 
Boston Scientific Corp. (a) 1,539 64,807 
Coloplast A/S Series B 198 26,676 
Fisher & Paykel Healthcare Corp. 1,534 21,080 
Hoya Corp. 324 32,154 
IDEXX Laboratories, Inc. (a) 104 44,770 
Intuitive Surgical, Inc. (a) 248 59,346 
Masimo Corp. (a) 347 39,201 
ResMed, Inc. 237 47,393 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) 575 27,099 
Straumann Holding AG 230 27,115 
The Cooper Companies, Inc. 133 48,018 
  465,200 
Health Care Providers & Services - 2.2%   
Apollo Hospitals Enterprise Ltd. 490 28,340 
Chemed Corp. 100 49,139 
Humana, Inc. 150 66,684 
UnitedHealth Group, Inc. 371 188,672 
  332,835 
Health Care Technology - 0.2%   
Veeva Systems, Inc. Class A (a) 178 32,387 
Life Sciences Tools & Services - 1.5%   
10X Genomics, Inc. (a) 690 32,954 
Danaher Corp. 330 82,873 
Lonza Group AG 53 31,251 
Maravai LifeSciences Holdings, Inc. (a) 1,228 37,736 
Sartorius Stedim Biotech 75 24,542 
Wuxi Biologics (Cayman), Inc. (a)(c) 3,610 26,645 
  236,001 
Pharmaceuticals - 0.2%   
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) 4,682 20,791 
TOTAL HEALTH CARE  1,131,625 
INDUSTRIALS - 14.6%   
Aerospace & Defense - 0.7%   
INVISIO AB 1,403 24,867 
Northrop Grumman Corp. 178 78,213 
  103,080 
Air Freight & Logistics - 1.4%   
C.H. Robinson Worldwide, Inc. 637 67,618 
Deutsche Post AG 879 37,553 
DSV A/S 173 28,364 
Expeditors International of Washington, Inc. 479 47,455 
ZTO Express, Inc. sponsored ADR 1,084 29,821 
  210,811 
Airlines - 0.1%   
Ryanair Holdings PLC sponsored ADR (a) 249 21,743 
Building Products - 1.6%   
Aica Kogyo Co. Ltd. 1,117 25,856 
Armstrong World Industries, Inc. 557 47,156 
ASSA ABLOY AB (B Shares) 1,462 36,948 
Belimo Holding AG (Reg.) 59 29,159 
Kingspan Group PLC (Ireland) 381 35,466 
The AZEK Co., Inc. (a) 2,200 46,728 
Trex Co., Inc. (a) 546 31,772 
  253,085 
Commercial Services & Supplies - 1.4%   
Casella Waste Systems, Inc. Class A (a) 656 53,949 
Copart, Inc. (a) 445 50,574 
GFL Environmental, Inc. 751 22,624 
Prosegur Compania de Seguridad SA (Reg.) 10,044 20,787 
Sunny Friend Environmental Technology Co. Ltd. 4,258 32,479 
Waste Connections, Inc. (Canada) 268 36,973 
  217,386 
Construction & Engineering - 0.2%   
Sweco AB (B Shares) 1,814 25,601 
Electrical Equipment - 1.3%   
AMETEK, Inc. 395 49,873 
Eaton Corp. PLC 401 58,153 
Generac Holdings, Inc. (a) 132 28,958 
Nidec Corp. 393 25,407 
Somfy SA 198 26,391 
Sungrow Power Supply Co. Ltd. (A Shares) 1,581 14,907 
  203,689 
Industrial Conglomerates - 0.9%   
Honeywell International, Inc. 407 78,759 
Roper Technologies, Inc. 120 56,390 
  135,149 
Machinery - 3.2%   
Atlas Copco AB (A Shares) 669 30,330 
ESCO Technologies, Inc. 574 35,846 
Fortive Corp. 784 45,080 
Haitian International Holdings Ltd. 9,789 24,095 
IDEX Corp. 242 45,936 
Indutrade AB 1,137 26,819 
Kone OYJ (B Shares) 449 21,587 
Kornit Digital Ltd. (a) 290 19,285 
Metawater Co. Ltd. 1,715 28,354 
Minebea Mitsumi, Inc. 1,141 21,891 
Misumi Group, Inc. 855 21,439 
Miura Co. Ltd. 682 14,245 
Rational AG 25 15,251 
Schindler Holding AG (participation certificate) 106 20,365 
Shenzhen Inovance Technology Co. Ltd. (A Shares) 3,926 33,916 
SMC Corp. 58 28,085 
Spirax-Sarco Engineering PLC 164 24,747 
Tocalo Co. Ltd. 1,809 18,062 
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) 9,796 24,575 
  499,908 
Professional Services - 2.7%   
BayCurrent Consulting, Inc. 61 20,000 
Centre Testing International Group Co. Ltd. (A Shares) 5,000 16,422 
CoStar Group, Inc. (a) 726 46,188 
Equifax, Inc. 276 56,172 
Experian PLC 1,010 34,880 
Funai Soken Holdings, Inc. 1,032 17,307 
Headhunter Group PLC ADR (b) 622 1,693 
Recruit Holdings Co. Ltd. 1,019 36,971 
RELX PLC (London Stock Exchange) 1,647 49,065 
Sporton International, Inc. 3,788 23,298 
TriNet Group, Inc. (a) 559 49,583 
Verisk Analytics, Inc. 296 60,399 
  411,978 
Road & Rail - 0.4%   
Old Dominion Freight Lines, Inc. 225 63,027 
Trading Companies & Distributors - 0.7%   
AddTech AB (B Shares) 1,763 31,100 
Ashtead Group PLC 561 29,008 
IMCD NV 158 25,157 
MonotaRO Co. Ltd. 1,338 22,984 
  108,249 
TOTAL INDUSTRIALS  2,253,706 
INFORMATION TECHNOLOGY - 21.7%   
Communications Equipment - 0.3%   
Lumentum Holdings, Inc. (a) 568 46,127 
Electronic Equipment & Components - 2.7%   
Amphenol Corp. Class A 808 57,772 
Azbil Corp. 666 20,221 
CDW Corp. 329 53,686 
Cognex Corp. 707 47,814 
Keyence Corp. 99 39,798 
Lagercrantz Group AB (B Shares) 2,284 23,251 
Murata Manufacturing Co. Ltd. 535 31,890 
Renishaw PLC 354 18,708 
Sunny Optical Technology Group Co. Ltd. 1,440 20,986 
Teledyne Technologies, Inc. (a) 121 52,218 
Zebra Technologies Corp. Class A (a) 121 44,729 
  411,073 
IT Services - 3.5%   
Adyen BV (a)(c) 16 26,837 
Amadeus IT Holding SA Class A (a) 556 34,841 
Capgemini SA 200 40,716 
Cloudflare, Inc. (a) 472 40,658 
Edenred SA 479 24,056 
FDM Group Holdings PLC 1,850 23,347 
GMO Internet, Inc. 1,207 24,122 
Kainos Group PLC 1,105 16,742 
Keywords Studios PLC 969 29,068 
Maximus, Inc. 597 43,509 
Nagarro SE (a) 157 22,075 
Reply SpA 149 21,935 
SHIFT, Inc. (a) 133 25,204 
Shopify, Inc. Class A (a) 41 17,500 
Softcat PLC 1,177 20,787 
Toast, Inc. 2,571 47,898 
Twilio, Inc. Class A (a) 367 41,038 
VeriSign, Inc. (a) 267 47,710 
  548,043 
Semiconductors & Semiconductor Equipment - 4.5%   
ASM International NV (Netherlands) 105 31,552 
ASML Holding NV (Netherlands) 155 87,968 
BE Semiconductor Industries NV 311 18,958 
Disco Corp. 118 28,881 
eMemory Technology, Inc. 591 24,852 
Entegris, Inc. 428 47,675 
Lam Research Corp. 127 59,152 
Monolithic Power Systems, Inc. 120 47,069 
Silergy Corp. 262 23,340 
Silicon Laboratories, Inc. (a) 339 45,734 
Taiwan Semiconductor Manufacturing Co. Ltd. 8,392 151,835 
Teradyne, Inc. 434 45,770 
Tokyo Electron Ltd. 106 44,726 
Universal Display Corp. 231 29,506 
  687,018 
Software - 10.7%   
Adobe, Inc. (a) 213 84,337 
ANSYS, Inc. (a) 155 42,732 
Atlassian Corp. PLC (a) 86 19,335 
ATOSS Software AG 168 24,411 
Bill.Com Holdings, Inc. (a) 259 44,214 
Black Knight, Inc. (a) 730 48,027 
Cadence Design Systems, Inc. (a) 414 62,452 
Ceridian HCM Holding, Inc. (a) 817 45,858 
Confluent, Inc. 1,258 39,300 
Constellation Software, Inc. 25 39,347 
Coupa Software, Inc. (a) 488 42,114 
CyberArk Software Ltd. (a) 225 35,357 
Dassault Systemes SA 892 39,448 
Fortnox AB 6,107 32,417 
HubSpot, Inc. (a) 76 28,837 
Microsoft Corp. 2,012 558,367 
Ming Yuan Cloud Group Holdings Ltd. 8,326 10,814 
Money Forward, Inc. (a) 393 13,363 
Nemetschek Se 337 26,742 
Netcompany Group A/S (a)(c) 232 12,902 
Paycom Software, Inc. (a) 152 42,783 
Salesforce.com, Inc. (a) 436 76,710 
SAP SE 489 49,558 
ServiceNow, Inc. (a) 126 60,241 
SimCorp A/S 231 16,172 
Synopsys, Inc. (a) 213 61,086 
Topicus.Com, Inc. 323 20,089 
Workday, Inc. Class A (a) 220 45,474 
Xero Ltd. (a) 342 22,552 
  1,645,039 
TOTAL INFORMATION TECHNOLOGY  3,337,300 
MATERIALS - 3.9%   
Chemicals - 3.0%   
Air Products & Chemicals, Inc. 226 52,900 
Asian Paints Ltd. 748 31,492 
Ecolab, Inc. 307 51,987 
Givaudan SA 9 35,771 
Linde PLC 235 73,311 
NOF Corp. 522 19,593 
Quaker Houghton 196 31,891 
Sherwin-Williams Co. 234 64,341 
Shin-Etsu Chemical Co. Ltd. 254 34,908 
Sika AG 146 44,597 
Symrise AG 222 26,417 
  467,208 
Metals & Mining - 0.9%   
First Quantum Minerals Ltd. 1,114 31,938 
Freeport-McMoRan, Inc. 1,670 67,719 
Lynas Rare Earths Ltd. (a) 4,812 30,196 
  129,853 
TOTAL MATERIALS  597,061 
REAL ESTATE - 5.2%   
Equity Real Estate Investment Trusts (REITs) - 4.1%   
American Tower Corp. 275 66,281 
ARGAN SA 205 24,113 
Big Yellow Group PLC 1,256 22,698 
Embassy Office Parks (REIT) 7,363 36,917 
Equinix, Inc. 83 59,684 
Equity Lifestyle Properties, Inc. 756 58,424 
Extra Space Storage, Inc. 276 52,440 
Irish Residential Properties REIT PLC 16,250 24,964 
National Storage REIT unit 18,384 33,298 
Prologis (REIT), Inc. 574 92,006 
Safestore Holdings PLC 1,798 28,286 
Segro PLC 1,773 29,684 
Summit Industrial Income REIT 1,486 23,528 
Sun Communities, Inc. 320 56,182 
Warehouses de Pauw 592 22,774 
Warehouses de Pauw rights (a)(d) 592 550 
  631,829 
Real Estate Management & Development - 1.1%   
Ayala Land, Inc. 43,711 26,636 
CBRE Group, Inc. 589 48,911 
Colliers International Group, Inc. 212 23,409 
Longfor Properties Co. Ltd. (c) 5,931 29,374 
Oberoi Realty Ltd. (a) 3,181 39,581 
  167,911 
TOTAL REAL ESTATE  799,740 
UTILITIES - 1.1%   
Electric Utilities - 0.6%   
NextEra Energy, Inc. 1,171 83,164 
Gas Utilities - 0.2%   
Nippon Gas Co. Ltd. 2,444 34,681 
Water Utilities - 0.3%   
American Water Works Co., Inc. 310 47,765 
TOTAL UTILITIES  165,610 
TOTAL COMMON STOCKS   
(Cost $14,532,743)  15,355,915 
Nonconvertible Preferred Stocks - 0.2%   
HEALTH CARE - 0.2%   
Health Care Equipment & Supplies - 0.2%   
Sartorius AG (non-vtg.)   
(Cost $18,252) 71 26,620 
Money Market Funds - 0.3%   
Fidelity Cash Central Fund 0.32% (e)   
(Cost $48,442) 48,432 48,442 
TOTAL INVESTMENT IN SECURITIES - 100.3%   
(Cost $14,599,437)  15,430,977 
NET OTHER ASSETS (LIABILITIES) - (0.3)%  (48,192) 
NET ASSETS - 100%  $15,382,785 

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 $248,323 or 1.6% 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.

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund 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 0.32% $97,273 $1,619,210 $1,668,041 $80 $-- $-- $48,442 0.0% 
Total $97,273 $1,619,210 $1,668,041 $80 $-- $-- $48,442  

Amounts in the 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $1,317,420 $977,566 $338,235 $1,619 
Consumer Discretionary 2,837,298 2,024,520 812,778 -- 
Consumer Staples 958,542 510,179 448,363 -- 
Energy 278,334 211,783 66,551 -- 
Financials 1,679,279 1,247,004 432,275 -- 
Health Care 1,158,245 821,521 336,724 -- 
Industrials 2,253,706 1,228,275 1,023,738 1,693 
Information Technology 3,337,300 2,212,225 1,125,075 -- 
Materials 597,061 374,087 222,974 -- 
Real Estate 799,740 480,865 318,875 -- 
Utilities 165,610 130,929 34,681 -- 
Money Market Funds 48,442 48,442 -- -- 
Total Investments in Securities: $15,430,977 $10,267,396 $5,160,269 $3,312 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $14,550,995) 		$15,382,535  
Fidelity Central Funds (cost $48,442) 48,442  
Total Investment in Securities (cost $14,599,437)  $15,430,977 
Cash  8 
Foreign currency held at value (cost $1,175)  1,177 
Receivable for fund shares sold  2,300 
Dividends receivable  15,534 
Distributions receivable from Fidelity Central Funds  25 
Prepaid expenses  6 
Receivable from investment adviser for expense reductions  3,417 
Total assets  15,453,444 
Liabilities   
Payable for investments purchased   
Regular delivery $1,029  
Delayed delivery 550  
Payable for fund shares redeemed 31,040  
Accrued management fee 8,301  
Audit fee payable 18,026  
Other affiliated payables 4,069  
Deferred taxes 6,291  
Other payables and accrued expenses 1,353  
Total liabilities  70,659 
Net Assets  $15,382,785 
Net Assets consist of:   
Paid in capital  $14,698,519 
Total accumulated earnings (loss)  684,266 
Net Assets  $15,382,785 
Net Asset Value, offering price and redemption price per share ($15,382,785 ÷ 1,239,826 shares)  $12.41 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $93,192 
Income from Fidelity Central Funds  80 
Income before foreign taxes withheld  93,272 
Less foreign taxes withheld  (5,713) 
Total income  87,559 
Expenses   
Management fee   
Basic fee $60,576  
Performance adjustment 8,408  
Transfer agent fees 22,235  
Accounting fees and expenses 3,749  
Custodian fees and expenses 4,584  
Independent trustees' fees and expenses 34  
Registration fees 6,107  
Audit 24,441  
Legal 13  
Miscellaneous 98  
Total expenses before reductions 130,245  
Expense reductions (33,960)  
Total expenses after reductions  96,285 
Net investment income (loss)  (8,726) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $2,894) (8,806)  
Foreign currency transactions (1,557)  
Total net realized gain (loss)  (10,363) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $8,969) (5,002,923)  
Assets and liabilities in foreign currencies (661)  
Total change in net unrealized appreciation (depreciation)  (5,003,584) 
Net gain (loss)  (5,013,947) 
Net increase (decrease) in net assets resulting from operations  $(5,022,673) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2022 (Unaudited) Year ended October 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(8,726) $(42,567) 
Net realized gain (loss) (10,363) 611,309 
Change in net unrealized appreciation (depreciation) (5,003,584) 4,480,723 
Net increase (decrease) in net assets resulting from operations (5,022,673) 5,049,465 
Distributions to shareholders (572,700) – 
Share transactions   
Proceeds from sales of shares 2,486,207 11,858,773 
Reinvestment of distributions 537,633 – 
Cost of shares redeemed (3,537,752) (5,470,813) 
Net increase (decrease) in net assets resulting from share transactions (513,912) 6,387,960 
Total increase (decrease) in net assets (6,109,285) 11,437,425 
Net Assets   
Beginning of period 21,492,070 10,054,645 
End of period $15,382,785 $21,492,070 
Other Information   
Shares   
Sold 164,166 815,088 
Issued in reinvestment of distributions 33,571 – 
Redeemed (245,878) (371,566) 
Net increase (decrease) (48,141) 443,522 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Enduring Opportunities Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,  
 2022 2021 2020 A 
Selected Per–Share Data    
Net asset value, beginning of period $16.69 $11.91 $10.00 
Income from Investment Operations    
Net investment income (loss)B,C (.01) (.04) (.01) 
Net realized and unrealized gain (loss) (3.83) 4.82 1.93 
Total from investment operations (3.84) 4.78 1.92 
Distributions from net investment income (.03) – –D 
Distributions from net realized gain (.41) – – 
Tax Return of capital – – (.01) 
Total distributions (.44) – (.01) 
Net asset value, end of period $12.41 $16.69 $11.91 
Total ReturnE,F (23.60)% 40.13% 19.22% 
Ratios to Average Net AssetsC,G,H    
Expenses before reductions 1.35%I 1.70% 2.63%I 
Expenses net of fee waivers, if any 1.00%I 1.08% 1.10%I 
Expenses net of all reductions 1.00%I 1.08% 1.09%I 
Net investment income (loss) (.09)%I (.25)% (.10)%I 
Supplemental Data    
Net assets, end of period (000 omitted) $15,383 $21,492 $10,055 
Portfolio turnover rateJ 15%I 23% 17%I 

 A For the period November 5, 2019 (commencement of operations) through October 31, 2020.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

1. Organization.

Fidelity Enduring Opportunities Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

2. Investments in Fidelity Central Funds.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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, 2022 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 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 $2,658,110 
Gross unrealized depreciation (1,886,238) 
Net unrealized appreciation (depreciation) $771,872 
Tax cost $14,659,105 

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 1,417,917 2,360,590 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .35% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. During January 2022 the Board approved a change in the individual fund fee rate from .45% to .35% effective February 1, 2022. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the MSCI ACWI (All Country World Index) Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .72% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .23% of average net assets.

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following 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 $4 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Enduring Opportunities Fund 77,564 15,686 (349) 

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 $16 

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, 2023. The expense limitation prior to February, 1, 2022 was 1.05%. 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 $33,667.

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 $4.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $289.

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% and certain otherwise unaffiliated shareholders were owners of record of more than 10% of the outstanding shares as follows:

Fund Affiliated % 
Fidelity Enduring Opportunities Fund 21% 

9. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

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, 2021 to April 30, 2022).

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, 2021 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period-B
November 1, 2021
to April 30, 2022 
Fidelity Enduring Opportunities Fund 1.00%    
Actual  $1,000.00 $764.00 $4.37 
Hypothetical-C  $1,000.00 $1,019.84 $5.01 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Enduring Opportunities Fund

At its January 2022 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) for the fund to take effect February 1, 2022 (the Amended Contract) that lowered the management fee rate to be paid. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.

Nature, Extent, and Quality of Services Provided.  The Board noted that it previously received and

considered materials relating to the nature, extent and quality of services provided by FMR and the fund's sub-advisers to the fund, including the resources dedicated to investment management and support services, shareholder and administrative services, the benefits to shareholders of investment in a large fund family, and the investment performance of the fund in connection with the annual renewal of the fund's current management contract and sub-advisory agreements (Advisory Contracts). At its January 2022 meeting, the Board concluded that the nature, extent and quality of the services provided to the fund under the existing Advisory Contracts should benefit the fund's shareholders. The Board noted that approval of the Amended Contract would not change the fund's portfolio manager, the investment processes, the level or nature of services provided, the resources and personnel allocated or trading and compliance operations. The Board concluded that the nature, extent, and quality of services to be provided to the fund under the Amended Contract will continue to benefit the fund's shareholders.

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered that it received and reviewed information regarding the fund's current management fee and total expense ratio compared to "mapped groups" of competitive funds and classes in connection with the annual renewal of the Advisory Contracts. Based on its review, the Board concluded at its January 2022 meeting that the fund's current management fee and total expenses are fair and reasonable in light of the services that the fund receives and the other factors considered. In its review of the proposed management fee rate under the Amended Contract, the Board considered that the proposed management fee rate would be lower than the current management fee rate. The Board also considered that the proposed management fee rate would not result in any changes in the relationships of the fund's management fee rate and total expense ratio to the competitive medians of its total mapped groups of competitor funds provided to the Board in connection with the annual renewal of the existing Advisory Contracts.The Board also noted that, in conjunction with the approval of the lower management fee rate under the Amended Contract, the fund's existing expense cap would also be lowered by the same amount as the management fee reduction.

Based on its review, the Board concluded that the management fee and the total expenses continue to be fair and reasonable in light of the services that the fund receives and the other factors considered.

Costs of the Services and  Profitability. The Board considered that it previously reviewed information regarding the revenues earned and the expenses incurred by FMR in providing services to the fund and the level of FMR's profitability. At its January 2022 meeting, the Board concluded that it was satisfied that FMR's profitability in connection with the operation of the fund was not excessive under the circumstances. Because the Board was approving an arrangement that would reduce the management fee rate, the Board did not consider the costs of the services provided by and the profits realized by FMR to be significant factors in its decision to approve the Amended Contract.

Economies of Scale.  The Board considered that it previously received and reviewed information regarding whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale and that it concluded, at its January 2022 meeting, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity. The Board did not consider economies of scale to be a significant factor in its decision to approve the Amended Contract because the proposed management fee rate is lower than the current management fee rate.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's advisory fee structures are fair and reasonable, and that the Amended Contract should be approved.

Liquidity Risk Management Program

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 pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is 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) in the case of exchange-traded funds, certain additional factors 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 liquidity categories described below 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 implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

IDF-SANN-0622
1.9896222.102

Fidelity® Sustainable Emerging Markets Equity Fund



Semi-Annual Report

April 30, 2022

Includes Fidelity and Fidelity Advisor share classes

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


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. © 2022 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (Taiwan, Semiconductors & Semiconductor Equipment) 9.0 
Reliance Industries Ltd. sponsored GDR (India, Oil, Gas & Consumable Fuels) 4.8 
Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) 4.8 
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) 3.9 
Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet & Direct Marketing Retail) 3.5 
iShares MSCI India ETF (United States of America, Investment Companies) 3.1 
China Construction Bank Corp. (H Shares) (China, Banks) 2.4 
HDFC Bank Ltd. sponsored ADR (India, Banks) 2.4 
E.SUN Financial Holdings Co. Ltd. (Taiwan, Banks) 2.0 
POSCO (Korea (South), Metals & Mining) 1.9 
 37.8 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Financials 20.6 
Information Technology 20.0 
Consumer Discretionary 12.5 
Communication Services 11.4 
Materials 7.1 
Consumer Staples 5.8 
Energy 4.8 
Health Care 4.4 
Industrials 4.1 
Real Estate 1.3 
Utilities 0.3 

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   Cayman Islands 21.3% 
   Taiwan 15.0% 
   Korea (South) 12.6% 
   India 9.7% 
   United States of America* 8.7% 
   China 6.3% 
   Indonesia 5.4% 
   Brazil 5.1% 
   South Africa 4.2% 
   Other 11.7% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks and Equity Futures 97.5 
Short-Term Investments and Net Other Assets (Liabilities) 2.5 

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 90.9%   
 Shares Value 
Bermuda - 0.7%   
Credicorp Ltd. (United States) 71 $9,861 
Kunlun Energy Co. Ltd. 10,706 8,885 
TOTAL BERMUDA  18,746 
Brazil - 3.7%   
Atacadao SA 1,389 5,779 
Banco do Brasil SA 1,279 8,594 
Localiza Rent A Car SA 1,111 11,897 
Localiza Rent A Car SA ADR 1,948 21,710 
Natura & Co. Holding SA (a) 3,035 11,412 
Natura & Co. Holding SA ADR (a) 998 7,505 
Suzano Papel e Celulose SA 1,246 12,503 
Suzano Papel e Celulose SA ADR 1,658 16,746 
TOTAL BRAZIL  96,146 
Cayman Islands - 21.3%   
Alibaba Group Holding Ltd. sponsored ADR (a) 930 90,294 
Bilibili, Inc. ADR (a) 952 23,172 
JD.com, Inc. sponsored ADR 709 43,717 
Li Ning Co. Ltd. 1,599 12,463 
Meituan Class B (a)(b) 2,146 45,981 
NetEase, Inc. ADR 336 32,031 
Parade Technologies Ltd. 481 22,888 
Pinduoduo, Inc. ADR (a) 442 19,046 
Shenzhou International Group Holdings Ltd. 1,512 20,516 
Tencent Holdings Ltd. 2,608 122,902 
Trip.com Group Ltd. ADR (a) 1,107 26,181 
Wuxi Biologics (Cayman), Inc. (a)(b) 5,411 39,938 
XP, Inc. Class A (a) 301 7,408 
XPeng, Inc. ADR (a) 799 19,663 
Zai Lab Ltd. (a) 5,100 20,782 
TOTAL CAYMAN ISLANDS  546,982 
China - 6.3%   
China Construction Bank Corp. (H Shares) 87,653 62,444 
China Merchants Bank Co. Ltd. (H Shares) 2,897 17,461 
Haier Smart Home Co. Ltd. 1,430 5,052 
Kweichow Moutai Co. Ltd. (A Shares) 70 19,318 
Ping An Insurance Group Co. of China Ltd. (H Shares) 4,359 27,552 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) 100 4,713 
Sungrow Power Supply Co. Ltd. (A Shares) 400 3,771 
Wuliangye Yibin Co. Ltd. (A Shares) 100 2,436 
WuXi AppTec Co. Ltd. (H Shares) (b) 1,372 18,662 
TOTAL CHINA  161,409 
Hungary - 0.2%   
OTP Bank PLC 165 4,971 
India - 9.7%   
Axis Bank Ltd. GDR (Reg. S) (a) 181 8,494 
HDFC Bank Ltd. sponsored ADR 1,109 61,228 
ICICI Bank Ltd. sponsored ADR 1,318 25,095 
Infosys Ltd. sponsored ADR 1,476 29,328 
Reliance Industries Ltd. sponsored GDR (b) 1,732 123,855 
TOTAL INDIA  248,000 
Indonesia - 5.4%   
PT Avia Avian 214,544 12,111 
PT Bank Central Asia Tbk 81,765 45,860 
PT Bank Mandiri (Persero) Tbk 40,136 24,645 
PT Bank Rakyat Indonesia (Persero) Tbk 61,673 20,549 
PT Telkom Indonesia Persero Tbk 111,784 35,588 
TOTAL INDONESIA  138,753 
Korea (South) - 12.6%   
Hansol Chemical Co. Ltd. 104 19,904 
Hyundai Fire & Marine Insurance Co. Ltd. 280 7,178 
LG Chemical Ltd. 53 21,592 
LG Energy Solution 16 5,199 
LG Household & Health Care Ltd. 7 4,987 
NAVER Corp. 163 36,117 
POSCO 209 47,467 
Samsung Electronics Co. Ltd. 1,894 100,401 
Shinhan Financial Group Co. Ltd. 343 11,335 
SK Hynix, Inc. 295 25,713 
Woori Financial Group, Inc. ADR 1,248 43,206 
TOTAL KOREA (SOUTH)  323,099 
Malaysia - 0.5%   
Press Metal Bhd 8,834 12,111 
Mexico - 4.0%   
Grupo Aeroportuario del Sureste S.A.B. de CV Series B 1,318 28,765 
Grupo Aeroportuario Norte S.A.B. de CV 2,280 16,000 
Grupo Financiero Banorte S.A.B. de CV Series O 967 6,383 
Grupo Mexico SA de CV Series B 1,221 5,715 
Wal-Mart de Mexico SA de CV Series V 13,220 46,748 
TOTAL MEXICO  103,611 
Netherlands - 0.1%   
Yandex NV Series A (a)(c) 517 1,773 
Philippines - 1.3%   
Ayala Land, Inc. 56,919 34,685 
South Africa - 4.2%   
Absa Group Ltd. 860 9,291 
Capitec Bank Holdings Ltd. 94 13,121 
Gold Fields Ltd. sponsored ADR 910 12,221 
Impala Platinum Holdings Ltd. 1,455 18,821 
MTN Group Ltd. 3,851 40,844 
Naspers Ltd. Class N 136 13,716 
TOTAL SOUTH AFRICA  108,014 
Taiwan - 15.0%   
E.SUN Financial Holdings Co. Ltd. 43,445 49,647 
eMemory Technology, Inc. 447 18,797 
Hon Hai Precision Industry Co. Ltd. (Foxconn) 8,364 28,672 
MediaTek, Inc. 1,217 33,569 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 2,486 231,020 
Unimicron Technology Corp. 3,235 22,703 
TOTAL TAIWAN  384,408 
Thailand - 2.5%   
CP ALL PCL (For. Reg.) 16,648 31,416 
SCB X PCL (For. Reg.) 7,772 25,701 
Thai Beverage PCL 15,067 7,422 
TOTAL THAILAND  64,539 
United Kingdom - 2.4%   
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. ELS (UBS AG London Branch Bank Warrant Programme) Class A warrants 12/7/22 (a)(b) 572 26,616 
Sungrow Power Supply Co. Ltd. ELS (UBS AG London Branch Bank Warrant Programme) Class A warrants 8/4/23 (a)(b) 2,271 21,371 
Wuliangye Yibin Co. Ltd. ELS (UBS AG London Branch Bank Warrant Programme) Class A warrants 10/27/23 (a)(b) 558 13,471 
TOTAL UNITED KINGDOM  61,458 
United States of America - 1.0%   
Li Auto, Inc. ADR (a) 1,160 26,019 
TOTAL COMMON STOCKS   
(Cost $2,617,684)  2,334,724 
Nonconvertible Preferred Stocks - 1.4%   
Brazil - 1.4%   
Banco do Brasil SA sponsored ADR 853 5,732 
Itau Unibanco Holding SA 2,595 12,529 
Itau Unibanco Holding SA sponsored ADR 3,960 18,968 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $36,985)  37,229 
Investment Companies - 3.1%   
United States of America - 3.1%   
iShares MSCI India ETF   
(Cost $80,595) 1,804 78,727 
Money Market Funds - 5.0%   
Fidelity Cash Central Fund 0.32% (d)   
(Cost $127,258) 127,233 127,258 
TOTAL INVESTMENT IN SECURITIES - 100.4%   
(Cost $2,862,522)  2,577,938 
NET OTHER ASSETS (LIABILITIES) - (0.4)%  (10,894) 
NET ASSETS - 100%  $2,567,044 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
ICE E-mini MSCI Emerging Markets Index Contracts (United States) 1 June 2022 $52,870 $1,108 $1,108 

The notional amount of futures purchased as a percentage of Net Assets is 2.1%

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

 (a) Non-income producing

 (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $289,894 or 11.3% of net assets.

 (c) Level 3 security

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements 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.

Fund 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 0.32% $-- $3,037,021 $2,909,763 $106 $-- $-- $127,258 0.0% 
Total $-- $3,037,021 $2,909,763 $106 $-- $-- $127,258  

Amounts in the 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $292,427 $55,203 $235,451 $1,773 
Consumer Discretionary 322,648 224,920 97,728 -- 
Consumer Staples 150,494 71,444 79,050 -- 
Energy 123,855 -- 123,855 -- 
Financials 527,253 203,975 323,278 -- 
Health Care 110,711 -- 110,711 -- 
Industrials 108,713 78,372 30,341 -- 
Information Technology 513,091 260,348 252,743 -- 
Materials 179,191 47,185 132,006 -- 
Real Estate 34,685 -- 34,685 -- 
Utilities 8,885 -- 8,885 -- 
Investment Companies 78,727 78,727 -- -- 
Money Market Funds 127,258 127,258 -- -- 
Total Investments in Securities: $2,577,938 $1,147,432 $1,428,733 $1,773 
Derivative Instruments:     
Assets     
Futures Contracts $1,108 $1,108 $-- $-- 
Total Assets $1,108 $1,108 $-- $-- 
Total Derivative Instruments: $1,108 $1,108 $-- $-- 

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, 2022. 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) $1,108 $0 
Total Equity Risk 1,108 0 
Total Value of Derivatives $1,108 $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).

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $2,735,264) 		$2,450,680  
Fidelity Central Funds (cost $127,258) 127,258  
Total Investment in Securities (cost $2,862,522)  $2,577,938 
Segregated cash with brokers for derivative instruments  6,349 
Cash  113 
Foreign currency held at value (cost $3,621)  3,621 
Receivable for investments sold  8,697 
Receivable for fund shares sold  20,482 
Dividends receivable  1,540 
Distributions receivable from Fidelity Central Funds  49 
Receivable for daily variation margin on futures contracts  588 
Receivable from investment adviser for expense reductions  27,216 
Total assets  2,646,593 
Liabilities   
Payable for investments purchased $27,515  
Accrued management fee 1,739  
Audit fee payable 14,068  
Custodian fee payable 10,091  
Registration fee payable 25,370  
Distribution and service plan fees payable 312  
Other affiliated payables 454  
Total liabilities  79,549 
Net Assets  $2,567,044 
Net Assets consist of:   
Paid in capital  $3,017,501 
Total accumulated earnings (loss)  (450,457) 
Net Assets  $2,567,044 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($206,330 ÷ 25,041 shares)(a)  $8.24 
Maximum offering price per share (100/94.25 of $8.24)  $8.74 
Class M:   
Net Asset Value and redemption price per share ($205,877 ÷ 25,000 shares)(a)  $8.24 
Maximum offering price per share (100/96.50 of $8.24)  $8.54 
Class C:   
Net Asset Value and offering price per share ($205,650 ÷ 25,000 shares)(a)  $8.23 
Fidelity Sustainable Emerging Markets Equity Fund:   
Net Asset Value, offering price and redemption price per share ($1,536,482 ÷ 186,371 shares)  $8.24 
Class I:   
Net Asset Value, offering price and redemption price per share ($206,104 ÷ 25,000 shares)  $8.24 
Class Z:   
Net Asset Value, offering price and redemption price per share ($206,601 ÷ 25,052 shares)  $8.25 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  For the period
February 10, 2022 (commencement of operations) through
April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $7,445 
Income from Fidelity Central Funds  106 
Income before foreign taxes withheld  7,551 
Less foreign taxes withheld  (1,218) 
Total income  6,333 
Expenses   
Management fee $4,195  
Transfer agent fees 770  
Distribution and service plan fees 854  
Accounting fees and expenses 280  
Custodian fees and expenses 10,089  
Independent trustees' fees and expenses 1  
Registration fees 31,370  
Audit 14,815  
Miscellaneous 111  
Total expenses before reductions 62,485  
Expense reductions (54,650)  
Total expenses after reductions  7,835 
Net investment income (loss)  (1,502) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (148,918)  
Foreign currency transactions (2,440)  
Futures contracts (14,078)  
Total net realized gain (loss)  (165,436) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (284,584)  
Assets and liabilities in foreign currencies (43)  
Futures contracts 1,108  
Total change in net unrealized appreciation (depreciation)  (283,519) 
Net gain (loss)  (448,955) 
Net increase (decrease) in net assets resulting from operations  $(450,457) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 For the period
February 10, 2022 (commencement of operations) through
April 30, 2022 (Unaudited) 
Increase (Decrease) in Net Assets  
Operations  
Net investment income (loss) $(1,502) 
Net realized gain (loss) (165,436) 
Change in net unrealized appreciation (depreciation) (283,519) 
Net increase (decrease) in net assets resulting from operations (450,457) 
Share transactions - net increase (decrease) 3,017,501 
Total increase (decrease) in net assets 2,567,044 
Net Assets  
Beginning of period – 
End of period $2,567,044 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Sustainable Emerging Markets Equity Fund Class A

 Six months ended (Unaudited) April 30, 
 2022 A 
Selected Per–Share Data  
Net asset value, beginning of period $10.00 
Income from Investment Operations  
Net investment income (loss)B,C (.01) 
Net realized and unrealized gain (loss) (1.75) 
Total from investment operations (1.76) 
Net asset value, end of period $8.24 
Total ReturnD,E,F (17.60)% 
Ratios to Average Net AssetsC,G,H  
Expenses before reductions 11.26%I 
Expenses net of fee waivers, if any 1.55%I 
Expenses net of all reductions 1.55%I 
Net investment income (loss) (.38)%I 
Supplemental Data  
Net assets, end of period (000 omitted) $206 
Portfolio turnover rateJ 32% 

 A For the period February 10, 2022 (commencement of operations) through April 30, 2022.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Sustainable Emerging Markets Equity Fund Class M

 Six months ended (Unaudited) April 30, 
 2022 A 
Selected Per–Share Data  
Net asset value, beginning of period $10.00 
Income from Investment Operations  
Net investment income (loss)B,C (.01) 
Net realized and unrealized gain (loss) (1.75) 
Total from investment operations (1.76) 
Net asset value, end of period $8.24 
Total ReturnD,E,F (17.60)% 
Ratios to Average Net AssetsC,G,H  
Expenses before reductions 11.50%I 
Expenses net of fee waivers, if any 1.80%I 
Expenses net of all reductions 1.80%I 
Net investment income (loss) (.63)%I 
Supplemental Data  
Net assets, end of period (000 omitted) $206 
Portfolio turnover rateJ 32% 

 A For the period February 10, 2022 (commencement of operations) through April 30, 2022.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Sustainable Emerging Markets Equity Fund Class C

 Six months ended (Unaudited) April 30, 
 2022 A 
Selected Per–Share Data  
Net asset value, beginning of period $10.00 
Income from Investment Operations  
Net investment income (loss)B,C (.02) 
Net realized and unrealized gain (loss) (1.75) 
Total from investment operations (1.77) 
Net asset value, end of period $8.23 
Total ReturnD,E,F (17.70)% 
Ratios to Average Net AssetsC,G,H  
Expenses before reductions 12.00%I 
Expenses net of fee waivers, if any 2.30%I 
Expenses net of all reductions 2.30%I 
Net investment income (loss) (1.13)%I 
Supplemental Data  
Net assets, end of period (000 omitted) $206 
Portfolio turnover rateJ 32% 

 A For the period February 10, 2022 (commencement of operations) through April 30, 2022.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the contingent deferred sales charge.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Sustainable Emerging Markets Equity Fund

 Six months ended (Unaudited) April 30, 
 2022 A 
Selected Per–Share Data  
Net asset value, beginning of period $10.00 
Income from Investment Operations  
Net investment income (loss)B,C – 
Net realized and unrealized gain (loss) (1.76) 
Total from investment operations (1.76) 
Net asset value, end of period $8.24 
Total ReturnD,E (17.60)% 
Ratios to Average Net AssetsC,F,G  
Expenses before reductions 11.70%H 
Expenses net of fee waivers, if any 1.30%H 
Expenses net of all reductions 1.30%H 
Net investment income (loss) (.13)%H 
Supplemental Data  
Net assets, end of period (000 omitted) $1,536 
Portfolio turnover rateI 32% 

 A For the period February 10, 2022 (commencement of operations) through April 30, 2022.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Sustainable Emerging Markets Equity Fund Class I

 Six months ended (Unaudited) April 30, 
 2022 A 
Selected Per–Share Data  
Net asset value, beginning of period $10.00 
Income from Investment Operations  
Net investment income (loss)B,C – 
Net realized and unrealized gain (loss) (1.76) 
Total from investment operations (1.76) 
Net asset value, end of period $8.24 
Total ReturnD,E (17.60)% 
Ratios to Average Net AssetsC,F,G  
Expenses before reductions 11.00%H 
Expenses net of fee waivers, if any 1.30%H 
Expenses net of all reductions 1.30%H 
Net investment income (loss) (.13)%H 
Supplemental Data  
Net assets, end of period (000 omitted) $206 
Portfolio turnover rateI 32% 

 A For the period February 10, 2022 (commencement of operations) through April 30, 2022.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Sustainable Emerging Markets Equity Fund Class Z

 Six months ended (Unaudited) April 30, 
 2022 A 
Selected Per–Share Data  
Net asset value, beginning of period $10.00 
Income from Investment Operations  
Net investment income (loss)B,C – 
Net realized and unrealized gain (loss) (1.75) 
Total from investment operations (1.75) 
Net asset value, end of period $8.25 
Total ReturnD,E (17.50)% 
Ratios to Average Net AssetsC,F,G  
Expenses before reductions 10.94%H 
Expenses net of fee waivers, if any 1.15%H 
Expenses net of all reductions 1.15%H 
Net investment income (loss) .02%H 
Supplemental Data  
Net assets, end of period (000 omitted) $207 
Portfolio turnover rateI 32% 

 A For the period February 10, 2022 (commencement of operations) through April 30, 2022.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

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. 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. Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance depending on whether certain investments are in or out of favor. The criteria related to the Fund's ESG ratings process and/or adherence to its sustainable investing exclusion criteria may result in the Fund forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so. As a result, the Fund's performance may at times be better or worse than the performance of funds that do not use ESG or sustainability criteria. There are significant differences in interpretations of what it means for an issuer to have positive ESG factors. While the investment adviser believes its definitions are reasonable, the portfolio decisions it makes may differ with other investors' or advisers' views.

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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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.

ETFs are valued at their last sale price or official closing price as reported by a third party pricing vendor 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.

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, 2022 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. 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 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.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $41,376 
Gross unrealized depreciation (358,151) 
Net unrealized appreciation (depreciation) $(316,775) 
Tax cost $2,895,821 

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 objective allows the Fund to enter into various types of derivative contracts, 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.

The Fund used derivatives 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 Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

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.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the 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 the Fund. Counterparty credit risk related to exchange-traded futures 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. The Fund used futures contracts to manage its 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 (variation margin) 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. 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 3,589,835 733,581 

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .10% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Fund as compared to its benchmark index, the MSCI Emerging Markets Index, over the same 36 month performance period. The Fund's performance adjustment will not take effect until February 28, 2023. Subsequent months will be added until the performance period includes 36 months. For the reporting period, the total annualized management fee rate was .77% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $122 $122 
Class M .25% .25% 244 244 
Class C .75% .25% 488 488 
   $854 $854 

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.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Class A $54 .11 
Class M 46 .09 
Class C 46 .09 
Fidelity Sustainable Emerging Markets Equity Fund 557 .19 
Class I 47 .10 
Class Z 20 .04 
 $770  

 (a) Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Fidelity Sustainable Emerging Markets 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 Sustainable Emerging Markets Equity Fund $28 

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 26,870 14,234 (7,050) 

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. During the period, there were no borrowings on this line of credit.

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, 2023. 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 1.55% $4,731 
Class M 1.80% 4,715 
Class C 2.30% 4,712 
Fidelity Sustainable Emerging Markets Equity Fund 1.30% 30,989 
Class I 1.30% 4,718 
Class Z 1.15% 4,776 
  $54,641 

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.

Effective June 1, 2022, the investment adviser contractually agreed to reimburse expenses 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, 2023. 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.

 Expense Limitations 
Class A 1.50% 
Class M 1.75% 
Class C 2.25% 
Fidelity Sustainable Emerging Markets Equity Fund 1.25% 
Class I 1.25% 
Class Z 1.10% 

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 Dollars 
 Six months ended April 30, 2022(a) Six months ended April 30, 2022(a) 
Fidelity Sustainable Emerging Markets Equity Fund   
Class A   
Shares sold 25,041 $250,393 
Net increase (decrease) 25,041 $250,393 
Class M   
Shares sold 25,000 $250,000 
Net increase (decrease) 25,000 $250,000 
Class C   
Shares sold 25,000 $250,000 
Net increase (decrease) 25,000 $250,000 
Fidelity Sustainable Emerging Markets Equity Fund   
Shares sold 200,838 $1,888,370 
Shares redeemed (14,467) (121,759) 
Net increase (decrease) 186,371 $1,766,611 
Class I   
Shares sold 25,000 $250,000 
Net increase (decrease) 25,000 $250,000 
Class Z   
Shares sold 25,052 $250,497 
Net increase (decrease) 25,052 $250,497 

 (a) For the period February 10, 2022 (commencement of operations) through April 30, 2022.

10. Other.

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:

Fund Affiliated % 
Fidelity Sustainable Emerging Markets Equity Fund 65% 

11. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 10, 2022 to April 30, 2022). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (November 1, 2021 to April 30, 2022).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period
 
Fidelity Sustainable Emerging Markets Equity Fund     
Class A 1.55%    
Actual  $1,000.00 $824.00 $3.10**B 
Hypothetical-C  $1,000.00 $1,017.11 $7.75**D 
Class M 1.80%    
Actual  $1,000.00 $824.00 $3.60**B 
Hypothetical-C  $1,000.00 $1,015.87 $9.00**D 
Class C 2.30%    
Actual  $1,000.00 $823.00 $4.59-B 
Hypothetical-C  $1,000.00 $1,013.39 $11.48-D 
Fidelity Sustainable Emerging Markets Equity Fund 1.30%    
Actual  $1,000.00 $824.00 $2.60**B 
Hypothetical-C  $1,000.00 $1,018.35 $6.51**D 
Class I 1.30%    
Actual  $1,000.00 $824.00 $2.60**B 
Hypothetical-C  $1,000.00 $1,018.35 $6.51**D 
Class Z 1.15%    
Actual  $1,000.00 $825.00 $2.30**B 
Hypothetical-C  $1,000.00 $1,019.09 $5.76**D 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Actual expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 80/365 (to reflect the period February 10, 2022 to April 30, 2022.

 C 5% return per year before expenses

 D Hypothetical expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

** If fees and changes to the expense contract and/ or expense cap, effective June 1, 2022, 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 be as shown in table below:

 Annualized Expense Ratio-(a)
 		Expenses Paid
 
Fidelity Sustainable Emerging Markets Equity Fund   
Class A 1.50%  
Actual  $3.00-(b) 
Hypothetical-(c)  $7.50-(d) 
Class M 1.75%  
Actual  $3.50-(b) 
Hypothetical-(c)  $8.75-(d) 
Fidelity Sustainable Emerging Markets Equity Fund 1.25%  
Actual  $2.50-(b) 
Hypothetical-(c)  $6.26-(d) 
Class I 1.25%  
Actual  $2.50-(b) 
Hypothetical-(c)  $6.26-(d) 
Class Z 1.10%  
Actual  $2.20-(b) 
Hypothetical-(c)  $5.51-(d) 

 (a) Annualized expense ratio reflects expenses net of applicable fee waivers.

 (b) Actual expenses are for the period February 10, 2022 to April 30, 2022.

 (c) 5% return per year before expenses

 (d) Hypothetical expenses are for the one-half year period.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Sustainable Emerging Markets Equity Fund

At its October 2021 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements with affiliates of FMR (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are collectively referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operationscapabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services.  The Board considered the nature, extent, quality, and cost of advisory, administrative, and shareholder services to be performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund. The Board also considered the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

Investment Performance.  The fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund's Advisory Contracts. The Board considered the Investment Advisers' strength in fundamental, research-driven security selection, which the Board is familiar with through its supervision of other Fidelity funds.

Based on its review, the Board concluded that the nature, extent, and quality of services to be provided to the fund under the Advisory Contracts should benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio  .In reviewing the Advisory Contracts, the Board considered the fund's proposed management fee rate and the projected total expense ratio of each class of the fund. The Board noted that the fund's proposed management fee rate is lower than the median fee rate of funds with similar Lipper investment objective categories and comparable investment mandates, regardless of whether their management fee structures are comparable. The Board also considered that the projected total expense ratio of the Retail Class of the fund is below the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure. The Board noted that the projected total expense ratio of each of Class A, Class M, Class C, Class I, and Class Z of the fund was above the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure primarily as the result of low estimated asset levels. The Board, recognizing that the fund is a new fund and therefore had no historical performance upon which to evaluate the effect of the performance adjustment, noted that it would be able to evaluate its effects in connection with future renewals of the fund's Advisory Contracts.

The Board also noted that FMR has contractually agreed to reimburse each class of the fund to the extent that total operating expenses (excluding interest, certain taxes, fees and expenses of the Independent Trustees, proxy and shareholder meeting expenses, extraordinary expenses, and acquired fund fees and expenses (including fees and expenses associated with a wholly owned subsidiary), if any, as well as non-operating expenses such as brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable), as a percentage of their respective average net assets exceed a certain limit through February 28, 2023.

Based on its review, the Board concluded that the management fee and the projected total expense ratio of each class of the fund were reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.

Costs of the Services and Profitability.  The fund is a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of the fund at the time it approved the Advisory Contracts. In connection with its future renewal of the fund's Advisory Contracts, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders.

Economies of Scale.  The Board will consider economies of scale when there is operating experience to permit assessment thereof. It noted that, notwithstanding the entrepreneurial risk associated with a new fund, the management fee was at a level normally associated, by comparison with competitors, with very high fund net assets, and Fidelity asserted to the Board that the level of the fee anticipated economies of scale at lower asset levels even before, if ever, economies of scale are achieved. The Board also noted that the fund and its shareholders would have access to the very considerable number and variety of services available through Fidelity and its affiliates.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be approved.





Fidelity Investments

MAR-SANN-0622
1.9905244.100

Fidelity® Sustainable International Equity Fund



Semi-Annual Report

April 30, 2022

Includes Fidelity and Fidelity Advisor share classes

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


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. © 2022 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Sony Group Corp. (Japan, Household Durables) 3.4 
Nestle SA (Reg. S) (Switzerland, Food Products) 3.3 
ORIX Corp. (Japan, Diversified Financial Services) 3.3 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 3.3 
AXA SA (France, Insurance) 3.1 
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) 2.9 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals) 2.6 
Siemens AG (Germany, Industrial Conglomerates) 2.5 
Merck KGaA (Germany, Pharmaceuticals) 2.0 
Boliden AB (Sweden, Metals & Mining) 1.9 
 28.3 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Financials 18.7 
Industrials 17.0 
Health Care 13.9 
Information Technology 12.4 
Consumer Discretionary 10.0 
Consumer Staples 7.9 
Materials 6.0 
Utilities 4.5 
Communication Services 3.1 
Energy 1.3 
Real Estate 0.9 

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   Japan 18.6% 
   France 11.3% 
   United Kingdom 10.2% 
   Switzerland 7.7% 
   Germany 7.7% 
   Sweden 4.8% 
   United States of America* 4.3% 
   Netherlands 3.7% 
   Spain 3.5% 
   Other 28.2% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks 95.7 
Short-Term Investments and Net Other Assets (Liabilities) 4.3 

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.7%   
 Shares Value 
Australia - 2.3%   
Bapcor Ltd. 4,314 $20,450 
Macquarie Group Ltd. 284 40,886 
TOTAL AUSTRALIA  61,336 
Austria - 2.3%   
Verbund AG 389 41,580 
Wienerberger AG 750 21,171 
TOTAL AUSTRIA  62,751 
Bailiwick of Jersey - 1.3%   
Experian PLC 1 35 
Ferguson PLC 269 33,746 
TOTAL BAILIWICK OF JERSEY  33,781 
Belgium - 1.8%   
KBC Group NV 188 12,790 
UCB SA 308 35,011 
TOTAL BELGIUM  47,801 
Canada - 1.8%   
Nutrien Ltd. 278 27,319 
The Toronto-Dominion Bank 291 21,019 
TOTAL CANADA  48,338 
Denmark - 1.8%   
ORSTED A/S (a) 308 34,074 
Vestas Wind Systems A/S 593 15,122 
TOTAL DENMARK  49,196 
Finland - 1.3%   
Neste OYJ 811 34,799 
France - 11.3%   
AXA SA 3,182 84,180 
BNP Paribas SA 594 30,800 
Capgemini SA 240 48,859 
L'Oreal SA 74 26,922 
Legrand SA 351 31,104 
LVMH Moet Hennessy Louis Vuitton SE 65 42,064 
Pernod Ricard SA 138 28,481 
Societe Generale Series A 38 913 
Worldline SA (a)(b) 223 8,774 
TOTAL FRANCE  302,097 
Germany - 7.7%   
Brenntag SE 220 16,976 
Deutsche Post AG 940 40,159 
Infineon Technologies AG 569 16,150 
Merck KGaA 282 52,319 
Puma AG 196 14,421 
Siemens AG 541 66,519 
TOTAL GERMANY  206,544 
Hong Kong - 3.3%   
AIA Group Ltd. 3,455 33,941 
Hang Seng Bank Ltd. 1,985 35,145 
Hong Kong Exchanges and Clearing Ltd. 474 20,107 
TOTAL HONG KONG  89,193 
India - 1.7%   
HDFC Bank Ltd. sponsored ADR 801 44,223 
Ireland - 3.3%   
CRH PLC 1,060 42,211 
Dalata Hotel Group PLC (b) 6,114 27,927 
Kingspan Group PLC (Ireland) 180 16,756 
TOTAL IRELAND  86,894 
Italy - 1.1%   
Carel Industries SpA (a) 613 14,750 
Intesa Sanpaolo SpA 7,735 15,762 
TOTAL ITALY  30,512 
Japan - 18.6%   
FUJIFILM Holdings Corp. 330 18,141 
Hitachi Ltd. 1,024 48,565 
Hoya Corp. 462 45,850 
Itochu Corp. 1,466 44,245 
Murata Manufacturing Co. Ltd. 194 11,564 
Nomura Research Institute Ltd. 683 19,313 
ORIX Corp. 4,874 88,897 
Persol Holdings Co. Ltd. 975 19,344 
Recruit Holdings Co. Ltd. 884 32,073 
Sony Group Corp. 1,044 90,094 
Tokyo Electron Ltd. 84 35,444 
Z Holdings Corp. 11,217 44,036 
TOTAL JAPAN  497,566 
Kenya - 0.7%   
Safaricom Ltd. 64,140 18,666 
Netherlands - 3.7%   
ASML Holding NV (Netherlands) 137 77,753 
Heineken NV (Bearer) 208 20,303 
TOTAL NETHERLANDS  98,056 
New Zealand - 2.0%   
EBOS Group Ltd. 1,425 38,867 
Ryman Healthcare Group Ltd. 2,262 13,387 
TOTAL NEW ZEALAND  52,254 
Norway - 1.6%   
DNB Bank ASA 1,830 35,460 
Schibsted ASA (A Shares) 301 6,273 
TOTAL NORWAY  41,733 
Spain - 3.5%   
Amadeus IT Holding SA Class A (b) 613 38,412 
Cellnex Telecom SA (a) 209 9,742 
EDP Renovaveis SA 735 17,395 
Iberdrola SA 2,538 29,164 
TOTAL SPAIN  94,713 
Sweden - 4.8%   
Boliden AB 1,172 50,819 
Bravida Holding AB (a) 618 6,336 
Instalco AB 1,416 8,739 
Investor AB (B Shares) 687 13,220 
Lagercrantz Group AB (B Shares) 950 9,671 
Nibe Industrier AB (B Shares) 4,049 39,698 
TOTAL SWEDEN  128,483 
Switzerland - 7.7%   
Lonza Group AG 32 18,868 
Nestle SA (Reg. S) 694 89,591 
Roche Holding AG (participation certificate) 237 87,883 
SGS SA (Reg.) 4 10,278 
TOTAL SWITZERLAND  206,620 
Taiwan - 1.9%   
Taiwan Semiconductor Manufacturing Co. Ltd. 2,748 49,719 
United Kingdom - 10.2%   
AstraZeneca PLC (United Kingdom) 513 68,455 
Big Yellow Group PLC 574 10,373 
Compass Group PLC 2,184 46,086 
Dechra Pharmaceuticals PLC 178 8,066 
Diageo PLC 833 41,557 
Grainger Trust PLC 3,315 12,331 
Impax Asset Management Group PLC 626 6,770 
Legal & General Group PLC 5,742 17,898 
Mondi PLC 976 18,335 
Ocado Group PLC (b) 370 4,232 
Smart Metering Systems PLC 1,318 13,633 
WH Smith PLC (b) 1,328 23,892 
TOTAL UNITED KINGDOM  271,628 
TOTAL COMMON STOCKS   
(Cost $2,890,751)  2,556,903 
Money Market Funds - 3.5%   
Fidelity Cash Central Fund 0.32% (c)   
(Cost $93,112) 93,093 93,112 
TOTAL INVESTMENT IN SECURITIES - 99.2%   
(Cost $2,983,863)  2,650,015 
NET OTHER ASSETS (LIABILITIES) - 0.8%  22,296 
NET ASSETS - 100%  $2,672,311 

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 $73,676 or 2.8% of net assets.

 (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.

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund 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 0.32% $-- $2,922,942 $2,829,830 $62 $-- $-- $93,112 0.0% 
Total $-- $2,922,942 $2,829,830 $62 $-- $-- $93,112  

Amounts in the 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $78,717 $18,666 $60,051 $-- 
Consumer Discretionary 264,934 -- 264,934 -- 
Consumer Staples 211,086 -- 211,086 -- 
Energy 34,799 -- 34,799 -- 
Financials 502,011 65,242 436,769 -- 
Health Care 368,706 -- 368,706 -- 
Industrials 458,078 -- 458,078 -- 
Information Technology 333,800 -- 333,800 -- 
Materials 159,855 27,319 132,536 -- 
Real Estate 22,704 -- 22,704 -- 
Utilities 122,213 -- 122,213 -- 
Money Market Funds 93,112 93,112 -- -- 
Total Investments in Securities: $2,650,015 $204,339 $2,445,676 $-- 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $2,890,751) 		$2,556,903  
Fidelity Central Funds (cost $93,112) 93,112  
Total Investment in Securities (cost $2,983,863)  $2,650,015 
Foreign currency held at value (cost $338)  338 
Receivable for investments sold  26,113 
Receivable for fund shares sold  23,423 
Dividends receivable  10,903 
Distributions receivable from Fidelity Central Funds  29 
Receivable from investment adviser for expense reductions  24,524 
Total assets  2,735,345 
Liabilities   
Payable for investments purchased $16,196  
Accrued management fee 1,549  
Distribution and service plan fees payable 326  
Audit fee payable 13,724  
Registration fee payable 25,372  
Custodian fee payable 5,367  
Other affiliated payables 500  
Total liabilities  63,034 
Net Assets  $2,672,311 
Net Assets consist of:   
Paid in capital  $3,065,588 
Total accumulated earnings (loss)  (393,277) 
Net Assets  $2,672,311 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($212,944 ÷ 25,057 shares)(a)  $8.50 
Maximum offering price per share (100/94.25 of $8.50)  $9.02 
Class M:   
Net Asset Value and redemption price per share ($212,339 ÷ 25,000 shares)(a)  $8.49 
Maximum offering price per share (100/96.50 of $8.49)  $8.80 
Class C:   
Net Asset Value and offering price per share ($212,105 ÷ 25,000 shares)(a)  $8.48 
Fidelity Sustainable International Equity Fund:   
Net Asset Value, offering price and redemption price per share ($1,609,248 ÷ 189,254 shares)  $8.50 
Class I:   
Net Asset Value, offering price and redemption price per share ($213,032 ÷ 25,054 shares)  $8.50 
Class Z:   
Net Asset Value, offering price and redemption price per share ($212,643 ÷ 25,000 shares)  $8.51 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  For the period
February 10, 2022 (commencement of operations) through
April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $21,561 
Income from Fidelity Central Funds  62 
Income before foreign taxes withheld  21,623 
Less foreign taxes withheld  (2,738) 
Total income  18,885 
Expenses   
Management fee $3,483  
Transfer agent fees 810  
Distribution and service plan fees 874  
Accounting fees and expenses 267  
Custodian fees and expenses 5,366  
Independent trustees' fees and expenses 1  
Registration fees 31,372  
Audit 14,431  
Miscellaneous 111  
Total expenses before reductions 56,715  
Expense reductions (50,523)  
Total expenses after reductions  6,192 
Net investment income (loss)  12,693 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (67,676)  
Foreign currency transactions (4,050)  
Total net realized gain (loss)  (71,726) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (333,848)  
Assets and liabilities in foreign currencies (396)  
Total change in net unrealized appreciation (depreciation)  (334,244) 
Net gain (loss)  (405,970) 
Net increase (decrease) in net assets resulting from operations  $(393,277) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 For the period
February 10, 2022 (commencement of operations) through
April 30, 2022 (Unaudited) 
Increase (Decrease) in Net Assets  
Operations  
Net investment income (loss) $12,693 
Net realized gain (loss) (71,726) 
Change in net unrealized appreciation (depreciation) (334,244) 
Net increase (decrease) in net assets resulting from operations (393,277) 
Share transactions - net increase (decrease) 3,065,588 
Total increase (decrease) in net assets 2,672,311 
Net Assets  
Beginning of period – 
End of period $2,672,311 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Sustainable International Equity Fund Class A

 Six months ended (Unaudited) April 30, 
 2022 A 
Selected Per–Share Data  
Net asset value, beginning of period $10.00 
Income from Investment Operations  
Net investment income (loss)B,C .05 
Net realized and unrealized gain (loss) (1.55) 
Total from investment operations (1.50) 
Net asset value, end of period $8.50 
Total ReturnD,E,F (15.00)% 
Ratios to Average Net AssetsC,G,H  
Expenses before reductions 10.90%I 
Expenses net of fee waivers, if any 1.30%I 
Expenses net of all reductions 1.30%I 
Net investment income (loss) 2.37%I 
Supplemental Data  
Net assets, end of period (000 omitted) $213 
Portfolio turnover rateJ 9% 

 A For the period February 10, 2022 (commencement of operations) through April 30, 2022.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Sustainable International Equity Fund Class M

 Six months ended (Unaudited) April 30, 
 2022 A 
Selected Per–Share Data  
Net asset value, beginning of period $10.00 
Income from Investment Operations  
Net investment income (loss)B,C .04 
Net realized and unrealized gain (loss) (1.55) 
Total from investment operations (1.51) 
Net asset value, end of period $8.49 
Total ReturnD,E,F (15.10)% 
Ratios to Average Net AssetsC,G,H  
Expenses before reductions 11.11%I 
Expenses net of fee waivers, if any 1.55%I 
Expenses net of all reductions 1.55%I 
Net investment income (loss) 2.13%I 
Supplemental Data  
Net assets, end of period (000 omitted) $212 
Portfolio turnover rateJ 9% 

 A For the period February 10, 2022 (commencement of operations) through April 30, 2022.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Sustainable International Equity Fund Class C

 Six months ended (Unaudited) April 30, 
 2022 A 
Selected Per–Share Data  
Net asset value, beginning of period $10.00 
Income from Investment Operations  
Net investment income (loss)B,C .03 
Net realized and unrealized gain (loss) (1.55) 
Total from investment operations (1.52) 
Net asset value, end of period $8.48 
Total ReturnD,E,F (15.20)% 
Ratios to Average Net AssetsC,G,H  
Expenses before reductions 11.60%I 
Expenses net of fee waivers, if any 2.05%I 
Expenses net of all reductions 2.05%I 
Net investment income (loss) 1.63%I 
Supplemental Data  
Net assets, end of period (000 omitted) $212 
Portfolio turnover rateJ 9% 

 A For the period February 10, 2022 (commencement of operations) through April 30, 2022.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the contingent deferred sales charge.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Sustainable International Equity Fund

 Six months ended (Unaudited) April 30, 
 2022 A 
Selected Per–Share Data  
Net asset value, beginning of period $10.00 
Income from Investment Operations  
Net investment income (loss)B,C .05 
Net realized and unrealized gain (loss) (1.55) 
Total from investment operations (1.50) 
Net asset value, end of period $8.50 
Total ReturnD,E (15.00)% 
Ratios to Average Net AssetsC,F,G  
Expenses before reductions 11.11%H 
Expenses net of fee waivers, if any 1.05%H 
Expenses net of all reductions 1.05%H 
Net investment income (loss) 2.63%H 
Supplemental Data  
Net assets, end of period (000 omitted) $1,609 
Portfolio turnover rateI 9% 

 A For the period February 10, 2022 (commencement of operations) through April 30, 2022.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Sustainable International Equity Fund Class I

 Six months ended (Unaudited) April 30, 
 2022 A 
Selected Per–Share Data  
Net asset value, beginning of period $10.00 
Income from Investment Operations  
Net investment income (loss)B,C .05 
Net realized and unrealized gain (loss) (1.55) 
Total from investment operations (1.50) 
Net asset value, end of period $8.50 
Total ReturnD,E (15.00)% 
Ratios to Average Net AssetsC,F,G  
Expenses before reductions 10.65%H 
Expenses net of fee waivers, if any 1.05%H 
Expenses net of all reductions 1.05%H 
Net investment income (loss) 2.62%H 
Supplemental Data  
Net assets, end of period (000 omitted) $213 
Portfolio turnover rateI 9% 

 A For the period February 10, 2022 (commencement of operations) through April 30, 2022.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Fidelity Sustainable International Equity Fund Class Z

 Six months ended (Unaudited) April 30, 
 2022 A 
Selected Per–Share Data  
Net asset value, beginning of period $10.00 
Income from Investment Operations  
Net investment income (loss)B,C .05 
Net realized and unrealized gain (loss) (1.54) 
Total from investment operations (1.49) 
Net asset value, end of period $8.51 
Total ReturnD,E (14.90)% 
Ratios to Average Net AssetsC,F,G  
Expenses before reductions 10.56%H 
Expenses net of fee waivers, if any .90%H 
Expenses net of all reductions .90%H 
Net investment income (loss) 2.77%H 
Supplemental Data  
Net assets, end of period (000 omitted) $213 
Portfolio turnover rateI 9% 

 A For the period February 10, 2022 (commencement of operations) through April 30, 2022.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

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. 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. Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance depending on whether certain investments are in or out of favor. The criteria related to the Fund's ESG ratings process and/or adherence to its sustainable investing exclusion criteria may result in the Fund forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so. As a result, the Fund's performance may at times be better or worse than the performance of funds that do not use ESG or sustainability criteria. There are significant differences in interpretations of what it means for an issuer to have positive ESG factors. While the investment adviser believes its definitions are reasonable, the portfolio decisions it makes may differ with other investors' or advisers' views.

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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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, 2022 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.

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. 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 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.

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 $20,120 
Gross unrealized depreciation (369,619) 
Net unrealized appreciation (depreciation) $(349,499) 
Tax cost $2,999,514 

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 3,170,268 211,850 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .10% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Fidelity Sustainable International Equity Fund as compared to its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. The Fund's performance adjustment will not take effect until October 31, 2022. Subsequent months will be added until the performance period includes 36 months. For the reporting period, the total annualized management fee rate was .68% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $125 $125 
Class M .25% .25% 250 250 
Class C .75% .25% 499 499 
   $874 $874 

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.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Class A $68 .14 
Class M 47 .09 
Class C 47 .09 
Fidelity Sustainable International Equity Fund 559 .21 
Class I 68 .14 
Class Z 21 .04 
 $810  

 (a) Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following 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 73,206 2,665 (631) 

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. During the period, there were no borrowings on this line of credit.

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, 2023. 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% $4,792 
Class M 1.55% 4,759 
Class C 2.05% 4,756 
Fidelity Sustainable International Equity Fund 1.05% 26,602 
Class I 1.05% 4,793 
Class Z .90% 4,813 
  $50,515 

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 $8.

8. 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 Dollars 
 Six months ended April 30, 2022(a) Six months ended April 30, 2022(a) 
Fidelity Sustainable International Equity Fund   
Class A   
Shares sold 25,057 $250,541 
Net increase (decrease) 25,057 $250,541 
Class M   
Shares sold 25,000 $250,000 
Net increase (decrease) 25,000 $250,000 
Class C   
Shares sold 25,000 $250,000 
Net increase (decrease) 25,000 $250,000 
Fidelity Sustainable International Equity Fund   
Shares sold 193,768 $1,854,869 
Shares redeemed (4,514) (40,331) 
Net increase (decrease) 189,254 $1,814,538 
Class I   
Shares sold 25,054 $250,509 
Net increase (decrease) 25,054 $250,509 
Class Z   
Shares sold 25,000 $250,000 
Net increase (decrease) 25,000 $250,000 

 (a) For the period February 10, 2022 (commencement of operations) through April 30, 2022.

9. Other.

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:

Fund Affiliated % 
Fidelity Sustainable International Equity Fund 64% 

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 14% 

10. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 10, 2022 to April 30, 2022). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (November 1, 2021 to April 30, 2022).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period-B
 
Fidelity Sustainable International Equity Fund     
Class A 1.30%    
Actual  $1,000.00 $850.00 $2.64-B 
Hypothetical-C  $1,000.00 $1,018.35 $6.51-D 
Class M 1.55%    
Actual  $1,000.00 $849.00 $3.14-B 
Hypothetical-C  $1,000.00 $1,017.11 $7.75-D 
Class C 2.05%    
Actual  $1,000.00 $848.00 $4.15-B 
Hypothetical-C  $1,000.00 $1,014.63 $10.24-D 
Fidelity Sustainable International Equity Fund 1.05%    
Actual  $1,000.00 $850.00 $2.13-B 
Hypothetical-C  $1,000.00 $1,019.59 $5.26-D 
Class I 1.05%    
Actual  $1,000.00 $850.00 $2.13-B 
Hypothetical-C  $1,000.00 $1,019.59 $5.26-D 
Class Z .90%    
Actual  $1,000.00 $851.00 $1.83-B 
Hypothetical-C  $1,000.00 $1,020.33 $4.51-D 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Actual expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 80/365 (to reflect the period February 10, 2022 to April 30, 2022.

 C 5% return per year before expenses

 D Hypothetical expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Sustainable International Equity Fund

At its October 2021 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements with affiliates of FMR (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are collectively referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operationscapabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services.  The Board considered the nature, extent, quality, and cost of advisory, administrative, and shareholder services to be performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund. The Board also considered the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

Investment Performance.  The fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund's Advisory Contracts. The Board considered the Investment Advisers' strength in fundamental, research-driven security selection, which the Board is familiar with through its supervision of other Fidelity funds.

Based on its review, the Board concluded that the nature, extent, and quality of services to be provided to the fund under the Advisory Contracts should benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio  .In reviewing the Advisory Contracts, the Board considered the fund's proposed management fee rate and the projected total expense ratio of each class of the fund. The Board noted that the fund's proposed management fee rate is lower than the median fee rate of funds with similar Lipper investment objective categories and comparable investment mandates, regardless of whether their management fee structures are comparable. The Board also considered that the projected total expense ratio of the Retail Class and Class Z of the fund is below the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure. The Board noted that the projected total expense ratio of each of Class A, Class M, Class C, and Class I of the fund was above the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure primarily as the result of low estimated asset levels. The Board, recognizing that the fund is a new fund and therefore had no historical performance upon which to evaluate the effect of the performance adjustment, noted that it would be able to evaluate its effects in connection with future renewals of the fund's Advisory Contracts.

The Board also noted that FMR has contractually agreed to reimburse each class of the fund to the extent that total operating expenses (excluding interest, certain taxes, fees and expenses of the Independent Trustees, proxy and shareholder meeting expenses, extraordinary expenses, and acquired fund fees and expenses (including fees and expenses associated with a wholly owned subsidiary), if any, as well as non-operating expenses such as brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable), as a percentage of their respective average net assets exceed a certain limit through February 28, 2023.

Based on its review, the Board concluded that the management fee and the projected total expense ratio of each class of the fund were reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.

Costs of the Services and Profitability.  The fund is a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of the fund at the time it approved the Advisory Contracts. In connection with its future renewal of the fund's Advisory Contracts, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders.

Economies of Scale.  The Board will consider economies of scale when there is operating experience to permit assessment thereof. It noted that, notwithstanding the entrepreneurial risk associated with a new fund, the management fee was at a level normally associated, by comparison with competitors, with very high fund net assets, and Fidelity asserted to the Board that the level of the fee anticipated economies of scale at lower asset levels even before, if ever, economies of scale are achieved. The Board also noted that the fund and its shareholders would have access to the very considerable number and variety of services available through Fidelity and its affiliates.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be approved.





Fidelity Investments

SIC-SANN-0622
1.9904430.100

Fidelity® SAI Sustainable International Equity Fund



Semi-Annual Report

April 30, 2022

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


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.

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. © 2022 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Sony Group Corp. (Japan, Household Durables) 3.4 
Nestle SA (Reg. S) (Switzerland, Food Products) 3.4 
ORIX Corp. (Japan, Diversified Financial Services) 3.3 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 3.3 
AXA SA (France, Insurance) 3.2 
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) 2.9 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals) 2.6 
Siemens AG (Germany, Industrial Conglomerates) 2.5 
Merck KGaA (Germany, Pharmaceuticals) 2.0 
Boliden AB (Sweden, Metals & Mining) 1.9 
 28.5 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Financials 18.8 
Industrials 17.2 
Health Care 13.9 
Information Technology 12.4 
Consumer Discretionary 10.1 
Consumer Staples 8.0 
Materials 6.0 
Utilities 4.6 
Communication Services 3.0 
Energy 1.3 
Real Estate 0.9 

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   Japan 18.9% 
   France 11.3% 
   United Kingdom 10.2% 
   Switzerland 7.8% 
   Germany 7.8% 
   Sweden 4.8% 
   United States of America* 3.8% 
   Netherlands 3.7% 
   Spain 3.5% 
   Other 28.2% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks 96.2 
Short-Term Investments and Net Other Assets (Liabilities) 3.8 

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.2%   
 Shares Value 
Australia - 2.3%   
Bapcor Ltd. 3,066 $14,534 
Macquarie Group Ltd. 202 29,081 
TOTAL AUSTRALIA  43,615 
Austria - 2.4%   
Verbund AG 277 29,608 
Wienerberger AG 531 14,989 
TOTAL AUSTRIA  44,597 
Bailiwick of Jersey - 1.3%   
Experian PLC 1 35 
Ferguson PLC 191 23,961 
TOTAL BAILIWICK OF JERSEY  23,996 
Belgium - 1.8%   
KBC Group NV 134 9,116 
UCB SA 220 25,008 
TOTAL BELGIUM  34,124 
Canada - 1.8%   
Nutrien Ltd. 198 19,457 
The Toronto-Dominion Bank 207 14,952 
TOTAL CANADA  34,409 
Denmark - 1.8%   
ORSTED A/S (a) 218 24,117 
Vestas Wind Systems A/S 422 10,761 
TOTAL DENMARK  34,878 
Finland - 1.3%   
Neste OYJ 577 24,758 
France - 11.3%   
AXA SA 2,261 59,815 
BNP Paribas SA 422 21,881 
Capgemini SA 171 34,812 
L'Oreal SA 53 19,282 
Legrand SA 250 22,154 
LVMH Moet Hennessy Louis Vuitton SE 46 29,768 
Pernod Ricard SA 97 20,019 
Societe Generale Series A 27 649 
Worldline SA (a)(b) 157 6,177 
TOTAL FRANCE  214,557 
Germany - 7.8%   
Brenntag SE 157 12,115 
Deutsche Post AG 668 28,539 
Infineon Technologies AG 404 11,467 
Merck KGaA 201 37,291 
Puma AG 139 10,227 
Siemens AG 384 47,215 
TOTAL GERMANY  146,854 
Hong Kong - 3.3%   
AIA Group Ltd. 2,457 24,137 
Hang Seng Bank Ltd. 1,410 24,965 
Hong Kong Exchanges and Clearing Ltd. 337 14,295 
TOTAL HONG KONG  63,397 
India - 1.7%   
HDFC Bank Ltd. sponsored ADR 569 31,414 
Ireland - 3.3%   
CRH PLC 753 29,986 
Dalata Hotel Group PLC (b) 4,346 19,851 
Kingspan Group PLC (Ireland) 128 11,915 
TOTAL IRELAND  61,752 
Italy - 1.1%   
Carel Industries SpA (a) 436 10,491 
Intesa Sanpaolo SpA 5,497 11,201 
TOTAL ITALY  21,692 
Japan - 18.9%   
FUJIFILM Holdings Corp. 234 12,863 
Hitachi Ltd. 728 34,526 
Hoya Corp. 328 32,551 
Itochu Corp. 1,042 31,449 
Murata Manufacturing Co. Ltd. 138 8,226 
Nomura Research Institute Ltd. 486 13,742 
ORIX Corp. 3,463 63,162 
Persol Holdings Co. Ltd. 886 17,578 
Recruit Holdings Co. Ltd. 628 22,785 
Sony Group Corp. 742 64,035 
Tokyo Electron Ltd. 60 25,317 
Z Holdings Corp. 7,970 31,289 
TOTAL JAPAN  357,523 
Kenya - 0.7%   
Safaricom Ltd. 45,597 13,270 
Netherlands - 3.7%   
ASML Holding NV (Netherlands) 97 55,051 
Heineken NV (Bearer) 147 14,349 
TOTAL NETHERLANDS  69,400 
New Zealand - 2.0%   
EBOS Group Ltd. 1,013 27,630 
Ryman Healthcare Group Ltd. 1,607 9,511 
TOTAL NEW ZEALAND  37,141 
Norway - 1.6%   
DNB Bank ASA 1,301 25,210 
Schibsted ASA (A Shares) 210 4,376 
TOTAL NORWAY  29,586 
Spain - 3.5%   
Amadeus IT Holding SA Class A (b) 436 27,321 
Cellnex Telecom SA (a) 147 6,852 
EDP Renovaveis SA 522 12,354 
Iberdrola SA 1,803 20,718 
TOTAL SPAIN  67,245 
Sweden - 4.8%   
Boliden AB 833 36,120 
Bravida Holding AB (a) 431 4,418 
Instalco AB 999 6,166 
Investor AB (B Shares) 488 9,391 
Lagercrantz Group AB (B Shares) 673 6,851 
Nibe Industrier AB (B Shares) 2,877 28,207 
TOTAL SWEDEN  91,153 
Switzerland - 7.8%   
Lonza Group AG 22 12,972 
Nestle SA (Reg. S) 493 63,643 
Roche Holding AG (participation certificate) 169 62,668 
SGS SA (Reg.) 3 7,709 
TOTAL SWITZERLAND  146,992 
Taiwan - 1.8%   
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 374 34,756 
United Kingdom - 10.2%   
AstraZeneca PLC (United Kingdom) 366 48,840 
Big Yellow Group PLC 408 7,373 
Compass Group PLC 1,552 32,750 
Dechra Pharmaceuticals PLC 125 5,664 
Diageo PLC 592 29,534 
Grainger Trust PLC 2,356 8,764 
Impax Asset Management Group PLC 446 4,823 
Legal & General Group PLC 4,085 12,733 
Mondi PLC 694 13,037 
Ocado Group PLC (b) 271 3,099 
Smart Metering Systems PLC 937 9,692 
WH Smith PLC (b) 943 16,966 
TOTAL UNITED KINGDOM  193,275 
TOTAL COMMON STOCKS   
(Cost $1,926,522)  1,820,384 
Money Market Funds - 3.5%   
Fidelity Cash Central Fund 0.32% (c)   
(Cost $66,338) 66,325 66,338 
TOTAL INVESTMENT IN SECURITIES - 99.7%   
(Cost $1,992,860)  1,886,722 
NET OTHER ASSETS (LIABILITIES) - 0.3%  6,102 
NET ASSETS - 100%  $1,892,824 

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 $52,055 or 2.8% of net assets.

 (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.

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund 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 0.32% $-- $2,058,021 $1,991,683 $99 $-- $-- $66,338 0.0% 
Total $-- $2,058,021 $1,991,683 $99 $-- $-- $66,338  

Amounts in the 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $55,787 $13,270 $42,517 $-- 
Consumer Discretionary 188,131 -- 188,131 -- 
Consumer Staples 149,926 -- 149,926 -- 
Energy 24,758 -- 24,758 -- 
Financials 356,825 46,366 310,459 -- 
Health Care 262,135 -- 262,135 -- 
Industrials 329,716 -- 329,716 -- 
Information Technology 236,583 34,756 201,827 -- 
Materials 113,589 19,457 94,132 -- 
Real Estate 16,137 -- 16,137 -- 
Utilities 86,797 -- 86,797 -- 
Money Market Funds 66,338 66,338 -- -- 
Total Investments in Securities: $1,886,722 $180,187 $1,706,535 $-- 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $1,926,522) 		$1,820,384  
Fidelity Central Funds (cost $66,338) 66,338  
Total Investment in Securities (cost $1,992,860)  $1,886,722 
Foreign currency held at value (cost $241)  241 
Receivable for investments sold  13,895 
Receivable for fund shares sold  1,198 
Dividends receivable  2,788 
Distributions receivable from Fidelity Central Funds  99 
Receivable from investment adviser for expense reductions  5,376 
Total assets  1,910,319 
Liabilities   
Payable for investments purchased $11,475  
Accrued management fee 604  
Audit fee payable 2,672  
Custodian fee payable 1,496  
Registration fee payable 1,248  
Total liabilities  17,495 
Net Assets  $1,892,824 
Net Assets consist of:   
Paid in capital  $2,001,246 
Total accumulated earnings (loss)  (108,422) 
Net Assets  $1,892,824 
Net Asset Value, offering price and redemption price per share ($1,892,824 ÷ 200,132 shares)  $9.46 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  For the period
April 14, 2022 (commencement of operations) through
April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $4,303 
Income from Fidelity Central Funds  99 
Income before foreign taxes withheld  4,402 
Less foreign taxes withheld  (691) 
Total income  3,711 
Expenses   
Management fee $604  
Custodian fees and expenses 1,496  
Registration fees 1,248  
Audit 2,672  
Total expenses before reductions 6,020  
Expense reductions (5,376)  
Total expenses after reductions  644 
Net investment income (loss)  3,067 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (3,293)  
Foreign currency transactions (2,024)  
Total net realized gain (loss)  (5,317) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (106,138)  
Assets and liabilities in foreign currencies (34)  
Total change in net unrealized appreciation (depreciation)  (106,172) 
Net gain (loss)  (111,489) 
Net increase (decrease) in net assets resulting from operations  $(108,422) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 For the period
April 14, 2022 (commencement of operations) through
April 30, 2022 (Unaudited) 
Increase (Decrease) in Net Assets  
Operations  
Net investment income (loss) $3,067 
Net realized gain (loss) (5,317) 
Change in net unrealized appreciation (depreciation) (106,172) 
Net increase (decrease) in net assets resulting from operations (108,422) 
Share transactions  
Proceeds from sales of shares 2,001,448 
Cost of shares redeemed (202) 
Net increase (decrease) in net assets resulting from share transactions 2,001,246 
Total increase (decrease) in net assets 1,892,824 
Net Assets  
Beginning of period – 
End of period $1,892,824 
Other Information  
Shares  
Sold 200,152 
Redeemed (20) 
Net increase (decrease) 200,132 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity SAI Sustainable International Equity Fund

 Six months ended (Unaudited) April 30, 
 2022 A 
Selected Per–Share Data  
Net asset value, beginning of period $10.00 
Income from Investment Operations  
Net investment income (loss)B,C .02 
Net realized and unrealized gain (loss) (.56) 
Total from investment operations (.54) 
Net asset value, end of period $9.46 
Total ReturnD,E (5.40)% 
Ratios to Average Net AssetsC,F,G  
Expenses before reductions 7.03%H 
Expenses net of fee waivers, if any .75%H 
Expenses net of all reductions .75%H 
Net investment income (loss) 3.58%H 
Supplemental Data  
Net assets, end of period (000 omitted) $1,893 
Portfolio turnover rateI 5% 

 A For the period April 14, 2022 (commencement of operations) through April 30, 2022.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

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. Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance depending on whether certain investments are in or out of favor. The criteria related to the Fund's ESG ratings process and/or adherence to its sustainable investing exclusion criteria may result in the Fund forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so. As a result, the Fund's performance may at times be better or worse than the performance of funds that do not use ESG or sustainability criteria. There are significant differences in interpretations of what it means for an issuer to have positive ESG factors. While the investment adviser believes its definitions are reasonable, the portfolio decisions it makes may differ with other investors' or advisers' views.

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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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, 2022 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.

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 $3,457 
Gross unrealized depreciation (109,254) 
Net unrealized appreciation (depreciation) $(105,797) 
Tax cost $1,992,519 

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 2,019,027 89,213 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .67% of the Fund's average net assets.

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Fidelity SAI Sustainable International Equity Fund $2 

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 164,608 4,945 (54) 

6. 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 29, 2024. 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 $5,376.

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, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:

Fund Affiliated % 
Fidelity SAI Sustainable International Equity Fund 100% 

8. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 14, 2022 to April 30, 2022). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (November 1, 2021 to April 30, 2022).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period
 
Fidelity SAI Sustainable International Equity Fund .75%    
Actual  $1,000.00 $946.00 $.34-B 
Hypothetical-C  $1,000.00 $1,021.08 $3.76-D 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Actual expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 17/365 (to reflect the period April 14, 2022 to April 30, 2022.

 C 5% return per year before expenses

 D Hypothetical expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity SAI Sustainable International Equity Fund

At its January 2022 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements with affiliates of FMR (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are collectively referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objectives, strategies, and related investment philosophy. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, and technology and operationscapabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services.  The Board considered the nature, extent, quality, and cost of advisory, administrative, and shareholder services to be performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund. The Board also considered the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

Investment Performance.  The fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund's Advisory Contracts. The Board considered the Investment Advisers' strength in fundamental, research-driven security selection, which the Board is familiar with through its supervision of other Fidelity funds. The Board also considered the fact that it oversees funds managed by FMR that have similar investment objectives and policies as the fund, including other sustainable investing funds.

Based on its review, the Board concluded that the nature, extent, and quality of services to be provided to the fund under the Advisory Contracts should benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio  .In reviewing the Advisory Contracts, the Board considered the fund's proposed management fee rate and the projected total expense ratio of the fund. The Board noted that the fund's proposed management fee rate is below the median fee rate of funds with similar Lipper investment objective categories and comparable investment mandates, regardless of whether their management fee structures are comparable. The Board also considered that the projected total expense ratio of the fund is below the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure.

The Board also noted that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses (excluding interest, certain taxes, fees and expenses of the Independent Trustees, proxy and shareholder meeting expenses, extraordinary expenses, and acquired fund fees and expenses (including fees and expenses associated with a wholly owned subsidiary), if any, as well as non-operating expenses such as brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable), as a percentage of their respective average net assets exceed 0.75% through February 29, 2024.

Based on its review, the Board concluded that the fund's management fee and projected total expense ratio were reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.

Costs of the Services and Profitability.  The fund is a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of the fund at the time it approved the Advisory Contracts. In connection with its future renewal of the fund's Advisory Contracts, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders.

Economies of Scale.  The Board will consider economies of scale when there is operating experience to permit assessment thereof. It noted that, notwithstanding the entrepreneurial risk associated with a new fund, the management fee was at a level normally associated, by comparison with competitors, with very high fund net assets, and Fidelity asserted to the Board that the level of the fee anticipated economies of scale at lower asset levels even before, if ever, economies of scale are achieved. The Board also noted that the fund and its shareholders would have access to the very considerable number and variety of services available through Fidelity and its affiliates.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be approved.





Fidelity Investments

IEE-SANN-0622
1.9904872.100

Fidelity® SAI Sustainable Emerging Markets Equity Fund



Semi-Annual Report

April 30, 2022

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


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.

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. © 2022 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2022

 % of fund's net assets 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (Taiwan, Semiconductors & Semiconductor Equipment) 8.8 
Reliance Industries Ltd. sponsored GDR (India, Oil, Gas & Consumable Fuels) 4.7 
Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) 4.7 
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) 3.8 
iShares MSCI Taiwan Index ETF (United States of America, Investment Companies) 3.6 
Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet & Direct Marketing Retail) 3.5 
iShares MSCI India ETF (United States of America, Investment Companies) 3.0 
China Construction Bank Corp. (H Shares) (China, Banks) 2.4 
HDFC Bank Ltd. sponsored ADR (India, Banks) 2.4 
JD.com, Inc. sponsored ADR (Cayman Islands, Internet & Direct Marketing Retail) 2.1 
 39.0 

Market Sectors as of April 30, 2022

 % of fund's net assets 
Financials 17.3 
Information Technology 16.4 
Consumer Discretionary 13.1 
Communication Services 11.2 
Materials 7.0 
Consumer Staples 5.9 
Energy 4.7 
Health Care 4.2 
Industrials 4.2 
Real Estate 1.3 
Utilities 0.4 

Geographic Diversification (% of fund's net assets)

As of April 30, 2022 
   Cayman Islands 20.7% 
   United States of America* 15.4% 
   Korea (South) 12.4% 
   Taiwan 10.5% 
   India 9.5% 
   China 8.7% 
   Indonesia 5.4% 
   Brazil 5.2% 
   South Africa 4.2% 
   Other 8.0% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2022

 % of fund's net assets 
Stocks and Equity Futures 96.5 
Short-Term Investments and Net Other Assets (Liabilities) 3.5 

Schedule of Investments April 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 84.4%   
 Shares Value 
Bermuda - 0.8%   
Credicorp Ltd. (United States) 54 $7,500 
Kunlun Energy Co. Ltd. 8,165 6,776 
TOTAL BERMUDA  14,276 
Brazil - 4.0%   
Atacadao SA 1,078 4,485 
Banco do Brasil SA 1,587 10,664 
Localiza Rent A Car SA 2,244 24,029 
Natura & Co. Holding SA (a) 4,024 15,131 
Suzano Papel e Celulose SA 2,131 21,383 
TOTAL BRAZIL  75,692 
Cayman Islands - 20.7%   
Alibaba Group Holding Ltd. sponsored ADR (a) 681 66,118 
Bilibili, Inc. ADR (a) 708 17,233 
JD.com, Inc. sponsored ADR 655 40,387 
Li Ning Co. Ltd. 1,204 9,384 
Meituan Class B (a)(b) 1,713 36,703 
NetEase, Inc. ADR 249 23,737 
Pinduoduo, Inc. ADR (a) 335 14,435 
Shenzhou International Group Holdings Ltd. 1,123 15,238 
Tencent Holdings Ltd. 1,896 89,349 
Trip.com Group Ltd. ADR (a) 823 19,464 
Wuxi Biologics (Cayman), Inc. (a)(b) 3,964 29,258 
XP, Inc. Class A (a) 228 5,611 
XPeng, Inc. ADR (a) 588 14,471 
Zai Lab Ltd. ADR (a) 339 13,546 
TOTAL CAYMAN ISLANDS  394,934 
China - 8.7%   
China Construction Bank Corp. (H Shares) 63,961 45,566 
China Merchants Bank Co. Ltd. (H Shares) 2,138 12,886 
Haier Smart Home Co. Ltd. 1,072 3,787 
Kweichow Moutai Co. Ltd. (A Shares) 100 27,598 
Ping An Insurance Group Co. of China Ltd. (H Shares) 3,207 20,271 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) 499 23,517 
Sungrow Power Supply Co. Ltd. (A Shares) 2,000 18,857 
WuXi AppTec Co. Ltd. (H Shares) (b) 1,018 13,847 
TOTAL CHINA  166,329 
Hungary - 0.2%   
OTP Bank PLC 131 3,947 
India - 9.5%   
Axis Bank Ltd. GDR (Reg. S) (a) 138 6,476 
HDFC Bank Ltd. sponsored ADR 810 44,720 
ICICI Bank Ltd. sponsored ADR 969 18,450 
Infosys Ltd. sponsored ADR 1,086 21,579 
Reliance Industries Ltd. sponsored GDR (b) 1,261 90,174 
TOTAL INDIA  181,399 
Indonesia - 5.4%   
PT Avia Avian 161,873 9,138 
PT Bank Central Asia Tbk 59,868 33,578 
PT Bank Mandiri (Persero) Tbk 29,725 18,252 
PT Bank Rakyat Indonesia (Persero) Tbk 45,765 15,248 
PT Telkom Indonesia Persero Tbk 82,043 26,119 
TOTAL INDONESIA  102,335 
Korea (South) - 12.4%   
Hansol Chemical Co. Ltd. 77 14,736 
Hyundai Fire & Marine Insurance Co. Ltd. 216 5,537 
LG Chemical Ltd. 40 16,295 
LG Energy Solution 13 4,224 
LG Household & Health Care Ltd. 5 3,562 
NAVER Corp. 119 26,367 
POSCO 153 34,748 
Samsung Electronics Co. Ltd. 1,378 73,048 
Shinhan Financial Group Co. Ltd. 259 8,559 
SK Hynix, Inc. 217 18,914 
Woori Financial Group, Inc. ADR 905 31,331 
TOTAL KOREA (SOUTH)  237,321 
Malaysia - 0.5%   
Press Metal Bhd 6,551 8,981 
Mexico - 3.7%   
Grupo Aeroportuario del Sureste S.A.B. de CV Series B 961 20,974 
Grupo Aeroportuario Norte S.A.B. de CV 1,685 11,824 
Grupo Mexico SA de CV Series B 928 4,344 
Wal-Mart de Mexico SA de CV Series V 9,664 34,173 
TOTAL MEXICO  71,315 
Philippines - 1.3%   
Ayala Land, Inc. 41,700 25,411 
South Africa - 4.2%   
Absa Group Ltd. 653 7,055 
Capitec Bank Holdings Ltd. 70 9,771 
Gold Fields Ltd. sponsored ADR 687 9,226 
Impala Platinum Holdings Ltd. 1,087 14,061 
MTN Group Ltd. 2,816 29,866 
Naspers Ltd. Class N 102 10,287 
TOTAL SOUTH AFRICA  80,266 
Taiwan - 10.5%   
Hon Hai Precision Industry Co. Ltd. (Foxconn) GDR (Reg. S) 4,810 32,359 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 1,799 167,185 
TOTAL TAIWAN  199,544 
Thailand - 1.5%   
CP ALL PCL (For. Reg.) 12,234 23,087 
Thai Beverage PCL 11,344 5,588 
TOTAL THAILAND  28,675 
United States of America - 1.0%   
Li Auto, Inc. ADR (a) 850 19,066 
TOTAL COMMON STOCKS   
(Cost $1,684,734)  1,609,491 
Nonconvertible Preferred Stocks - 1.2%   
Brazil - 1.2%   
Itau Unibanco Holding SA   
(Cost $26,811) 4,778 23,069 
Investment Companies - 8.1%   
United States of America - 8.1%   
iShares MSCI Emerging Markets Index ETF 700 29,666 
iShares MSCI India ETF 1,310 57,168 
iShares MSCI Taiwan Index ETF 1,228 68,657 
TOTAL INVESTMENT COMPANIES   
(Cost $160,308)  155,491 
Money Market Funds - 7.8%   
Fidelity Cash Central Fund 0.32% (c)   
(Cost $148,626) 148,596 148,626 
TOTAL INVESTMENT IN SECURITIES - 101.5%   
(Cost $2,020,479)  1,936,677 
NET OTHER ASSETS (LIABILITIES) - (1.5)%  (28,895) 
NET ASSETS - 100%  $1,907,782 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
ICE E-mini MSCI Emerging Markets Index Contracts (United States) 1 June 2022 $52,870 $(2,271) $(2,271) 

The notional amount of futures purchased as a percentage of Net Assets is 2.8%

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

 (a) Non-income producing

 (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $169,982 or 8.9% 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.

Fund 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 0.32% $-- $2,000,000 $1,851,374 $104 $-- $-- $148,626 0.0% 
Total $-- $2,000,000 $1,851,374 $104 $-- $-- $148,626  

Amounts in the 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.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2022, 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 $212,671 $40,970 $171,701 $-- 
Consumer Discretionary 249,340 173,941 75,399 -- 
Consumer Staples 113,624 53,789 59,835 -- 
Energy 90,174 -- 90,174 -- 
Financials 328,491 145,292 183,199 -- 
Health Care 80,168 13,546 66,622 -- 
Industrials 79,908 56,827 23,081 -- 
Information Technology 313,085 188,764 124,321 -- 
Materials 132,912 34,953 97,959 -- 
Real Estate 25,411 -- 25,411 -- 
Utilities 6,776 -- 6,776 -- 
Investment Companies 155,491 155,491 -- -- 
Money Market Funds 148,626 148,626 -- -- 
Total Investments in Securities: $1,936,677 $1,012,199 $924,478 $-- 
Derivative Instruments:     
Liabilities     
Futures Contracts $(2,271) $(2,271) $-- $-- 
Total Liabilities $(2,271) $(2,271) $-- $-- 
Total Derivative Instruments: $(2,271) $(2,271) $-- $-- 

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, 2022. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $0 $(2,271) 
Total Equity Risk 0 (2,271) 
Total Value of Derivatives $0 $(2,271) 

 (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).

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $1,871,853) 		$1,788,051  
Fidelity Central Funds (cost $148,626) 148,626  
Total Investment in Securities (cost $2,020,479)  $1,936,677 
Segregated cash with brokers for derivative instruments  3,185 
Cash  8,285 
Receivable for investments sold  6,955 
Receivable for fund shares sold  618 
Dividends receivable  305 
Distributions receivable from Fidelity Central Funds  104 
Receivable for daily variation margin on futures contracts  215 
Receivable from investment adviser for expense reductions  5,199 
Total assets  1,961,543 
Liabilities   
Payable for investments purchased $47,714  
Accrued management fee 684  
Audit fee payable 3,044  
Other payables and accrued expenses 2,319  
Total liabilities  53,761 
Net Assets  $1,907,782 
Net Assets consist of:   
Paid in capital  $2,000,670 
Total accumulated earnings (loss)  (92,888) 
Net Assets  $1,907,782 
Net Asset Value, offering price and redemption price per share ($1,907,782 ÷ 200,070 shares)  $9.54 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  For the period
April 14, 2022 (commencement of operations) through
April 30, 2022 (Unaudited) 
Investment Income   
Dividends  $524 
Income from Fidelity Central Funds  104 
Income before foreign taxes withheld  628 
Less foreign taxes withheld  (52) 
Total income  576 
Expenses   
Management fee $684  
Custodian fees and expenses 1,071  
Registration fees 1,248  
Audit 3,044  
Total expenses before reductions 6,047  
Expense reductions (5,199)  
Total expenses after reductions  848 
Net investment income (loss)  (272) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (4,933)  
Foreign currency transactions (1,294)  
Futures contracts (318)  
Total net realized gain (loss)  (6,545) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (83,802)  
Assets and liabilities in foreign currencies 2  
Futures contracts (2,271)  
Total change in net unrealized appreciation (depreciation)  (86,071) 
Net gain (loss)  (92,616) 
Net increase (decrease) in net assets resulting from operations  $(92,888) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 For the period
April 14, 2022 (commencement of operations) through
April 30, 2022 (Unaudited) 
Increase (Decrease) in Net Assets  
Operations  
Net investment income (loss) $(272) 
Net realized gain (loss) (6,545) 
Change in net unrealized appreciation (depreciation) (86,071) 
Net increase (decrease) in net assets resulting from operations (92,888) 
Share transactions  
Proceeds from sales of shares 2,000,818 
Cost of shares redeemed (148) 
Net increase (decrease) in net assets resulting from share transactions 2,000,670 
Total increase (decrease) in net assets 1,907,782 
Net Assets  
Beginning of period – 
End of period $1,907,782 
Other Information  
Shares  
Sold 200,085 
Redeemed (15) 
Net increase (decrease) 200,070 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity SAI Sustainable Emerging Markets Equity Fund

 Six months ended (Unaudited) April 30, 
 2022 A 
Selected Per–Share Data  
Net asset value, beginning of period $10.00 
Income from Investment Operations  
Net investment income (loss)B,C –D 
Net realized and unrealized gain (loss) (.46) 
Total from investment operations (.46) 
Net asset value, end of period $9.54 
Total ReturnE,F (4.60)% 
Ratios to Average Net AssetsC,G,H  
Expenses before reductions 7.14%I 
Expenses net of fee waivers, if any 1.00%I 
Expenses net of all reductions 1.00%I 
Net investment income (loss) (.32)%I 
Supplemental Data  
Net assets, end of period (000 omitted) $1,908 
Portfolio turnover rateJ 5% 

 A For the period April 14, 2022 (commencement of operations) through April 30, 2022.

 B Calculated based on average shares outstanding during the period.

 C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 I Annualized

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2022

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. Application of FMR's environmental, social, and governance (ESG) ratings process and/or its sustainable investing exclusion criteria may affect the Fund's exposure to certain issuers, sectors, regions, and countries and may affect the Fund's performance depending on whether certain investments are in or out of favor. The criteria related to the Fund's ESG ratings process and/or adherence to its sustainable investing exclusion criteria may result in the Fund forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so. As a result, the Fund's performance may at times be better or worse than the performance of funds that do not use ESG or sustainability criteria. There are significant differences in interpretations of what it means for an issuer to have positive ESG factors. While the investment adviser believes its definitions are reasonable, the portfolio decisions it makes may differ with other investors' or advisers' views.

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 Ratio(a) 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 vendor 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.

ETFs are valued at their last sale price or official closing price as reported by a third party pricing vendor 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.

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, 2022 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.

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.

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 $21,261 
Gross unrealized depreciation (107,141) 
Net unrealized appreciation (depreciation) $(85,880) 
Tax cost $2,020,286 

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 objective allows the Fund to enter into various types of derivative contracts, 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.

The Fund used derivatives 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 Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

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.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the 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 the Fund. Counterparty credit risk related to exchange-traded futures 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. The Fund used futures contracts to manage its 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 (variation margin) 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. 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 SAI Sustainable Emerging Markets Equity Fund 1,967,489 90,703 

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .77% of the Fund's average net assets.

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Fidelity SAI Sustainable Emerging Markets Equity Fund $4 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period there were no interfund trades.

7. Expense Reductions.

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded 1.00% of average net assets. This reimbursement will remain in place through February 29, 2024. 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 $5,199.

Effective June 1, 2022, the investment adviser contractually agreed to reimburse expenses to the extent annual operating expenses exceeded .95% of average net assets. This reimbursement will remain in place through February 29, 2024. 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.

8. Other.

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:

Fund Affiliated % 
Fidelity SAI Sustainable Emerging Markets Equity Fund 100% 

9. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 14, 2022 to April 30, 2022). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (November 1, 2021 to April 30, 2022).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
 		Ending
Account Value
April 30, 2022 		Expenses Paid
During Period
 
Fidelity SAI Sustainable Emerging Markets Equity Fund 1.00%    
Actual  $1,000.00 $954.00 $.46**B 
Hypothetical-C  $1,000.00 $1,019.84 $5.01**D 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Actual expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 17/365 (to reflect the period April 14, 2022 to April 30, 2022.

 C 5% return per year before expenses

 D Hypothetical expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

** If fees and changes to the expense contract and/ or expense cap, effective June 1, 2022, 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 be as shown in table below:

 Annualized Expense Ratio-(a)
 		Expenses Paid
 
Fidelity SAI Sustainable Emerging Markets Equity Fund .95%  
Actual  $.43-(b) 
Hypothetical-(c)  $4.76-(d) 

 (a) Annualized expense ratio reflects expenses net of applicable fee waivers.

 (b) Actual expenses are for the period April 14, 2022 to April 30, 2021.

 (c) 5% return per year before expenses

 (d) Hypothetical expenses are for the one-half year period.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity SAI Sustainable Emerging Markets Equity Fund

At its January 2022 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements with affiliates of FMR (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are collectively referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objectives, strategies, and related investment philosophy. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, and technology and operationscapabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services.  The Board considered the nature, extent, quality, and cost of advisory, administrative, and shareholder services to be performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund. The Board also considered the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

Investment Performance.  The fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund's Advisory Contracts. The Board considered the Investment Advisers' strength in fundamental, research-driven security selection, which the Board is familiar with through its supervision of other Fidelity funds. The Board also considered the fact that it oversees funds managed by FMR that have similar investment objectives and policies as the fund, including other sustainable investing funds.

Based on its review, the Board concluded that the nature, extent, and quality of services to be provided to the fund under the Advisory Contracts should benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio  .In reviewing the Advisory Contracts, the Board considered the fund's proposed management fee rate and the projected total expense ratio of the fund. The Board noted that the fund's proposed management fee rate is below the median fee rate of funds with similar Lipper investment objective categories and comparable investment mandates, regardless of whether their management fee structures are comparable. The Board also considered that the projected total expense ratio of the fund is below the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure.

The Board also noted that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses (excluding interest, certain taxes, fees and expenses of the Independent Trustees, proxy and shareholder meeting expenses, extraordinary expenses, and acquired fund fees and expenses (including fees and expenses associated with a wholly owned subsidiary), if any, as well as non-operating expenses such as brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable), as a percentage of their respective average net assets exceed 1.00% through February 29, 2024.

Based on its review, the Board concluded that the fund's management fee and projected total expense ratio were reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.

Costs of the Services and Profitability.  The fund is a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of the fund at the time it approved the Advisory Contracts. In connection with its future renewal of the fund's Advisory Contracts, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders.

Economies of Scale.  The Board will consider economies of scale when there is operating experience to permit assessment thereof. It noted that, notwithstanding the entrepreneurial risk associated with a new fund, the management fee was at a level normally associated, by comparison with competitors, with very high fund net assets, and Fidelity asserted to the Board that the level of the fee anticipated economies of scale at lower asset levels even before, if ever, economies of scale are achieved. The Board also noted that the fund and its shareholders would have access to the very considerable number and variety of services available through Fidelity and its affiliates.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be approved.





Fidelity Investments

ESP-SANN-0622
1.9905648.100


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 Trust’s 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 Trust’s (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 Trust’s 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 Trust’s internal control over financial reporting.


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.



Item 13.

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


Date:

June 21, 2022


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:

/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer


Date:

June 21, 2022



By:

/s/John J. Burke III

John J. Burke III

Chief Financial Officer


Date:

June 21, 2022